MANAJEMEN RISIKO SEBAGAI DETERMINAN KINERJA PERUSAHAN : PERAN MODERASI TATA KELOLA PERUSAHAAN
Keywords:
Risk Management, Company Performance, Corporate Governance, ROA, Moderation Model, RegressionAbstract
This study aims to analyze the effect of risk management (Enterprise Risk Management / ERM) on company performance as measured by Return on Assets (ROA), as well as to evaluate the moderating role of corporate governance (CG). Quantitative methods are used with multiple linear regression approaches and moderated regression based on dummy data from 20 companies. The results of Model 1 show that ERM_Score has a positive and significant effect on ROA with a coefficient of 0.065 (p < 0.001), as well as CG_Index with a coefficient of 4.873 (p = 0.001). This model has an R² value of 0.758, indicating that 75.8% of the variation in ROA can be explained by ERM and CG variables. Model 2 tests the moderating effect of the interaction between ERM_Score and CG_Index on ROA. The results show that the interaction is significant with a coefficient of 0.055 (p = 0.017), which means that Corporate Governance is proven to moderate the relationship between risk management and company performance. The R² value increased to 0.812, indicating that the moderation model provides a better explanation of ROA variation than the previous model. This study implies that companies implementing good governance practices can strengthen the positive impact of risk management on their financial performance.References
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