The impact of enterprise risk management on the performance of companies in transition countries: Serbia case study

Panić, Marija; Veličković, Milica; Voza, Danijela; Živković, Živan; Virglerová, Zuzana

doi:10.21314/jop.2019.230

Cited by 6 publications

(6 citation statements)

References 69 publications

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“…Several studies have found that the ERM has a significant effect on the financial performance of companies (Shad and Lai 2019;Liem 2018;Olayinka et al 2017;Soliman and Adam 2017). Another approach has focused on operational performance and ERM (Altanashat et al 2019;Callahan and Soileau 2017;Panić et al 2019). According to Dey et al (2018), there is a significant association between the degree of financial risk disclosure and a firm's financial characteristics as a function of firm size, financial performance and auditor.…”

Section: Erm and Firm Performancementioning

confidence: 99%

Risk Management Practices and Firm Performance with a Mediating Role of Business Model Innovation. Observations from Jordan

Al-Nimer

Abbadi

Al-Omush

et al. 2021

JRFM

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This study focused on scrutinizing the influence of Enterprises Risk Management (ERM) on firm performance with a mediating role of Business Model Innovation (BMI). For the purpose, data from 228 Jordanian firms was collected and analyzed. The results indicated that the ERM practices have a significant influence on BMI and financial firm’s performance. The BMI significantly contributed to the financial and nonfinancial performance, whereas it displayed insignificant effects regarding environmental performance. The BMI fully mediated the relationship between ERM practices and financial performance, where a partial mediating effect was observed for the path between ERM practices and nonfinancial performance, while showed no mediating role between the ERM practices and environmental performance. Economies of countries like Jordan are hereby urged to implement the formal ERM practices and to financially educate their top management teams to apply the BMI to gain first-rate performance. This study also encourages the researchers from other countries to extend this model to their economies to unleash useful insights.

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Section: Erm and Firm Performancementioning

confidence: 99%

Risk Management Practices and Firm Performance with a Mediating Role of Business Model Innovation. Observations from Jordan

Al-Nimer

Abbadi

Al-Omush

et al. 2021

JRFM

View full text Add to dashboard Cite

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“…In the face of increasingly complex competition in the market environment, the financial risk management of enterprises is under increasing pressure. Literature [16] explains that enterprise risk management has the role of reducing the company's operating risks and improving the company's economic efficiency, and cites seven risky operations of the company as a framework for building an enterprise risk management analytical framework, in order to make clear what kind of impacts different types of enterprise risks have on the operation of the company and market competition. Literature [17] explored the association between operational capability and sustainable risk management in Palestinian insurance firms and pointed out that the strength of ERM capability significantly affects the profitability of firms.…”

Section: Introductionmentioning

confidence: 99%

Research on the Application of Data Mining Techniques in Early Warning Models for Financial Management

2024

Applied Mathematics and Nonlinear Sciences

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In the process of accelerating enterprise development in China, enterprises are prone to financial management crises while grasping development opportunities. This paper is oriented towards enterprise financial management data and proposes an adaptive neuro-fuzzy inference system to reason about risky data. The ANFIS model is integrated into K-mean clustering to provide early warning of enterprise risk by dividing different financial management risk indicators. The validation method uses both the comparison of similar algorithms and the practical test of A enterprise. Compared to other analysis models, the accuracy of the early warning model constructed by the K-Means algorithm is as high as 99.64%, which is suitable for enterprise financial management early warning. Using the model built in this paper to cluster the types of enterprise financial risk, the second cluster centers clusters of enterprises in financial difficulties, a number of indicators show negative results, and the net sales interest rate is as low as −94.23. This indicator is applied to the financial crisis of Company A’s financial situation analysis and found to be consistent with the characteristics of the second cluster center. This verifies the accuracy of the financial early warning model constructed in this paper.

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“…Effective risk management is essential in a very unpredictable business environment to ensure a company's survival and success (Bartram, 2000;Virglerova et al, 2022). As a result, many organizations use Enterprise Risk Management (ERM) to assess every possible risk and determine how much of an impact they may have on the company's value (Meulbroek, 2005;Hoyt & Liebenberg, 2011;Panić et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

Enterprise risk management using the FMEA-AHP approach

Panić

2024

XIX International May Conference on Strategic Management – IMCSM24 Proceedings - Zbornik Radova

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Risk is an integral part of people's lives and and companies' business. It is often associated with uncertainty because an event can happen but does not necessarily happen. Every decision that managers make carries a certain degree of risk. Therefore, managers must be innovative, flexible and ready to deal with risks. Certain risks can be eliminated or reduced depending on the available capabilities and resources. In today's business conditions and constant changes, for companies to maintain their position in the market, Enterprise Risk Management (ERM) is imperative. The goal of ERM is to recognize all positive and negative factors that can affect the company, thereby increasing the probability of success and reducing the probability of failure to achieve the company's goals. In this paper, the identification of risks in the production company was first carried out using the FMEA method. Then, by applying the AHP method in the Expert Choice software program, the proposed alternatives for ERM were ranked. The obtained results showed that the mentioned measures can greatly improve business operations and significantly mitigate the risks the investigated company faces.

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The impact of enterprise risk management on the performance of companies in transition countries: Serbia case study

Cited by 6 publications

References 69 publications

Risk Management Practices and Firm Performance with a Mediating Role of Business Model Innovation. Observations from Jordan

Risk Management Practices and Firm Performance with a Mediating Role of Business Model Innovation. Observations from Jordan

Research on the Application of Data Mining Techniques in Early Warning Models for Financial Management

Enterprise risk management using the FMEA-AHP approach

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