Optimizing firm performance through contingency factors, enterprise risk management, and intellectual capital in Southeast Asian mining enterprises

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Enterprise risk management (ERM) is a crucial aspect of corporate operations. This study examines the impact of environmental uncertainty, industry competition, and firm complexity on Enterprise Risk Management implementation and firm performance in the Southeast Asian mining industry. Utilizing data from 205 mining companies listed on Southeast Asian stock exchanges from 2016 to 2022, the analysis employs panel data regression methods. The findings reveal that environmental uncertainty does not significantly affect ERM, while industry competition positively influences ERM but negatively impacts firm performance. Firm complexity positively affects both ERM and performance. ERM mediates the relationships between industry competition, firm complexity, and performance, while intellectual capital moderates the effect of ERM on performance. These results underscore the strategic importance of integrating ERM practices and developing intellectual capital to enhance firm performance amidst competitive and complex business environments. The study contributes to the literature by providing empirical evidence on the nuanced relationships between these variables in the context of the Southeast Asian mining sector and offers practical insights for policymakers and industry leaders.

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    • Table 1. Description and explanation of variables
    • Table 2. Descriptive statistics
    • Table 3. Pearson correlation
    • Table 4. Chow test results
    • Table 5. Hausman test result
    • Table 6. Hypotheses evaluation
    • Conceptualization
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Ira Geraldina
    • Data curation
      Dewi Cahyani Pangestuti, Ira Geraldina, Darmawan Darmawan
    • Formal Analysis
      Dewi Cahyani Pangestuti, Ira Geraldina, Darmawan Darmawan
    • Investigation
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Ira Geraldina, Darmawan Darmawan
    • Methodology
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Ira Geraldina
    • Project administration
      Dewi Cahyani Pangestuti, Ira Geraldina
    • Resources
      Dewi Cahyani Pangestuti, Ali Muktiyanto
    • Software
      Dewi Cahyani Pangestuti, Ira Geraldina, Darmawan Darmawan
    • Supervision
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Ira Geraldina, Darmawan Darmawan
    • Validation
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Darmawan Darmawan
    • Visualization
      Dewi Cahyani Pangestuti, Ira Geraldina
    • Writing – original draft
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Ira Geraldina, Darmawan Darmawan
    • Writing – review & editing
      Dewi Cahyani Pangestuti, Ali Muktiyanto, Ira Geraldina, Darmawan Darmawan
    • Funding acquisition
      Ali Muktiyanto