The Effect of Risk Management, Intellectual Capital Disclosure, and Leverage on Firm Value

https://doi.org/10.35912/jakman.v7i1.4746
Published: Dec 10, 2025

Abstract:

Purpose: This study aims to examine the effect of enterprise risk management disclosure, intellectual capital disclosure, and leverage on firm value in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period.

Methodology/Approach: The research applies a quantitative descriptive method using secondary data from annual and sustainability reports of food and beverage companies listed on the Indonesia Stock Exchange from 2019–2023. Samples were selected through purposive sampling, and data were analyzed using Microsoft Excel and SPSS 25.

Results/Findings: The regression model passed the classical assumption tests: normality (sig. 0.077 > 0.05), no multicollinearity (tolerance > 0.10), and no heteroscedasticity (sig. > 0.05). Although initial results indicated positive autocorrelation (DW = 0.925), the Cochrane-Orcutt method resolved this issue. The Adjusted R² value is 0.160, indicating that 16% of firm value variation is explained by the three independent variables. The F-test confirms the model’s overall significance (p = 0.000). Individually, risk management disclosure (X1) shows a significant positive effect on firm value (p = 0.000), while intellectual capital disclosure (X2) and leverage (X3) have negative but insignificant effects (p = 0.225 and 0.070).

Conclusions: Risk management disclosure significantly enhances firm value, whereas intellectual capital disclosure and leverage do not show a meaningful impact. Thus, disclosure of risk management plays a vital role in determining firm value in IDX-listed food and beverage companies.

Limitations: The scope is limited to food and beverage sub-sector firms listed on the IDX during 2019–2023.

Contribution: This study contributes to financial management and corporate governance research by highlighting the importance of risk management disclosure. It offers practical insights for companies, regulators, and investors in improving firm value through transparent risk reporting.

Keywords:
1. Enterprise Risk Management Disclosure
2. Firm Value
3. Intellectual Capital Disclosure
4. Leverage
Authors:
1 . Claudia Devian
2 . Agustin Ekadjaja
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How to Cite
Devian, C., & Ekadjaja, A. (2025). The Effect of Risk Management, Intellectual Capital Disclosure, and Leverage on Firm Value. Jurnal Akuntansi, Keuangan, Dan Manajemen, 7(1), 357–374. https://doi.org/10.35912/jakman.v7i1.4746
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Vol. 7 No. 1 (2025): Desember
Articles
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References

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    Vitolla, F., Raimo, N., Marrone, A., & Rubino, M. (2020). The role of board of directors in intellectual capital disclosure after the advent of integrated reporting. Corporate Social Responsibility and Environmental Management, 27(5), 2188-2200. doi:https://doi.org/10.1002/csr.1957

    Wahyuni, E. D., & Oktavia, I. (2020). Disclosure of Enterprise Risk Management (ERM), company value, and profitability as moderating factors. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 208-218. doi:https://doi.org/10.22219/jrak.v10i2.12934

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  1. References
  2. Ahiadu, A. A., Abidoye, R. B., & Yiu, T. W. (2024). Decision-making amid economic uncertainty: exploring the key considerations of commercial property investors. Buildings, 14(10), 3315. doi:https://doi.org/10.3390/buildings14103315
  3. Al Astal, A. Y. M., Ateeq, A., Milhem, M., & Shafie, D. I. (2024). Corporate Governance and Internal Control Mechanisms: Developing a Strategic Framework. In E. AlDhaen, A. Braganza, A. Hamdan, & W. Chen (Eds.), Business Sustainability with Artificial Intelligence (AI): Challenges and Opportunities: Volume 2 (pp. 551-564). Cham: Springer Nature Switzerland.
  4. Amrulloh, A., & Amalia, A. D. (2020). Pengaruh Profitabilitas, Struktur Modal, Likuiditas, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2015-2019). Jurnal Akuntansi Dan Keuangan, 9(2), 167-184. doi:https://doi.org/10.36080/jak.v9i2.1421
  5. Anita, R., Abdillah, M. R., & Suseno, G. (2023). Leverage on firm value: the role of financial performance mechanisms. Jurnal Aplikasi Bisnis Dan Manajemen (JABM), 9(3), 751-751. doi:https://doi.org/10.17358/jabm.9.3.751
  6. Bao, H. D. (2023). Financial aspects and financial risk disclosure: evidence from Vietnam. Economics, Finance and Management Review(3), 39-48. doi:https://doi.org/10.36690/2674-5208-2023-3-39-48
  7. Budi, A., Septiana, L., & Mahendra, B. P. (2024). Memahami Asumsi Klasik dalam Analisis Statistik: Sebuah Kajian Mendalam tentang Multikolinearitas, Heterokedastisitas, dan Autokorelasi dalam Penelitian. Jurnal Multidisiplin West Science, 3(01), 01-11. doi:https://doi.org/10.58812/jmws.v3i01.878
  8. Candra, A. D., & Wiratmaja, I. D. N. (2020). Pengaruh Pengungkapan Enterprise Risk Management, Pengungkapan Intellectual Capital, Dan Struktur Pengelolaan Pada Nilai Perusahaan. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 6, 561. doi:https://doi.org/10.24843/eeb.2020.v09.i06.p05
  9. Ghazieh, L., & Chebana, N. (2021). The effectiveness of risk management system and firm performance in the European context. Journal of Economics, Finance and Administrative Science, 26(52), 182-196. doi:https://doi.org/10.1108/JEFAS-07-2019-0118
  10. Khalifa, S. A., Swilam, M. M., El-Wahed, A. A. A., Du, M., El-Seedi, H. H., Kai, G., . . . Halabi, M. F. (2021). Beyond the pandemic: COVID-19 pandemic changed the face of life. International journal of environmental research and public health, 18(11), 5645. doi:https://doi.org/10.3390/ijerph18115645
  11. Listiani, V., & Ariyanto, D. (2021). Pengungkapan Manajemen Risiko, Pengungkapan Modal Intelektual dan Nilai Perusahaan Farmasi. E-Jurnal Akuntansi, 31(9), 2355. doi:https://doi.org/10.24843/eja.2021.v31.i09.p16
  12. Liviani, R., & Rachman, Y. T. (2021). The influence of leverage, sales growth, and dividend policy on company value. International Journal of Financial, Accounting, and Management, 3(2), 165-178. doi:https://doi.org/10.35912/ijfam.v3i2.189
  13. Lorenza, R. S., Octavia, R., Shafitranata, S., & Madyoningrum, A. W. (2022). Dampak Covid 19 Terhadap Perubahan Harga Saham Perbankan di Indonesia Sebelum dan Saat Pandemi. Jurnal Akuntansi, Keuangan, dan Manajemen, 4(1), 43-56. doi:https://doi.org/10.35912/jakman.v4i1.1707
  14. Monteiro, A., Cepêda, C., & Silva, A. (2022). EU Non-Financial Reporting Research. International Journal of Financial, Accounting, and Management, 4(3), 335-348. doi:https://doi.org/10.35912/ijfam.v4i3.1179
  15. Pamungkas, N. B., & Meini, Z. (2023). The effects of sustainability reporting and intellectual capital disclosure on firm value, with profitability as a moderator. Jurnal Ekonomi, 12(01), 327-334.
  16. Rahmawati, D. R., & Harymawan, I. (2022). The Effect of Voluntary Risk Management Disclosure and Risk Management Committee on Firm Value. Jurnal Manajemen Teori dan Terapan, 15(3). doi:https://doi.org/10.20473/jmtt.v15i3.37498
  17. Ramdani, D., & Prayitno, Y. H. (2023). The leverage and company size impact on delay in the audit. International Journal of Financial, Accounting, and Management, 5(3), 265-279. doi:https://doi.org/10.35912/ijfam.v5i3.397
  18. Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan terhadap Kebijakan Dividen. Jurnal Akuntansi, Keuangan, dan Manajemen, 3(3), 195-206. doi:https://doi.org/10.35912/jakman.v3i3.797
  19. Salvi, A., Vitolla, F., Raimo, N., Rubino, M., & Petruzzella, F. (2020). Does intellectual capital disclosure affect the cost of equity capital? An empirical analysis in the integrated reporting context. Journal of Intellectual capital, 21(6), 985-1007. doi:https://doi.org/10.1108/JIC-12-2019-0283
  20. Santosa, P. W., Setianingrum, A., & Yusuf, C. (2022). Corporate governance and leverage on firm value: Evidence of Indonesian large firms. Jurnal Keuangan Dan Perbankan, 26(4), 862-873. doi:https://doi.org/10.26905/jkdp.v26i4.7664
  21. Septia, S. U., & Asyik, N. F. (2022). Pengaruh enterprise risk management disclosure dan intellectual capital disclosure pada nilai perusahaan. Jurnal Ilmu dan Riset Akuntansi (JIRA), 11(4).
  22. Supriyadi, A., & Setyorini, C. T. (2020). Pengaruh pengungkapan manajemen risiko terhadap nilai perusahaan melalui kinerja keuangan di industri perbankan Indonesia. Owner: Riset dan Jurnal Akuntansi, 4(2), 467-484. doi:https://doi.org/10.33395/owner.v4i2.257
  23. Tulcanaza-Prieto, A. B., Lee, Y., & Anzules-Falcones, W. (2024). The moderating role of corporate governance in the relationship between leverage and firm value: Evidence from the Korean market. Risks, 12(1), 11. doi:https://doi.org/10.3390/risks12010011
  24. Vitolla, F., Raimo, N., Marrone, A., & Rubino, M. (2020). The role of board of directors in intellectual capital disclosure after the advent of integrated reporting. Corporate Social Responsibility and Environmental Management, 27(5), 2188-2200. doi:https://doi.org/10.1002/csr.1957
  25. Wahyuni, E. D., & Oktavia, I. (2020). Disclosure of Enterprise Risk Management (ERM), company value, and profitability as moderating factors. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 208-218. doi:https://doi.org/10.22219/jrak.v10i2.12934
  26. Wardoyo, D. U., & Utami, A. (2024). Effects of intellectual capital disclosure, return on assets, on firm value, and independent board of commissioner in banking sector: agency theory perspective. Journal of Law and Sustainable Development, 12(1), e2531-e2531. doi:https://doi.org/10.55908/sdgs.v12i1.2531
  27. Xia, Y., & Fu, Z. (2019). Improved tabu search algorithm for the open vehicle routing problem with soft time windows and satisfaction rate. Cluster Computing, 22(4), 8725-8733. doi:https://doi.org/10.1007/s10586-018-1957-x
  28. Yu, Z., Razzaq, A., Rehman, A., Shah, A., Jameel, K., & Mor, R. S. (2022). Disruption in global supply chain and socio-economic shocks: a lesson from COVID-19 for sustainable production and consumption. Operations Management Research, 15(1), 233-248. doi:https://doi.org/10.1007/s12063-021-00179-y