| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 1.23 MB | Adobe PDF |
Orientador(es)
Resumo(s)
Nos últimos anos, vários agentes económicos optaram por enfrentar a crescente complexidade dos riscos e dos modelos regulatórios, transformando uma abordagem mais tradicional de gestão de risco para uma mais abrangente, denominada de Gestão de Risco Empresarial (sigla em inglês, ERM - Enterprise Risk Management). Esta metodologia é um processo que gere todos os riscos numa forma integrada e holística, controlando e coordenando qualquer risco inerente às organizações. O presente trabalho final de mestrado (TFM) pretende avaliar qual a relação existente entre a prática de Gestão de Risco Empresarial e o custo de financiamento através do capital próprio, assim como todos os determinantes que influenciam a adoção desta metodologia de gestão de risco. Deste modo, foram utilizadas 35 empresas do setor não financeiro que integram o PSI-Geral da Bolsa de Valores de Lisboa, para um horizonte temporal de 10 anos (2010- 2019). Os resultados obtidos demonstram que a adoção de um sistema de gestão de risco integrado tem um impacto negativo no cost of equity das organizações de, aproximadamente 1%, quando todas as restantes variáveis explicativas permanecem constantes. No âmbito dos determinantes da adoção de um sistema de ERM, a dimensão e a folga financeira são elementos que afetam positivamente a escolha de ERM. Estes resultados apontam que a redução do custo de capital próprio é uma das alternativas para a criação de valor das entidades, na adoção de programas de ERM.
In recent years, several economic agents chose to face the emergent complexity of risks and regulatory models, transforming a traditional risk management approach into a broader one, called Enterprise Risk Management (ERM). This methodology is a process that manages all risks in an integrated and holistic way, controlling and coordinating any risks that organizations could face. This master’s final assignment (MFA) intends to assess the link between the Enterprise Risk Management Framework and firm’s cost of equity, as well as to find the determinants that influence the adoption of this risk management methodology. Thus, 35 companies from the non-financial sector that are part of PSI-All Share from Lisbon Stock Exchange were analysed, for a period of 10 years (2010-2019). The results show that the ERM adoption has a negative impact on the organization’s cost of equity of, approximately, 1%, when all the explanatory variables remain constant. Regarding to the determinants of the adoption of an ERM approach, companies’ size and financial slack are elements that positively affect the choice of ERM. These results point out that the reduction in the cost of equity is one of the alternatives for the value creation of entities, when they adopt ERM systems.
In recent years, several economic agents chose to face the emergent complexity of risks and regulatory models, transforming a traditional risk management approach into a broader one, called Enterprise Risk Management (ERM). This methodology is a process that manages all risks in an integrated and holistic way, controlling and coordinating any risks that organizations could face. This master’s final assignment (MFA) intends to assess the link between the Enterprise Risk Management Framework and firm’s cost of equity, as well as to find the determinants that influence the adoption of this risk management methodology. Thus, 35 companies from the non-financial sector that are part of PSI-All Share from Lisbon Stock Exchange were analysed, for a period of 10 years (2010-2019). The results show that the ERM adoption has a negative impact on the organization’s cost of equity of, approximately, 1%, when all the explanatory variables remain constant. Regarding to the determinants of the adoption of an ERM approach, companies’ size and financial slack are elements that positively affect the choice of ERM. These results point out that the reduction in the cost of equity is one of the alternatives for the value creation of entities, when they adopt ERM systems.
Descrição
Palavras-chave
Gestão de risco empresarial Cost of equity PSI-geral Enterprise risk management PSI-All share