Enterprise Risk Management

Dear Colleagues,

Following the latest global financial crisis, rating agencies, public authorities, regulators, and stock exchanges have recognized the need for risk management and have imposed several requirements in order to enhance risk management practices within public firms (Anton, 2018). As a result, an increasing number of firms (both financial and non-financial) have started to implement a holistic framework for risk management (Eckles et al., 2014) and Enterprise Risk Management (ERM) has become the leading paradigm in risk management. A growing literature on the determinants of ERM adoption and implications for firm value has emerged (Hoyt and Liebenberg, 2015), but the results are rather mixed (Florio and Leoni, 2017) and affected by endogeneity (Bromiley et al., 2015). Furthermore, there are numerous aspects regarding ERM adoption and implementation that have been insufficiently addressed. For example, little is known about how individual and organizational factors affect ERM adoption or how the enforcement of a regulatory framework interacts with firm characteristics to influence ERM adoption and implementation. With a few exceptions (Silva et al., 2019), most of the previous empirical evidence on ERM adoption and implementation is focused mainly on firms from developed countries. Thus, additional empirical evidence for firms active in emerging economies is needed. The aim of this Special Issue is to present the latest theoretical and empirical advances in research on ERM to stimulate and foster discussions on ERM. All submissions must contain original unpublished work not being considered for publication elsewhere.

References

Anton, S. G. (2018). The Impact of Enterprise Risk Management on Firm Value: Empirical Evidence from Romanian Non-Financial Firms, Inzinerine Ekonomika-Engineering Economics, 29(2), 151–157, doi: 10.5755/j01.ee.29.2.16426.

Bromiley, P., McShane, M., Nair, A., Rustambekov, E. (2015). Enterprise Risk Management: Review, Critique, and Research Directions, Long Range Planning, 48(4), 265-276, doi: 10.1016/j.lrp.2014.07.005.

Eckles, D.I., Hoyt, R.E., Miller, S.M. (2014). The impact of enterprise risk management on the marginal cost of reducing risk: Evidence from the insurance industry, Journal of Banking and Finance, 43, 247–261, doi:10.1016/j.jbankfin.2014.02.007.

Florio, C., Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case, British Accounting Review, 49(1), 56-74, doi: 10.1016/j.bar.2016.08.003.

Hoyt, R., Liebenberg, A. (2015). Evidence of the value of enterprise risk management, Journal of Applied Corporate Finance, 27(1), 41–47, doi: 10.1111/jacf.12103.

Silva, J.R., da Silva, A.F., Chan, B.L. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil, Emerging Markets Finance and Trade, 55(3), 687-703, doi: 10.1080/1540496X.2018.

Prof. Dr. Sorin Gabriel Anton
Guest Editor

Manuscript Submission Information

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