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"Penelitian ini bertujuan untuk melakukan pengukuran dampak/pengaruh Tingkat Maturitas ERM dan ESG sebagai variable moderasi terhadap kinerja keuangan, nilai dan valuasi saham Perusahaan di Asia Timur. Fokus penelitian ini adalah pada perusahaanperusahaan yang bergerak di bidang industri yang sensitif, yang secara langsung terdampak oleh isu-isu ESG seperti industri minyak dan gas, kimia, pertambangan, dan logam, serta industri yang tidak sensitif seperti perbankan yang diatur secara dan diawasi secara ketat. Perhitungan Tingkat Maturitas ERM menggunakan Risk Maturity Model (RMM) yang diterbitkan oleh Risk and Insurance Management Society (RIMS) sehingga menghasilkan skor tingkat maturitas ERM dengan menggunakan skala 1-5. Sementara itu, data ESG Score, perhitungan kinerja keuangan (Return On Asset/ROA), nilai (Tobin’s Q), valuasi saham (Price to Earning Ratio/PER dan Free Cash Flow/FCF) dan data keuangan lainnya merupakan data sekunder yang berasal dari Thompson Reuters Eikon dan dikelola kembali oleh Peneliti. Hasil penelitian menunjukkan bahwa tingkat maturitas ERM dan ESG sebagai variabel moderasi memiliki pengaruh positif signifikan terhadap kinerja keuangan dan nilai perusahaan. Tingkat maturitas ERM dan ESG sebagai variabel moderasi pada perusahaan yang berada di industri sensitif menunjukkan adanya hubungan positif signifikan yang lebih tinggi dibandingkan perusahaan yang berada di industri tidak sensitif. Variabel moderasi ESG juga memberikan dampak positif signifikan terhadap valuasi saham Perusahaan pada industri sensitif dengan menggunakan model valuasi Price to Earning Ratio (PER). Dalam perhitungan tingkat maturitas, kami menemukan bahwa atribut pembentuk tingkat maturitas ERM Perusahaan industri sensitif, yang secara rata-rata berada di level 2 (Initial) dan 3 (Repeatable) adalah atribut Business Resiliency and Sustainability dan Uncovering Risk, sementara itu untuk industri tidak sensitif adalah Adoption of ERM approach dan Risk Appettite Management. Secara umum, Perusahaan dalam menerapkan ERM belum menunjukkan adanya pengaruh keterlibatan yang kuat dari para eksekutif dan penerapan budaya ERM secara signifikan, yang dapat meningkatkan kinerja keuangan dan nilai Perusahaan. Kualitas ESG juga menjadi faktor penting yang akan meningkatkan kepercayaan para pemangku kepentingan dan investor kepada Perusahaan.

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The purpose of this study is to assess the impact of ERM Maturity Level and ESG as a moderating variable on East Asian companies' financial performance, value, and stock valuation. This study focuses on corporations in sensitive industries that are directly affected by ESG issues, such as oil and gas, chemical, mining, and metals, as well as nonsensitive industries like banking, which are heavily regulated and monitored. The ERM Maturity Level is calculated using the Risk Maturity Model (RMM) released by the Risk and Insurance Management Society (RIMS), which generates an ERM maturity level score on a range of 1 to 5. Meanwhile, ESG Score data, financial performance calculations (Return On Asset/ROA), value (Tobin's Q), stock valuation (Price to Earning Ratio/PER and Free Cash Flow/FCF), and other financial data are secondary data obtained from Thompson Reuters Eikon and re-managed by researchers. The research indicates that the financial performance and firm value are significantly positively influenced by the maturity level of ERM and ESG as a moderating variable. The level of maturity of ERM and ESG as a moderating variable in companies in sensitive industries exhibits a significant positive relationship that is higher than that of companies in non-sensitive industries. The Price to Earning Ratio (PER) valuation model also exhibits a substantial positive effect on the stock valuation of companies in sensitive industries when the ESG moderating variable is utilized. In calculating the maturity level, we discovered that the attributes forming the ERM maturity level of sensitive industry companies, which on average are at level 2 (Initial) and 3 (Repeatable), are Business Resiliency and Sustainability and Uncovering Risk, whereas the attributes for non-sensitive industries are Adoption of ERM approach and Risk Appetite Management. In general, the Company's implementation of ERM has not demonstrated a major impact from strong executive involvement and the application of ERM culture, which can increase financial performance and Company value. The quality of ESG is also a significant aspect in increasing stakeholder and investor confidence in the company."

"Why does North Korea behave erratically in pursuing its nuclear weapons program? Why did the United States prefer bilateral alliances to multilateral ones in Asia after World War II? Why did China become "nice"--no more military coercion--in dealing with the pro-independence Taiwan President Chen Shuibian after 2000? Why did China compromise in the negotiation of the Chunxiao gas exploration in 2008 while Japan became provocative later in the Sino-Japanese disputes in the East China Sea? North Korea's nuclear behavior, U.S. alliance strategy, China's Taiwan policy, and Sino-Japanese territorial disputes are all important examples of seemingly irrational foreign policy decisions that have determined regional stability and Asian security. By examining major events in Asian security, this book investigates why and how leaders make risky and seemingly irrational decisions in international politics. The authors take the innovative step of integrating the neoclassical realist framework in political science and prospect theory in psychology. Their analysis suggests that political leaders are more likely to take risky actions when their vital interests and political legitimacy are seriously threatened. For each case, the authors first discuss the weaknesses of some of the prevailing arguments, mainly from rationalist and constructivist theorizing, and then offer an alternative explanation based on their political legitimacy-prospect theory model. This pioneering book tests and expands prospect theory to the study of Asian security and challenges traditional, expected-utility-based, rationalist theories of foreign policy behavio"