Enterprise risk management e o custo de dívida

: análise a empresas cotadas portuguesas

Abstract

The financial literature documents the growth of Enterprise Risk Management (ERM) studies and practices over time, a movement that has been largely driven by the last major crises. In this sense, it is imperative that both academic literature and organizations encourage this evolutionary path, continuing to develop work and models that facilitate the implementation of these risk management practices. Factors that will allow for greater stability in difficult times, as well as greater prosperity in periods of economic growth. The aim of this Final Master's Work (TFM) is to analyze the impact that ERM has on the cost of debt, using the Portuguese reality as a sample. Thus, 28 companies listed on the Portuguese stock exchange were examined over the course of a decade, focusing on their risk management practices. To this end, an ordinary least squares (OLS) linear regression analysis was used, complemented by additional control variables, to investigate the influence of these practices. With the results obtained, it was possible to significantly prove that companies with risk management measures have an improvement in the cost of debt. It should be noted that while the other control variables in the model, such as collateral assets, market value of capital and dividends, showed statistical relevance, it was found that the logarithm of assets, cash flow, intangible assets and leverage did not show the same statistical relevance in this study.

Date of Award	16 Jul 2024
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Cunha (Supervisor)