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Journal of Accounting and Public Policy, Volume 28, Issue 4, July-August 2009, Pages 301-327
Lawrence A. Gordon, Martin P. Loeb, Chih-Yang Tseng
Abstract
In recent years, a paradigm shift has occurred regarding the way organizations view risk management. Instead of looking at risk management from a silo-based perspective, the trend is to take a holistic view of risk management. This holistic approach toward managing an organization’s risk is commonly referred to as enterprise risk management (ERM). Indeed, there is growing support for the general argument that organizations will improve their performance by employing the ERM concept. The basic argument presented in this paper is that the relation between ERM and firm performance is contingent upon the appropriate match between ERM and the following five factors affecting a firm: environmental uncertainty, industry competition, firm size, firm complexity, and board of directors’ monitoring. Based on a sample of 112 US firms that disclose the implementation of their ERM activities within their 10Ks and 10Qs filed with the US Securities and Exchange Commission, empirical evidence confirms the above basic argument. The implication of these findings is that firms should consider the implementation of an ERM system in conjunction with contextual variables surrounding the firm.
Article Outline
1. Introduction
2. Basic argument and research design
2.1. Basic argument
2.1.1. Environmental uncertainty
2.1.2. Industry competition
2.1.3. Firm size
2.1.4. Firm complexity
2.1.5. Monitoring by board of directors
2.2. Research design
3. Empirical study
3.1. Sample
3.2. Measurement of variables
3.2.1. Firm performance
3.2.2. Environmental uncertainty (EU)
3.2.3. Industry competition (CI)
3.2.4. Firm complexity (FC)
3.2.5. Firm size (FS)
3.2.6. Monitoring by board of directors (MBD)
3.2.7. Enterprise Risk Management Index (ERMI)
3.2.7.1. Strategy
3.2.7.2. Operations
3.2.7.3. Reporting
3.2.7.4. Compliance
3.3. Testing method
4. Empirical results
4.1. Summary statistics and univariate test
4.2. Main results
5. Robustness checks
5.1. Propensity matched sample
5.2. Different cutoffs for high performing firms
5.3. Alternative measure for monitoring by board of directors
5.4. Alternative timing of excess returns
6. Concluding comments
Appendix A. Examples of ERM
A.1. GRACE (W R) & CO (Filing date: 2006/03/13, Form: 10K, p. F-62)
A.2. POTASH CORP SASK INC (Filing date: 2006/03/09, Form: 10K, p. 23)
A.3. ALLSTATE CORP (Filing date: 2005/11/01, Form: 10Q, p. 26)
Appendix B. List of 112 ERM firms
Appendix C. Probit model for determinants of ERM adoption
Appendix D. ERM Index (ERMI)
References
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