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Determinant of Enterprise Risk Management Disclosure with the Board of Commissioners as a Moderating Variable

Jurnal Dinamika Manajemen · Vol. 17 No. 1 (2026) · pp. 83–94

DOI
10.15294/jdm.v17i1.27542
ISSN
2337-5434
Published
2026-03-01
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This study examines the effect of the independent board of commissioners and managerial ownership on enterprise risk management (ERM) disclosure. Furthermore, this study uses the board of commissioners as a moderating variable. The sample uses financial sector companies listed on the Indonesia Stock Exchange during the 2020-2023 period. This study uses a purposive sampling technique. The findings reveal that an independent board of commissioners and managerial ownership positively influence enterprise risk management (ERM) disclosure. The board of commissioners can strengthen the effect of managerial ownership on enterprise risk management disclosure. The novelty of this research lies in incorporating board size as a moderating variable in the context of ERM disclosure. Hence, this study offers new insights into the nexus between governance and risk management. This study also contributes to ERM literature by emphasizing the contingent role of board characteristics in shaping risk disclosure practices. Nevertheless, this study only focuses on financial companies. Therefore, future research should include broader industry coverage and adopt longer observation periods to enhance the generalizability and robustness of the results.

Keywords

Collaboration network of the authors

40 authors · 109 co-authorship links · showing the 40 most connected

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Co-authorOrganisationJoint articles
Dhini SuryandariAffiliation unknown7
Indah Fajarini Sri WahyuningrumAffiliation unknown4
M AkmalAffiliation unknown3
Linda AgustinaAffiliation unknown3
Prabowo Yudo JayantoAffiliation unknown3
I N KayatiAffiliation unknown3
Fian Tri RohmahAffiliation unknown3
Dwi RatmonoAffiliation unknown2
Eko SugiartoAffiliation unknown2
Arif FiyantoAffiliation unknown2
Ima Nur KayatiAffiliation unknown2
Monita Bayu IslamiatunAffiliation unknown2
Kiswanto KiswantoAffiliation unknown1
Riza Alhusna NurshehaAffiliation unknown1
Qonitatun KhafidhohAffiliation unknown1
Rizka Nur RokhmatunAffiliation unknown1
Tiara Riza Falistiani PutriAffiliation unknown1
Rozi NurchaqiqiAffiliation unknown1
Ivan Zidny ArrizqyAffiliation unknown1
Nining - ApriliyanaAffiliation unknown1
Rohmah HikmatinAffiliation unknown1
Dwi NurkholisohAffiliation unknown1
Diah Kumala DeviAffiliation unknown1
Indriyani PratamaAffiliation unknown1
Silvia RahayuAffiliation unknown1
Kemal Budi MulyonoAffiliation unknown1
Muh Fakhrihun NaamAffiliation unknown1
Bangkit SanjayaAffiliation unknown1
Achmad ZairinAffiliation unknown1
Anung GunartoAffiliation unknown1
Muhammad Rijalul Azka ArifinAffiliation unknown1
Maylia Pramono SariAffiliation unknown1
Ida MaftukhahAffiliation unknown1
Fitrarena Widhi RizkyanaAffiliation unknown1
Ardhana Reswari Hasna PratistaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/jdm/oai, first harvested 6 Nov 2026, last seen 6 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Determinant of Enterprise Risk Management Disclosure with the Board of Commissioners as a Moderating Variable</dc:title>
	<dc:creator xml:lang="en">Hidayah, Retnoningrum</dc:creator>
	<dc:creator xml:lang="en">Suntari</dc:creator>
	<dc:creator xml:lang="en">Suryarini, Trisni</dc:creator>
	<dc:creator xml:lang="en">Basher, Sara R</dc:creator>
	<dc:creator xml:lang="en">Zahid, Anwar</dc:creator>
	<dc:subject xml:lang="en">Enterprise Risk Management</dc:subject>
	<dc:subject xml:lang="en">Independent Board of Commissioners</dc:subject>
	<dc:subject xml:lang="en">Managerial Ownership</dc:subject>
	<dc:description xml:lang="en">This study examines the effect of the independent board of commissioners and managerial ownership on enterprise risk management (ERM) disclosure. Furthermore, this study uses the board of commissioners as a moderating variable. The sample uses financial sector companies listed on the Indonesia Stock Exchange during the 2020-2023 period. This study uses a purposive sampling technique. The findings reveal that an independent board of commissioners and managerial ownership positively influence enterprise risk management (ERM) disclosure. The board of commissioners can strengthen the effect of managerial ownership on enterprise risk management disclosure. The novelty of this research lies in incorporating board size as a moderating variable in the context of ERM disclosure. Hence, this study offers new insights into the nexus between governance and risk management. This study also contributes to ERM literature by emphasizing the contingent role of board characteristics in shaping risk disclosure practices. Nevertheless, this study only focuses on financial companies. Therefore, future research should include broader industry coverage and adopt longer observation periods to enhance the generalizability and robustness of the results.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2026-03-01</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/jdm/article/view/27542</dc:identifier>
	<dc:identifier>10.15294/jdm.v17i1.27542</dc:identifier>
	<dc:source xml:lang="en">Jurnal Dinamika Manajemen; Vol. 17 No. 1 (2026): March; 83-94</dc:source>
	<dc:source>2337-5434</dc:source>
	<dc:source>10.15294/jdm.v17i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/jdm/article/view/27542/8867</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Jurnal Dinamika Manajemen</dc:rights>
</oai_dc:dc>