DAMPAK MANAJEMEN RISIKO TERHADAP KINERJA PERUSAHAAN
Keywords:
Risk Management, Company Performance, Enterprise Risk Management (ERM), Systematic Literature ReviewAbstract
In today's uncertain business environment, risk management is a strategic pillar for the survival and enhanced performance of companies. This research analyzes the impact of risk management on company performance through a systematic literature review (SLR). Using a mixed-methods approach from various scientific databases, this study synthesizes empirical evidence supported by Agency Theory, Resource-Based View, Signaling Theory, and Contingency Theory. The results consistently show that the implementation of Enterprise Risk Management (ERM) positively correlates with both financial performance (firm value, profitability, lower earnings volatility) and non-financial performance (strategic decision-making, resilience, reputation, innovation). This impact is moderated by contextual factors and mediated by improved information quality and resource efficiency. In conclusion, risk management is an essential strategic investment for achieving stability, growth, and competitive advantage in the global era.References
Ahmed, Z., & Khan, S. (2021). Impact of Enterprise Risk Management on Firm Value: Evidence from Emerging Markets. Journal of Risk and Financial Management, 14(3), 118.
Antonopoulou, I., & Tzovas, C. (2018). The impact of ERM on firm performance: The moderating role of board characteristics. Journal of Financial Management, Markets and Institutions, 6(2), 177-200.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
Beasley, M. S., Clune, R., & Webb, A. (2008). Enterprise Risk Management: An Empirical Analysis of Factors Associated with the Extent of Implementation. Journal of Accounting and Public Policy, 27(6), 521-531.
Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management: Review, critique, and research directions. Long Range Planning, 48(4), 265-276.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2831-2857.
Gatzert, N., & Schmit, J. T. (2016). The Impact of Enterprise Risk Management on the Risk-Adjusted Performance of Property-Liability Insurers. Journal of Risk and Insurance, 83(1), 2-52.
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), 301-322.
Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795-822.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Lawrence, P. R., & Lorsch, J. W. (1967). Organization and environment: Managing differentiation and integration. Harvard Business School Press.
Lundqvist, S. A. (2014). A framework for enterprise risk management and its effect on firm value. International Journal of Accounting and Financial Reporting, 4(2), 16-35.
Miccolis, J. A., & Shah, S. (2015). ERM and strategic decision-making. The Geneva Papers on Risk and Insurance Issues and Practice, 40(2), 241-266.
Nocco, B. W., & Stulz, R. M. (2006). Enterprise risk management: Theory and practice. Journal of Applied Corporate Finance, 18(4), 8-20.
Pagach, D., & Warr, R. S. (2011). The effects of enterprise risk management on firm performance. Journal of Risk and Insurance, 78(1), 1-28.
Power, M. (2007). The risk management of everything: Rethinking the project of knowledge. Journal of Management Studies, 44(2), 273-289.
Rietiker, D. (2017). Managing risk and building resilience. In Resilience: The New Leadership Imperative (pp. 69-87). Palgrave Macmillan, Cham.
Seraphim, L., Mokhles, N. A., & Basyuni, R. (2018). The impact of enterprise risk management on firm value: Evidence from the financial sector in Malaysia. International Journal of Economics and Management, 12(4), 629-644.
Shapiro, A. C. (2005). Risk management and the value of the firm. Financial Management, 34(3), 85–102.
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355-374.
Tachizawa, E. M., & Wong, C. Y. (2014). The impact of strategic risk management on supply chain performance. International Journal of Production Economics, 147, 233-242.
Tchankova, L. (2002). Risk management-new trends in enterprise development. Risk Management, 4(1), 15-22.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7), 509-533
