Efektivitas Komite Audit dan Ukuran Perusahaan: Analisis Corporate Risk Disclosure Perusahaan Sektor Basic Materials di Indonesia
Abstract
This study aims to examine the effect of audit committee effectiveness and firm size on the level of Corporate Risk Disclosure (CRD) among basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020-2023. Audit committee effectiveness is measured by the number of committee members and the frequency of audit committee meetings, while firm size is proxied by total assets. The study adopts a quantitative approach using panel data regression analysis, with purposive sampling applied to select 50 companies. CRD data were obtained through content analysis of annual reports based on risk classification, using a sentence-level disclosure scoring system across six main risk categories (financial risk, operations risk, empowerment risk, information processing and technology risk, integrity risk, and strategic risk). The results indicate that audit committee size and frequency of audit committee meetings have a significant positive effect on CRD, whereas the firm size does not show a significant influence. These findings support the agency theory by highlighting the important of strong corporate governance structure, particularly effectiveness audit committee and firm size scale to enhanced risk transparency. This study provides important implications for corporate management, investors, and regulators to promoting better risk disclosure practices in the non-financial sector in Indonesia.
References
Abbas, D. S., Ismail, T., Taqi, M., & Yazid, H. (2021). Determinants of enterprise risk management disclosures: Evidence from insurance industry. Accounting, 7(6), 1331–1338. https://doi.org/10.5267/j.ac.2021.4.005
Agustina, L., Jati, K. W., Baroroh, N., Widiarto, A., & Manurung, P. N. (2021). Can the risk management committee improve risk management disclosure practices in indonesian companies? Investment Management and Financial Innovations, 18(3), 204–213. https://doi.org/10.21511/imfi.18(3).2021.19
Alkurdi, A., Hussainey, K., Tahat, Y., & Aladwan, M. (2019). The impact of corporate governance on risk disclosure: Jordanian evidence. Academy of Accounting and Financial Studies Journal, 23(1), 1–16.
Allini, A., Manes Rossi, F., & Hussainey, K. (2016). The board’s role in risk disclosure: an exploratory study of Italian listed state-owned enterprises. Public Money and Management, 36(2), 113–120. https://doi.org/10.1080/09540962.2016.1118935
Almunawwaroh, M., & Setiawan, D. (2023). Does audit committee characteristics a driver in risk disclosure? Cogent Business and Management, 10(1).
https://doi.org/10.1080/23311975.2023.2167551
Alshirah, M. H., Abdul Rahman, A., & Mustapa, I. R. (2020). Board of directors’ characteristics and corporate risk disclosure: the moderating role of family ownership. EuroMed Journal of Business, 15(2), 219–252. https://doi.org/10.1108/EMJB-09-2019-0115
Alshirah, M. H., Alshira’h, A. F., & Lutfi, A. (2020). Audit committee’s attributes, overlapping memberships on the audit committee and corporate risk disclosure: Evidence from jordan. Accounting, 7(2), 423–440. https://doi.org/10.5267/j.ac.2020.11.008
Amran, A., Manaf Rosli Bin, A., & Che Haat Mohd Hassan, B. (2009). Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports. Managerial Auditing Journal, 24(1), 39–57. https://doi.org/10.1108/02686900910919893
Baxter, P., & Cotter, J. (2009). Audit Committees and Earnings Expectations Management. Accounting and Finance, 49(225), 267–290.
Darniaty, W. A., & Murwaningsari, E. (2022). Pengaruh Pengungkapan Risiko Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Moderating. Jurnal Ekonomi, Manajemen Dan Perbankan (Journal of Economics, Management and Banking), 6(1), 38. https://doi.org/10.35384/jemp.v6i1.232
Elshandidy, T., Shrives, P. J., Bamber, M., & Abraham, S. (2018). Risk reporting: A review of the literature and implications for future research. Journal of Accounting Literature, 40(September 2017), 54–82. https://doi.org/10.1016/j.acclit.2017.12.001
Elzahar, H., & Hussainey, K. (2012). Determinants of narrative risk disclosures in UK interim reports. Journal of Risk Finance, 13(2), 133–147.
https://doi.org/10.1108/15265941211203189
Evana, 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 Metodos Cuantitativos Para La Economia y La Empresa, 35(35), 404–417. https://doi.org/10.46661/revmetodoscuanteconempresa.6138
Felo, A. J., Krishnamurthy, S., & Solieri, S. A. (2003). Audit Committee Characteristics and the Perceived Quality of Financial Reporting: An Empirical Analysis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.401240
Fitria, Nengsih, Y. R., Indriani, J. D., Kemala, S., & Gusti, S. (2023). Analisis Faktor Yang Mempengaruhi Pengungkapan Risiko Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia. JEMSI, 9(2), 450–460. https://doi.org/10.26623/slsi.v14i3.1686
Ghabayen, M. A. (2012). Board Characteristics and Firm Performance: Case of Saudi Arabia. In International Journal of Accounting and Financial Reporting (Vol. 2, Issue 2). https://doi.org/10.5296/ijafr.v2i2.2145
Goh, T. S., Nainggolan, J., & Sagala, E. (2019). Pengaruh Corporate Social Responsibility, Ukuran Perusahaan,Leverage, Dan Profitbalitias Terhadap Agresivitas Pajak PadaPerusahaan Pertambangan Yang Terdaftar Di Bursa efek Indonesia Periode Tahun 2015-2018. Jurnal Akuntansi Dan Keuangan Methodist, 3 No. 1(2012), 83–96.
Gupta, R., & Symss, J. (2023). Does Corporate Governance Impact Risk Disclosure? An Empirical Analysis in the Indian Context. Indian Journal of Corporate Governance, 16(1), 9–27. https://doi.org/10.1177/09746862231170428
Habbash, M., Hussainey, K., & Ibrahim, A. (2019). Corporate governance and risk disclosure: evidence from Saudi Arabia. International Journal of Accounting, Auditing and Performance Evaluation, 15(1), 89.
https://doi.org/10.1504/ijaape.2019.10017593
Hopkin, P. (2017). Fundamental of Risk Management (4th Edition). Kogan Page Limited: London.
Indella, D. R., & Husaini, H. (2016). Efektivitas Komite Audit, Kualitas Auditor Eksternal Dan Kemungkinan Kecurangan Pelaporan Keuangan. Jurnal Fairness, 6(3), 201–218.
https://doi.org/10.33369/fairness.v6i3.15137
Jensen, M. C., & Meckling, W. H. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. The Corporate Financiers, 3, 305–360.
https://doi.org/10.1057/9781137341280.0038
Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting Research, 43(3), 453–486.
https://doi.org/10.1111/j.1475-679X.2005.00177.x
Kosmaryati, K., Handayani, C. A., Isfahani, R. N., & Widodo, E. (2019). Faktor-Faktor yang Mempengaruhi Kriminalitas di Indonesia Tahun 2011-2016 dengan Regresi Data Panel. Indonesian Journal of Applied Statistics, 2(1), 10.
https://doi.org/10.13057/ijas.v2i1.27932
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.
https://doi.org/10.1016/j.bar.2006.05.002
Naimah, Z., & Mukti, N. A. (2019). The influence of audit committee’s and company’s characteristic on intellectual capital disclosure. Asian Journal of Accounting Research, 4(2), 170–180. https://doi.org/10.1108/AJAR-05-2019-0036
Saari, S., Suffian, M. T. M., Ghafar, M. S. A., & Azhari, M. I. M. (2020). The relationship between audit committee effectiveness and the level of corporate risk disclosure: The relevance of pre-and post-mccg 2012. Management and Accounting Review, 19(1), 267–295. https://doi.org/10.24191/mar.v19i01-10
Yunifa, L., & Juliarto, A. (2017). Analisis Pengaruh Karakteristik Perusahaan Terhadap Tingkat Pengungkapan Risiko Pada Perusahaan Manufaktur. Diponegoro Journal of Accounting, 6(3), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
.png)
.png)
