Determinants and value of enterprise risk management: empirical evidence from Germany

Lechner, Philipp; Gatzert, Nadine

doi:10.1080/1351847x.2017.1347100

Cited by 123 publications

(149 citation statements)

References 34 publications

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“…Successful ERM practices enable firms to enhance their values and manage risk in an effective way (Lechner and Gatzert 2018). It increases a firm's profitability by reducing different operational and marginal costs as well as reduce the uncertainty of stock market returns (Eckles et al 2014).…”

Section: Erm and Firm Performancementioning

confidence: 99%

Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy

Yang

Ishtiaq

Anwar

2018

JRFM

153

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In the current turbulent market, firms spend lots of tangible and intangible resources to gain competitive advantage and superior performance. Prior studies have discussed several determinants of competitive advantage and performance, particularly in developed economies, whereas small-and medium-sized enterprises (SMEs) in emerging economies have received minor attention. This study examines the mediating role of competitive advantage between enterprise risk management practices and SME performance and the moderating role of financial literacy between enterprise risk management practices and competitive advantage. A structured questionnaire is used to collect data from 304 SMEs operating in the emerging market of Pakistan. The hypotheses of the proposed study are tested through Structural Equation Modeling (SEM) in Analysis of a Moment Structures (AMOS). The results indicate that enterprise risk management practices significantly influence competitive advantage and SME performance. Competitive advantage partially mediates the relationship between enterprise risk management practices and SME performance. Additionally, financial literacy significantly moderates the relationship between enterprise risk management practices and competitive advantage. Firms are advised to implement formal enterprise risk management practices to gain competitive advantage and superior performance. Top managers need to have enough financial education that they will be able to perform risk management practices in an efficient way to gain a competitive position in the market. Implications for practices have been discussed in detail.

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Section: Erm and Firm Performancementioning

confidence: 99%

Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy

Yang

Ishtiaq

Anwar

2018

JRFM

153

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“…These advantages includes, improving risk/returns profile, strengthening management's confidence in business operations and risk monitoring (Shad, Lai et al 2019). Besides, it boosts corporate entrepreneurship, profitability and competitive advantage, reinforce corporate governance and internal control, and compliance to the regulatory bodies (Shad & Lai, 2015a;Zou et al, 2017;Lechner & Gatzert, 2017). In line with that, this study hypothesizes that the adoption of integrated ERM approach will have a positive influence on firm performance.…”

Section: Literature Reviewmentioning

confidence: 68%

Enterprise Risk Management Implementation and Firm Performance: Evidence from the Malaysian Oil and Gas Industry

Shad¹,

Lai²

2019

IJBM

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This paper intends to vindicate the influence of Enterprise Risk Management (ERM) implementation on firm performance. A sample of 11 oil and gas Public Listed Companies (PLC’s) were selected in this study. Data were collected using content analysis with regard to the companies’ ERM practices and their financial performances. ERM implementation was measured using COSO’s ERM integrated framework while the firm financial performance was assessed through return on assets (ROA) measurement. Multiple regression analysis was performed to test eight developed hypotheses. Results indicate that four components of the ERM framework, i.e. supportive internal environment, objective setting, control and monitoring activities, are found to be positive and significant predictors for the firm’s performance. The findings support the efficacy and potential strengths of ERM implementation in the oil and gas companies.

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“…Given the strategic need to ensure the agrarian sector competitiveness, its role in the national economy functioning, it is considered that it is objective and advisable to take into account the complexity in creating such a procedure, which is due primarily to the complementarity between different components of competitiveness (resource, innovation, intellectual, market) .The procedure of the strategy implementation of the agricultural sector competitiveness ensuring of Ukraine is based on the development of appropriate scientific theory, concepts, strategies and tactics, conducting an adequate agricultural policy, problems systematization, the application of means and methods for ensuring the agricultural sector competitiveness (Lechner, Gatzert, 2017).…”

Section: Resultsmentioning

confidence: 99%

“…The fundamental works of the following scientists are devoted to the problems of formation and implementation of the strategy for ensuring the competitiveness of the agrarian sector: Kuzhel (2016), , Bondar (2019), Popova et al (2019), Prystupa, et al (2019) and others. The issues of agrarian sector development and peculiarities of competitive position maintaining of the subjects of agrarian production on the market are researched by leading foreign scientists: Cadilhon (2003), Fearne (2003), Hughes (2003), Moustier (2003, Lechner (2017), Gatzert (2017), Sheldon (2017), Heyden (2015), Sidhu (2015), Volberda (2015).…”

Section: Introductionmentioning

confidence: 99%

Complex Procedure for Implementation of the Strategy of Competitiveness Ensuring of Ukraine’s Agrarian Sector

Haidai

Bahorka

Satyr

et al. 2020

Management Theory and Studies for Rural Business and Infrastructure Development

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The article defines the sequence of assessing the competitiveness factors of the agricultural sector (economic, international, political and legal, technological, social and natural climatic). The scientific approaches to the formation of the mechanism of the strategy realization of ensuring the competitiveness of the agrarian sector of Ukraine are substantiated. In the internal environment of such a mechanism is an interconnected complex of basic components and subordinate elements that reflect the specifics of modern market concepts in agricultural production aimed at ensuring the effective development of the agricultural sector and ensuring food security of the country. An integrated system for managing the competitiveness of the agricultural sector contributes to economic activities, improving product quality and ensuring food security. The article investigates that the agro sphere needs the state support in the reorganization of industrial and economic ties, in particular in the development of various forms of cooperation (including credit), organization of wholesale agro-food markets and the development of the agricultural market infrastructure. In such circumstances, it is essential to significantly expand the state regulatory functions, especially in terms of price regulation, in particular the support of prices for agricultural products, as well as in the strategic programming of the agricultural sector development.The purpose of the article is to investigate and analyze the complex mechanism of implementation of the strategy of ensuring the competitiveness of the agrarian sector of Ukraine as the main task of state policy.

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Determinants and value of enterprise risk management: empirical evidence from Germany

Cited by 123 publications

References 34 publications

Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy

Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy

Enterprise Risk Management Implementation and Firm Performance: Evidence from the Malaysian Oil and Gas Industry

Complex Procedure for Implementation of the Strategy of Competitiveness Ensuring of Ukraine’s Agrarian Sector

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