Enterprise Risk Management, Corporate Social Responsibility, Dan Kinerja Perusahaan Manufaktur (BEI)

Published: May 16, 2025

Abstract:

Purpose: This study examines the effect of Enterprise Risk Management (ERM) on the performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX), with Corporate Social Responsibility (CSR) as a mediating variable.

Methodology/approach: Using panel data regression and Baron & Kenny’s (1986) mediation analysis, this study analyzed 80 firm-year observations from 2019–2023. ERM was measured based on six criteria adapted from Florio & Leoni (2017). CSR was proxied by ESG scores published by IDX, while firm performance was assessed using Return on Assets (ROA) and Tobin’s Q. Data were processed using EViews 12.

Results/findings: ERM positively and significantly affects both ROA and Tobin’s Q, indicating that effective risk management enhances firm profitability and market value. However, ERM does not significantly influence CSR, and CSR negatively affects ROA and has no significant effect on Tobin’s Q. Thus, CSR does not mediate the relationship between ERM and firm performance.

Conclusions: ERM improves firm performance, but has no effect on CSR. CSR does not enhance performance and fails to mediate the ERM–performance relationship.

Limitations: The study does not incorporate control variables such as firm size or leverage. CSR is measured solely using ESG scores, which may not fully reflect CSR implementation.

Contribution: This research contributes to the understanding of ERM’s direct impact on firm performance in emerging markets. It highlights the need for better integration between risk management and CSR strategies to generate financial and reputational benefits.

Keywords:
1. Corporate Social Responsibility (CSR)
2. Enterprise Risk Management (ERM)
3. Firm Performance
4. Return on Assets (ROA)
5. Tobin’s Q
Authors:
1 . Dimas Santoso
2 . Husaini
How to Cite
Santoso, D., & Husaini, H. (2025). Enterprise Risk Management, Corporate Social Responsibility, Dan Kinerja Perusahaan Manufaktur (BEI). Goodwood Akuntansi Dan Auditing Reviu, 3(2), 97–108. https://doi.org/10.35912/gaar.v3i2.4755

Downloads

Download data is not yet available.
Issue & Section
References

    Ajija, S. R., Sari, D. W., Setianto, R. H., & Primanti, M. R. (2011). Cara cerdas menguasai Eviews. Jakarta: Salemba Empat.

    Baron, R. M., & Kenny, D. A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research. Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173

    Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2020). Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264–1295.

    BPS Indonesia, S. I. (2023). Catalog?: 1101001. Statistik Indonesia 2023, 1101001, 790.

    Brealey et al. (2023). Corporate Finance. Corporate Finance, 143–155. https://doi.org/10.4324/9781003380610-11

    Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business and Society, 38(3), 268–295. https://doi.org/10.1177/000765039903800303

    Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: the role of environmental, social and governance performance. Meditari Accountancy Research, 29(3), 647–670. https://doi.org/10.1108/MEDAR-09-2019-0549

    Cupriak, D., Kuziak, K., & Popczyk, T. (2020). Risk management opportunities between socially responsible investments and selected commodities. Sustainability (Switzerland), 12(5). https://doi.org/10.3390/su12052003

    Damayanti, A. I., & Venusita, L. (2022). Pengaruh Pengungkapan Enterprise Risk Management (ERM) terhadap Kinerja Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Akuntansi AKUNESA, 10(3), 43–54. https://doi.org/10.26740/akunesa.v10n3.p43-54

    De Giuli, M. E., Grechi, D., & Tanda, A. (2024). What do we know about ESG and risk? A systematic and bibliometric review. Corporate Social Responsibility and Environmental Management, 31(2), 1096–1108. https://doi.org/10.1002/csr.2624

    Dewi, A. A., Saraswati, E., Rahman, A. F., & Atmini, S. (2024). Moderating role of enterprise risk management in the relationship between sustainability performance and a firm’s competitive advantage. Problems and Perspectives in Management, 22(2), 226–239. https://doi.org/10.21511/ppm.22(2).2024.18

    Fadhilah, M., & Sukmaningrum, P. S. (2020). Pengaruh Enterprise Risk Management (Erm), Kinerja Perusahaan Dan Size Terhadap Nilai Perusahaan. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(5), 926. https://doi.org/10.20473/vol7iss20205pp926-939

    Faiq, M., & Septiani, A. (2020). Analisis Pengaruh Implementasi Enterprise Risk Management Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal Of Accounting, 9(4), 1–11.

    Fitriana, S., & Wardhani, R. (2020). The effect of enterprise risk management and sustainability reporting quality on performance: Evidence from Southeast Asia countries. International Journal of Economic Policy in Emerging Economies, 13(4), 344–355. https://doi.org/10.1504/IJEPEE.2020.109588

    Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/j.bar.2016.08.003

    Hummel, P., Braun, M., Tretter, M., & Dabrock, P. (2021). Data sovereignty: A review. Big Data and Society, 8(1). https://doi.org/10.1177/2053951720982012

    Husaini, S. (2017). Enterprise risk management, corporate governance and firm value: empirical evidence from Indonesian public listed companies. International Journal of Advances in Management and Economics, July, 2278–3369.

    Husaini, Saiful, Saputra, J., & Albra, W. (2019). A study of supply chain manangement of board composition, enterprise risk management, and performance of non and Islamic companies in Indonesia. International Journal of Supply Chain Management, 8(5), 349–357.

    ISO 31000. (2018). BSI Standards Publication Risk management — Guidelines i a r t or u p g nin s e s rpo Lo y l on py o c an For Lo y l o s s o p r u p ng i i o c. BSI Standard Publication.

    Jensen, M. C., & Meckling, W. H. (n.d.). Theory of the Firm?: Managerial Behavior , Agency Costs and Ownership Structure Theory of the Firm?: Managerial Behavior , Agency Costs and Ownership Structure.

    Kim, M., Yin, X., & Lee, G. (2020). The effect of CSR on corporate image, customer citizenship behaviors, and customers’ long-term relationship orientation. International Journal of Hospitality Management, 88(October 2019), 102520. https://doi.org/10.1016/j.ijhm.2020.102520

    Malik, D. S., Sharma, A. K., Sharma, A. K., Thakur, R., & Sharma, M. (2020). A review on impact of water pollution on freshwater fish species and their aquatic environment. Advances in Environmental Pollution Management: Wastewater Impacts and Treatment Technologies, December, 10–28. https://doi.org/10.26832/aesa-2020-aepm-02

    Moeller, R. R. (2011). COSO Enterprise Risk Management. COSO Enterprise Risk Management, June. https://doi.org/10.1002/9781118269145

    Ningwati, G., Septiyanti, R., & Desriani, N. (2022). Pengaruh Environment, Social and Governance Disclosure terhadap Kinerja Perusahaan. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 67–78. https://doi.org/10.35912/gaar.v1i1.1500

    Pokhrel, S. (2024). No Title?????. ????, 15(1), 37–48.

    Rantai, M., Direksi, K. D., Perusahaan, R., Non, P., Direksi, K. D., Perusahaan, M. R., Saiful, H., Saputra, J., & Albra, W. (2019). Sebuah Studi tentang Manajemen Rantai Pasokan Perusahaan Islam di Indonesia.

    Resende, S. (2024). Enterprise risk management and firm performance?: The mediating role of corporate social responsibility in the European Union region. July 2023, 2852–2864. https://doi.org/10.1002/csr.2719

    Resende, S., Monje-Amor, A., & Calvo, N. (2024). Enterprise risk management and firm performance: The mediating role of corporate social responsibility in the European Union region. Corporate Social Responsibility and Environmental Management, 31(4), 2852–2864. https://doi.org/10.1002/csr.2719

    Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., Saeidi, S. P., & Mardani, A. (2021). The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions. Economic Research-Ekonomska Istrazivanja , 34(1), 122–151. https://doi.org/10.1080/1331677X.2020.1776140

    Samudera, V. A., & Husaini, H. (2023). The Influence of Enterprise Risk Management on Corporate Performance with The moderating Effect of Intellectual Capital. Financial: Jurnal Akuntansi, 9(2), 166–181. https://doi.org/10.37403/financial.v9i2.554

    Sari, A. N., Oktavia, R., & Widiyanti, A. (2024). Review Nilai Perusahaan Tambang di Indonesia dari Sudut Pandang Green Accounting dan CSR ( Review of Mining Company Values in Indonesia from a Green Accounting and CSR Perspective ). 3(1), 31–41.

    Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, 20(3), 571. https://doi.org/10.2307/258788

    Usmani, D. A., & Nayak, D. P. (2022). Effect of Csr and Enterprise Risk Management System on Corporate Reputation: an Empirical Study. International Journal of Social Sciences & Economic Environment, 7(2), 39–56. https://doi.org/10.53882/ijssee.2022.0702004

    Wirawan, A. W., Falah, L. J., Kusumadewi, L., Adhariani, D., & Djakman, C. D. (2020). The Effect of Corporate Social Responsibility on the Firm Value with Risk Management as a Moderating Variable. Journal of Asia-Pacific Business, 21(2), 143–160. https://doi.org/10.1080/10599231.2020.1745051

  1. Ajija, S. R., Sari, D. W., Setianto, R. H., & Primanti, M. R. (2011). Cara cerdas menguasai Eviews. Jakarta: Salemba Empat.
  2. Baron, R. M., & Kenny, D. A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research. Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
  3. Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2020). Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264–1295.
  4. BPS Indonesia, S. I. (2023). Catalog?: 1101001. Statistik Indonesia 2023, 1101001, 790.
  5. Brealey et al. (2023). Corporate Finance. Corporate Finance, 143–155. https://doi.org/10.4324/9781003380610-11
  6. Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business and Society, 38(3), 268–295. https://doi.org/10.1177/000765039903800303
  7. Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: the role of environmental, social and governance performance. Meditari Accountancy Research, 29(3), 647–670. https://doi.org/10.1108/MEDAR-09-2019-0549
  8. Cupriak, D., Kuziak, K., & Popczyk, T. (2020). Risk management opportunities between socially responsible investments and selected commodities. Sustainability (Switzerland), 12(5). https://doi.org/10.3390/su12052003
  9. Damayanti, A. I., & Venusita, L. (2022). Pengaruh Pengungkapan Enterprise Risk Management (ERM) terhadap Kinerja Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Akuntansi AKUNESA, 10(3), 43–54. https://doi.org/10.26740/akunesa.v10n3.p43-54
  10. De Giuli, M. E., Grechi, D., & Tanda, A. (2024). What do we know about ESG and risk? A systematic and bibliometric review. Corporate Social Responsibility and Environmental Management, 31(2), 1096–1108. https://doi.org/10.1002/csr.2624
  11. Dewi, A. A., Saraswati, E., Rahman, A. F., & Atmini, S. (2024). Moderating role of enterprise risk management in the relationship between sustainability performance and a firm’s competitive advantage. Problems and Perspectives in Management, 22(2), 226–239. https://doi.org/10.21511/ppm.22(2).2024.18
  12. Fadhilah, M., & Sukmaningrum, P. S. (2020). Pengaruh Enterprise Risk Management (Erm), Kinerja Perusahaan Dan Size Terhadap Nilai Perusahaan. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(5), 926. https://doi.org/10.20473/vol7iss20205pp926-939
  13. Faiq, M., & Septiani, A. (2020). Analisis Pengaruh Implementasi Enterprise Risk Management Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal Of Accounting, 9(4), 1–11.
  14. Fitriana, S., & Wardhani, R. (2020). The effect of enterprise risk management and sustainability reporting quality on performance: Evidence from Southeast Asia countries. International Journal of Economic Policy in Emerging Economies, 13(4), 344–355. https://doi.org/10.1504/IJEPEE.2020.109588
  15. Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/j.bar.2016.08.003
  16. Hummel, P., Braun, M., Tretter, M., & Dabrock, P. (2021). Data sovereignty: A review. Big Data and Society, 8(1). https://doi.org/10.1177/2053951720982012
  17. Husaini, S. (2017). Enterprise risk management, corporate governance and firm value: empirical evidence from Indonesian public listed companies. International Journal of Advances in Management and Economics, July, 2278–3369.
  18. Husaini, Saiful, Saputra, J., & Albra, W. (2019). A study of supply chain manangement of board composition, enterprise risk management, and performance of non and Islamic companies in Indonesia. International Journal of Supply Chain Management, 8(5), 349–357.
  19. ISO 31000. (2018). BSI Standards Publication Risk management — Guidelines i a r t or u p g nin s e s rpo Lo y l on py o c an For Lo y l o s s o p r u p ng i i o c. BSI Standard Publication.
  20. Jensen, M. C., & Meckling, W. H. (n.d.). Theory of the Firm?: Managerial Behavior , Agency Costs and Ownership Structure Theory of the Firm?: Managerial Behavior , Agency Costs and Ownership Structure.
  21. Kim, M., Yin, X., & Lee, G. (2020). The effect of CSR on corporate image, customer citizenship behaviors, and customers’ long-term relationship orientation. International Journal of Hospitality Management, 88(October 2019), 102520. https://doi.org/10.1016/j.ijhm.2020.102520
  22. Malik, D. S., Sharma, A. K., Sharma, A. K., Thakur, R., & Sharma, M. (2020). A review on impact of water pollution on freshwater fish species and their aquatic environment. Advances in Environmental Pollution Management: Wastewater Impacts and Treatment Technologies, December, 10–28. https://doi.org/10.26832/aesa-2020-aepm-02
  23. Moeller, R. R. (2011). COSO Enterprise Risk Management. COSO Enterprise Risk Management, June. https://doi.org/10.1002/9781118269145
  24. Ningwati, G., Septiyanti, R., & Desriani, N. (2022). Pengaruh Environment, Social and Governance Disclosure terhadap Kinerja Perusahaan. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 67–78. https://doi.org/10.35912/gaar.v1i1.1500
  25. Pokhrel, S. (2024). No Title?????. ????, 15(1), 37–48.
  26. Rantai, M., Direksi, K. D., Perusahaan, R., Non, P., Direksi, K. D., Perusahaan, M. R., Saiful, H., Saputra, J., & Albra, W. (2019). Sebuah Studi tentang Manajemen Rantai Pasokan Perusahaan Islam di Indonesia.
  27. Resende, S. (2024). Enterprise risk management and firm performance?: The mediating role of corporate social responsibility in the European Union region. July 2023, 2852–2864. https://doi.org/10.1002/csr.2719
  28. Resende, S., Monje-Amor, A., & Calvo, N. (2024). Enterprise risk management and firm performance: The mediating role of corporate social responsibility in the European Union region. Corporate Social Responsibility and Environmental Management, 31(4), 2852–2864. https://doi.org/10.1002/csr.2719
  29. Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., Saeidi, S. P., & Mardani, A. (2021). The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions. Economic Research-Ekonomska Istrazivanja , 34(1), 122–151. https://doi.org/10.1080/1331677X.2020.1776140
  30. Samudera, V. A., & Husaini, H. (2023). The Influence of Enterprise Risk Management on Corporate Performance with The moderating Effect of Intellectual Capital. Financial: Jurnal Akuntansi, 9(2), 166–181. https://doi.org/10.37403/financial.v9i2.554
  31. Sari, A. N., Oktavia, R., & Widiyanti, A. (2024). Review Nilai Perusahaan Tambang di Indonesia dari Sudut Pandang Green Accounting dan CSR ( Review of Mining Company Values in Indonesia from a Green Accounting and CSR Perspective ). 3(1), 31–41.
  32. Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, 20(3), 571. https://doi.org/10.2307/258788
  33. Usmani, D. A., & Nayak, D. P. (2022). Effect of Csr and Enterprise Risk Management System on Corporate Reputation: an Empirical Study. International Journal of Social Sciences & Economic Environment, 7(2), 39–56. https://doi.org/10.53882/ijssee.2022.0702004
  34. Wirawan, A. W., Falah, L. J., Kusumadewi, L., Adhariani, D., & Djakman, C. D. (2020). The Effect of Corporate Social Responsibility on the Firm Value with Risk Management as a Moderating Variable. Journal of Asia-Pacific Business, 21(2), 143–160. https://doi.org/10.1080/10599231.2020.1745051