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ENTERPRISE RISK MANAGEMENT AND FIRM PERFORMANCE: A REVIEW ON BORSA ISTANBUL

Year 2023, Issue: 66, 57 - 63, 31.12.2023

Ersin Mengeş , Mehmet Aygün

https://doi.org/10.18070/erciyesiibd.1321823

Abstract

Risk management is a constantly evolving and changing discipline. Enterprise risk management
(CRM) can be defined as the whole of the attempts made to understand and evaluate all risks and
to take measures related to them in order to increase the probability of success of institutions and
reduce the probability of failure.
The main purpose of this study is to examine the performance of Enterprise Risk Management over
companies and to realize this by making use of the data of 146 companies operating in Borsa Istanbul
for the years 2020-2021. In the study, the model developed by Gordon et al. (2009) and frequently
used in studies on the subject was used as an enterprise risk management measurement. In the study,
accounting-based (profitability) and market-based (return) variables, which are firm performance
indicators, are discussed. As a result of the empirical study, it has been concluded that the relationship
between the performance indicators of the companies of ERM is both positive and statistically
significant on the profitability variable.

Keywords

Risk Management Enterprise Risk Management Firm Performance

References

  • Akçakanat, Ö. (2012). Kurumsal Risk Yönetimi ve Kurumsal Risk Yönetim Süreci. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 4(7), 30-46.
  • Alawattegama, K. (2018). The Impact of Enterprise Risk Management on Firm Performance: Evidence from Sri Lankan Banking and Finance Industry. International Journal of Business and Management, 13(1), 225-237.
  • Annamalah, S., Raman, M., Marthandan, G., & Logeswaran, A. K. (2018). Implementation of Enterprise Risk Management (ERM) Framework in Enhancing Business Performances in Oil and Gas Sector. Economies 2018, 6(1), 4.
  • 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, 151-57.
  • Ballantyne, R. (2013). An Empirical Investigation into the Association Between Enterprise Risk Management and Firm Financial Performance. (Doctoral Dissertation). Lawrence Technological University.
  • Banham, R. (1999). Kit and Caboodle: Understanding the Skepticism about Enterprise Risk Management. CFO Magazine.
  • Barton, T., Shenkir, W., & Walker, P. (2002). Making Enterprise Risk Management Pay off. books.google.com, 2.
  • Beasley, M. S. (2016). What is Enterprise Risk Management? North Carolina: NC State ERM Initiative.
  • D’arcy, S. P., & Brogan, J. C. (2001). Enterprise Risk Management. Journal of Risk Management of Korea, 12(1), 207-228.
  • Dickinson, G. (2001). Enterprise Risk Management: Its Origins and Conceptual Foundations. The Geneva Papers on Risk and Insurance, Vol. 26 No. 3, 360-366.
  • Ertan, Y., Aylin, P., & Tuba, B. K. (2017). Kurumsal Risk Yönetimi Olgunlaşma Seviyesinin Finansal Performansa Etkisi: Türkiye Örneği. Muhasebe ve Finansman Dergisi, 139-156.
  • Faisal, F., Abidin, Z., & Haryanto, H. (2021). Enterprise Risk Management (ERM) and Firm Value: The Mediating Role of Investment Decisions. Cogent Economics & Finance, 9(1).
  • Florio, C., & Leoni, G. (2017). Enterprise Risk Management and Firm Performance: The Italian Case. The British Accounting Review, Volume 49, Issue 1, 56-74.
  • Frame, J. D. (2003). Managing Risk in Organizations A Guide for Managers. San Francisco: Jossey-Bass. Gacar, A., & Öncü, S. (2017). Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi, İİBF Dergisi, Cilt:32, Sayı:1, 299-321.
  • González, L. O., Pablo, D. S., & Aracely, T. H. (2020). The Effect of Enterprise Risk Management on the Risk and the Performance of Spanish Listed Companies. European Research on Management and Business Economics, 26, 111-120.
  • 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.
  • Hanggraeni, D., Beata, S., Liyu, A. K., & Athor, S. (2019). The Impact of Internal, External and Enterprise Risk Management on the Performance of Micro. Small and Medium Enterprises Sustainability, 11, 1-17.
  • Harrington, S. E., Niehaus, G., & Risko, K. J. (2002). Enterprise Risk Management: The case of United Grain Growers. Journal of Applied Corporate Finance, 14 (4), 71-81.
  • Holton, G. A. (1996). Closed Form Value at Risk Contingency Analysis. http://www.contingencyanalysis.com. Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78(4), 795-822.
  • Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193-228.
  • Laisasikorn, K., & Rompho, N. (2014). A Study of the Relationship Between a Successful Enterprise Risk Management System, A Performance Measurement System and the Financial Performance of Thai Listed Companies. Journal of Applied Business & Economics, 16(2), 81-92.
  • Lechner, P., & Nadine, G. (2018). Determinants and Value of Enterprise Risk Management: Empirical Evidence from Germany. European Journal of Finance, 24, 867–87.
  • Li, L. (2018). A Study on Enterprise Risk Management and Business Performance. Journal of Financial Risk Management, 7, 123-138.
  • Liebenberg, A., & Hoyt, R. (2003). The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers. Risk Management and Insurance Review, Vol. 6, No. 1, 37-52.
  • Makomaski, J. (2008). So What Exactly is ERM? Risk Management, 55(4), 80-81.
  • Malik, M., Zaman, M., & Buckby, S. (2020). Enterprise Risk Management and Firm Performance: Role of the Risk Committee. Journal of Contemporary Accounting and Economics, 16: 1-20.
  • McShane, M., Nair, A., & Rustambekov, E. (2011). Does Enterprise Risk Management Increase Firm Value? Journal of Accounting, Auditing & Finance, 26(4), 641-658.
  • Meulbroek, L. K. (2002). A Senior Manager’s Guide to Integrated Risk Management . Journal of Applied Corporate Finance, 14 (4), 56-70.
  • Miccolis, J. (2000). Enterprise Risk Management in the Financial Services Industry: Still A Long Way to Go. Retrieved August.
  • Miller, K. D., & Waller, H. G. (2003). Scenarios, Real Options and Integrated Risk Management. Long Range Planning, 36(1), 93-107.
  • Muneer, S. (2020). Enterprise Rısk Management and Performance of Pakistan Manufacturing Firms: Does the Equity Ownershıp Matter? . International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, Volume 11 No.8, 1-13.
  • Muslih, M. (2018). The Benefit of Enterprise Risk Management (ERM) on Firm Performance. IMAR Indonesian Management and Accounting Research, Volume 17, Number 02, 171-188.
  • Önder, Ş., & Ergin, H. (2012). Determiners of Enterprise Risk Management Applications in Turkey: An Empirical Study with Logistic Regression Model on the Companies Included in ISE (Istanbul Stock Exchange). Business and Economic Horizons, 7(1), 19-26.
  • Önder, Ş., & Özdemir, İ. (2022). Kurumsal Risk Yönetiminin (KRY) Finansal Performans Üzerine Etkisi: BİST İmalat Sanayisinde Bir Uygulama. The Journal of International Scientific Researches, 7(Ek), 46-55.
  • Pagach, D., & Richard, W. (2011). The Characteristics of Firms That Hire Chief Risk Officers. Journal of Risk and Insurance, 78(1), 185-211.
  • Panicker, S., & Hiremath, V. (2016). An Empirical Analysis of ERMI (Enterprise Risk Management Index) on Organisational Turnarounds and Its Impact on Information Technology Sector. Pacific Business Review International, Volume 9, Issue 5, 83-93.
  • Ping, T. A., & Rajendran, M. (2015). The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia. Asian Social Science, Vol. 11, No. 22, 149-159.
  • Saeidi, P., Sayyedeh, P. S., Leonardo, G., Dalia, S., Melf, A., Sayedeh, P. S., & Abbas, M. (2021). The Influence of Enterprise Risk Management on Firm Performance with the Moderating of Intellectual Capital Dimensions. Economic Research, 34(1), 122-151.
  • Sayılır, Ö., & Farhan, M. (2017). Enterprise Risk Management and Its Effect on Firm Value in Turkey. Journal of Management Research, 9(1), 86-99.
  • Silva, J., Silva, A., & Chan, B. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil. Emerging Markets Finance & Trade, 55, 687-703.
  • Sobel, P. J., & Reding, K. F. (2004). Aligning Corporate Governance with Enterprise Risk Management. Management Accounting Quarterly, 5(2), 29-37.
  • Soliman, A., Mukhtar, A., & Shubita, M. (2018). The Long-term Relationship between Enterprise Risk Management and Bank Performance: The Missing Link in Nigeria. Banks and Bank Systems, 13(1),128-138.
  • Soltanizadeh, S., Siti, Z. A., Rasid, N. M., & Wan, K. W. (2016). Business Strategy, Enterprise Risk Management and Organizational Performance. Management Research Review, 39, 1016-33.
  • Şenol, Z., Karaca, S. S., & Ekşi, İ. H. (2015). Kurumsal Risk Yönetiminin Firma Değerine Etkisi: Borsa İstanbul (BİST 100) Örneği. 19. Finans Sempozyumu, 21-24 Ekim, (s. 799-806.). Çorum.
  • Verbrugge, J., Smith, C., Niehaus, G., Briscoe, C., Coleman, W., Lawder, K., . . . Chew, D. (2003). University of Georgia Roundtable on Enterprisewide Risk Management. Journal of Applied Corporate Finance, 15(4), 8-26.
  • Waweru, N. M., & Eric, K. S. (2013). The Effect of Enterprise Risk Management Implementation on the Value of Companies Listed in the Nairobi Stock Exchange. Journal of Applied Finance & Banking, Vol. 3, No. 3, 81-105.
  • Yerekapan, A., & Eskin, İ. (2020). Kurumsal Risk Yönetimi ve Firma Büyüklüğünün Firma Performansı Üzerine Etkisi: BİST Örneği. Girişimcilik ve Kalkınma Dergisi, Cilt:15 Sayı:1, 61-74.
  • Zhao, X., Hwang, B. G., & Low, S. P. (2014). Enterprise Risk Management Implementation in Construction Firms. Management Decision, Vol. 52, Iss. 5, 814-833.
  • Zou, X., Isa, C. R., & Rahman, M. (2019). Valuation of Enterprise Risk Management in the Manufacturing Industry. Total Quality Management & Business Excellence, 30(11-12), 1389-1410.

KURUMSAL RİSK YÖNETİMİ VE FİRMA PERFORMANSI: BORSA İSTANBUL ÜZERİNE BİR İNCELEME

Year 2023, Issue: 66, 57 - 63, 31.12.2023

Ersin Mengeş , Mehmet Aygün

https://doi.org/10.18070/erciyesiibd.1321823

Abstract

Risk yönetimi sürekli gelişen ve değişen bir disiplindir. Kurumsal risk yönetimi (KRY), kurumların başarı
olasılığını artırmak, başarısızlık olasılığını da azaltmak amacıyla tüm riskleri anlamak, değerlendirmek
ve bunlarla ilgili önlemler almak üzere yapılan girişimlerin bütünü olarak tanımlanabilmektedir.
Bu çalışmanın temel amacı, KRY ve firma performansı ilişkisini incelemek ve Borsa İstanbul’da faaliyet
gösteren 146 firmanın 2020-2021 yıllarına ait verilerinden yararlanarak bunu gerçekleştirmektir.
Çalışmada kurumsal risk yönetimi ölçümü olarak Gordon vd (2009) tarafından geliştirilen ve konuya
ilişkin yapılan çalışmalarda sıklıkla kullanılan model kullanılmıştır. Çalışmada firma performans
göstergesi olan muhasebe temelli (karlılık) ile piyasa temelli (getiri) değişkenleri ele alınmıştır. Yapılan
amprik analiz sonucunda KRY ile firma performans göstergeleri arasında ilişkinin kârlılık değişkeni
üzerinde hem olumlu ve istatistiki açıdan anlamlı olduğu sonuçlanmıştır.

Keywords

Risk Yönetimi Kurumsal Risk Yönetimi Firma Performansı

References

  • Akçakanat, Ö. (2012). Kurumsal Risk Yönetimi ve Kurumsal Risk Yönetim Süreci. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 4(7), 30-46.
  • Alawattegama, K. (2018). The Impact of Enterprise Risk Management on Firm Performance: Evidence from Sri Lankan Banking and Finance Industry. International Journal of Business and Management, 13(1), 225-237.
  • Annamalah, S., Raman, M., Marthandan, G., & Logeswaran, A. K. (2018). Implementation of Enterprise Risk Management (ERM) Framework in Enhancing Business Performances in Oil and Gas Sector. Economies 2018, 6(1), 4.
  • 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, 151-57.
  • Ballantyne, R. (2013). An Empirical Investigation into the Association Between Enterprise Risk Management and Firm Financial Performance. (Doctoral Dissertation). Lawrence Technological University.
  • Banham, R. (1999). Kit and Caboodle: Understanding the Skepticism about Enterprise Risk Management. CFO Magazine.
  • Barton, T., Shenkir, W., & Walker, P. (2002). Making Enterprise Risk Management Pay off. books.google.com, 2.
  • Beasley, M. S. (2016). What is Enterprise Risk Management? North Carolina: NC State ERM Initiative.
  • D’arcy, S. P., & Brogan, J. C. (2001). Enterprise Risk Management. Journal of Risk Management of Korea, 12(1), 207-228.
  • Dickinson, G. (2001). Enterprise Risk Management: Its Origins and Conceptual Foundations. The Geneva Papers on Risk and Insurance, Vol. 26 No. 3, 360-366.
  • Ertan, Y., Aylin, P., & Tuba, B. K. (2017). Kurumsal Risk Yönetimi Olgunlaşma Seviyesinin Finansal Performansa Etkisi: Türkiye Örneği. Muhasebe ve Finansman Dergisi, 139-156.
  • Faisal, F., Abidin, Z., & Haryanto, H. (2021). Enterprise Risk Management (ERM) and Firm Value: The Mediating Role of Investment Decisions. Cogent Economics & Finance, 9(1).
  • Florio, C., & Leoni, G. (2017). Enterprise Risk Management and Firm Performance: The Italian Case. The British Accounting Review, Volume 49, Issue 1, 56-74.
  • Frame, J. D. (2003). Managing Risk in Organizations A Guide for Managers. San Francisco: Jossey-Bass. Gacar, A., & Öncü, S. (2017). Kurumsal Risk Yönetiminin Belirleyicileri: Sanayi İşletmeleri Üzerine Ampirik Bir Araştırma. Dokuz Eylül Üniversitesi, İİBF Dergisi, Cilt:32, Sayı:1, 299-321.
  • González, L. O., Pablo, D. S., & Aracely, T. H. (2020). The Effect of Enterprise Risk Management on the Risk and the Performance of Spanish Listed Companies. European Research on Management and Business Economics, 26, 111-120.
  • 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.
  • Hanggraeni, D., Beata, S., Liyu, A. K., & Athor, S. (2019). The Impact of Internal, External and Enterprise Risk Management on the Performance of Micro. Small and Medium Enterprises Sustainability, 11, 1-17.
  • Harrington, S. E., Niehaus, G., & Risko, K. J. (2002). Enterprise Risk Management: The case of United Grain Growers. Journal of Applied Corporate Finance, 14 (4), 71-81.
  • Holton, G. A. (1996). Closed Form Value at Risk Contingency Analysis. http://www.contingencyanalysis.com. Hoyt, R. E., & Liebenberg, A. P. (2011). The Value of Enterprise Risk Management. Journal of Risk and Insurance, 78(4), 795-822.
  • Jones, J. J. (1991). Earnings Management During Import Relief Investigations. Journal of Accounting Research, 29(2), 193-228.
  • Laisasikorn, K., & Rompho, N. (2014). A Study of the Relationship Between a Successful Enterprise Risk Management System, A Performance Measurement System and the Financial Performance of Thai Listed Companies. Journal of Applied Business & Economics, 16(2), 81-92.
  • Lechner, P., & Nadine, G. (2018). Determinants and Value of Enterprise Risk Management: Empirical Evidence from Germany. European Journal of Finance, 24, 867–87.
  • Li, L. (2018). A Study on Enterprise Risk Management and Business Performance. Journal of Financial Risk Management, 7, 123-138.
  • Liebenberg, A., & Hoyt, R. (2003). The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers. Risk Management and Insurance Review, Vol. 6, No. 1, 37-52.
  • Makomaski, J. (2008). So What Exactly is ERM? Risk Management, 55(4), 80-81.
  • Malik, M., Zaman, M., & Buckby, S. (2020). Enterprise Risk Management and Firm Performance: Role of the Risk Committee. Journal of Contemporary Accounting and Economics, 16: 1-20.
  • McShane, M., Nair, A., & Rustambekov, E. (2011). Does Enterprise Risk Management Increase Firm Value? Journal of Accounting, Auditing & Finance, 26(4), 641-658.
  • Meulbroek, L. K. (2002). A Senior Manager’s Guide to Integrated Risk Management . Journal of Applied Corporate Finance, 14 (4), 56-70.
  • Miccolis, J. (2000). Enterprise Risk Management in the Financial Services Industry: Still A Long Way to Go. Retrieved August.
  • Miller, K. D., & Waller, H. G. (2003). Scenarios, Real Options and Integrated Risk Management. Long Range Planning, 36(1), 93-107.
  • Muneer, S. (2020). Enterprise Rısk Management and Performance of Pakistan Manufacturing Firms: Does the Equity Ownershıp Matter? . International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, Volume 11 No.8, 1-13.
  • Muslih, M. (2018). The Benefit of Enterprise Risk Management (ERM) on Firm Performance. IMAR Indonesian Management and Accounting Research, Volume 17, Number 02, 171-188.
  • Önder, Ş., & Ergin, H. (2012). Determiners of Enterprise Risk Management Applications in Turkey: An Empirical Study with Logistic Regression Model on the Companies Included in ISE (Istanbul Stock Exchange). Business and Economic Horizons, 7(1), 19-26.
  • Önder, Ş., & Özdemir, İ. (2022). Kurumsal Risk Yönetiminin (KRY) Finansal Performans Üzerine Etkisi: BİST İmalat Sanayisinde Bir Uygulama. The Journal of International Scientific Researches, 7(Ek), 46-55.
  • Pagach, D., & Richard, W. (2011). The Characteristics of Firms That Hire Chief Risk Officers. Journal of Risk and Insurance, 78(1), 185-211.
  • Panicker, S., & Hiremath, V. (2016). An Empirical Analysis of ERMI (Enterprise Risk Management Index) on Organisational Turnarounds and Its Impact on Information Technology Sector. Pacific Business Review International, Volume 9, Issue 5, 83-93.
  • Ping, T. A., & Rajendran, M. (2015). The Impact of Enterprise Risk Management on Firm Performance: Evidence from Malaysia. Asian Social Science, Vol. 11, No. 22, 149-159.
  • Saeidi, P., Sayyedeh, P. S., Leonardo, G., Dalia, S., Melf, A., Sayedeh, P. S., & Abbas, M. (2021). The Influence of Enterprise Risk Management on Firm Performance with the Moderating of Intellectual Capital Dimensions. Economic Research, 34(1), 122-151.
  • Sayılır, Ö., & Farhan, M. (2017). Enterprise Risk Management and Its Effect on Firm Value in Turkey. Journal of Management Research, 9(1), 86-99.
  • Silva, J., Silva, A., & Chan, B. (2019). Enterprise Risk Management and Firm Value: Evidence from Brazil. Emerging Markets Finance & Trade, 55, 687-703.
  • Sobel, P. J., & Reding, K. F. (2004). Aligning Corporate Governance with Enterprise Risk Management. Management Accounting Quarterly, 5(2), 29-37.
  • Soliman, A., Mukhtar, A., & Shubita, M. (2018). The Long-term Relationship between Enterprise Risk Management and Bank Performance: The Missing Link in Nigeria. Banks and Bank Systems, 13(1),128-138.
  • Soltanizadeh, S., Siti, Z. A., Rasid, N. M., & Wan, K. W. (2016). Business Strategy, Enterprise Risk Management and Organizational Performance. Management Research Review, 39, 1016-33.
  • Şenol, Z., Karaca, S. S., & Ekşi, İ. H. (2015). Kurumsal Risk Yönetiminin Firma Değerine Etkisi: Borsa İstanbul (BİST 100) Örneği. 19. Finans Sempozyumu, 21-24 Ekim, (s. 799-806.). Çorum.
  • Verbrugge, J., Smith, C., Niehaus, G., Briscoe, C., Coleman, W., Lawder, K., . . . Chew, D. (2003). University of Georgia Roundtable on Enterprisewide Risk Management. Journal of Applied Corporate Finance, 15(4), 8-26.
  • Waweru, N. M., & Eric, K. S. (2013). The Effect of Enterprise Risk Management Implementation on the Value of Companies Listed in the Nairobi Stock Exchange. Journal of Applied Finance & Banking, Vol. 3, No. 3, 81-105.
  • Yerekapan, A., & Eskin, İ. (2020). Kurumsal Risk Yönetimi ve Firma Büyüklüğünün Firma Performansı Üzerine Etkisi: BİST Örneği. Girişimcilik ve Kalkınma Dergisi, Cilt:15 Sayı:1, 61-74.
  • Zhao, X., Hwang, B. G., & Low, S. P. (2014). Enterprise Risk Management Implementation in Construction Firms. Management Decision, Vol. 52, Iss. 5, 814-833.
  • Zou, X., Isa, C. R., & Rahman, M. (2019). Valuation of Enterprise Risk Management in the Manufacturing Industry. Total Quality Management & Business Excellence, 30(11-12), 1389-1410.
There are 49 citations in total.

Details

Primary Language Turkish
Subjects Finance, Financial Risk Management
Journal Section Makaleler
Authors

Ersin Mengeş 0000-0002-4404-2486

Mehmet Aygün 0000-0003-2782-3093

Early Pub Date December 30, 2023
Publication Date December 31, 2023
Acceptance Date September 25, 2023
Published in Issue Year 2023 Issue: 66

Cite

APA Mengeş, E., & Aygün, M. (2023). KURUMSAL RİSK YÖNETİMİ VE FİRMA PERFORMANSI: BORSA İSTANBUL ÜZERİNE BİR İNCELEME. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(66), 57-63. https://doi.org/10.18070/erciyesiibd.1321823
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