Role of Risk Management in Independent Commissioners and Audit Committees on Financial Performance
DOI:
https://doi.org/10.37253/gfa.v6i2.6877Keywords:
Financial Performance, Independent Commissioners, Audit Committee, Risk ManagementAbstract
Purpose - Financial performance of a company is an important thing to consider due to its direct correlation with the company’s survivability. It is important to understand what affects a company's financial performance. This research aimed to determine the influence of the independent commissioner and audit committee variables on financial performance as moderated by risk management.
Research Method - This study used 22 companies of LQ-45 that listed in the Indonesia Stock Exchange from 2017 to 2021 using a purposive sampling method. Model used in this research was analyzed using multiple linear regression.
Findings – The results indicate that independent commissioners have no significant effect on financial performance, while audit committee has a positive significant effect on the financial performance. Independent commissioners and audit committee simultaneously have a positive and significant effect on the financial. While risk management was not found to moderate the effect of independent commissioners on financial performance, though it may strengthen the relationship between audit committee and financial performance.
Implication – The presence of independent commissioners and audit committee in a company is important because independent commissioners act as an external party entitled to monitor the actions taken by the company, while audit committee affects reliable and accountable financial statements. Every company certainly has risks that must be taken and make adjustments according to the level of risk. Furthermore, having risk management in the companies enable the audit committees to assess the risk more accurate.
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References
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Angelia, D., & Suryaningsih, R. (2016). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211(September), 348–355. https://doi.org/10.1016/j.sbspro.2015.11.045
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Bandaly, D., Shanker, L., & Şatır, A. (2018). Integrated Financial and Operational Risk Management of Foreign Exchange Risk, Input Commodity Price Risk and Demand Uncertainty. IFAC-PapersOnLine, 51(11), 957–962. https://doi.org/10.1016/j.ifacol.2018.08.484
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Effendi. (2017). The power of good corporate governamce. Jakarta: Salemba Empat.
Fahmi, I. (2018). Pengantar Manajemen Keuangan. Bandung: Alfabeta.
Fajri, S. S. (2018). Analisis profitabilitas dalam menilai kinerja keuangan pada pt.taspen (persero) medan. Jurnal Kitabah, 278-293.
Fitriani, Y. (2021). Pengaruh dewan komisaris, dewan direksi dan komite audit terhadap profitabilitas perbankan di BEI tahun 2017-2019. Jurnal Ilmiah MEA (Manajemen, Ekonomi dan Akuntansi), 850-867.
Fouad, M., A., I. S. (2017). The effect of audit committe characteristics on timeliness of financial reporting by using auditor quality as the moderating variabel. The International Journal of Accounting and Business Society , 67-80.
Fuad, N. S. (2017). The impact of audot committee characteristics on financial distress. International Journal of Accounting, 6(2), 1-9.
Ghozali, I. (2016). Aplikasi analisis multivariete dengan program ibm spss 23. Semarang: Badan Penerbit UNDIP.
Hanafi, M., M., & Abdul, H. (2016). Analisis laporan keuangan. Edisi Kelima. Yogyakarta:
UPP STIM YKPN.
Hanifa. (2017). Pengaruh asimetri informasi, corporate governance dan ukuran perusahaan
Terhadap manajemen laba. Jurnal Akuntansi, 1-27.
Hery. (2016). Analisis laporan keuangan integrated and comprehensive edition. Jakarta: Gramedia Widiasarana Indonesia.
Hilmudin. (2019). Pengaruh komisaris independen dan komite audit terhadap kinerja keuangan dengan leverage sebagai variabel moderating. Skripsi Ekonomi, Universitas Gunung Rinjani Selong, 1-96.
Kartal, M. T., İbiş, C., & Çatıkkaş, Ö. (2018). Adequacy of audit committees: A study of deposit banks in Turkey. Borsa Istanbul Review, 18(2), 150–165. https://doi.org/10.1016/j.bir.2018.01.002
Kasmir. (2016). Analisis laporan keuangan. Jakarta: PT. Raja Grafindo Persada.
Lee, R. C.-H. (2017). The influence of csr on firm value: an application of panel smooth transition regression on taiwan. Applied Economics Journal, 60-78.
Li, F., Etienne, A., Vernadat, F., & Siadat, A. (2018). Comprehensive Performance Expression Model for Industrial Performance Management and Decision Support. 51(11), 558–563. https://doi.org/10.1016/j.ifacol.2018.08.377
Martin-Rubio, I. (2021). Challenges in green intellectual capital and knowledge management in sustainability and industry 4.0. Information Resources Management Association Journal, 17-34.
Oktalia, R. (2020). Analisis kinerja keuangan pada pt bank pembangunan daerah sumatera selatan dan bangka belitung. Jurnal Mediasi, 110-135.
Pricilla, S. (2017). Pengaruh kepemilikan institusional, kepemilikan manajerial, komisaris independen, dan ukuran dewan komisaris terhadap manajemen laba serta implikasinya terhadap kinerja keuangan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia periode 201. Jurnal Ekonomi, 1-25.
Purwanti, T. (2020). The effect of profitability, capital structure, company size, and dividend policy on company valueon the indonesia stock exchange. International Journal of Seocology (Science, Education, Economics, Psychology and Technology), 60-66.
Rosiyana, D., E. M. (2021). Green intellectual capital on value relevance in indonesia's manufacturing companies. GATR Accounting and Finance Review, 120-136.
Rudi Z., N. M. (2019). Independent commissioner against mandatory disclosure of financial performance as a moderating variable. Review of Integrative Business and Economics Research 6(3), 205-215.
Rudi, N. D. (2017). Competition, independent commissioner, risk disclosure and financial performance. Review of Integrative Business and Economics Research, 6(1), 76-90.
Santi Y., E. A. (2021). Analisis karakteristik dewan direksi dan kepemilikan terhadap kinerja keuangan perusahaan keluarga. Jurnal Ekonomi & Ekonomi Syariah, 1137-1146.
Santi, S. K. (2021). Pengaruh komite audit, dewan komisaris dan dewan direksi terhadap kinerja keuangan perusahaan. Journal of Information System, Applied, Management, Accounting and Research, 400-412.
Setiawati, P. I. (2021). Analisis pengaruh komite audit, dewan komisaris independen dan intensitas aset biologis terhadap kinerja keuangan pada perusahaan agriculture yang terdaftar. Jurnal AKuntansi, 298-318.
Sugiyono. (2018). Metode penelitian kuantitatif. Jakarta: Alfabeta.
Sujarweni, V. W. (2016). Pengantar akuntansi. Yogyakarta: Pustaka Baru Press.
Supriyanto, J. F. (2019). Analisis faktor determinan kinerja keuangan pada perusahaan yang terdaftar di bursa efek indonesia. Global Financial Accounting Journal, 30-41.
Tinamo, I. D. (2021). Pengaruh kepemilikan negara, hubungan politik dan penghindaran pajak terhadap kinerja keuangan di indonesia. Journal Inovasi, 714-726.
Yopie, E. A. (2021). Analisis pengaruh karakteristik komite audit terhadap pengungkapan sukarela. JGBMR, 10-12.
Zamzami, F. &. (2018). Audit internal: konsep dan praktik. Yogyakarta: UGM Press.
Zuhdi, S. W. (2020). The mediating role of corporate social responsibility (csr) disclosure on good corporate governance (gcg) and firm value. Australasian Accounting, Business and Finance Journal, 89-96.
