The Role of Enterprise Risk Management in Enhancing Firm Value Before and During the Covid-19 Pandemic in Indonesia

The aim of this study is to investigate the level of implementation of corporate risk management has a positive effect on firm value. Firm value is the investor's perception of the company's financial performance. The company's financial performance is often associated with share prices. Maximizing company value is very important for a company. The increase in company value is in accordance with the wishes of investors. Using a dataset of 12 banking financial service companies and 7 construction & property companies that have gone public in Indonesia. The data collection period is from 2017 to 2020. Tobin's Q is used to measure company value. Tobin's Q as a function of corporate risk management, and fundamental factors consisting of firm size, liquidity, leverage, profitability. Hypothesis testing with multiple linear regression. The findings of this study, in normal conditions there is a relationship between the application of risk management and the company's fundamental factors on firm value. During the Covid-19 pandemic, the company experienced a decline in the company's financial performance, resulting in the application of risk management and company fundamental factors that did not have a significant effect on company value. Keywords—enterprise risk management, firm size, liquidity, leverage, profitability, firm value