Enterprise Risk Management and Financial Performance: Evidence from Banks in Emerging Economies
Abstract
Existing governance indices rarely isolate risk-specific oversight from broader board attributes, leaving the valuation relevance of financial risk governance in banking empirically unresolved. This study addresses that gap by introducing a multidimensional Financial Risk Governance Index (FRGI) and testing its effect on firm value among 100 listed commercial banks across ten emerging economies (Indonesia, Malaysia, Thailand, the Philippines, Vietnam, India, Brazil, Turkey, Russia, and South Africa) over 2013–2023. The FRGI aggregates indicators of board-level risk oversight, Chief Risk Officer presence, risk disclosure, and enterprise risk management integration, validated through exploratory and confirmatory factor analysis. Firm value is proxied by Tobin's Q and price-to-book value; the empirical strategy proceeds from pooled OLS to two-way fixed effects and random effects, and culminates in a two-step System GMM estimator to address endogeneity and the dynamic persistence of firm value. Financial risk governance is found to exert a positive and statistically significant effect on firm value, a result that holds across estimators, alternative FRGI weighting schemes, and alternative firm-value measures. The effect is significantly stronger for larger and more profitable banks, whereas high leverage attenuates it, indicating that governance effectiveness is conditional rather than uniform across institutions. These findings position financial risk governance as a distinct, risk-specific determinant of firm value in emerging banking markets and suggest that strengthening risk-oriented governance structures can enhance market confidence and long-term institutional resilience.
References
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Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management on firm value in manufacturing companies listed on Indonesian Stock Exchange. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006
Jamel, L., Albogami, H. E., Abdulaal, M. A., & Aljohani, N. A. (2021). Do agency conflicts between managers and shareholders affect corporate risk management and financial performance of Saudi firms? Journal of Investment Compliance, 22(1), 58–73. https://doi.org/10.1108/JOIC-11-2020-0044
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Khan, A., Tanveer, S., & Malik, U. (2017). An empirical analysis of corporate governance and firm value: Evidence from KSE-100 index. Accounting, 3(2), 119–130. https://doi.org/10.5267/j.ac.2016.7.003
Kijkasiwat, P., Hussain, A., & Mumtaz, A. (2022). Corporate governance, firm performance and financial leverage across developed and emerging economies. Risks, 10(10), Article 185. https://doi.org/10.3390/risks10100185
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Lingel, A., & Sheedy, E. A. (2012). The influence of risk governance on risk outcomes: International evidence. SSRN Working Paper. https://doi.org/10.2139/ssrn.2187116
Meirene, M., & Karyani, E. (2017). Risk governance and performance: Research on Indonesian and Malaysian banking. The Indonesian Journal of Accounting Research, 20(2), 283–308. https://doi.org/10.33312/ijar.375
Melsyawati, R., Gunawan, J., & Anis, I. (2022). The influence of risk governance on company performance. Jurnal Riset Akuntansi Kontemporer, 14(2), 189–198. https://doi.org/10.23969/jrak.v14i2.5195
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Nugroho, V. C., & Suk, K. S. (2019). The relationship between leverage, maturity, and investment decision: Evidence from emerging markets. Organizations and Markets in Emerging Economies, 10(1), 147–164. https://doi.org/10.15388/omee.2019.10.00008
Permatasari, I. (2020). Does corporate governance affect bank risk management? Case study of Indonesian banks. International Trade, Politics and Development, 4(2), 127–139. https://doi.org/10.1108/ITPD-05-2020-0063
Safrina, S., & Abubakar, J. (2023). The effect of foreign debt, foreign investment and inflation on Indonesia’s economic growth. International Journal of Social Science, Educational, Economics, Agriculture Research and Technology, 2(8), 437–450. https://doi.org/10.54443/ijset.v2i8.198
Santosa, P. W., Setianingrum, A., & Yusuf, C. (2022). Corporate governance and leverage on firm value: Evidence of Indonesian large firms. Jurnal Keuangan dan Perbankan, 26(4), 862–873. https://doi.org/10.26905/jkdp.v26i4.7664
Sari, M., Hanum, S., & Rahmayati, R. (2022). Analisis manajemen risiko dalam penerapan good corporate governance: Studi pada perusahaan perbankan di Indonesia. Owner, 6(2), 1540–1554. https://doi.org/10.33395/owner.v6i2.804
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Tao, N. B., & Hutchinson, M. (2013). Corporate governance and risk management: The role of risk management and compensation committees. Journal of Contemporary Accounting & Economics, 9(1), 83–99. https://doi.org/10.1016/j.jcae.2013.03.003
Thapa, R. B., Kumar, A., Gupta, S. K., & Bhandari, R. C. (2025). The role of audit committees in strengthening governance and risk management in banks: Evidence from Nepal. International Journal of Environmental Sciences, 11(7S), 960–971. https://doi.org/10.64252/5zm2j538
Wibowo, J. C., Ariefianto, M. D., Laurence, L., & Soepriyanto, G. (2025). Resilience, valuation, and governance interactions in shaping financial accounting manipulation: Evidence from Asia. Journal of Risk and Financial Management, 18(12), Article 719. https://doi.org/10.3390/jrfm18120719
Xie, X., Ming, Y., & Tang, Y. (2017). The character of board of directors, supervisors and agency cost of charity foundations in China. In Proceedings of the 2017 International Conference on Management Science and Management Innovation (MSMI 2017). Atlantis Press. https://doi.org/10.2991/msmi-17.2017.49
Yasser, Q. R., Entebang, H. A., & Mansor, S. A. (2011). Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE)-30. Journal of Economics and International Finance, 3(8), 482–491. https://doi.org/10.2139/ssrn.2551636
Yuniarto, B., Khovivah, S. N., Saajidah, N., Fadhilah, A. F., & Hasan, M. A. (2022). G20 success has positive impact for Indonesian MSMEs. Interdisciplinary Journal and Humanity, 1(3). https://doi.org/10.58631/injurity.v1i3.35
Zambon, S., & Del Bello, A. (2005). Towards a stakeholder responsible approach: The constructive role of reporting. Corporate Governance, 5(2), 130–141. https://doi.org/10.1108/14720700510562712
Al-Yahyaee, K. H., & Al-Hadi, A. (2016). Ineffective corporate governance: Busyness of internal board monitoring committees. Corporate Ownership and Control, 13(3), 309–325. https://doi.org/10.22495/cocv13i3c2p5
Aziza, N., & Aviola, N. K. (2024). The influence of corporate governance on financial performance with risk management as mediating variable. Jurnal Aplikasi Bisnis dan Manajemen, 10(1), Article 11. https://doi.org/10.17358/jabm.10.1.11
Baltagi, B. H. (2005). Econometric analysis of panel data (3rd ed.). John Wiley & Sons.
Basuki, A. T., & Sabilla, N. (2023). The influence of bank health level with RGEC on bank financial performance. Asian Journal of Economics, Business and Accounting, 23(9). https://doi.org/10.9734/ajeba/2023/v23i9965
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
Callan, S. J., & Thomas, J. M. (2014). Relating CEO compensation to social performance and financial performance: Does the measure of compensation matter? Corporate Social Responsibility and Environmental Management, 21(4), 202–227. https://doi.org/10.1002/csr.1307
Dodd, O., Louca, C., & Paudyal, K. (2015). The determinants of foreign trading volume of stocks listed in multiple markets. Journal of Economics and Business, 79, 1–20. https://doi.org/10.1016/j.jeconbus.2014.12.004
Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49–64. https://doi.org/10.1177/031289629101600103
Fahmida, L. (2025). Economic implications of corporate governance and corporate social responsibility: Evidence from banks in Bangladesh. arXiv. https://doi.org/10.48550/arXiv.2501.15594
Febrianti, R., Rahayu, H. C., Zulfahmi, Z., Sugiarti, D., & Purnama, R. (2023). The effect of changes in sources of state revenue from foreign exchange reserves: An analysis study in Indonesia. Proceeding of the International Seminar on Business, Economics, Social Science and Technology (ISBEST), 3(1). https://doi.org/10.33830/isbest.v3i1.1338
Felício, J. A., Rodrigues, R., Grove, H., & Greiner, A. (2018). The influence of corporate governance on bank risk during a financial crisis. Economic Research-Ekonomska Istraživanja, 31(1), 1078–1090. https://doi.org/10.1080/1331677X.2018.1436457
Flannery, M. J., Glasserman, P., Mordecai, D. K., & Rossi, C. (2012). Forging best practices in risk management. SSRN Working Paper. https://doi.org/10.2139/ssrn.2640260
Frigo, M. L., & Anderson, R. J. (2011). Strategic risk management: A foundation for improving enterprise risk management and governance. Journal of Corporate Accounting and Finance, 22(3), 81–88. https://doi.org/10.1002/jcaf.20677
Gai, S. L., Cheng, J. Y. J., & Wu, A. (2021). Board design and governance failures at peer firms. Strategic Management Journal, 42(10), 1909–1938. https://doi.org/10.1002/smj.3308
Ghafran, C., & Yasmin, S. (2020). Ethical governance: Insight from the Islamic perspective and an empirical enquiry. Journal of Business Ethics, 167(3), 513–533. https://doi.org/10.1007/s10551-019-04170-3
Hamid, F. S., Loke, Y. J., & Chin, P. N. (2023). Determinants of financial resilience: Insights from an emerging economy. Journal of Social and Economic Development, 25(2), 479–499. https://doi.org/10.1007/s40847-023-00239-y
Haryetti, H., & Rokhmawati, A. (2021). Does good corporate governance mediate risk management implementation and financial performance of Indonesian commercial banks? Journal of Southwest Jiaotong University, 56(3), 457–472. https://doi.org/10.35741/issn.0258-2724.56.3.39
Hasan, S. M., Tawfiq, T. T., Hasan, M., & Islam, K. M. A. (2024). Corporate governance dynamics in financial institution performance: A panel data analysis. Investment Management and Financial Innovations, 21(3), 292–303. https://doi.org/10.21511/imfi.21(3).2024.24
He, D., Leckow, R., Haksar, V., Mancini-Griffoli, T., Jenkinson, N., Kashima, M., Khiaonarong, T., Rochon, C., & Tourpe, H. (2017). Fintech and financial services: Initial considerations. International Monetary Fund. https://www.imf.org/en/Publications/SDN/Issues/2017/06/16/Fintech-and-Financial-Services-Initial-Considerations-44985
Huynh, Q. L., Hoque, M. E., Susanto, P., Watto, W. A., & Ashraf, M. (2022). Does financial leverage mediate corporate governance and firm performance? Sustainability, 14(20), Article 13545. https://doi.org/10.3390/su142013545
Iqbal, J., Strobl, S., & Vähämaa, S. (2015). Corporate governance and the systemic risk of financial institutions. Journal of Economics and Business, 82, 42–61. https://doi.org/10.1016/j.jeconbus.2015.06.001
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management on firm value in manufacturing companies listed on Indonesian Stock Exchange. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006
Jamel, L., Albogami, H. E., Abdulaal, M. A., & Aljohani, N. A. (2021). Do agency conflicts between managers and shareholders affect corporate risk management and financial performance of Saudi firms? Journal of Investment Compliance, 22(1), 58–73. https://doi.org/10.1108/JOIC-11-2020-0044
Josopandojo, J., Suhadak, S., Handayani, S. R., & Nuzula, N. F. (2020). The effect of corporate governance, ownership structure and firm characteristics on financial performance. Research Journal of Finance and Accounting, 11(2). https://doi.org/10.7176/RJFA/11-2-03
Khan, A., Tanveer, S., & Malik, U. (2017). An empirical analysis of corporate governance and firm value: Evidence from KSE-100 index. Accounting, 3(2), 119–130. https://doi.org/10.5267/j.ac.2016.7.003
Kijkasiwat, P., Hussain, A., & Mumtaz, A. (2022). Corporate governance, firm performance and financial leverage across developed and emerging economies. Risks, 10(10), Article 185. https://doi.org/10.3390/risks10100185
Kiptoo, I. K., Kariuki, S. N., & Ocharo, K. N. (2021). Corporate governance and financial performance of insurance firms in Kenya. Cogent Business & Management, 8(1), Article 1938350. https://doi.org/10.1080/23311975.2021.1938350
Lingel, A., & Sheedy, E. A. (2012). The influence of risk governance on risk outcomes: International evidence. SSRN Working Paper. https://doi.org/10.2139/ssrn.2187116
Meirene, M., & Karyani, E. (2017). Risk governance and performance: Research on Indonesian and Malaysian banking. The Indonesian Journal of Accounting Research, 20(2), 283–308. https://doi.org/10.33312/ijar.375
Melsyawati, R., Gunawan, J., & Anis, I. (2022). The influence of risk governance on company performance. Jurnal Riset Akuntansi Kontemporer, 14(2), 189–198. https://doi.org/10.23969/jrak.v14i2.5195
Mwaungulu, E., Li-Kuehne, M., & Subedi, M. (2023). Corporate governance, internal control and leverage: Are we there yet? EDPACS, 68(6), 1–24. https://doi.org/10.1080/07366981.2023.2296714
Namagwa, S. W. (2025). Governance, risk, and regulation: A framework for improving efficiency in Kenyan pension funds. Journal of Financial Risk Management, 14(4), 428–455. https://doi.org/10.4236/jfrm.2025.144023
Nugroho, V. C., & Suk, K. S. (2019). The relationship between leverage, maturity, and investment decision: Evidence from emerging markets. Organizations and Markets in Emerging Economies, 10(1), 147–164. https://doi.org/10.15388/omee.2019.10.00008
Permatasari, I. (2020). Does corporate governance affect bank risk management? Case study of Indonesian banks. International Trade, Politics and Development, 4(2), 127–139. https://doi.org/10.1108/ITPD-05-2020-0063
Safrina, S., & Abubakar, J. (2023). The effect of foreign debt, foreign investment and inflation on Indonesia’s economic growth. International Journal of Social Science, Educational, Economics, Agriculture Research and Technology, 2(8), 437–450. https://doi.org/10.54443/ijset.v2i8.198
Santosa, P. W., Setianingrum, A., & Yusuf, C. (2022). Corporate governance and leverage on firm value: Evidence of Indonesian large firms. Jurnal Keuangan dan Perbankan, 26(4), 862–873. https://doi.org/10.26905/jkdp.v26i4.7664
Sari, M., Hanum, S., & Rahmayati, R. (2022). Analisis manajemen risiko dalam penerapan good corporate governance: Studi pada perusahaan perbankan di Indonesia. Owner, 6(2), 1540–1554. https://doi.org/10.33395/owner.v6i2.804
Solanki, H., & Aggarwal, J. (2022). Impact of bank specific variables on financial performance of private sector banks in India. Research Review International Journal of Multidisciplinary, 7(1), 70–81. https://doi.org/10.31305/rrijm.2022.v07.i01.010
Tao, N. B., & Hutchinson, M. (2013). Corporate governance and risk management: The role of risk management and compensation committees. Journal of Contemporary Accounting & Economics, 9(1), 83–99. https://doi.org/10.1016/j.jcae.2013.03.003
Thapa, R. B., Kumar, A., Gupta, S. K., & Bhandari, R. C. (2025). The role of audit committees in strengthening governance and risk management in banks: Evidence from Nepal. International Journal of Environmental Sciences, 11(7S), 960–971. https://doi.org/10.64252/5zm2j538
Wibowo, J. C., Ariefianto, M. D., Laurence, L., & Soepriyanto, G. (2025). Resilience, valuation, and governance interactions in shaping financial accounting manipulation: Evidence from Asia. Journal of Risk and Financial Management, 18(12), Article 719. https://doi.org/10.3390/jrfm18120719
Xie, X., Ming, Y., & Tang, Y. (2017). The character of board of directors, supervisors and agency cost of charity foundations in China. In Proceedings of the 2017 International Conference on Management Science and Management Innovation (MSMI 2017). Atlantis Press. https://doi.org/10.2991/msmi-17.2017.49
Yasser, Q. R., Entebang, H. A., & Mansor, S. A. (2011). Corporate governance and firm performance in Pakistan: The case of Karachi Stock Exchange (KSE)-30. Journal of Economics and International Finance, 3(8), 482–491. https://doi.org/10.2139/ssrn.2551636
Yuniarto, B., Khovivah, S. N., Saajidah, N., Fadhilah, A. F., & Hasan, M. A. (2022). G20 success has positive impact for Indonesian MSMEs. Interdisciplinary Journal and Humanity, 1(3). https://doi.org/10.58631/injurity.v1i3.35
Zambon, S., & Del Bello, A. (2005). Towards a stakeholder responsible approach: The constructive role of reporting. Corporate Governance, 5(2), 130–141. https://doi.org/10.1108/14720700510562712
Published
2026-09-30
How to Cite
SUDIRMAN, Sudirman et al.
Enterprise Risk Management and Financial Performance: Evidence from Banks in Emerging Economies.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 17, n. 3, p. 657 - 676, sep. 2026.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/9658>. Date accessed: 03 oct. 2026.
doi: https://doi.org/10.14505/tpref.v17.3(39).03.
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