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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis JABE (Journal of Accounting and Business Education) Balance Vocation Accounting Journal JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE) Dynamic Management Journal Jurnal Comparative : Ekonomi Dan Bisnis Prosiding Simposium Nasional Multidisiplin (SinaMu) Jurnal Penelitian dan Pengabdian Masyarakat Digital Business Journal (DIGIBIS) Indonesian Journal of Business and Entrepreneurship Research
Dede Sunaryo
Universitas Muhammadiyah Tangerang
Humanities Automotive Engineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Mechanical Engineering Nursing Physics Public Health Social Sciences Other

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The Governance Shield: Rethinking Investment Resilience in Financially Distressed Indonesian Banks A Moderating Regression Analysis Perspective on Agency Theory and Corporate Governance Lena Erdawati; Dede Sunaryo; Yanthi Meitry Gunawan
Indonesian Journal of Business and Entrepreneurship Research Vol. 4 No. 3 (2026): Vol. 4, No. 3, August 2026: Indonesian Journal of Business and Entrepreneurship
Publisher : Department of Business and Entrepreneurship, Faculty of Economics and Business, Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62794/ijober.v4i3.365

Abstract

Financial distress episodes in the Indonesian banking sector generate investment suppression dynamics whose severity is conditioned by the institutional quality of the distressed firm's governance architecture. This study investigates corporate governance as an active "crisis shield" that attenuates the negative relationship between financial distress and investment decisions in the Indonesian banking sector. Employing Moderated Regression Analysis (MRA) on panel data from 30 IDX-listed banking companies (2019-2022; N = 120 firm-year observations), and proxying financial distress by the Altman Z-Score and investment decisions by Tobin's Q, this study finds that financial distress exerts a significant negative effect on investment decisions (β = -0.412, p < 0.001), consistent with agency theory's underinvestment hypothesis. Corporate governance (composite of independent commissioner proportion and institutional ownership) exerts a significant positive direct effect (β = 0.341, p < 0.001) and, critically, significantly moderates the distress-investment relationship (β = 0.287, p < 0.01), such that the negative effect of distress on investment is meaningfully weaker in well-governed banks. The model explains 61.4% of investment decision variance. It should be noted, however, that the pooled cross-sectional design precludes strictly causal inference, and these findings are best interpreted as consistent with, rather than proof of, the proposed buffering mechanism. Notwithstanding this observational caveat, these findings reframe corporate governance from a regulatory compliance mechanism to a strategic resilience investment, with important implications for OJK banking supervisors, board practitioners, and institutional investors in emerging market banking.
Strategic Decision-Making and Business Risk Management: Simon's Bounded Rationality Theory in Organizational Policy Formulation Processes Amid Uncertainty Ahmad Zakki Mubarok; Dede Sunaryo; Lena Erdawati
Indonesian Journal of Business and Entrepreneurship Research Vol. 4 No. 3 (2026): Vol. 4, No. 3, August 2026: Indonesian Journal of Business and Entrepreneurship
Publisher : Department of Business and Entrepreneurship, Faculty of Economics and Business, Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62794/ijober.v4i3.372

Abstract

This study examines how bounded rationality constraints are associated with strategic decision quality and business risk management effectiveness in Indonesian organizations. A quantitative cross-sectional survey was conducted with 285 organizational decision-makers from manufacturing, financial services, retail and distribution, and public sector organizations. The proposed relationships were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with bootstrapping. The findings show that cognitive limitations, information incompleteness, time pressure, and environmental uncertainty were significantly associated with strategic decision quality (β = 0.29–0.45, p < .01). Strategic decision quality was strongly associated with business risk management effectiveness (β = 0.61, p < .001). Significant indirect effects were found for all four bounded rationality dimensions, with information incompleteness producing the largest indirect effect (β = 0.28). The residual direct effect of the higher-order bounded rationality construct on business risk management effectiveness was not significant (β = 0.19), highlighting the importance of strategic decision quality as a mediating mechanism. These findings emphasize the importance of improving information quality and structured strategic decision processes under uncertainty. However, the cross-sectional design, purposive sampling, and reliance on perceptual measures limit causal inference and broader generalizability, while organizational learning culture was measured but not empirically tested as a moderator. This study extends Simon's bounded rationality framework by empirically linking cognitive, informational, temporal, and environmental constraints with business risk management effectiveness through strategic decision quality in an Indonesian organizational context.
Enterprise Risk Management, Agency Costs, and Financial Performance Volatility: Evidence from Indonesian Public Companies Andi Kusuma Negara; Dede Sunaryo; Lena Erdawati
Indonesian Journal of Business and Entrepreneurship Research Vol. 4 No. 3 (2026): Vol. 4, No. 3, August 2026: Indonesian Journal of Business and Entrepreneurship
Publisher : Department of Business and Entrepreneurship, Faculty of Economics and Business, Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62794/ijober.v4i3.377

Abstract

This study investigates the relationship between Enterprise Risk Management (ERM) implementation, agency costs, and financial performance volatility among publicly listed companies on the Indonesia Stock Exchange (IDX). Using a balanced panel dataset of 57 IDX-listed companies during 2019–2023, resulting in 285 firm-year observations, this study employs fixed-effects panel regression with firm and year fixed effects and clustered standard errors at the firm level. ERM implementation is measured using a composite ERM Index developed based on the COSO 2017 framework, while financial performance volatility is assessed through the three-year rolling standard deviation of Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. Agency costs are measured using the Agency Cost Index (ACI) as a mediating variable. The findings show that ERM implementation is negatively associated with agency costs (β = −0.374, p < .001), indicating that stronger ERM practices are related to lower agency-related inefficiencies. Furthermore, agency costs are positively associated with ROA volatility (β = 0.491, p < .001) and ROE volatility (β = 0.428, p < .001). The mediation analysis indicates that agency costs statistically mediate the relationship between ERM implementation and accounting-based financial performance volatility, as the direct effects of ERM on ROA and ROE volatility become insignificant after including ACI in the models. In addition, ERM implementation shows a direct negative association with Tobin’s Q volatility (β = −0.218, p < .01), although the agency-cost-mediated pathway for Tobin’s Q volatility is not examined in this study. These findings extend ERM literature by highlighting agency cost reduction as a potential mechanism through which ERM relates to organizational stability, particularly in an emerging-market context. The findings also suggest that firms should view ERM not only as a compliance practice but as a governance capability that supports monitoring, accountability, and financial stability. However, the observational panel design limits causal interpretation, and future research should employ stronger identification strategies and alternative agency cost measures to further examine these relationships.
Governance and Firm Value: Audit Committee and Ownership as Moderators Dede Sunaryo; Hendra Galuh Febrianto; Lena Erdawati; Amalia Indah Fitriana; Mikail Kartaloğlu
JABE (JOURNAL OF ACCOUNTING AND BUSINESS EDUCATION) Volume 10, Issue 3, March 2026
Publisher : Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17977/jabe.v10i3.64196

Abstract

Amid rising investor scrutiny and ESG-driven valuation pressures, the governance quality of consumer goods firms in emerging markets remains inconsistent. This study investigates how transparency, board independence, institutional Ownership, and audit committee effectiveness influence firm value, addressing the urgent need for integrated governance strategies in Indonesia’s Primary Consumer Goods sector. Using panel data from 2020 to 2024 and a fixed-effects regression model, the study tests the direct and moderating effects of governance variables. Results confirm that transparency and board independence significantly enhance firm value, while institutional ownership and audit committee effectiveness not only exert direct influence but also strengthen governance-performance linkages through interaction effects. The study contributes to governance literature by validating the layered nature of internal and external mechanisms and introducing a dual moderation framework. Its novelty lies in empirically demonstrating how governance synergies, rather than isolated mechanisms, drive valuation outcomes. Practically, the findings urge firms to institutionalise governance audits, attract strategic investors, and reinforce board-audit alignment. The study offers actionable insights for regulators, investors, and boards seeking to optimise governance for sustainable value creation.
Co-Authors Abdul Karim Adelia Zulfa Marsanda Ahmad Jayanih Ahmad Zakki Mubarok Ahmad Zakki Mubarok Andi Kusuma Negara Basuki Basuki Febrianto, Hendra Galuh Fitriana, Amalia Indah Khorida AR Lena Erdawati Metha Dwi Apriyanti Mikail Kartaloğlu Pika Prawesti Siregar, Indra Gunawan Wawan Setiawan Yanthi Meitry Gunawan