Impacto do Enterprise Risk Management na performance das empresas ibéricas cotadas

Abstract

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.

Date of Award	8 Jul 2021
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Cunha (Supervisor)