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Advisor(s)
Abstract(s)
Durante os últimos tempos assistimos a um crescimento da Gestão de Risco Empresarial (ERM), tornando-se um elemento importante para as organizações muito graças à criação de modelos, como o COSO, que regulam e são referência para as organizações, em virtude da riscos mais complexos. A ERM é um processo de gestão de risco baseado em todos os riscos enfrentados nos negócios e aplicados inteiramente pela empresa. É também uma técnica de gestão de risco que avalia o risco e a oportunidade em conjunto e fornece uma garantia razoável de que os objetivos do negócio serão realizados. O objetivo primordial deste estudo visa investigar o impacto da gestão de risco empresarial (ERM) na performance. A amostra do estudo são as empresas ibéricas cotadas em Bolsa, dentro do setor bancário, energético e das telecomunicações. As 16 empresas ibéricas são analisadas no período de 2016 a2019 obtendo-se um total de 64 observações. Na análise de dados verificou-se que o impacto da ERM na performance da empresa não foi determinado e que a dimensão da empresa foi considerada significativa na sua performance. No que respeita aos determinantes da performance, a dimensão é um fator que influencia negativamente e significativamente a performance nas duas maneiras de a mensurar. Em sentido inverso, o pagamento de dividendos não contribui significativamente para a performance e o nível de alavancagem tem significância negativa no caso de a performance ser medida pelo Tobin’s Q. No que respeita a cada setor específico o setor energético revela uma relação positiva com significância entre a ERM e a performance, enquanto que o setor bancário não evidencia o impacto da ERM na performance. O setor das telecomunicações apresenta significância, embora negativa, na performance somente quando mensurada pelo Tobin's Q.
During the last few years, there has been a growth in Enterprise Risk Management (ERM), becoming an important element for organizations thanks to the creation of models, such as COSO, that regulate and are reference for organizations, due to the risks more complex. ERM is a risk management process based on all the risks faced in the business and applied entirely by the company. It is also a risk management technique that evaluate risk and opportunity together and provides reasonable assurance that business objectives will be achieved. The primary objective of this study is to investigate the impact of Enterprise risk management (ERM) on performance. The sample of the study is the Iberian companies listed on the stock exchange, within the banking, energy and telecommunications sectors. The 16 Iberian companies are analyzed in the period from 2016 to 2019, obtaining a total of 64 observations In the data analysis, it was verified that the impact of ERM on the company's performance has not been determined and that the size of the company was considered significant in its performance. Regarding the determinants of performance, size is a factor that negatively and significantly influences performance in both ways of measuring it. Conversely, the payment of dividends does not significantly contribute to performance and the level of leverage has a negative significance if performance is measured by Tobin’s Q. With regard to each specific sector, the energy sector shows a positive and significant relationship between ERM and performance, while the banking sector doesn’t show the impact of ERM on performance. The telecommunications sector shows significance, although negative, in performance only when measured by Tobin´s Q.
During the last few years, there has been a growth in Enterprise Risk Management (ERM), becoming an important element for organizations thanks to the creation of models, such as COSO, that regulate and are reference for organizations, due to the risks more complex. ERM is a risk management process based on all the risks faced in the business and applied entirely by the company. It is also a risk management technique that evaluate risk and opportunity together and provides reasonable assurance that business objectives will be achieved. The primary objective of this study is to investigate the impact of Enterprise risk management (ERM) on performance. The sample of the study is the Iberian companies listed on the stock exchange, within the banking, energy and telecommunications sectors. The 16 Iberian companies are analyzed in the period from 2016 to 2019, obtaining a total of 64 observations In the data analysis, it was verified that the impact of ERM on the company's performance has not been determined and that the size of the company was considered significant in its performance. Regarding the determinants of performance, size is a factor that negatively and significantly influences performance in both ways of measuring it. Conversely, the payment of dividends does not significantly contribute to performance and the level of leverage has a negative significance if performance is measured by Tobin’s Q. With regard to each specific sector, the energy sector shows a positive and significant relationship between ERM and performance, while the banking sector doesn’t show the impact of ERM on performance. The telecommunications sector shows significance, although negative, in performance only when measured by Tobin´s Q.
Description
Keywords
Gestão de risco empresarial Performance Empresas Ibéricas cotadas em bolsa Enterprise risk management Performance Iberian companies listed on the stock exchange