Pengaruh Keterbacaan Pengungkapan Manajemen Risiko terhadap Kinerja Perusahaan: Peran Komite Manajemen Risiko sebagai Variabel Moderasi
Abstract
This study aims to examine the effect of readability of risk management disclosure on firm performance and to test the moderating role of the risk management committee. This study is motivated by inconsistent findings in prior studies regarding the role of readability in influencing firm performance. The study is conducted on energy sector companies listed on the Indonesia Stock Exchange over the period 2020-2024. A total of 52 companies are selected, resulting in 260 firm-year observations using purposive sampling. Firm performance is measured using Tobin’s Q. Readability is measured using the Gunning Fog Index as the main proxy and supported by the Flesch Reading Ease and Flesch-Kincaid Grade Level. The data are analyzed using regression analysis with a moderating variable. The results show that readability does not have a significant effect on firm performance. The risk management committee is also not found to moderate the relationship between readability and firm performance. This study is limited to energy sector companies and the use of specific readability measures. Future research may include other industry sectors and apply broader measures of disclosure quality and governance variables.
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