EFEK PENERAPAN ERM (ENTERPRISE RISK MANAGEMENT) STUDI EMPIRIK PADA REAKSI PASAR DAN KINERJA PERUSAHAAN
| Main Authors: | , Deni Pandu Nugraha, SE., , Dr. Erni Ekawati, MBA., MSA. |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2011
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/89286/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=51909 |
Daftar Isi:
- Enterprise risk management (ERM) is a concept of integrating the overall risk factors with a holistic manner by management in accordance to enterprise risk appetite. As a concept that is better or a refinement of earlier concepts of risk management, ERM expected can adds value to the company's performance, so it can be used as a competitive advantage compared to other companies that have implemented ERM. Performance that are affected by ERM in this study are categorized into three forms of performance, namely economic performance, market performance and accounting performance. This research aims to examines effect of ERM implementation on firm performance and market reaction on financial institutions. The hypothesis proposed in this research that there are abnormal returns around the announcement of information ERM implementation. Second, companies that implement ERM has better performance than companies that do not implement ERM. The second hypothesis is divided into 3, hypothesis 2a relates to the performance market with the variable tobinsQ and PBV, hypothesis 2b related to accounting performance with ROE and efficiency variables, and hypothesis 2c associated with the economic performance variables EVAg. The results of research support the first research hypothesis that there is a positive abnormal return at H+2 after the announcement of the implementation of ERM information, so the market can be interpreted positively respond to the information given company. This research also supports the hypothesis 2a and 2b, which means that in terms of market performance and accounting performance of companies that implement ERM has a better performance than companies that do not implement ERM. While the hypothesis 2c is not supported in this study.