Study of the relation among implementation of corporate risk management, internal control, and the performance of firms in publicly listed state-owned enterprises in Indonesia (2010–2019)Tools Arifianto, Muhammad Isa (2020) Study of the relation among implementation of corporate risk management, internal control, and the performance of firms in publicly listed state-owned enterprises in Indonesia (2010–2019). [Dissertation (University of Nottingham only)]
AbstractThe implementation of Enterprise Risk Management (ERM) and internal control become an essential part of a company since there are risks in every decision. For the emerging country like Indonesia, the existence of State-Owned Enterprises (SOEs) can govern the economies’ development. Through ERM and internal control a company can address the risk and opportunity to improve performance. The study investigates the correlation among ERM implementation, internal control and performance of 24 Indonesian Publicly Listed State-Owned Enterprises. The dominant explanation of previous research is about the relationship between ERM and companies which is dominated by private companies in United States and Europe. Only few research for State-Owned Enterprises in emerging country like Indonesia. We use data panel for 10-year period of publicly listed Indonesian SOEs to run the panel data regression. In line with what has often been assumed, the ERM implementation increases value of the firm, On the other hand, surprisingly, the establishment of internal control has an adverse effect on company value.
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