Pengaruh ERM dan Risiko Keuangan terhadap Kualitas Laporan Keuangan

Moderasi Asimetri Informasi

Abstract

Kualitas laporan keuangan menentukan keandalan informasi yang digunakan investor dan pemangku kepentingan dalam menilai kinerja serta risiko perusahaan. Namun, efektivitas pengelolaan risiko dalam meningkatkan kualitas laporan keuangan dapat berkurang ketika informasi tidak tersebar secara merata. Penelitian ini bertujuan menganalisis pengaruh Enterprise Risk Management dan risiko keuangan terhadap kualitas laporan keuangan serta menguji peran moderasi asimetri informasi. Penelitian menggunakan pendekatan kuantitatif dengan 630 observasi perusahaan-tahun dari 210 perusahaan sektor Consumer Non-Cyclicals dan Consumer Cyclicals yang terdaftar di Bursa Efek Indonesia selama 2021–2023. Sampel dipilih melalui purposive sampling. Data dianalisis menggunakan regresi data panel dengan Common Effect Model dan Moderated Regression Analysis, sedangkan leverage dan profitabilitas digunakan sebagai variabel kontrol. Hasil penelitian menunjukkan bahwa Enterprise Risk Management berpengaruh positif dan signifikan terhadap kualitas laporan keuangan, sedangkan risiko keuangan tidak berpengaruh signifikan. Asimetri informasi memperlemah pengaruh positif Enterprise Risk Management terhadap kualitas laporan keuangan, tetapi tidak memoderasi hubungan risiko keuangan dengan kualitas laporan keuangan. Penelitian ini menyimpulkan bahwa penerapan manajemen risiko yang terintegrasi dapat mendukung kualitas laporan keuangan, tetapi manfaat tersebut bergantung pada transparansi informasi. Oleh karena itu, perusahaan perlu menguatkan pengendalian risiko sekaligus memastikan pengungkapan informasi yang konsisten, tepat waktu, dan dapat diakses oleh pemangku kepentingan.

References

Asegdew, K. (2016). Determinants of Financial Reporting Quality : Evidence from Large Manufacturing Share Companies of Addis Ababa Kirubel Asegdew A Thesis Submitted to the Department of Accounting and Finance College of Business and Economics Presented in Partial Fulfilment. Addis Ababa University, May, 1–83.

Bailey, C., Collins, D. L., & Abbott, L. J. (2018). The Impact of Enterprise Risk Management on the Audit Process: Evidence from Audit Fees and Audit Delay. Auditing: A Journal of Practice & Theory, 37(3), 25–46. https://doi.org/10.2308/ajpt-51900

Beasley, M. S., Clune, R., & Hermanson, D. R. (2005). Enterprise Risk Management: An Empirical Analysis of Factors Associated with the Extent of Implementation. Journal of Accounting and Public Policy, 24(6), 521–531. https://doi.org/10.1016/j.jaccpubpol.2005.10.001

Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001

Chen, C., Martin, X., Roychowdhury, S., Wang, X., & Billett, M. T. (2018). Clarity Begins at Home: Internal Information Asymmetry and External Communication Quality. The Accounting Review, 93(1), 71–101. https://doi.org/10.2308/accr-51842

Cohen, J. R., Krishnamoorthy, G., & Wright, A. M. (2017). Enterprise Risk Management and the Financial Reporting Process: The Experiences of Audit Committee Members, CFOs, and External Auditors. Contemporary Accounting Research, 34(2), 1178–1209. https://doi.org/10.1111/1911-3846.12294

Donelson, D. C., Jennings, R., & McInnis, J. M. (2017). Financial Statement Quality and Debt Contracting: Evidence from a Survey of Commercial Lenders. Contemporary Accounting Research, 34(4), 2051–2093. https://doi.org/10.1111/1911-3846.12345

Gordon, L. A., Loeb, M. P., & Tseng, C.-Y. (2009). Enterprise Risk Management and Firm Performance: A Contingency Perspective. Journal of Accounting and Public Policy, 28(4), 301–327. https://doi.org/10.1016/j.jaccpubpol.2009.06.006

Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x

Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economic, 3(4), 305–360. https://doi.org/10.1017/CBO9780511817410.023

Olowokure, O. A., Tanko, M., & Nyor, T. (2015). Firm Structural Characteristics and Financial Reporting Quality of Listed Deposit Money Banks in Nigeria. International Business Research, 9(1), 106–122. https://doi.org/10.5539/ibr.v9n1p106

Prawati, L. D., & Murwaningsari, E. (2024). Determinant Factors of Financial Reporting Quality in Local Government: the Evidence From Public Sector in Indonesia. Journal of Applied Finance and Accounting, 11(2), 123–134. https://doi.org/10.21512/jafa.v11i2.12469

Purba, I. A. C., & Suaryana, I. G. N. A. (2018). Kualitas Laporan Keuangan, Asimetri Informasi dan Efisiensi Investasi pada Perusahaan Pertambangan. Jurnal Ilmiah Akuntansi dan Bisnis, 13(1), 42–53. https://doi.org/10.24843/JIAB.2018.v13.i01.p05

Purwasih, R. (2023). Perkembangan Terkini Riset Kualitas Laporan Keuangan. Jurnal Informatika Ekonomi Bisnis, 5(1), 34–38. https://doi.org/10.37034/infeb.v5i1.186

Putri, C. W. A., & Indriani, M. (2019). Firm Characteristics and Financial Reporting Quality: A Case of Property and Real Estate Companies Listed in Indonesian Stock Exchange. Journal of Accounting Research, Organization and Economics, 2(3), 193–202.

Sekaran, U., & Bougie, R. (2017). Research Methods for Business: A Skill-Building Approach (7th ed.). Wiley.

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. http://www.jstor.org/stable/1882010

Subagio, D. K., & Manalu, S. (2018). Analisis Risiko Bisnis dan Risiko Keuangan Perusahaan Keluarga Sektor Industri Barang Konsumsi. Arthavidya Jurnal Ilmiah Ekonomi, 19(2), 210–229. https://doi.org/10.37303/a.v19i2.92

Sugiyono. (2019). Metodologi Penelitian Kuantitatif, Kualitatif dan R&D. PT. Alfabeta.

Widyastuti, A. (2020). Enterprise Risk Management (ERM) Dan Kualitas Laporan Keuangan BUMN di Indonesia. Jurnal Akuntansi Trisakti, 7(1), 41–54.

Issue

Vol. 11 No. 2 (2026): Juli

License

Copyright (c) 2026 Firdaus Abdul Rahman, Rona Naula Oktaviani, Erwin Febriansyah, Ahmad Zubair

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.