Enterprise Risk Management and Firm Value: Evidence from Brazil

被引：28
|
作者：
Silva, Juliano Rodrigues [1 ]
da Silva, Aldy Fernandes [1 ]
Chan, Betty Lilian [2 ]
机构：
[1] FECAP, Accounting Sci Dept, Sao Paulo, Brazil
[2] BNP Paribas Cardif Brazil, Local Chief Actuary, Sao Paulo, Brazil
来源：
EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 03期
关键词：
Brazil; emerging market; enterprise risk management; firm value; Tobin's q ratio; CORPORATE GOVERNANCE; DETERMINANTS; PERFORMANCE; COST;
D O I：
10.1080/1540496X.2018.1460723
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
International studies have shown that the evolution of traditional risk management (TRM) toward a holistic perspective and the simple adoption of enterprise risk management (ERM) have increased firm value from a strategic perspective. This study empirically investigates the association between ERM and firm value (measured by Tobin's q ratio) in 649 firm-year observations that were listed in the IBrX100 index on the Brazilian stock exchange (BM&FBovespa) during 2004-2013. After the introduction of controls with exogenous effects, the results indicate a positive association between firm value and the use of an ERM approach, which aligns with most international studies.
引用
收藏
页码：687 / 703
页数：17
相关论文
共 50 条
  • [1] Enterprise risk management quality and firm value: Evidence from corporate reputation risk theory
    Oreshile, Sulaiman Ademola
    Mahdzan, Nurul Shahnaz
    Zainudin, Rozaimah
    RISK MANAGEMENT-AN INTERNATIONAL JOURNAL, 2025, 27 (01):
  • [2] Evidence of the Value of Enterprise Risk Management
    Hoyt, Robert E.
    Liebenberg, Andre P.
    JOURNAL OF APPLIED CORPORATE FINANCE, 2015, 27 (01) : 41 - 47
  • [3] Does Enterprise Risk Management Increase Firm Value?
    McShane, Michael
    Nair, Anil
    Rustambekov, Elzotbek
    JOURNAL OF ACCOUNTING AUDITING AND FINANCE, 2011, 26 (04): : 641 - 658
  • [4] Risk Management and Firm Value: Evidence from Weather Derivatives
    Perez-Gonzalez, Francisco
    Yun, Hayong
    JOURNAL OF FINANCE, 2013, 68 (05): : 2143 - 2176
  • [5] The Impact of Enterprise Risk Management on Firm Value: Empirical Evidence from Romanian Non-Financial Firms
    Anton, Sorin Gabriel
    INZINERINE EKONOMIKA-ENGINEERING ECONOMICS, 2018, 29 (02): : 151 - 157
  • [6] Enterprise risk management and firm performance: evidence from Malaysian nonfinancial firms
    Shahrin, Aidil Rizal
    Ibrahim, Abdul Hakam
    JOURNAL OF OPERATIONAL RISK, 2021, 16 (04): : 27 - 43
  • [7] Firm Ownership and Enterprise Risk Management Implementation: Evidence from the Nordic Region
    Sekerci, Naciye
    Pagach, Don
    JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2020, 13 (09)
  • [8] How does Enterprise Risk Management Increase Firm Value?
    Zhang Ying
    Lu Ningning
    PROCEEDINGS OF 2013 CHINA INTERNATIONAL CONFERENCE ON INSURANCE AND RISK MANAGEMENT, 2013, : 124 - 133
  • [9] Corporate risk management and firm value: evidence from the UK market
    Panaretou, Argyro
    EUROPEAN JOURNAL OF FINANCE, 2014, 20 (12): : 1161 - 1186
  • [10] The drivers and value of enterprise risk management: evidence from ERM ratings
    Bohnert, Alexander
    Gatzert, Nadine
    Hoyt, Robert E.
    Lechner, Philipp
    EUROPEAN JOURNAL OF FINANCE, 2019, 25 (03): : 234 - 255
12345