The performance of the financial sector during the COVID-19 pandemic
Abstract
The financial report of a company reveals how successfully it is competing and operating its business. The financial report serves as a guide for management in terms of making decisions that will help the company enhance its performance. The purpose of this study is to examine the effects of intellectual capital and enterprise risk management on the financial performance of businesses, with corporate governance serving as a moderating factor. The annual reports of 91 financial sector companies listed on the Indonesia Stock Exchange were analysed in this study. The data is based on a fouryear period, from 2016 to 2020. Panel data regression and moderated regression analysis were used in this study, which was conducted using Eviews statistical software. The findings indicate that intellectual capital has a negative effect on financial performance. Meanwhile, enterprise risk management was found to have no effect on financial performance. In addition, the findings show that corporate governance represented by independent commissioners can moderate the negative effect of intellectual capital on financial performance and institutional ownership has a moderating effect on intellectual capital and enterprise risk management on financial performance. The research indicates that corporations should increase their intellectual capital and risk management disclosure, as well as aiming for great corporate governance.
Keyword : company’s financial performance, intellectual capital, enterprise risk management, corporate governance
How to Cite
Savitri, E., Abdullah, N. H. N., & Musfi, P. N. (2022). The performance of the financial sector during the COVID-19 pandemic. Business: Theory and Practice, 23(2), 377–386. https://doi.org/10.3846/btp.2022.16670
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
Elghuweel, M. I., Ntim, C. G., Opong, K. K., & Avison, L. (2017). Corporate governance, Islamic governance and earnings management in Oman: New empirical insights from a behavioral theoretical framework. Journal of Accounting in Emerging Economies, 7(2), 190–224. https://doi.org/10.1108/JAEE-09-2015-0064
Emar, S, E, A., & Ayem, S. (2020). The effect of disclosure of enterprise risk management and disclosure of intellectual capital on firm value with good corporate governance as moderation. Journal of Business Economics and Accounting, 19(2), 78–90. https://doi.org/10.22225/we.19.2.1956.79-90
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Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806
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Khan, S. N., & Ali, E. I. (2018). The moderating effect of intellectual capital on the relationship between corporate governance and companies. Journal of Governance and Integrity (JGI), 2(1), 29–55. https://doi.org/10.15282/jgi.2.1.2018.5534
Li, L. (2018). A study on enterprise risk management and business performance. Journal of Financial Risk Management, 7(1), 123–138. https://doi.org/10.4236/jfrm.2018.71008
Li, Y., & Zhao, Z. (2017). The dynamic impact of intellectual capital on firm value: Evidence from China. Journal Applied Economics Letters, 25(1), 19–23. https://doi.org/10.1080/13504851.2017.1290769
Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosure in the annual reports of UK companies. Journal the British Accounting Review, 38(4), 387–404. https://doi.org/10.1016/j.bar.2006.05.002
Malik, M. F., Zaman, M., & Buckby, S. (2020). Enterprise risk management and firm performance: Role of the risk committee. Journal of Contemporary Accounting & Economics, 16(1), 1–28. https://doi.org/10.1016/j.jcae.2019.100178
Malelak, M. I., & Pryscillia, F. (2020). The impact of enterprise risk on firms’ performance: An empirical analysis of Indonesia’s public listed banking firms. SHS Web of Conferences, 76, 01026. https://doi.org/10.1051/shsconf/20207601026
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Mishra, B. K., Rolland, E., Satpathy, A., & Moore, M. (2019). A framework for enterprise risk identification and management: The resource-based view. Managerial Auditing Journal, 34(2), 162–188. https://doi.org/10.1108/MAJ-12-2017-1751
Mohapatra, A. K., & Jha, S. (2018). Bank recapitalization in India: a critique of public policy concerns. FIIB Business Review, 7(1), 10–15. https://doi.org/10.1177/2319714518766113
Mohapatra, S., Jena, S. K., Mitra, A., & Tiwari, A. K. (2019). Intellectual capital and firm performance: Evidence from the Indian banking sector. Applied Economics, 51(57), 6054–6067. https://doi.org/10.1080/00036846.2019.1645283
Munfaida, L., & Muhammad, A. (2020, 5 August). The influence of enterprise risk management on company performance moderated by the committee board structure. In the Conference on Business and Economics in the Utilization of Modern Technology (pp. 481–494). Magelang, Indonesia.
Muslih, M., & Marbun, S. O. (2020). The effect of risk management, firm age, and firm size on the performance of banking companies registered in Indonesia stock exchange moderated by corporate governance and budget as control variable. International Journal of Science and Society, 2(4), 274–290. https://doi.org/10.54783/ijsoc.v2i4.211
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Paputungan, R. D., Subroto, B., & Ghofar, A. (2020). Does institutional ownership moderate the effect of intellectual capital and company value? International Journal of Research in Business and Social Science, 9(1), 127–136. https://doi.org/10.20525/ijrbs.v9i1.579
Pratama, B. C., Wibowo, H., & Innayah, M. N. (2019). Intellectual capital and firm performance in ASEAN: The role of research and development. Journal of Accounting and Investment, 20(3), 236–250. https://doi.org/10.18196/jai.2003126
Pristianingrum, N., Sayekti, Y., & Sulistiyo, A. B. (2018). Effect of firm size, leverage and institutional ownership on disclosure enterprise risk management (ERM). International Journal of New Technology and Research, 4(8), 8–11. https://media.neliti.com/media/publications/263017-effect-of-firm-size-leverage-and-institu-50dc1623.pdf
Pulic, A. (2004). Intellectual capital: Does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Quon, T. K., Zeghal, D., & Maingot, M. (2012). Enterprise risk management and firm performance. Procedia – Social and Behavioral Sciences, 62, 263–267. https://doi.org/10.1016/j.sbspro.2012.09.042
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2019). Fundamentals corporate finance (12th ed.). Irwin McGraw-Hill.
Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., & Mardani, A. (2021). The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions. Economic research ekonomska istrazivanja, 34, 122–151. https://doi.org/10.1080/1331677X.2020.1776140
Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75, 67–74. https://doi.org/10.1016/j.ijhm.2018.03.001
Savitri, E., Gumanti, T. A., & Yulinda, N. (2020). Enterprise risk-based management disclosures and firm value of Indonesian finance companies. Problems and Perspectives in Management, 18(4), 414–422. https://doi.org/10.21511/ppm.18(4).2020.33
Savitri, E. (2018). Relationship between family ownership, agency costs towards financial performance and business strategy as mediation. Business: Theory and Practice, 19, 49–58. https://doi.org/10.3846/btp.2018.06
Shad, K., Lai, F. W., Chuah, L. F., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, 415–425. https://doi.org/10.1016/j.jclepro.2018.10.120
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Sitanggang, L. M. S. (2019, November 20). ROA perbankan turun ke 2.48% per September 2020. Kontan.co.id. https://amp.kontan.co.id/news/roa-perbankan-turun-ke-248-per-september-2019
Solikhah, B., Wahyudin, A., & Rahmayanti, A. A. W. (2020). The extent of intellectual capital disclosure and corporate governance mechanism to increase market value. The Journal of Asian Finance, Economics, and Business, 7(10), 119–128. https://doi.org/10.13106/jafeb.2020.vol7.no10.119
Stewart, T. (1997). Intellectual capital: The new wealth of organizations. Doubleday Dell Publishing Group.
The Committee of Sponsoring Organization of the Treadway Commission. (2004). Enterprise risk management-integrated framework. Sarbanes-Oxley guide for finance and information technology professional (pp. 224–232). COSO.
The President of the Republic of the Indonesia. (2008). Act of the Republic of Indonesia Number 21 of 2008, concerning Sharia (Islamic) banking). http://www.flevin.com/id/lgso/translations/Laws/Law%20No.%2021%20of%202008%20on%20Sharia%20(Islamic)%20Banking%20(BI).pdf
Usman, H., & Mustafa, S.W. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Pasar Perusahaan yang Listed di Jakarta Islamic Index. AkMen Jurnal Ilmiah, 16(4), 529–535. https://doi.org/10.37476/akmen.v16i4.793
Yalama, A. (2013). The relationship between intellectual capital and banking performance in Turkey: Evidence from panel data. International Journal Learning and Intellectual Capital, 10(1), 71–87. https://doi.org/10.1504/IJLIC.2013.052079
Adegbayibi, A. T. (2021). Intellectual capital and firm performance of listed firms in Nigeria: Moderating role of corporate governance. Jurnal Administrasi Bisnis, 10(1), 1–12. https://doi.org/10.14710/jab.v10i1.36415
Ahangar, R. G. (2011). The relationship between intellectual capital and financial performance: An empirical investigation in an Iranian company. African Journal of Business Management, 5(1), 88–95.
Alawattegama, K. (2018). The effect of enterprise risk management (ERM) on firm performance: Evidence from the diversified industry of Sri Lanka. Journal of Management Research, 10(1), 75. https://doi.org/10.5296/jmr.v10i1.12429
Al-Sartawi, A. M. M. (2018). Ownership structure and intellectual capital: Evidence from the GCC countries. International Journal of Learning And Intellectual Capital, 15(3), 277–291. https://doi.org/10.1504/IJLIC.2018.094716
Bank Indonesia. (2009). On the implementation of good corporate governance for Syariah bank and Syariah business unit (Regulation No. 11/33/PBI/2009). Bank Indonesia.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Beasley, M. S., Clune, R., & Hermanson, D. R. (2005). Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24(6), 521–531. https://doi.org/10.1016/j.jaccpubpol.2005.10.001
Bekhet, H. A., Alhyari, J. A., Yusma, N., & Yusoff, M. (2020). Highlighting determinants of financial performance of the Jordanian financial sector: Panel data approach. International Journal of Financial Research, 11(6), 237–252. https://doi.org/10.5430/ijfr.v11n6p237
Britto, D., Monetti, E., & Lima, J. (2014). Intellectual capital intangible intensive firms: The case of Brazilian real estate companies. Journal of Intellectual Capital, 15(2), 333–348. https://doi.org/10.1108/JIC-10-2013-0108
Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176. https://doi.org/10.1108/14691930510592771
Elghuweel, M. I., Ntim, C. G., Opong, K. K., & Avison, L. (2017). Corporate governance, Islamic governance and earnings management in Oman: New empirical insights from a behavioral theoretical framework. Journal of Accounting in Emerging Economies, 7(2), 190–224. https://doi.org/10.1108/JAEE-09-2015-0064
Emar, S, E, A., & Ayem, S. (2020). The effect of disclosure of enterprise risk management and disclosure of intellectual capital on firm value with good corporate governance as moderation. Journal of Business Economics and Accounting, 19(2), 78–90. https://doi.org/10.22225/we.19.2.1956.79-90
Financial Services Authority. (2015). On the establishment and guidelines for the work implementation of the audit committee (Regulation No. 55/POJK.04/2015).
Financial Services Authority. (2014). On the Board of Commissioners of Issuers or Public Companies (Regulation No. 33/PJOK.04/2014).
Firer, S., & Williams, S. M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348–360. https://doi.org/10.1108/14691930310487806
Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/j.bar.2016.08.003
Hatane, S. E., Supangat, S., Tarigan, J., & Jie, F. (2019). Does internal corporate governance mechanism control firm risk? Evidence from Indonesia’s three high-risk sectors. Corporate Governance: The International Journal of Business in Society, 19(6), 1362–1376. https://doi.org/10.1108/CG-02-2019-0071
Hossain, M., Perera, M. H. B., & Rahman, A. R. (1994). Voluntary disclosure in the annual report of New Zealand Companies. Journal of International Financial Management and Accounting, 6(1), 70–86. https://doi.org/10.1111/j.1467-646X.1995.tb00050.x
Husaini, Pirzada, K., & Saiful. (2020). Risk management, sustainable governance impact on corporate performance. Journal of Security and Sustainability Issues, 9(3), 993–1004. https://doi.org/10.9770/jssi.2020.9.3(23)
Kapopoulos, P., & Lazaretou, S. (2007). Corporate ownership structure and firm performance: Evidence from Greek firms. Corporate Governance: An International Review, 15(2), 144–158. https://doi.org/10.1111/j.1467-8683.2007.00551.x
Khan, S. N., & Ali, E. I. (2018). The moderating effect of intellectual capital on the relationship between corporate governance and companies. Journal of Governance and Integrity (JGI), 2(1), 29–55. https://doi.org/10.15282/jgi.2.1.2018.5534
Li, L. (2018). A study on enterprise risk management and business performance. Journal of Financial Risk Management, 7(1), 123–138. https://doi.org/10.4236/jfrm.2018.71008
Li, Y., & Zhao, Z. (2017). The dynamic impact of intellectual capital on firm value: Evidence from China. Journal Applied Economics Letters, 25(1), 19–23. https://doi.org/10.1080/13504851.2017.1290769
Linsley, P. M., & Shrives, P. J. (2006). Risk reporting: A study of risk disclosure in the annual reports of UK companies. Journal the British Accounting Review, 38(4), 387–404. https://doi.org/10.1016/j.bar.2006.05.002
Malik, M. F., Zaman, M., & Buckby, S. (2020). Enterprise risk management and firm performance: Role of the risk committee. Journal of Contemporary Accounting & Economics, 16(1), 1–28. https://doi.org/10.1016/j.jcae.2019.100178
Malelak, M. I., & Pryscillia, F. (2020). The impact of enterprise risk on firms’ performance: An empirical analysis of Indonesia’s public listed banking firms. SHS Web of Conferences, 76, 01026. https://doi.org/10.1051/shsconf/20207601026
Mazumder, M. M. M., & Hossain, D. M. (2018). Research on corporate risk reporting: Current trends and future avenues. The Journal of Asian Finance, Economics and Business, 5(1), 29–41. https://doi.org/10.13106/jafeb.2018.vol5.no1.29
Mishra, B. K., Rolland, E., Satpathy, A., & Moore, M. (2019). A framework for enterprise risk identification and management: The resource-based view. Managerial Auditing Journal, 34(2), 162–188. https://doi.org/10.1108/MAJ-12-2017-1751
Mohapatra, A. K., & Jha, S. (2018). Bank recapitalization in India: a critique of public policy concerns. FIIB Business Review, 7(1), 10–15. https://doi.org/10.1177/2319714518766113
Mohapatra, S., Jena, S. K., Mitra, A., & Tiwari, A. K. (2019). Intellectual capital and firm performance: Evidence from the Indian banking sector. Applied Economics, 51(57), 6054–6067. https://doi.org/10.1080/00036846.2019.1645283
Munfaida, L., & Muhammad, A. (2020, 5 August). The influence of enterprise risk management on company performance moderated by the committee board structure. In the Conference on Business and Economics in the Utilization of Modern Technology (pp. 481–494). Magelang, Indonesia.
Muslih, M., & Marbun, S. O. (2020). The effect of risk management, firm age, and firm size on the performance of banking companies registered in Indonesia stock exchange moderated by corporate governance and budget as control variable. International Journal of Science and Society, 2(4), 274–290. https://doi.org/10.54783/ijsoc.v2i4.211
Nasih, M., Harymawan, I., Paramitasari, Y. I., & Handayani, A. (2019). Carbon emissions, firm size, and corporate governance structure: Evidence from the mining and agricultural industries in Indonesia. Sustainability, 11(9), 2483. https://doi.org/10.3390/su11092483
Obeidat, U., Obeidat, B., Alrowwad, A., Alshurideh, M., Masadeh, R., & Abuhashesh, M. (2021). The effect of intellectual capital on competitive advantage: The mediating role of innovation. Management Science Letters, 11(4), 1331–1344. https://doi.org/10.5267/j.msl.2020.11.006
Paputungan, R. D., Subroto, B., & Ghofar, A. (2020). Does institutional ownership moderate the effect of intellectual capital and company value? International Journal of Research in Business and Social Science, 9(1), 127–136. https://doi.org/10.20525/ijrbs.v9i1.579
Pratama, B. C., Wibowo, H., & Innayah, M. N. (2019). Intellectual capital and firm performance in ASEAN: The role of research and development. Journal of Accounting and Investment, 20(3), 236–250. https://doi.org/10.18196/jai.2003126
Pristianingrum, N., Sayekti, Y., & Sulistiyo, A. B. (2018). Effect of firm size, leverage and institutional ownership on disclosure enterprise risk management (ERM). International Journal of New Technology and Research, 4(8), 8–11. https://media.neliti.com/media/publications/263017-effect-of-firm-size-leverage-and-institu-50dc1623.pdf
Pulic, A. (2004). Intellectual capital: Does it create or destroy value? Measuring Business Excellence, 8(1), 62–68. https://doi.org/10.1108/13683040410524757
Quon, T. K., Zeghal, D., & Maingot, M. (2012). Enterprise risk management and firm performance. Procedia – Social and Behavioral Sciences, 62, 263–267. https://doi.org/10.1016/j.sbspro.2012.09.042
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2019). Fundamentals corporate finance (12th ed.). Irwin McGraw-Hill.
Saeidi, P., Saeidi, S. P., Gutierrez, L., Streimikiene, D., Alrasheedi, M., & Mardani, A. (2021). The influence of enterprise risk management on firm performance with the moderating effect of intellectual capital dimensions. Economic research ekonomska istrazivanja, 34, 122–151. https://doi.org/10.1080/1331677X.2020.1776140
Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75, 67–74. https://doi.org/10.1016/j.ijhm.2018.03.001
Savitri, E., Gumanti, T. A., & Yulinda, N. (2020). Enterprise risk-based management disclosures and firm value of Indonesian finance companies. Problems and Perspectives in Management, 18(4), 414–422. https://doi.org/10.21511/ppm.18(4).2020.33
Savitri, E. (2018). Relationship between family ownership, agency costs towards financial performance and business strategy as mediation. Business: Theory and Practice, 19, 49–58. https://doi.org/10.3846/btp.2018.06
Shad, K., Lai, F. W., Chuah, L. F., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework. Journal of Cleaner Production, 208, 415–425. https://doi.org/10.1016/j.jclepro.2018.10.120
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Sitanggang, L. M. S. (2019, November 20). ROA perbankan turun ke 2.48% per September 2020. Kontan.co.id. https://amp.kontan.co.id/news/roa-perbankan-turun-ke-248-per-september-2019
Solikhah, B., Wahyudin, A., & Rahmayanti, A. A. W. (2020). The extent of intellectual capital disclosure and corporate governance mechanism to increase market value. The Journal of Asian Finance, Economics, and Business, 7(10), 119–128. https://doi.org/10.13106/jafeb.2020.vol7.no10.119
Stewart, T. (1997). Intellectual capital: The new wealth of organizations. Doubleday Dell Publishing Group.
The Committee of Sponsoring Organization of the Treadway Commission. (2004). Enterprise risk management-integrated framework. Sarbanes-Oxley guide for finance and information technology professional (pp. 224–232). COSO.
The President of the Republic of the Indonesia. (2008). Act of the Republic of Indonesia Number 21 of 2008, concerning Sharia (Islamic) banking). http://www.flevin.com/id/lgso/translations/Laws/Law%20No.%2021%20of%202008%20on%20Sharia%20(Islamic)%20Banking%20(BI).pdf
Usman, H., & Mustafa, S.W. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Pasar Perusahaan yang Listed di Jakarta Islamic Index. AkMen Jurnal Ilmiah, 16(4), 529–535. https://doi.org/10.37476/akmen.v16i4.793
Yalama, A. (2013). The relationship between intellectual capital and banking performance in Turkey: Evidence from panel data. International Journal Learning and Intellectual Capital, 10(1), 71–87. https://doi.org/10.1504/IJLIC.2013.052079