An investigation into factors affecting corporate risk management in ASEAN-4 Countries

References

• Abdallah, A. A. N., Hassan, M. K., & McClelland, P. L. (2015). Islamic financial institutions, corporate governance, and corporate risk disclosure in Gulf Cooperation Council countries. Journal of Multinational Financial Management, 31(February), 63–20. https://doi.org/10.1016/j.mulfin.2015.02.003
   Google Scholar
• Abdullah, S. N. (2016). Corporate governance mechanisms and the performance of Malaysian listed firms. Corporate Ownership and Control, 14(1), 384–398. https://doi.org/10.22495/cocv14i1c2p10
   Google Scholar
• Abdullah, M. H. S. B., Janor, H., Hamid, M. A., & Yatim, P. (2017). The effect of enterprise risk management on firm value: Evidence from Malaysian technology firms. Jurnal Pengurusan, 49(July). https://doi.org/10.17576/pengurusan-2017-49-01
   Google Scholar
• Abdullah, M., Shukor, Z. A., & Rahmat, M. M. (2017). The influences of risk management committee and audit committee towards voluntary risk management disclosure. Jurnal Pengurusan, 50, 83–95. https://doi.org/10.17576/pengurusan-2017-50-08
   Google Scholar
• Adams, R. B., & Funk, P. (2012). Beyond the glass ceiling: Does gender matter? Management Science, 58(2), 219–235. https://doi.org/10.1287/mnsc.1110.1452
   Web of Science ®Google Scholar
• Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking and Finance, 36(12), 3213–3226. https://doi.org/10.1016/j.jbankfin.2011.10.020
   Web of Science ®Google Scholar
• Al‐Najjar, B. (2010). Corporate governance and institutional ownership: Evidence from Jordan. Corporate Governance: The International Journal of Business in Society, 10(2), 176–190. https://doi.org/10.1108/14720701011035693
   Google Scholar
• Allini, A., Manes Rossi, F., & Hussainey, K. (2016). The board’s role in risk disclosure: An exploratory study of Italian listed state-owned enterprises. Public Money and Management, 36(2), 113–120.
   Web of Science ®Google Scholar
• Alsaifi, K., Elnahass, M., & Salama, A. (2020). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262. https://doi.org/10.1016/j.jclepro.2020.121377
   Web of Science ®Google Scholar
• Arens, A., Elder, R., & Jusuf, A. (2011). Auditing dan Jasa Assurance Pendekatan Terpadu Jilid (Vol. 1).
   Google Scholar
• Barnhart, S. W., & Rosenstein, S. (1998). Board and firm performance: An empirical analysis. The Financial Review, 33(303), 1–16. https://doi.org/10.1111/j.1540-6288.1998.tb01393.x
   Google Scholar
• Baulkaran, V., & Bhattarai, S. (2020). Board effectiveness: Evidence from firm risk. Journal of Economics and Business, 110, 105907. https://doi.org/10.1016/j.jeconbus.2020.105907
   Web of Science ®Google Scholar
• Bohmer, A. (2020). COVID-19 crisis response in ASEAN Member States. OECD. https://www.oecd.org/coronavirus/policy-responses/covid-19-crisis-response-in-asean-member-states-02f828a2/
   Google Scholar
• Brammer, S., Millington, A., & Pavelin, S. (2009). Corporate reputation and women on the board. British Journal of Management, 20(1), 17–29. https://doi.org/10.1111/j.1467-8551.2008.00600.x
   Web of Science ®Google Scholar
• Bushman, R. M., Piotroski, J. D., & Smith, A. J. (2003). What Determines Corporate Transparency? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.428601
   Google Scholar
• Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender differences in risk taking: A meta-analysis. Psychological Bulletin, 125(3), 367–383. https://doi.org/10.1037/0033-2909.125.3.367
   Web of Science ®Google Scholar
• Cabedo, J. D., & Tirado, J. M. (2004). The disclosure of risk in financial statements. Accounting Forum, 28(2), 181–200. https://doi.org/10.1016/j.accfor.2003.10.002
   Google Scholar
• Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y
   Web of Science ®Google Scholar
• Chen, S., Ni, X., & Tong, J. Y. (2016). Gender diversity in the boardroom and risk management: A case of R&D investment. Journal of Business Ethics, 136(3), 599–621. https://doi.org/10.1007/s10551-014-2528-6
   Web of Science ®Google Scholar
• Chou, H. I., Chung, H., & Yin, X. (2013). Attendance of board meetings and company performance: Evidence from Taiwan. Journal of Banking and Finance, 37(11), 4157–4171. https://doi.org/10.1016/j.jbankfin.2013.07.028
   Web of Science ®Google Scholar
• CNN. (2021). Positif Covid Bertambah 6.731, Kematian Melonjak 427 Jiwa Baca artikel CNN Indonesia. https://www.cnnindonesia.com/nasional/20210404143509-20-625783/positif-covid-bertambah-6731-kematian-melonjak-427-jiwa
   Google Scholar
• Cohen, J., Krishnamoorthy, G., & Wright, A. (2004). The Corporate Governance Mosaic and Financial Reporting Quality. Journal of Accounting Literature, 87–152. http://ssrn.com/abstract=1086743
   Google Scholar
• Correia, T. D. S., & Lucena, W. G. L. (2020). Board of directors and code of business ethics of Brazilian companies. RAUSP Management Journal, 55(2), 263–279. https://doi.org/10.1108/RAUSP-12-2018-0147
   Web of Science ®Google Scholar
• COSO. (2015). Enterprise Risk Management-Integrated Framework. In Sarbanes-Oxley Guide for Finance and Information Technology Professionals (pp. 224–232). John Wiley & Sons, Inc. https://doi.org/10.1002/9781119201939.app4.
   Google Scholar
• DeZoort, F. T., Hermanson, D. R., Archambeault, D. S., & Reed, S. A. (2002). Audit committee effectiveness: A synthesis of the audit committee literature. Journal of Accounting Literature, 21, 38–75. https://doi.org/10.22495/cbv8i1art2
   Google Scholar
• Dionne, G., & Triki, T. (2005). Risk Management and Corporate Governance: The Importance of Independence and Financial Knowledge for the Board and the Audit Committee. SSRN Electronic Journal, 7(May). https://doi.org/10.2139/ssrn.730743
   Google Scholar
• Doyle, J. T., Ge, W., & Mcvay, S. (2007). over Financial Reporting. The Accounting Review, 82(5), 1141–1170. https://doi.org/10.2308/accr.2007.82.5.1141
   Web of Science ®Google Scholar
• Duchin, R., Matsusaka, J. G., & Ozbas, O. (2010). When are outside directors effective? Journal of Financial Economics, 96(2), 195–214. https://doi.org/10.1016/j.jfineco.2009.12.004
   Web of Science ®Google Scholar
• Eisenhardt, K. M. (1989). Agency Theory : An Assessment and Review. The Academy of Management Review, 14(1), 57–74. https://doi.org/10.2307/258191
   Web of Science ®Google Scholar
• Elamer, A. A., AlHares, A., Ntim, C. G., & Benyazid, I. (2018). The corporate governance–risk-taking nexus: Evidence from insurance companies. International Journal of Ethics and Systems, 34(4), 493–509. https://doi.org/10.1108/IJOES-07-2018-0103
   Web of Science ®Google Scholar
• Elshandidy, T., & Neri, L. (2015). Corporate Governance, Risk Disclosure Practices, and Market Liquidity: Comparative Evidence from the UK and Italy. Corporate Governance: An International Review, 23(4), 331–356. https://doi.org/10.1111/corg.12095
   Web of Science ®Google Scholar
• Enofe, A. O., Iyafekhe, C., Enlola, J.O. . (2013). Board Ethnicity, Gender Diversity and Earnings Management: Evidence From Quoted Firms in Nigeria. International Journal of Economics, Commerce and Management, V(6), 78–90. http://ijecm.co.uk/wp-content/uploads/2017/06/565.pdf
   Google Scholar
• Felo, A. J., Krishnamurthy, S., & Solieri, S. A. (2003). Audit Committee Characteristics and the Perceived Quality of Financial Reporting: An Empirical Analysis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.401240
   Google Scholar
• Firdaus, L. M., & Adhariani, D. (2017). Board of directors’ gender, managerial ownership and corporate risk-taking: Evidence from Indonesia. Pertanika Journal of Social Sciences and Humanities, 25(November), 281–297.
   Google Scholar
• Fraser, I., & Henry, W. (2007). Embedding risk management: Structures and approaches. Managerial Auditing Journal, 22(4), 392–409. https://doi.org/10.1108/02686900710741955
   Google Scholar
• Ghofar, A., & Islam, S. M. N. (2015). Corporate Governance and Contingency Theory. Springer International Publishing Switzerland. https://doi.org/10.1007/978-3-319-10996-1
   Google Scholar
• Gordon, L. A., Loeb, M. P., & Tseng, C. Y. (2009). Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy, 28(4), 301–327. https://doi.org/10.1016/j.jaccpubpol.2009.06.006
   Web of Science ®Google Scholar
• Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338. https://doi.org/10.1016/j.jacceco.2011.01.005
   Web of Science ®Google Scholar
• Gwenda, Z., & Juniarti. (2013). Pengaruh Penerapan Good Corporate Governance (GCG) Pada Variabel Ukuran, Debt Ratio, dan Sektor Industri Terhadap Nilai Perusahaan. Business Accounting Review, 1(2), 137–150. https://publication.petra.ac.id/index.php/akuntansi-bisnis/article/view/784
   Google Scholar
• Ishak, S., & Mohamad Nor, M. N. (2017). The Role of Board of Directors in the Establishment of Risk Management Committee. SHS Web of Conferences, 34 https://doi.org/10.1051/shsconf/20173409001
   Google Scholar
• Ismail, R., & Abdul Rahman, R. (2011). Institutional investors and board of directors’ monitoring role on risk management disclosure level in Malaysia. The IUP Journal of Corporate Governance, X(2), 37–61.
   Google Scholar
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. In Wittman, D. A. (Ed.) Economic Analysis of The Law (pp. 162–176). Blackwell Publishing Ltd. https://doi.org/10.1002/9780470752135.ch17
   Google Scholar
• Khan, T. M., Nosheen, S., & Ul Haq, N. (2020). Corporate governance mechanism and comparative analysis of one-tier and two-tier board structures: Evidence from ASEAN countries. International Journal of Disclosure and Governance, 17(2–3), 61–72. https://doi.org/10.1057/s41310-020-00075-0
   Web of Science ®Google Scholar
• Khaw, K. L. H., & Liao, J. (2018). Board gender diversity and its risk monitoring role: Is it significant? Asian Academy of Management Journal of Accounting and Finance, 14(1), 83–106. https://doi.org/10.21315/aamjaf2018.14.1.4
   Web of Science ®Google Scholar
• Kiel, G. C., & Nicholson, G. J. (2003). Board Composition and Corporate Performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance, 11(3), 189–205. https://doi.org/10.1111/1467-8683.00318
   Web of Science ®Google Scholar
• Krishnamurti, C., & Velayutham, E. (2018). The influence of board committee structures on voluntary disclosure of greenhouse gas emissions: Australian evidence. Pacific Basin Finance Journal, 50, 65–81.
   Web of Science ®Google Scholar
• Krishnan, J. (2005). Audit Committee Quality and Internal Control: An Empirical Analysis. The Accounting Review, 80(2), 649–675. https://doi.org/10.2308/accr.2005.80.2.649
   Web of Science ®Google Scholar
• Laksmana, I. (2008). Corporate board governance and voluntary disclosure of executive compensation practices. Contemporary Accounting Research, 25(4), 1147–1182. https://doi.org/10.1506/car.25.4.8
   Web of Science ®Google Scholar
• Lefort, F., & Urzúa, F. (2008). Board Independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61(6), 615–622. https://doi.org/10.1016/j.jbusres.2007.06.036
   Web of Science ®Google Scholar
• Liebenberg, A. P., & Hoyt, R. E. (2003). The determinants of enterprise risk management: evidence from the appointment of chief risk officers. risk management. Insurance Review, 6(1), 37–52. https://doi.org/10.1111/1098-1616.00019
   Google Scholar
• Low, D. C. M., Roberts, H., & Whiting, R. H. (2015). Board gender diversity and firm performance: Empirical evidence from Hong Kong, South Korea, Malaysia and Singapore. Pacific Basin Finance Journal, 35, 381–401. https://doi.org/10.1016/j.pacfin.2015.02.008
   Web of Science ®Google Scholar
• McNulty, T., Florackis, C., & Ormrod, P. (2013). Boards of Directors and Financial Risk during the Credit Crisis. Corporate Governance: An International Review, 21(1), 58–78. https://doi.org/10.1111/corg.12007
   Web of Science ®Google Scholar
• Moumen, N., Ben Othman, H., & Hussainey, K. (2016). Board structure and the informativeness of risk disclosure: Evidence from MENA emerging markets. Advances in Accounting, 35, 82–97. https://doi.org/10.1016/j.adiac.2016.09.001
   Google Scholar
• Nielsen, S., & Huse, M. (2010). The Contribution of Women on Boards of Directors: Going beyond the Surface. Corporate Governance: An International Review, 18(2), 136–148. https://doi.org/10.1111/j.1467-8683.2010.00784.x
   Web of Science ®Google Scholar
• Nocco, B. W., & Stulz, R. M. (2006). Enterprise risk management: theory and practice. Journal of Applied Corporate Finance, 18(4), 8–20. https://doi.org/10.1111/j.1745-6622.2006.00106.x
   Google Scholar
• Ong Yiu, M. K. A., Ricafrente, L. A. S., Shi, A. A., Unite, A. A., & Sullivan, M. J. (2017). Women on boards of Philippine publicly traded firms: Does gender diversity affect corporate risk-taking behavior? Asia-Pacific Social Science Review, 21(2). https://doi.org/10.13140/RG.2.2.32270.46408
   Google Scholar
• Pagach, D. P., & Warr, R. S. (2011). The Effects of Enterprise Risk Management on Firm Performance. SSRN Electronic Journal. April 2010 https://doi.org/10.2139/ssrn.1155218
   Google Scholar
• Power, M. (2004). The risk management of everything. The Journal of Risk Finance, 5(3), 58–65. https://doi.org/10.1108/eb023001
   Google Scholar
• Rosli, N. F., Mohammed, N. F., & Sanusi, Z. M. (2017). The determinants of voluntary risk disclosures: the case of shariah compliant companies in Malaysia. SHS Web of Conferences, 36, 00002. https://doi.org/10.1051/shsconf/20173600002
   Google Scholar
• Samaha, K., Khlif, H., & Hussainey, K. (2015). The impact of board and audit committee characteristics on voluntary disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24(March), 13–28. https://doi.org/10.1016/j.intaccaudtax.2014.11.001
   Google Scholar
• Schleiver, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. The Journal of Political Economy, 94(3), 461–488. https://doi.org/10.1086/261385
   Web of Science ®Google Scholar
• Shivaani, M. V., & Agarwal, N. (2020). Does competitive position of a firm affect the quality of risk disclosure? Pacific Basin Finance Journal, 61, 101317. https://doi.org/10.1016/j.pacfin.2020.101317
   Web of Science ®Google Scholar
• Simkins, B., & Ramirez, S. A. (2008). Enterprise-Wide Risk Management and Corporate Governance. Loyola University Chicago Law Journal, 39, 571–594. http://www1.luc.edu/law/activities/publications/lljdocs/vol39_no3/simkins_ramirez.pdf
   Google Scholar
• Soi, N., Cheboi, J., & Kosgei, D. (2021). Board activity and risk-taking. A study of commercial banks in Kenya. Journal of Business Management and Economic. https://doi.org/10.29226/TR1001.2021.266
   Google Scholar
• Subramaniam, N., Mcmanus, L., & Zhang, J. (2009). Corporate governance, firm characteristics and risk management committee formation in Australian companies. Managerial Auditing Journal, 24(4), 316–339. https://doi.org/10.1108/02686900910948170
   Google Scholar
• 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
   Google Scholar
• Teo, J. (2020). Coronavirus: WHO praises Singapore’s containment of Covid-19 outbreak, Health News & Top Stories - The Straits Times. The Straits Times. https://www.straitstimes.com/singapore/health/coronavirus-who-praises-singapores-containment-of-covid-19-outbreak
   Google Scholar
• Tjahjadi, B. (2011). Hubungan sistem manajemen risiko dengan ketidakpastian lingkungan dan strategi serta dampaknya terhadap kinerja organisasi. Majalah Ekonomi, 21(2), 142–154. https://www.neliti.com/id/publications/4097/hubungan-sistem-manajemen-risiko-dengan-ketidakpastian-lingkungan-dan-strategi-s
   Google Scholar
• Utami, W., Oktris, L., Rini, R., & Yulianti, N. W. (2021). Corporate Governance Practices and Disclosure of Risk ManagementSharia Bank in Asean. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 13(1), 121–136. https://doi.org/10.15408/aiq.v13i1.19712
   Google Scholar
• Wiseman, R. M., & Bromiley, P. (1996). Toward a model of risk in declining organizations: an empirical examination of risk, performance and decline. Orga, 7(5). https://pubsonline.informs.org/doi/10 .1287/orsc.7.5.524
   Google Scholar
• World Bank. (2013a). Better risk management can unlock opportunities, prevent crises, and protect poor amidst disasters and shocks, says world bank. https://www.worldbank.org/en/news/press-release/2013/10/06/better-risk-management-unlock-opportunities-prevent-crises-protect-poor-amidst-disasters-shocks
   Google Scholar
• World Bank. (2013b). Managing risk for development: From crisis fighting to systematic risk management. https://www.worldbank.org/en/news/feature/2013/10/06/Managing-risk-for-development-From-crisis-fighting-to-systematic-risk-management
   Google Scholar
• World Bank. (2013c). World Development Report 2014: Risk and Opportunity-Managing Risk for Development. World Bank. https://openknowledge.worldbank.org/bitstream/handle/10986/16092/9780821399033_fm.pdf
   Google Scholar
• Wu, D. D., Chen, S. H., & Olson, D. L. (2014). Business intelligence in risk management: Some recent progresses. Information Sciences, 256, 1–7. https://doi.org/10.1016/j.ins.2013.10.008
   Web of Science ®Google Scholar
• Wu, Y.-C., Kweh, Q. L., Lu, W.-M., & Azizan, N. A. (2016). The impacts of risk-management committee characteristics and prestige on efficiency. Journal of the Operational Research Society, 67(6), 813–829. https://doi.org/10.1057/jors.2015.101
   Web of Science ®Google Scholar
• Wu, J., & Wu, Z. (2014). Integrated risk management and product innovation in China: The moderating role of board of directors. Technovation, 34(8), 466–476. https://doi.org/10.1016/j.technovation.2013.11.006
   Web of Science ®Google Scholar
• Yakob, N. A., & Hasan, N. A. (2021). Exploring the interaction effects of board meetings on information disclosure and financial performance in public listed companies. Economies, 9(139). https://doi.org/10.3390/economies9040139
   Google Scholar
• Yatim, P. (2010). Board structures and the establishment of a risk management committee by Malaysian listed firms. Journal of Management and Governance, 14(1), 17–36. https://doi.org/10.1007/s10997-009-9089-6
   Google Scholar
• Yunos, R. M. (2011). The Effect of Ownership Concentration, Board of Directors, Audit Committee and Ethnicity on Conservative Accounting: Malaysian Evidence. https://doi.org/10.1057/978-1-349-95943-3_324
   Google Scholar
• Zhang, Y., Zhou, J., & Zhou, N. (2007). Audit committee quality, auditor Independence, and internal control weaknesses. Journal of Accounting and Public Policy, 26(3), 300–327. https://doi.org/10.1016/j.jaccpubpol.2007.03.001
   Google Scholar