دانلود رایگان مقاله انگلیسی تاثیر مدیریت ریسک سرمایه گذاری بر عملکرد عملیاتی - الزویر 2017

abstract

The Committee of Sponsoring Organizations (COSO) Enterprise Risk Management (ERM) framework (COSOERM) indicates that the development of an enterprise-wide risk assessment and management process is designed to “provide reasonable assurance regarding the achievement of entity objectives.” We examine this issue and hypothesize that firms with mature ERM processes should achieve greater operational performance than those with less mature risk management processes. This study relies on internal audit function management survey responses matched with archival firm level data to gain a better understanding of the expected operating performance impact of the multi-stage ERM implementation process. After controlling for board governance and other known effects, we find that firms with higher levels of ERM process maturity are characterized by higher operating performance than their industry peers utilizing performance metrics closely related to the earnings process. Our study provides support for the linkage of enhanced operating performance associated with the maturity of ERM processes and suggests other potential areas of ERM research.

6. Conclusions and contributions

Using a unique survey-based dataset linked to archival firm data, we find a positive association between ERM process maturity and industry-adjusted operating performance (ROA and ROE) in a broad industry sample. In the wake of recent economic events that have raised significant concerns related to managing risk within firms, the results of this study provide limited empirical evidence of the benefits of ERM processes related to operating performance. Although all risk is not predictable, failing to attempt to identify and manage response to risk throughout a firm can have a detrimental impact.

The current study builds on the literature to contribute empirical evidence on operational performance benefits associated with ERM. Our study extends Gordon et al. (2009) that demonstrate that using excess market returns as an ERM performance metric and focusing on ERM implementation in 2005, a subset of their 112 firm sample (high performing firms) is associated with contextual factors such as industry competition, firm complexity, firm size and board monitoring and have a significant effect on the effectiveness of ERM. Our study builds upon this work and makes four contributions to existing ERM literature. First, we use survey responses of self-assessed ERM process maturity over a three year period to operationalize our measure of ERM. That is, we use a unique data set obtained from survey responses provided by U.S. based Chief Audit Executives to empirically evaluate the value of mature ERM processes. Secondly, we consider the role of ERM across a broad set of industries beyond financial service and insurance firms examined in the previous literature.