Unrevealing Risk Disclosure in Indonesia: The Role of Governance and Corporate Attributes
DOI:
https://doi.org/10.33603/jka.v9i1.9783Keywords:
Corporate governance, Company attributes, Corporate risk disclosureAbstract
This study seeks to investigate the factors driving corporate risk disclosure practice, focusing on corporate governance elements (i.e. the presence of a risk management committee, the number of board commissioners, the frequency of board meetings, and the proportion of public ownership) and company attributes (leverage and firm size). The analysis tool uses multiple regression. By analyzing 250 observations from manufacturing companies in the Basic Industry and Chemical sectors in Indonesia from 2017 to 2022, this research found that the existence of a risk management committee, the size of the board of commissioners, and the size of the company play an important role in increasing risk disclosure. Conversely, the frequency of board meetings, public ownership, and leverage were not found to have a significant impact. These findings suggest that corporate governance frameworks and company attributes are key factors in improving risk disclosure practices.
References
Abbas, D. S., Ismail, T., Taqib, M., & Yazidb, H. (2021). Determinants of enterprise risk management disclosures: Evidence from insurance industry. Accounting, 7, 1331–1338. https://doi.org/doi: 10.5267/j.ac.2021.4.005.
Achmad, T., Faisal, F. & Oktarina, M. (2017). Factors influencing voluntary corporate risk disclosure practices by Indonesian companies. Corporate Ownership & Control, 14 (3), Spring, Continued - 2, 286-292.
Ahn, T. S., & Lee, J. (2004). Determinants of Voluntary Disclosures in Management Disclosure and Analysis(MD&A): Korean Evidence. Paper Presented at the 16th Asian Pacific Conference on International Accounting Issues, 207-240.
Alshirah, M., & Alshira’h, A. (2024). The impact of corporate ownership structure on corporate risk disclosure: evidence from an emerging economy. Competitiveness Review: An International Business Journal, 34(2), 370–395.
Ardiansyah, L. O. M., & Adnan, M. A. (2014). Faktor-Faktor yang Mempengaruhi Luas Pengungkapan Enterprise Risk Management. Jurnal Ekonomi, Manajemen, dan Akutansi I, 23(2), 89-105.
Einde, E., Widiyanti, A., Agustina, Y., Fuadi, R., Mirfazli, E., & San-José, L. (2023). The influence of corporate characteristics and Good Corporate Governance toward the risk management disclosure. REVISTA DE MÉTODOS CUANTITATIVOS PARA LA ECONOMÍA Y LA EMPRESA, 35, 404–417.
Falendro, A., Faisal, F., & Ghozali, I. (2018). Karakteristik Dewan Komisaris, Komite dan Pengungkapan Risiko Perusahaan. Jurnal Reviu Akuntansi Dan Keuangan, 8(2), 115–124. https://doi.org/https://doi.org/10.22219/jrak.v8i2.31.
Fathimiyah, V., Zulfikar, R., & Fitriyani, F. (2012). Pengaruh Struktur Kepemilikan Terhadap Risk Management Disclosure (Studi Survei Industri Perbankan yang Listing di Bursa Efek Indonesia Tahun 2008-2010). Simposium Nasional Akuntansi XV Banjarmasin, 1–26.
Hadi, V. W. (2015). Pengaruh Komisaris Independen, Frekuensi Rapat Dewan Komisaris, Reputasi Auditor, Kompleksitas, Kepemilikan Asing, dan Ukuran Perusahaan Terhadap Keberadaan Risk Management Committee (RMC) Pada Perusahaan Go Public Di Indonesia. Jurnal Akuntansi Bisnis, 14(27), 51–74. https://doi.org/https://doi.org/10.24167/jab.v14i27.961.
Hadiji,R.Z.2023. Does environmental, social, and governance performance affect Evidence from European ESG companies financial risk disclosure? Evidence from European ESG companies, Competitiveness Review: An International Business Journal, 1059-5422. DOI 10.1108/CR-07-2023-0181.
Hamdani, S. P., Yuliandari, W. S., & Budiono, E. (2017). Kepemilikan Saham Publik dan Return on Assets Terhadap Pengungkapan Corporate Social Responsibility. Jurnal Riset Akuntansi Kontemporer, 9(1), 47–54.
Handayani, B. D., & Yanto, H. (2013). Determinan Pengungkapan Enterprise Risk Management. Jurnal Keuangan Dan Perbankan, 17(3), 333–342.
Hasina, G., Nazar, M. R., & Budiono, E. (2018). Pengaruh Ukuran Dewan Komisaris, Leverage dan Ukuran Perusahaan Terhadap Pengungkapan Enterprise Risk Management (Studi pada Sektor Perbankan yang Listing di Bursa Efek Indonesia (BEI) tahun 2012-2016). E-Proceeding of Management, 5(2), 2402-2409.
IPPF. (2017). International Standards for the Professional Practice of Internal Auditing. The Institute of Internal Auditors.
Isynuwardhana, D., & Parmita, I. B. A. D. (2024). Pengaruh Good Corporate Governance Dan Ukuran Perusahaan Terhadap Pengungkapan Manajemen Risiko (Studi Pada Perusahaan Sub Sektor Telekomunikasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2022). E-Proceeding of Management, 11(4), 4020–4026.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X.
Kasmir. (2019). Analisis Laporan Keuangan. PT Raja Grafindo Persada.
Krisnauli, & Hadiprajitno, P. B. (2014). Pengaruh Mekanisme Tata Kelola Perusahaan dan Struktur Kepemilikan Terhadap Agency Cost (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2010-2012). Diponegoro Journal of Accounting, 3(2), 669–681.
Kumalasari, M., Subowo, & Anisykurlillah, I. (2014). Faktor-Faktor yang Berpengaruh Terhadap Luas Pengungkapan Manajemen Risiko. Accounting Analysis Journal, 3(1), 18-25. https://doi.org/https://doi.org/10.15294/aaj.v3i1.3896.
Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. British Accounting Review, 38(4), 387–404.
Melani, U., & Amin, M. A. (2016). Pengaruh Kepemilikan Manajemen, Jenis Industri, Diversifikasi Produk, Profitabilitas, dan Umur Perusahaan Terhadap Pengungkapan Manajemen Risiko pada Industri Perbankan dan Manufaktur. Optimum: Jurnal Ekonomi Dan Pembangunan, 6(1), 1–16. https://doi.org/https://doi.org/10.12928/optimum.v6i1.7809.
Oliveira, J., Lima Rodrigues, L., & Craig, R. (2018). Risk‐related disclosures by non‐finance companies. Managerial Auditing Journal, 26(9), 817–839. https://doi.org/https://doi.org/10.1108/02686901111171466.
Pitasari, A., & Septiani, A. (2014). Analisis Pengaruh Struktur Corporate Governance Terhadap Tingkat Kepatuhan Pengungkapan Konvergensi IFRS pada Laporan Laba Rugi Komprehensif. Diponegoro Journal of Accounting, 3(2), 132–140.
Prayoga, E. B., & Almilia, L. S. (2013). Pengaruh Struktur Kepemilikan dan Ukuran Perusahaan Terhadap Pengungkapan Manajemen Risiko. Jurnal Akuntansi Dan Keuangan, 4(1), 1–19.
Rifani, D. R., & Astuti, C. D. (2019). Mekanisme Tata Kelola Perusahaan dan Pengungkapan Risiko. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(1), 1–18.
Saidah, S. (2014). Pengaruh Mekanisme Corporate Governance Terhadap Pengungkapan Risiko Perusahaan (Studi Empiris pada Laporan Tahunan Perusahaan Non Keuangan yang Terdaftar di BEI Periode 2011-2013). Jurnal Akuntansi AKUNESA, 3(1), 1-25.
Soebyakto, B. B., Mukhtaruddin, R., & Sinulingga, A. (2018). Company characteristics and risk management disclosure: empirical study of manufacturing companies listed on the Indonesia stock exchange. Problems and Perspectives in Management, 16(2), 396–411. https://doi.org/:10.21511/ppm.16(2).2018.36.
Sulistyaningsih, S., & Gunawan, B. (2016). Analisis Faktor-Faktor yang memengaruhi risk management disclosure (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2014). Riset Akuntansi dan Keuangan Indonesia, 1(1), 1-11. https://doi.org/https://doi.org/10.23917/reaksi.v1i1.1973.
Suripto, B. (2012). Pengaruh Karakteristik Dewan Komisaris dan Komite Audit Terhadap Kualitas Laporan Keuangan. Jurnal Akuntansi & Manajemen, 23(2), 105–117.
Tarantika, R. A., & Solikhah, B. (2019). Pengaruh Karakteristik Perusahaan, Karakteristik Dewan Komisaris dan Reputasi Auditor Terhadap Pengungkapan Manajemen Risiko. Journal of Economic, Management, Accounting and Technology, 2(2), 142–155. https://doi.org/https://doi.org/10.32500/jematech.v2i2.722.
Taufani, M. T., Askandar, N. S., & Mahsuni, A. W. (2017). Pengaruh Struktur Kepemilikan Terhadap Risk Management Disclosure (Studi Pada Perusahaan Perbankan yang Terdaftar Di Bursa Efek Indonesia 2013-2015). Jurnal Ilmiah Riset Akuntansi, 6(7), 168-180.
Utomo, Y., & Chariri, A. (2014). Determinan Pengungkapan Risiko pada Perusahaan Nonkeuangan di Indonesia. Diponegoro Journal of Accounting, 687–700.
Wardhana, A. A. Cahyonowati, N. (2013). Pengaruh Karakteristik Perusahaan Terhadap Tingkat Pengungkapan Risiko (Studi Empiris pada Perusahaan Nonkeuangan yang Terdaftar di Bursa Efek Indonesia). Diponegoro Journal of Accounting, 2 (3),155–168.
Wicaksono, S. A., & Adiwibowo, A. S. (2017). Analisis Determinan Pengungkapan Risiko (Studi Empiris pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2013 – 2015). Diponegoro Journal of Accounting, 6(4), 144–157.
Widagdo, D. O. K., & Chariri, A. (2014). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan. Diponegoro Journal of Accounting, 307–315.
Yunifa, L., & Juliarto, A. (2017). Analisis Pengaruh Karakteristik Perusahaan Terhadap Tingkat Pengungkapan Risiko pada Perusahaan Manufaktur. Diponegoro Journal of Accounting, 6(3), 563–574.
Zakiyah, Y. N., & Gunawan, B. (2017). Pengaruh Mekanisme Corporate Governance, Ukuran Perusahaan, dan Leverage Terhadap Risk Management Disclosure. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi, 9(1), 1–18. https://doi.org/https://doi.org/10.35313/EKSPANSI.V9I1.559.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Kajian Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike (CC-BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.