The Effect of Financial Risk Disclosure on Firm Value Moderated by Corporate Governance on the IDX 2022-2024
Keywords:
Financial Risk Disclosure; Firm Value; Corporate Governance; Tobin’s Q; IDXAbstract
This study aims to analyze the effect of financial risk disclosure on firm value, with corporate governance as a moderating variable, in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. The research approach used was quantitative, with secondary data in the form of company annual reports. The study sample consisted of 35 companies over three years of observation, resulting in 105 observations. Financial risk disclosure was measured using the Financial Risk Disclosure Index (FRDI), firm value was proxied by Tobin's Q, and corporate governance was measured using the independent commissioner indicator. Data analysis was performed using multiple linear regression and Moderated Regression Analysis (MRA), after first fulfilling the classical assumption test. The results showed that financial risk disclosure had a positive and significant effect on firm value. Furthermore, corporate governance was proven to have a positive effect on firm value and was able to strengthen the relationship between financial risk disclosure and firm value. These findings support signaling and agency theory, which state that risk transparency and good corporate governance can increase investor confidence and firm value. This research provides practical implications for company management to improve the quality of risk disclosure and strengthen the implementation of corporate governance to maximize company value in the Indonesian capital market.
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