08.00.05 FINANCIAL RISKS IN THE ERM SYSTEM: RELATIONSHIP WITH THE MARKET VALUE OF PUBLIC COMPANIES
DOI:
https://doi.org/10.25806/uu12-32021634-641Статья поступила в редакцию: 15.12.2021
Статья принята к публикации: 21.12.2021
Статья опубликована: 31.12.2021
Keywords:
market value, Enterprise Risk Management, IFRS, debt ratio, capital structure, volatility, institutional investors, panel dataAbstract
The Enterprise Risk Management system connects the market capitalization with the coordination of the risk management process at the enterprise level, rather than the separate control of operational and financial risks. A panel data model was based on the indicators of financial statements under IFRS for 50 public companies of the Russian Federation for a period of 6 years (2015-2020). The total debt ratio to the size of funding sources, the indicator of revenue volatility, the influence of institutional investors, and the growth potential of companies were tested as proxy variables to determine the significance of ERM factors on the dynamics of the market value. The results of the study revealed a significant positive relationship between the factors of the ERM system and the market capitalization of public companies.
Информация о публикации
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Правообладатель: Издательский дом «Академический».
Лицензия: Статья распространяется на условиях лицензии Creative Commons Attribution 4.0 International (CC BY 4.0).
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