Risk Management and Value Creation

OPEN ARCHIVE

Union Jack
Dannebrog

Risk Management and Value Creation

Vis flere oplysninger

Titel: Risk Management and Value Creation
Forfatter: Andersen, Torben Juul; Oliviero, Roggi
Resume: Corporate failures, periodic recessions, regional debt crises and volatile financial markets have intensified the focus on risk management as the means to deal with turbulent conditions. The ability to respond effectively to abrupt environmental impacts is considered an important source of competitive advantage. Yet, surprisingly little research has analyzed whether the presumed advantages of effective risk management are associated with superior outcomes. Here we present a comprehensive study of risk management effectiveness and the relationship to corporate performance based on more than 33,500 observations in 3,400 firms over the turbulent 20-year period 1991-2010. Determining effective risk management as the ability to reduce earnings and cash flow volatility, we find that both have significant positive relationships to lagged performance measures after controlling for industry effects, company size and financial leverage.
URI: http://hdl.handle.net/10398/8697
Dato: 2013-05-16
Note: 5th International Risk Management Conference Global Standards for Risk Measurement, Management and Regulation Rome, Italy, June 18-19, 2012

Creative Commons License This work is licensed under a Creative Commons License.

Filer Størrelse Format Vis
Torben Andersen Roggi.pdf 132.3Kb PDF Vis/Åbn Working Paper

Dette dokument findes i følgende samling(er)

Vis flere oplysninger