Military Connection, Good Corporate Governance, dan Firm Risk pada Perusahaan Publik di Indonesia

Abstract

English Version This study aims to examine the impact of military connections on the risk of publicly traded companies in Indonesia and to assess the role of the risk monitoring committee (KPR) as a moderating variable. Data from 2,177 observations of public companies in Indonesia over the 2019-2022 period were analyzed using a quantitative approach and regression model. The study found that military connections have a negative effect on firm risk, indicating that executives with military experience are able to manage company risks effectively by emphasizing discipline, thereby reducing overall corporate risk. The study also revealed that the risk monitoring committee moderates the relationship between military connections and firm risk. These findings have implications for corporate governance policy development, specifically in mitigating the impact of military connections on corporate risk. The study contributes to evidence that the intersection between business and military connections in Indonesia influences corporate risk, highlighting the future importance of risk management. This research provides a novel perspective by focusing on the unique business and geopolitical context of Indonesia, an area that has not been the primary focus of previous studies. Versi Indonesia Penelitian ini bertujuan menguji dampak adanya koneksi militer (military connection) terhadap risiko perusahaan publik di Indonesia dan menguji peran komite pemantau risiko (KPR) sebagai variabel moderasi. Data dianalisis dari 2177 observasi sampel perusahaan publik di Indonesia selama periode 2019-2022 menggunakan pendekatan kuantitatif dan model regresi. Penelitian ini menemukan bahwa military connection berpengaruh negatif terhadap firm risk. Hal ini menunjukkan bahwa para eksekutif dengan pengalaman militer mampu mengendalikan risiko perusahaan dengan mengedepankan kedisiplinan sehingga mampu menurunkan risiko perusahaan. Penelitian ini juga menemukan bahwa komite pemantau risiko mampu memoderasi hubungan antara military connection dan firm risk. Penelitian berimplikasi pada pentingnya bagi pengembangan kebijakan tata kelola perusahaan untuk mengurangi dampak military connection pada risiko perusahaan. Penelitian ini berkontribusi pada pembuktian bahwa adanya koneksi antara bisnis dan militer di Indonesia akan berdampak pada risiko perusahaan dan pentingnya manajemen risiko di masa depan. Kondisi ini menjadi keterbaharuan riset ini dimana penelitian terdahulu tidak berfokus pada kondisi bisnis dan geopolitik Indonesia