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A Gestão de Risco Empresarial (Enterprise Risk Management – ERM) é um tema que tem vindo a ganhar cada vez mais destaque, devido à maior complexidade dos riscos e crescente solicitação de reporte dos mesmos por parte dos acionistas. A ainda escassa literatura existente sugere que a prática de ERM tem um impacto positivo na criação de valor empresarial. Todavia, grande parte dos estudos tem como amostra empresas internacionais pertencentes aos setores financeiro e de seguros. O presente trabalho final de mestrado (TFM) tem definidos dois objetivos. Primeiro, avaliar a adoção e extensão dos programas de ERM nas cinco empresas nacionais com maior expressão no setor Consumer Services. Segundo, avaliar a performance das empresas portuguesas de quatro setores escolhidos durante os três primeiros trimestres de 2020, correspondentes ao início da crise motivada pela pandemia Covid-19 e, comparar com os seus benchmarks internacionais. Os resultados do primeiro estudo demonstram que apenas duas (Ibersol e Grupo Média Capital) das cinco empresas nacionais em análise não aplicam uma gestão de risco holística. Relativamente ao segundo estudo, ainda que tenham sido utilizados outros KPIs (Key Performance Indicators), tendo por referência o valor empresarial, Tobin´s Q, a empresa do setor Oil & Gas, Galp, foi a única que apresentou um melhor resultado de variação média trimestral (-7,14%) relativamente superior ao seu benchmark (-9,80%), tendo a Ibersol apresentado -0,57% contra -0,43% do seu benchmark, a EDP registou 1,80% contra 1,82% apresentados pelo seu benchmark e, por fim, a Corticeira Amorim apresentou uma variação de -1,45% contra 3,45% do seu benchmark.
Enterprise Risk Management (ERM) is a theme increasingly gaining emphasis, due to the greater complexity of the risks and the growing risks reporting requests by the shareholders. The (still limited) existing literature suggests that the practice of ERM has a positive impact on the creation of business value. However, the sample in most studies are international companies belonging to the financial and insurance sectors. This work has defined two aims of study. First, to evaluate the adoption and extension of ERM programmes in the five national companies with greater expression in the Consumer Services sector. Second, to assess the performance of Portuguese companies from four sectors chosen during the first three quarters of 2020, corresponding to the beginning of the crisis caused by the Covid-19 pandemic and to compare it with its international benchmarks. The results of the first study show that only two (Ibersol and Grupo Média Capital) of the five analysed Portuguese companies don’t implement a holistic risk management. Regarding the second study, even though other KPIs (Key Performance Indicators) have been used, by reference to the company value, Tobin´s Q, the company from the sector Oil & Gas, Galp, was the only showing a better result of the quarter average variation rate (-7,14%) relatively higher than its benchmark (-9,80%), having Ibersol shown -0,57% against -0,43% of its benchmark, EDP registered 1,80% against 1,82% shown by its benchmark and, at last, Corticeira Amorim has shown a variation of -1,45% against 3,45% of its benchmark.
Enterprise Risk Management (ERM) is a theme increasingly gaining emphasis, due to the greater complexity of the risks and the growing risks reporting requests by the shareholders. The (still limited) existing literature suggests that the practice of ERM has a positive impact on the creation of business value. However, the sample in most studies are international companies belonging to the financial and insurance sectors. This work has defined two aims of study. First, to evaluate the adoption and extension of ERM programmes in the five national companies with greater expression in the Consumer Services sector. Second, to assess the performance of Portuguese companies from four sectors chosen during the first three quarters of 2020, corresponding to the beginning of the crisis caused by the Covid-19 pandemic and to compare it with its international benchmarks. The results of the first study show that only two (Ibersol and Grupo Média Capital) of the five analysed Portuguese companies don’t implement a holistic risk management. Regarding the second study, even though other KPIs (Key Performance Indicators) have been used, by reference to the company value, Tobin´s Q, the company from the sector Oil & Gas, Galp, was the only showing a better result of the quarter average variation rate (-7,14%) relatively higher than its benchmark (-9,80%), having Ibersol shown -0,57% against -0,43% of its benchmark, EDP registered 1,80% against 1,82% shown by its benchmark and, at last, Corticeira Amorim has shown a variation of -1,45% against 3,45% of its benchmark.
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Gestão de risco empresarial Implementação de ERM Performance Enterprise risk managementrial ERM implementation Performance