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Does Enterprise Risk Management Create Value

Norlida Abdul Manab 1 and Zahiruddin Ghazali 2
1. Department of Banking and Risk Management, School of Economics, Finance and Banking, Universiti Utara Malaysia, Malaysia
2. Department of Finance, School of Economics Finance and Banking, Universiti Utara Malaysia, Malaysia

Abstract—This research paper examines whether the enterprise risk management (ERM) practices can create value to Malaysian public listed companies (PLCs) in Malaysia. The sample consists of 417 PLCs in Malaysia. The analysis focuses on the companies’ financial characteristics by using stepwise multiple regressions. This research ventures into understanding the influence of financial ratios and risk management on shareholders wealth. The findings show that return on equity, opacity, debt over asset, operating margin, cost of financing and taxation, and financial slack are significant for financial companies. While, only return on asset is significant for financial companies. This is could be due to the nature of financial companies that are highly regulated.

Index Terms—enterprise risk management, shareholder value, corporate governance, public listed companies, Malaysia

Cite: Norlida Abdul Manab and Zahiruddin Ghazali, "Does Enterprise Risk Management Create Value," Journal of Advanced Management Science, Vol. 1, No. 4, pp. 358-362, December 2013. doi: 10.12720/joams.1.4.358-362
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