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Determinants of Enterprise Risk Management: An Empirical Research on Industrial Companies

Yıl 2017, Cilt: 32 Sayı: 1, 299 - 321, 13.07.2017
https://doi.org/10.24988/deuiibf.2017321587

Öz

The phenomenon of risk management has changed along with the starting experiencing the intense way of globalization and diversification of business activities. Traditional risk management approach that focus on only specific risks gives way to enterprise risk management that all risks are managed in a coordinated manner and has purpose to create value for stakeholders. In this study, determinants of enterprise risk management on industrial companies that publicly listed in Borsa Istanbul in 2014 are investigated. As a result of analysis by logistic regression method, it is determined that company size has significantly and positively effect on the enterprise risk management; but also big four audit firms and financial leverage have insignificant and positive effect on enterprise risk management.

Kaynakça

  • ABDEL-AZIM, M.H, ve ABDELMONIEM, Z. (2015). Risk Management and Disclosure And Their Impact on Firm Value. International Journal of Business, Accounting and Finance, 9 (1), Spring, 30-43.
  • AHMAD, S., NG, C., McMANUS, L.A (2014). Enterprise Risk Management Implementatiokgn: Some Empirical Evidence From Large Australian Companies. International Conference on Accounting Studies, 18-19 August, Kuala Lumpur,Malaysia.
  • ALLAYANIS, G., WESTON, J.P (2001). The Use of Foreign Currency Derivatives and Firm Market Value. The Review of Financial Studies. 14(1). 243-276.
  • BEASLEY, M., CLUNE, R., HERMANSON, D. (2005). Enterprise Risk Management: An Empirical Analysis of Factors Associated with the Extent of Implementation, Journal of Accounting and Public Policy 24(6): 521-531.
  • BERTINETTI, G. S., CAVEZZALI, E., GARDENAL, G. (2013). The Effect of The Enterprise Risk Management Implementation on The Firm Value of European Countries. Working Paper Università Ca’ Foscari di Venezia, Marzo.
  • DAUD, W., vd. (2010). The Effect of Chief Risk Officer (CRO) On Enterprise Risk Management (ERM) Practices: Evidence From Malaysia, International Business&Economics Research Journal, November, 9(11): 55-64.
  • DESENDER, K. (2007). On The Determinants of Enterprise Risk Management Implementation. Managing Worldwide Operations & Communications with Information Technology. Idea Group. 115-118.
  • GHOSH, A. (2013). An Empirical Investigation into Enterprise Risk Management in India. Indian Institute of Management Calcutta, Finance and Control Group. Working Papers. WPS No. 722.
  • GOLSHAN, N. M ve RASID, S.Z.A (2012). Determinants of Enterprise Risk Management Adoption: An Empirical Analysis of Malaysian Public Listed Firms, World Academy of Science Engineering and Technology, 62, 453-460.
  • GORDON, L.A, LOEB, M.P, TSENG, C.Y (2009). Enterprise Risk Management and Firm Performance: A Contingency Perspective. Journal of Accounting and Public Policy, 28(4), 301-327.
  • HAMPTON, J.J. (2009). Fundamentals of Enterprise Risk Management: How Top Companies Assess Risk, Manage Exposure, and Seize Opportunity. New York:American Management Association (AMACOM).
  • HOSMER, D.W ve LEMESHOW, S. (2000). Applied Logistic Regression. Second Edition, John Wiley&Sons.
  • HOYT, R. E., LIEBENBERG, A. P. (2008): The Value of Enterprise Risk Management: Evidence from the U.S. Insurance Industry, Society of Actuaries, ERM Monograph Paper.
  • HOYT, R., LIENBERG, A.P. (2011). The Value Of Enterprise Risk Management. Journal of Risk and Insurance. 78(4). 795-822.
  • IDRIS, S.M.M., ABDULLAH, A. (2014). A Conceptual Framework on Determinants of Enterprise Risk Management (ERM) Adoption: A Study in Manufacturing Small and Medium Enterprises (SMEs). 1st AAGBS International Conference on Business Management, 245-255.
  • KLEFFNER, A. E., LEE, R. B., MCGANNON, B. (2003). The Effect of Corporate Governance on the use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review , 6 (1), 53-73.
  • LI vd. (2014). Enterprise Risk Management and Firm Value Within China’s Insurance Industry. Acta Commercii, 14(1), 1-10.
  • LIENBERG, A.P, HOYT, R. (2003). The Determinants of Enterprise Risk Management: Evidence From The Appointment of Chief Risk Officers. Risk Management and Insurance Review. 6(1). 37-52.
  • LUNDQVİST, S. A. (2014). Abondoning Silos for Integration: Implementing Enterprise Risk Management and Risk Governance, Lund University Press, Sweden.
  • MCSHANE, M. K., NAIR, A., RUSTAMBEKOV, E. (2011). Does Enterprise Risk Management Increase Firm Value? Journal of Accounting, Auditing & Finance, 16(4): 641-658.
  • MONDA, B., GIORGINO, M. (2013). An ERM Maturity Model. Enterprise Risk Management Symposium. April 22-24, Chicago, IL, United States.
  • ÖNDER, Ş., ERGİN, H. (2012). Determiners of Enterprise Risk Management Applications in Turkey. An Empirical Study with Logistic Regression Model on the Companies Included in ISE (İstanbul Stock Exchange). Business and Economic Horizons. 7(1). 19-26.
  • PAGACH, D., WARR, R. (2011). The Characteristic of Firms That Hire Chief Risk Officers. The Journal of Risk and Insurance. 78(1). 185-211.
  • PEHLİVANLI, D. (2012). Kar Amacı Gütmeyen Kuruluşlarda Kurumsal Risk Yönetimi ve Risk Çalıştayı Vaka Çalışması. Muhasebe ve Finansman Dergisi. Ocak.
  • STANDART and POOR’S (2008). Standard & Poor’s Applies ERM Analysis to Ratings. Enterprise Risk Management Initative.
  • ŞEKERCİ, N. (2011). Does Enterprise Risk Management Create Value for Firms? Evidence From Nordic Countries. Lund University, Working Paper.
  • ŞENOL, Z., KARACA, S.S, EKŞİ, İ.H. (2015). Kurumsal Risk Yönetiminin Firma Değerine Etkisi: Borsa İstanbul (BİST 100) Örneği. 19. Finans Sempozyumu,Çorum, 799-806.
  • YAZID, A.S., RAZALI, A.R., HUSSIN, M.R. (2012). Determinants of Enterprise Risk Management (ERM): A Proposed Framework for Malaysian Public Listed Companies. International Business Research . 5(1). 80-86.
  • ZOU, H. (2010). Hedging Affecting Firm Value via Financing and Investment: Evidence from Property Insurance Use. Financial Management, Autumn: 965-995.

Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma

Yıl 2017, Cilt: 32 Sayı: 1, 299 - 321, 13.07.2017
https://doi.org/10.24988/deuiibf.2017321587

Öz

Risk yönetimi olgusu, küreselleşmenin yoğun biçimde yaşanmaya başlaması ve işletme faaliyetlerinin çeşitlenmesi ile birlikte değişim göstermektedir. Yalnızca belirli risklere odaklanan geleneksel risk yönetimi anlayışı, yerini tüm risklerin koordineli bir biçimde ele
alındığı ve paydaşlara değer yaratma amacı güden kurumsal risk yönetimine bırakmaya başlamıştır. Bu çalışmada, 2014 yılında sanayi sektöründe yer alan halka açık işletmelerde kurumsal risk yönetimi varlığının belirleyicileri araştırılmaktadır. Lojistik regresyon yöntemi ile yapılan analiz sonucunda, işletme büyüklüğünün kurumsal risk yönetimi üzerinde anlamlı ve pozitif; finansal kaldıraç oranı ve dört büyük denetim firmasının ise kurumsal risk yönetimi üzerinde anlamlı olmayan ancak pozitif yönlü bir etkiye sahip olduğu belirlenmiştir.

Kaynakça

  • ABDEL-AZIM, M.H, ve ABDELMONIEM, Z. (2015). Risk Management and Disclosure And Their Impact on Firm Value. International Journal of Business, Accounting and Finance, 9 (1), Spring, 30-43.
  • AHMAD, S., NG, C., McMANUS, L.A (2014). Enterprise Risk Management Implementatiokgn: Some Empirical Evidence From Large Australian Companies. International Conference on Accounting Studies, 18-19 August, Kuala Lumpur,Malaysia.
  • ALLAYANIS, G., WESTON, J.P (2001). The Use of Foreign Currency Derivatives and Firm Market Value. The Review of Financial Studies. 14(1). 243-276.
  • BEASLEY, M., CLUNE, R., HERMANSON, D. (2005). Enterprise Risk Management: An Empirical Analysis of Factors Associated with the Extent of Implementation, Journal of Accounting and Public Policy 24(6): 521-531.
  • BERTINETTI, G. S., CAVEZZALI, E., GARDENAL, G. (2013). The Effect of The Enterprise Risk Management Implementation on The Firm Value of European Countries. Working Paper Università Ca’ Foscari di Venezia, Marzo.
  • DAUD, W., vd. (2010). The Effect of Chief Risk Officer (CRO) On Enterprise Risk Management (ERM) Practices: Evidence From Malaysia, International Business&Economics Research Journal, November, 9(11): 55-64.
  • DESENDER, K. (2007). On The Determinants of Enterprise Risk Management Implementation. Managing Worldwide Operations & Communications with Information Technology. Idea Group. 115-118.
  • GHOSH, A. (2013). An Empirical Investigation into Enterprise Risk Management in India. Indian Institute of Management Calcutta, Finance and Control Group. Working Papers. WPS No. 722.
  • GOLSHAN, N. M ve RASID, S.Z.A (2012). Determinants of Enterprise Risk Management Adoption: An Empirical Analysis of Malaysian Public Listed Firms, World Academy of Science Engineering and Technology, 62, 453-460.
  • GORDON, L.A, LOEB, M.P, TSENG, C.Y (2009). Enterprise Risk Management and Firm Performance: A Contingency Perspective. Journal of Accounting and Public Policy, 28(4), 301-327.
  • HAMPTON, J.J. (2009). Fundamentals of Enterprise Risk Management: How Top Companies Assess Risk, Manage Exposure, and Seize Opportunity. New York:American Management Association (AMACOM).
  • HOSMER, D.W ve LEMESHOW, S. (2000). Applied Logistic Regression. Second Edition, John Wiley&Sons.
  • HOYT, R. E., LIEBENBERG, A. P. (2008): The Value of Enterprise Risk Management: Evidence from the U.S. Insurance Industry, Society of Actuaries, ERM Monograph Paper.
  • HOYT, R., LIENBERG, A.P. (2011). The Value Of Enterprise Risk Management. Journal of Risk and Insurance. 78(4). 795-822.
  • IDRIS, S.M.M., ABDULLAH, A. (2014). A Conceptual Framework on Determinants of Enterprise Risk Management (ERM) Adoption: A Study in Manufacturing Small and Medium Enterprises (SMEs). 1st AAGBS International Conference on Business Management, 245-255.
  • KLEFFNER, A. E., LEE, R. B., MCGANNON, B. (2003). The Effect of Corporate Governance on the use of Enterprise Risk Management: Evidence from Canada. Risk Management and Insurance Review , 6 (1), 53-73.
  • LI vd. (2014). Enterprise Risk Management and Firm Value Within China’s Insurance Industry. Acta Commercii, 14(1), 1-10.
  • LIENBERG, A.P, HOYT, R. (2003). The Determinants of Enterprise Risk Management: Evidence From The Appointment of Chief Risk Officers. Risk Management and Insurance Review. 6(1). 37-52.
  • LUNDQVİST, S. A. (2014). Abondoning Silos for Integration: Implementing Enterprise Risk Management and Risk Governance, Lund University Press, Sweden.
  • MCSHANE, M. K., NAIR, A., RUSTAMBEKOV, E. (2011). Does Enterprise Risk Management Increase Firm Value? Journal of Accounting, Auditing & Finance, 16(4): 641-658.
  • MONDA, B., GIORGINO, M. (2013). An ERM Maturity Model. Enterprise Risk Management Symposium. April 22-24, Chicago, IL, United States.
  • ÖNDER, Ş., ERGİN, H. (2012). Determiners of Enterprise Risk Management Applications in Turkey. An Empirical Study with Logistic Regression Model on the Companies Included in ISE (İstanbul Stock Exchange). Business and Economic Horizons. 7(1). 19-26.
  • PAGACH, D., WARR, R. (2011). The Characteristic of Firms That Hire Chief Risk Officers. The Journal of Risk and Insurance. 78(1). 185-211.
  • PEHLİVANLI, D. (2012). Kar Amacı Gütmeyen Kuruluşlarda Kurumsal Risk Yönetimi ve Risk Çalıştayı Vaka Çalışması. Muhasebe ve Finansman Dergisi. Ocak.
  • STANDART and POOR’S (2008). Standard & Poor’s Applies ERM Analysis to Ratings. Enterprise Risk Management Initative.
  • ŞEKERCİ, N. (2011). Does Enterprise Risk Management Create Value for Firms? Evidence From Nordic Countries. Lund University, Working Paper.
  • ŞENOL, Z., KARACA, S.S, EKŞİ, İ.H. (2015). Kurumsal Risk Yönetiminin Firma Değerine Etkisi: Borsa İstanbul (BİST 100) Örneği. 19. Finans Sempozyumu,Çorum, 799-806.
  • YAZID, A.S., RAZALI, A.R., HUSSIN, M.R. (2012). Determinants of Enterprise Risk Management (ERM): A Proposed Framework for Malaysian Public Listed Companies. International Business Research . 5(1). 80-86.
  • ZOU, H. (2010). Hedging Affecting Firm Value via Financing and Investment: Evidence from Property Insurance Use. Financial Management, Autumn: 965-995.
Toplam 29 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Anıl Gacar

Semra Öncü Bu kişi benim

Yayımlanma Tarihi 13 Temmuz 2017
Kabul Tarihi 7 Şubat 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 32 Sayı: 1

Kaynak Göster

APA Gacar, A., & Öncü, S. (2017). Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 32(1), 299-321. https://doi.org/10.24988/deuiibf.2017321587
AMA Gacar A, Öncü S. Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. Temmuz 2017;32(1):299-321. doi:10.24988/deuiibf.2017321587
Chicago Gacar, Anıl, ve Semra Öncü. “Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 32, sy. 1 (Temmuz 2017): 299-321. https://doi.org/10.24988/deuiibf.2017321587.
EndNote Gacar A, Öncü S (01 Temmuz 2017) Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 32 1 299–321.
IEEE A. Gacar ve S. Öncü, “Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 32, sy. 1, ss. 299–321, 2017, doi: 10.24988/deuiibf.2017321587.
ISNAD Gacar, Anıl - Öncü, Semra. “Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 32/1 (Temmuz 2017), 299-321. https://doi.org/10.24988/deuiibf.2017321587.
JAMA Gacar A, Öncü S. Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2017;32:299–321.
MLA Gacar, Anıl ve Semra Öncü. “Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 32, sy. 1, 2017, ss. 299-21, doi:10.24988/deuiibf.2017321587.
Vancouver Gacar A, Öncü S. Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2017;32(1):299-321.