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

Yıl 2023, , 57 - 63, 31.12.2023

Ersin Mengeş , Mehmet Aygün

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

Öz

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.

Anahtar Kelimeler

Risk Management, Enterprise Risk Management, Firm Performance

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

Öz

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.

Anahtar Kelimeler

Risk Yönetimi, Kurumsal Risk Yönetimi, Firma Performansı

Kaynakça

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