The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers
The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers
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DOI：
10.1111/1098-1616.00019
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发表时间：
2003-02
期刊：
影响因子：
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通讯作者：
Andre P. Liebenberg;R. Hoyt
中科院分区：
文献类型：
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作者：
Andre P. Liebenberg;R. Hoyt
企业风险管理已经引起了世界范围内风险管理专业人士和学者的关注。与传统的“基于竖井”的企业风险管理方法不同，ERM使企业能够受益于一种综合的风险管理方法，这种方法将风险管理职能的重点从主要防御性转移到越来越具有进攻性和战略性。尽管对环境风险管理的兴趣日益浓厚，但关于这一主题的实证研究却很少。这项研究为确定企业资源管理采用的决定因素提供了初步的尝试。我们通过任命一名首席风险官(CRO)负责实施和管理ERM计划，构建了一个表明他们使用ERM的公司的样本。我们使用Logistic回归框架将这些公司与规模和行业匹配的对照样本进行比较。虽然我们的结果表明样本公司和对照公司的财务和所有权特征总体上没有差异，但我们发现财务杠杆较大的公司更有可能任命一名CRO。这一发现与公司任命CRO以减少关于公司当前和预期风险状况的信息不对称的假设是一致的。
Enterprise risk management (ERM) has captured the attention of risk management professionals and academics worldwide. Unlike the traditional "silo-based" approach to corporate risk management, ERM enables firms to benefit from an integrated approach to managing risk that shifts the focus of the risk management function from primarily defensive to increasingly offensive and strategic. Despite the heightened interest in ERM, little empirical research has been conducted on the topic. This study provides an initial attempt at identifying the determinants of ERM adoption. We construct a sample of firms that have signaled their use of ERM by appointing a Chief Risk Officer (CRO) who is charged with the responsibility of implementing and managing the ERM program. We use a logistic regression framework to compare these firms to a size - and industry-matched control sample. While our results suggest a general absence of differences in the financial and ownership characteristics of sample and control firms, we find that firms with greater financial leverage are more likely to appoint a CRO. This finding is consistent with the hypothesis that firms appoint CROs to reduce information asymmetry regarding the firm's current and expected risk profile.