MELATI, RAMPI (2025) DETERMINAN NILAI PERUSAHAAN DENGAN ENTERPRISE RISK MANAGEMENT SEBAGAI MODERASI PADA BANK UMUM KBMI 3 DAN 4. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to analyze the effect of Profitability, Credit Risk, Institutional Ownership, and Corporate Social Responsibility (CSR) on Firm Value, with Enterprise Risk Management (ERM) as a moderating variable. Firm Value is measured using the Price to Book Value (PBV) ratio. The research population consists of 13 commercial banks in the KBMI 3 and KBMI 4 categories listed on the Indonesia Stock Exchange (IDX) in 2024. The study employs a saturated sampling method, in which the entire population is used as the research sample, totaling 13 banks. The research period covers 2017–2024. Data were analyzed using Panel Data Moderated Regression Analysis (MRA) with a fixed effect model approach. The findings indicate that Profitability has a positive effect on Firm Value, while Credit Risk has a negative effect. In contrast, Institutional Ownership and Corporate Social Responsibility show no significant effect. The moderation test further reveals that Enterprise Risk Management weakens the relationship between Institutional Ownership and Firm Value but does not moderate the effects of Profitability, Credit Risk, and Corporate Social Responsibility on Firm Value. Keywords: Firm Value, Profitability, Credit Risk, Institutional Ownership, CSR, Enterprise Risk Management, PBV, Banking Sector Penelitian ini bertujuan untuk menganalisis pengaruh Profitabilitas, Risiko Kredit, Kepemilikan Institusional, dan Corporate Social Responsibility (CSR) terhadap Nilai Perusahaan, dengan Enterprise Risk Management (ERM) sebagai variabel moderator. Nilai Perusahaan diukur menggunakan rasio Price to Book Value (PBV). Populasi penelitian ini mencakup bank umum kelompok KBMI 3 dan KBMI 4 yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2024 sebanyak 13 bank. Populasi penelitian ini terdiri dari 13 bank umum kelompok KBMI 3 dan KBMI 4 yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2024. Penelitian ini menggunakan metode sampel jenuh, sehingga seluruh populasi dijadikan sampel penelitian dengan total 13 bank. Adapun periode penelitian mencakup tahun 2017– 2024. Analisis data dilakukan menggunakan Moderated Regression Analysis (MRA) Data Panel dengan pendekatan fixed effect model. Hasil penelitian menunjukkan bahwa Profitabilitas berpengaruh positif terhadap Nilai Perusahaan, Risiko Kredit berpengaruh negatif terhadap Nilai Perusahaan, sementara Kepemilikan Institusional dan Corporate Social Responsibility tidak berpengaruh signifikan. Uji moderasi menunjukkan bahwa Enterprise Risk Management memperlemah pengaruh Kepemilikan Institusional terhadap Nilai Perusahaan, namun tidak mampu memoderasi pengaruh Profitabilitas, Risiko Kredit, dan Corporate Social Responsibility terhadap Nilai Perusahaan. Kata kunci: Nilai Perusahaan, Profitabilitas, Risiko Kredit, Kepemilikan Institusional, Corporate Social Responsibility, Enterprise Risk Management, Perbankan
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