企业风险管理与资本成本的关系

IF 1.2 Q4 MANAGEMENT Asian Academy of Management Journal Pub Date : 2022-06-15 DOI:10.21315/aamj2022.27.1.4

Muhammad Kashif Shad, F. Lai, A. Shamim, Michael K. McShane, S. Zahid

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引用次数: 3

摘要

本文研究了企业风险管理（ERM）的实施对石油和天然气行业资本成本（债务成本[Cd]、股权成本[Ce]和加权平均资本成本[WACC]）的影响。这项研究是使用2008年的面板数据分析进行的？2017年，41家石油和天然气公司在马来西亚证券交易所公开上市。ERM实施数据来自公司年度报告，而资本成本数据来自汤森路透数据流。结果表明，企业风险管理实施水平的提高降低了资本成本，我们认为这是企业风险管理提高企业价值的一种机制。未来的研究可以利用我们的调查来深入研究ERM和价值创造主题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Relationship between Enterprise Risk Management and Cost of Capital

This paper investigates the effect of enterprise risk management (ERM) implementation on the cost of capital (cost of debt [Cd], cost of equity [Ce], and weighted average cost of capital [WACC]) for the oil and gas industry. The research is conducted using panel data analysis from 2008?2017 for 41 oil and gas companies publicly listed on the Bursa Malaysia. ERM implementation data is collected from company annual reports, while the cost of capital data is obtained from Thomson Reuters DataStream. The results indicate that an increase in the level of ERM implementation reduces the cost of capital, which we argue is one mechanism through which ERM increases firm value. Future research can use our investigation to delve deeper into ERM and value creation topics.

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来源期刊

Asian Academy of Management Journal MANAGEMENT-

CiteScore

1.70

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.