Penerapan manajemen risiko merupakan bagian dari Good Corporate
Governance (GCG) dengan tujuan untuk meningkatkan kinerja keuangan, daya
saing, dan keberlanjutan. Penelitian ini bertujuan untuk menciptakan model
sustainability BUMN dengan cara menganalisis pengaruh GCG dan kinerja
keuangan BUMN. Direktur Manajemen Risiko (Chief Risk Officer/CRO) dan Risk
Maturity Index (RMI) sebagai variabel moderasi, dan keragaman Direksi sebagai
variabel kontrol. Jumlah sampel adalah 22 BUMN yang tercatat di Bursa Efek
Indonesia yang menerbitkan laporan sustainability dari tahun 2018-2022. Analisis
data menggunakan metode regresi linier ganda. Hasil penelitian menunjukkan
bahwa Kinerja Keuangan dengan proxy Price Book Value (PBV) dan Debt Equity
Ratio (DER) berpengaruh positif terhadap sustainability dengan proxy
pendapatan, laba, dan Tanggung Jawab Sosial dan Lingkungan (TJSL) BUMN.
CRO memperkuat pengaruh positif GCG terhadap sustainability pendapatan, laba
dan TJSL BUMN, dan CRO memperkuat pengaruh positif Kinerja Keuangan PER
terhadap sustainability pendapatan, laba dan TJSL BUMN. RMI memperkuat
pengaruh positif GCG terhadap sustainability pendapatan dan RMI memperkuat
pengaruh positif DER dan PER terhadap sustainability laba.
Kata kunci: Sustainability BUMN, GCG, Kinerja Keuangan, Manajemen Risiko

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The implementation of risk management is part of Good Corporate
Governance (GCG) with the aim of improving financial performance,
competitiveness, and sustainability. This research aims to create a SOE
sustainability model by analyzing the influence of GCG and SOEs' financial
performance. Chief Risk Officer (CRO) and Risk Maturity Index (RMI) as
moderation variables, and diversity of the Board of Directors as control
variables. The sample number is 22 SOEs listed on the Indonesia Stock Exchange
that issued sustainability reports from 2018-2022. Data analysis used a double
linear regression method. The results of the study show that Financial Performance
with Price Book Value (PBV) and Debt Equity Ratio (DER) proxies has a positive
effect on sustainability with SOEs' revenue, profit, and Social and Environmental
Responsibility (TJSL) proxies. CRO strengthens the positive influence of GCG on
the sustainability of SOEs' revenues, profits and TJSL, and CRO strengthens the
positive influence of PER Financial Performance on the sustainability of SOEs'
revenues, profits and TJSL. RMI strengthens the positive influence of GCG on
revenue sustainability and RMI strengthens the positive influence of DER and PER
on profit sustainability.
Keywords: SOEs Sustainability, GCG, Financial Performance, Risk Management

20260D1607

IM/ds D1607

Perpustakaan Pascasarjana UNJ

Available