The Influence of Good Corporate Governance and Enterprise Risk Management on Economic Performance with Corporate Ethical Identity as a Mediating Variable

Immami Immami; Iin Rosini; Ani Kusumaningsih

doi:10.31538/iijse.v8i3.8241

Immami Immami Universitas Pamulang, Tangerang, Indonesia
Iin Rosini Universitas Pamulang, Tangerang, Indonesia
Ani Kusumaningsih Universitas Pamulang, Tangerang, Indonesia

DOI: https://doi.org/10.31538/iijse.v8i3.8241

Keywords: Good Corporate Governance, Enterprise Risk Management, Corporate Ethical Identity, Economic Performance

Abstract

This study analyzes the relationship between Good Corporate Governance (GCG), Enterprise Risk Management (ERM), and Economic Performance, with Corporate Ethical Identity (CEI) as a mediating variable. The research sample consists of companies participating in the CGPI program from 2020 to 2023. Using a quantitative method with panel data regression analysis via EViews 13, the study finds that both GCG and ERM have a positive influence on the formation of CEI. However, GCG and ERM do not directly affect Economic Performance. Conversely, CEI is proven to have a positive and significant impact on Economic Performance. A key finding of this study is that CEI serves as a full mediator, meaning the influence of GCG and ERM on Economic Performance is entirely channeled through the strengthening of Corporate Ethical Identity.

Downloads

Download data is not yet available.

References

Agyabeng-Mensah, Y., Ahenkorah, E., Afum, E., Dacosta, E., & Tian, Z. (2020). Green warehousing, logistics optimization, social values and ethics and economic performance: the role of supply chain sustainability. International Journal of Logistics Management, 31(3), 549–574. https://doi.org/10.1108/IJLM-10-2019-0275

Alisya, J., Matondang, K. A., Nainggolan, N. P., & Aulia, J. (n.d.). Aurelia: Jurnal Penelitian dan Pengabdian Masyarakat Indonesia Tantangan Etika Ekonomi Dalam Perdagangan Global: Implikasi dan Solusi.

Alkhadra, W. A., Khawaldeh, S., & Aldehayyat, J. (2023). Relationship of ethical leadership, organizational culture, corporate social responsibility and organizational performance: a test of two mediation models. International Journal of Ethics and Systems, 39(4), 737–760. https://doi.org/10.1108/IJOES-05-2022-0092

Anthony Zefanya, E., Lokita, I., Kristamuljana, S., Chandra Marsetio, N., & Elvi Adelina, Y. (2018). Pengaruh Kualitas Manajemen Risiko terhadap Kinerja Keuangan Bank Umum.

Aprilia Sari, N., Amin, M., Fauzi Kartika Sari, A., & Islam Malang, U. (2021). Pengaruh Green Accounting, Kepemilikan Manajerial Dan Good Corporate Governance Terhadapa Kinerja Perusahaan (Studi empiris Perusahaan Pertambangan Yang Terdaftar di BEI) (Vol. 10).

Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance (Bingley), 16(2), 420–436. https://doi.org/10.1108/CG-01-2016-0018

Berrone, P., Surroca, J., & Tribó, J. A. (2007). Corporate Ethical Identity as a determinant of firm performance: A test of the mediating role of stakeholder satisfaction. Journal of Business Ethics, 76(1), 35–53. https://doi.org/10.1007/s10551-006-9276-1

Budiman, M. F. M., & Krisnawati, A. (2021). Can Good Corporate Governance Influence the Firm Performance? Empirical Study from Indonesia Transportation Firms. AFRE (Accounting and Financial Review), 4(1), 119–128. https://doi.org/10.26905/afr.v4i1.6017

Camilleri, M. A. (2019). A Cost-Benefit Analysis of ISO’s Standard on Social Responsibility: A Review and Appraisal. In CSR, Sustainability, Ethics and Governance (pp. 159–175). Springer Nature. https://doi.org/10.1007/978-3-319-92651-3_10

Darniaty, W. A., Aprilly, R. V. D., Nurhayati, W. T., Adzani, S. A., Novita, S., & Good…, P. (2023). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Performa Keuangan Sebagai Variabel Mediasi. www.cnbcindonesia.com

Donker, H., Poff, D., & Zahir, S. (2008). Corporate values, codes of ethics, and firm performance: A look at the Canadian context. Journal of Business Ethics, 82(3), 527–537. https://doi.org/10.1007/s10551-007-9579-x

Ghozali, Imam, & Ratmono, D. (2017). Analisis Multivariate dan Ekonometrika: Teori, Konsep dan Aplikasi dengan menggunakan EViews 10. In Badan Penerbit Universitas Diponegoro.

Gio, P. U., & Caraka, R. E. (2018, June 28). PEDOMAN DASAR MENGOLAH DATA DENGAN PROGRAM APLIKASI STATISTIKA STATCAL. https://doi.org/10.31227/osf.io/796th

Gio, P.U., Elly Rosmaini, 2015, Belajar Olah Data dengan SPSS, MINITAB, R, MICROSOFT EXCEL, EVIEWS, LISREL, AMOS, dan SMARTPLS, USU Press.

Guluma, T. F. (2021). The impact of corporate governance measures on firm performance: the influences of managerial overconfidence. Future Business Journal, 7(1). https://doi.org/10.1186/s43093-021-00093-6

Hakip Nurdiansyah, D., Febryari Anita Fakultas Ekonomi dan Bisnis, W., Singaperbangsa Karawang, U., Siti Diana Fathia, I., Matthew Marpaung Program Studi Manajemen Pemasaran, G., & Agroindustri, P. (n.d.). Hubungan GCG (Good Corporate Governance) Dengan Etika Bisnis, Pedoman Perilaku, dan Manajemen Risiko Pada PT. Arthapura Global Konstruksi ARTICLES INFORMATION ABSTRACT E B B A N K (Vol. 14, Issue 2).

Lusmeida, H., Arsjah, R. J., Ekonomi dan Bisnis, F., Pelita Harapan, U., & Trisakti, U. (2024). ETIKA BISNIS MEMODERASI PENGARUH MANAJEMEN RISIKO, MODAL INTELEKTUAL HIJAU DAN HAK PEMEGANG SAHAM TERHADAP KEUANGAN BERKELANJUTAN. https://doi.org/10.25105/mraai.v24i1.19580

Malik, M. F., Zaman, M., & Buckby, S. (2020). Enterprise Risk Management and firm performance: Role of the risk committee. Journal of Contemporary Accounting and Economics, 16(1). https://doi.org/10.1016/j.jcae.2019.100178

Muhammad Asir, Yuniawati, R. A., Mere, K., Sukardi, K., & Anwar, Muh. Abduh. (2023). Peran manajemen risiko dalam meningkatkan kinerja perusahaan: studi manajemen sumber daya manusia. Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA), 32–42. https://doi.org/10.37631/ebisma.v4i1.844

Muhammad Ryad, A., Syahrul, M., Istiqomah, I., Febriyanti, R., & Silpiani, E. (2024). PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP MANAJEMEN LABA DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MEDIASI. 8(3).

Nguyen, N. T. T., Nguyen, N. P., & Thanh Hoai, T. (2021). Ethical leadership, corporate social responsibility, firm reputation, and firm performance: A serial mediation model. Heliyon, 7(4). https://doi.org/10.1016/j.heliyon.2021.e06809

Putri, W. O., & Rahayu, Y. (2023). PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA. www.idx.co.id

Rahman, Md. J., Kennedyd, S. I., & Chen, Z. (2021). 575-13-1720-2-10-20220620. Journal of Accounting, Business and Management (JABM) Vol. 29 No. 1, Enterprise Risk Management and Company’s Performance: Empirical Evidence from China, 107–119.

Rahmawati, A., & Mutmainah, S. (2024). PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN DENGAN CAPITAL STRUCTURE SEBAGAI VARIABEL MODERASI (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2023). DIPONEGORO JOURNAL OF ACCOUNTING, 13(3), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting

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

Saha, R., Shashi, Cerchione, R., Singh, R., & Dahiya, R. (2020a). Effect of ethical leadership and corporate social responsibility on firm performance: A systematic review. Corporate Social Responsibility and Environmental Management, 27(2), 409–429. https://doi.org/10.1002/csr.1824

Sugiyono. 2018. Metode Penelitian Kuantitatif, Kualitatig, dan R&D, penerbit Alfabeta,Bandung

Sukardi, B., & Wijaya, T. (2013). Corporate Ethical Identity Perbankan Syariah di Indonesia (Vol. 9, Issue 2).

Tewu, M. L. D., Bernarto, I., Suwarno, S., & Lisdiono, P. (2024). The Effect of Enterprise Risk Management and Compliance Practices on The Firm Performance of Indonesian Banking Companies. Indonesian Journal of Business and Entrepreneurship. https://doi.org/10.17358/ijbe.10.1.52

Tommaso, F. Di, Sapienza, L., & Gulinelli, A. (2019). Corporate Governance and Economic Performance: The Limit of Short Termism. Financial Markets, Institutions and Risks, 3. https://doi.org/10.21272/fmir.3(4)