Aneeqa Zia Alaia, . (2025) PENGARUH ENTERPRISE RISK MANAGEMENT TERHADAP NILAI PERUSAHAAN MELALUI GREEN INNOVATION DAN ESG: PROFITABILITAS SEBAGAI MODERASI PERUSAHAAN ENERGI DI ASIA TENGGARA. Skripsi thesis, Universitas Pembangunan Nasional Veteran Jakarta.
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Abstract
The energy sector in Southeast Asia is highly strategic yet exposed to substantial risks arising from commodity-price volatility, energy-transition policies, and geopolitical uncertainty. These dynamics require energy companies to implement Enterprise Risk Management (ERM) not only as a compliance tool, but as an integrated capability that can support sustainability initiatives and long-term value creation. This study examines the effect of ERM on firm value with Green Innovation (GI) and Environmental, Social, and Governance (ESG) represented by the ESG Combined Score as mediating variables, and profitability as a moderating variable, in energy sector companies across Southeast Asia. The research covers 64 energy companies listed on stock exchanges in six Southeast Asian countries over the 2020–2024 period, yielding 320 firm-year observations. Firm value is proxied by Tobin’s Q, ERM is measured using an Advanced ERM disclosure index, GI is measured using the Environmental Product Score, ESG is measured using the ESG Combined Score, and profitability is proxied by Return on Assets (ROA). This study employs a quantitative approach using panel-data regression, Sobel tests, and moderated regression analysis processed with EViews. The results show that ERM has a positive and significant effect on GI and ESG Combined Score, but does not have a significant direct effect on firm value. Furthermore, GI and ESG Combined Score do not have a significant effect on firm value and fail to mediate the relationship between ERM and firm value. Profitability (ROA) is found not to significantly moderate the relationship between GI and firm value, nor between ESG Combined Score and firm value. These findings indicate that in Southeast Asian energy companies, ERM is more strongly reflected in the strengthening of GI and ESG practices than in the immediate creation of market value, while GI and ESG Combined Score themselves have yet to be consistently priced in by investors. The study underscores the need to more deeply integrate ERM with sustainability strategy and to enhance market and regulatory recognition of the economic implications of GI and ESG performance in the energy sector
| Item Type: | Thesis (Skripsi) |
|---|---|
| Additional Information: | [No.Panggil: 2210111094] [Pembimbing: Dewi Cahyani Pangestuti] [Ketua Penguji : Abdul Razak Abdul Hadi [Penguji 2: Ranila Suciati] |
| Uncontrolled Keywords: | Enterprise Risk Management, Green Innovation, ESG Combined Score, profitability, Firm Value |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management H Social Sciences > HG Finance H Social Sciences > HJ Public Finance |
| Divisions: | Fakultas Ekonomi dan Bisnis > Program Studi Manajemen (S1) |
| Depositing User: | ANEEQA ZIA ALAIA |
| Date Deposited: | 17 Mar 2026 01:52 |
| Last Modified: | 17 Mar 2026 01:52 |
| URI: | http://repository.upnvj.ac.id/id/eprint/41509 |
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