| Title |
Impact of enterprise risk management on companies’ financial performance and value during crisis: European non-financial sectors - energy and telecommunication |
| Translation of Title |
Impact of enterprise risk management on companies’ financial performance and value during crisis: European non-financial sectors - energy and telecommunication. |
| Authors |
Rakauskaitė, Akvilė |
| Full Text |
|
| Keywords [eng] |
enterprise risk management ; ROA ; Tobin’s Q ; energy ; telecommunication |
| Abstract [eng] |
Research focuses to the effect of implementing Enterprise risk management (hereinafter – ERM) to the market value and performance of companies and how it has changed in non-financial sectors energy and telecommunication after crisis. Theoretical framework and research design defines main conceptual relationships between ERM, market value (Tobin’s Q) and enterprise performance (ROA) selected measures. Empirical results are based on publicly listed largest European Energy (total 51 company) and Telecommunication (total 21 company) balanced data for two periods 2003-2006 (pre crisis) and 2011-2014 (after crisis). ERM existence is determined by annual reports data about ERM system implementation. Results showed that after crisis ERM effect to companies’ value and performance has changed. After crisis investors started to value ERM existence in enterprise as good sign of mature management practices and that was reflected in the market value of company particular in Energy sector. ERM effect to profitability of company had opposite effect as before crisis there was effect in Energy sector and after crisis effect vanished. |
| Dissertation Institution |
ISM Vadybos ir ekonomikos universitetas. |
| Type |
Master thesis |
| Language |
English |
| Publication date |
2016 |
