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Enterprise risk management e criação de valor empresarial : evidência nas empresas cotadas portuguesas
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Num ambiente empresarial cada vez mais incerto e complexo, o Enterprise Risk Management (ERM - Gestão de Risco Empresarial) tem vindo a afirmar-se como um instrumento fundamental para identificar, avaliar e controlar os múltiplos riscos que uma organização enfrenta. Distingue-se das abordagens tradicionais ao propor uma visão holística do risco, permitindo, não só a prevenção de perdas, mas também a exploração de oportunidades de criação de valor. Nesta perspetiva, este estudo tem como objetivo avaliar se o sistema de ERM e o seu nível de implementação exercem um impacto significativo na performance das empresas cotadas portuguesas, segundo dois indicadores de desempenho: Margem EBITDA (enquanto medida de eficiência operacional) e ROE (Return on Equity – medida do desempenho financeiro de uma empresa). Para tal, foram analisadas as empresas não financeiras do índice PSI-15 (Portuguese Stock Index -Índice de Cotações de Ações) dos setores de Energia, Indústria, Retalho, Consumo, Construção, Telecomunicações e Serviços, no período entre 2018 e 2023. Analisaram-se 84 empresas. Considerando os princípios do COSO (2017), foi construído um ERM Score, segundo a informação de risco divulgada anualmente nos Relatórios e Contas de cada empresa. Este score permite aferir o grau de maturidade das práticas de risco em cada organização. Para avaliar a relação entre o ERM Score e as métricas de desempenho recorreu-se à regressão OLS (Ordinary Least Squares - Método dos Mínimos Quadrados). Além disso, no ERM Score apresentaram-se como variáveis de controlo a Dimensão da Empresa, o Crescimento de Vendas e a Autonomia Financeira, além de variáveis dummies para os setores de atividade e anos do período de análise. Os resultados demonstram um impacto positivo e significativo do ERM no ROE, corroborando a ideia de que as práticas consolidadas de gestão de riscos podem aumentar a previsibilidade dos resultados e melhorar a eficiência na alocação de recursos, resultando num retorno superior para o acionista. Por outro lado, o ERM não exerce um efeito estatisticamente significativo sobre a Margem EBITDA. Desta forma, embora a gestão de risco possa contribuir para a estabilidade dos cashflows e para a mitigação da volatilidade, o seu impacto não se reflete, de forma imediata ou relevante, nesta métrica. Além disso, os setores da Energia e das Telecomunicações tendem a apresentar margens mais elevadas, relativamente ao setor de referência (Indústria), fruto de características estruturais que lhes conferem maior estabilidade financeira e poder de mercados.
In an increasingly uncertain and complex business environment, Enterprise Risk Management (ERM) has become a fundamental tool for identifying, assessing, and controlling the multiple risks faced by an organization. It differs from traditional approaches by proposing a holistic view of risk, enabling not only the prevention of losses, but also the exploitation of opportunities to create value. In this perspective, this research primarily aims to assess whether level of implementation of an ERM system has a significant impact on the performance of Portuguese listed companies, considering two performance indicators: the EBITDA Margin (as a measure of operational efficiency) and ROE (Return on Equity - measures a company's financial performance). Accordingly, non-financial companies from the PSI-15 index were analyzed, across the Energy, Industry, Retail, Consumer, Construction, Telecommunications, and Services sectors—covering the period from 2018 to 2023, which totaled 84 observations. Drawing on COSO (2017) principles, an ERM Score was constructed based on the information disclosed in each company’s annual reports, allowing for an assessment of the maturity of their risk practices. To assess the relationship between the ERM Score and performance metrics was used the OLS (Ordinary Least Squares) regression. In addition, the ERM Score included company Size, Sales Growth and Financial Leverage as control variables, as well as dummy variables for the sectors of activity and years of the analysis period. The results of this study show a positive and significant effect of ERM on ROE, corroborating the idea that consolidated risk management practices can increase the predictability of results and improve efficiency in the allocation of resources, resulting in a higher return for shareholders. On the other hand, ERM does not have a statistically significant effect on EBITDA Margin, suggesting that although risk management can contribute to the stability of cash flows and the mitigation of volatility, its impact is not immediately or significantly reflected in this metric. In addition, the Energy and Telecommunications sectors tend to have higher margins because of structural characteristics that give them greater financial stability and market power.
In an increasingly uncertain and complex business environment, Enterprise Risk Management (ERM) has become a fundamental tool for identifying, assessing, and controlling the multiple risks faced by an organization. It differs from traditional approaches by proposing a holistic view of risk, enabling not only the prevention of losses, but also the exploitation of opportunities to create value. In this perspective, this research primarily aims to assess whether level of implementation of an ERM system has a significant impact on the performance of Portuguese listed companies, considering two performance indicators: the EBITDA Margin (as a measure of operational efficiency) and ROE (Return on Equity - measures a company's financial performance). Accordingly, non-financial companies from the PSI-15 index were analyzed, across the Energy, Industry, Retail, Consumer, Construction, Telecommunications, and Services sectors—covering the period from 2018 to 2023, which totaled 84 observations. Drawing on COSO (2017) principles, an ERM Score was constructed based on the information disclosed in each company’s annual reports, allowing for an assessment of the maturity of their risk practices. To assess the relationship between the ERM Score and performance metrics was used the OLS (Ordinary Least Squares) regression. In addition, the ERM Score included company Size, Sales Growth and Financial Leverage as control variables, as well as dummy variables for the sectors of activity and years of the analysis period. The results of this study show a positive and significant effect of ERM on ROE, corroborating the idea that consolidated risk management practices can increase the predictability of results and improve efficiency in the allocation of resources, resulting in a higher return for shareholders. On the other hand, ERM does not have a statistically significant effect on EBITDA Margin, suggesting that although risk management can contribute to the stability of cash flows and the mitigation of volatility, its impact is not immediately or significantly reflected in this metric. In addition, the Energy and Telecommunications sectors tend to have higher margins because of structural characteristics that give them greater financial stability and market power.
Descrição
Palavras-chave
ERM COSO Margem EBITDA ROE Desempenho operacional Empresas portuguesas cotadas EBITDA margin Operational performance Portuguese listed companies
Contexto Educativo
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Licença CC
Sem licença CC