Riris Rotua Sitorus, Sihar Tambun, Steven Kurniawan

Pengaruh Kepemilikan Institusional, Enterprise Risk Management, dan Komisaris Independen terhadap Integritas Laporan Keuangan Dimoderasi Kualitas Audit

Introduction

Pengaruh kepemilikan institusional, enterprise risk management, dan komisaris independen terhadap integritas laporan keuangan dimoderasi kualitas audit. Telusuri pengaruh kepemilikan institusional, ERM, & komisaris independen terhadap integritas laporan keuangan, serta peran kualitas audit sebagai moderator pada perusahaan properti IDX.

Abstract

The main objective of this study is to determine the direct impact of institutional ownership, enterprise risk management, and independent commissioners on the integrity of financial statements. Additionally, this study aims to provide recent empirical evidence regarding the role of audit quality in strengthening the influence of institutional ownership, enterprise risk management, and independent commissioners on financial statement integrity. The sampling method used in this study is purposive sampling, involving companies in the property and real estate sector listed on the Indonesia Stock Exchange from 2020 to 2024, with a total sample size of 125. The test results indicate that institutional ownership has a positive effect on the integrity of financial statements, while enterprise risk management and independent commissioners do not significantly affect financial statement integrity. Furthermore, audit quality as a moderating variable is able to moderate the relationship between enterprise risk management and financial statement integrity. However, audit quality does not moderate the influence of institutional ownership and independent commissioners on financial statement integrity.

Review

This study investigates the direct influence of institutional ownership, enterprise risk management (ERM), and independent commissioners on financial statement integrity, further exploring the moderating role of audit quality within the Indonesian property and real estate sector. The research addresses a pertinent area in corporate governance and financial reporting quality, offering insights into mechanisms that can enhance or diminish the trustworthiness of financial information. By focusing on a specific industry and a recent time frame (2020-2024), the paper contributes to the contemporary understanding of these relationships in an emerging market context. The overall objective is clear, and the chosen variables are theoretically relevant to the broad themes of corporate oversight and accountability. The methodology employs purposive sampling, analyzing 125 observations from companies listed on the Indonesia Stock Exchange. A key strength lies in its explicit testing of both direct effects and moderation, providing a nuanced perspective on how corporate governance mechanisms interact. The findings present a mixed picture: institutional ownership positively impacts financial statement integrity, aligning with expectations that stronger ownership by institutions encourages better oversight. However, the non-significant effects of ERM and independent commissioners on financial statement integrity are noteworthy and perhaps counterintuitive, prompting questions about their effectiveness in the Indonesian property sector or the measurement approaches used. Furthermore, the moderating role of audit quality is specific, strengthening only the relationship between ERM and financial statement integrity, while showing no moderating effect for institutional ownership or independent commissioners. While the study provides valuable empirical evidence, a deeper discussion on the unexpected non-significant results for ERM and independent commissioners would enhance its contribution. Exploring potential reasons for these findings, such as the maturity of ERM implementation, the actual independence of commissioners in practice, or alternative measures for these variables, could offer richer theoretical implications. Additionally, the specific context in which audit quality moderates only one relationship warrants further exploration; understanding why it selectively enhances only the ERM-integrity link could lead to more refined theoretical propositions. Future research could benefit from robustness checks using alternative proxies for financial statement integrity or by extending the sample to other sectors to assess the generalizability of these findings, thereby strengthening the practical and theoretical implications for policymakers and practitioners.

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