Enterprise Risk Management: Evidence from High and Non High-performance Firms in US’s Banking Industry

雖然企業風險管理的概念由來已久，然而其對公司價值及績效是否有正面的影響，仍無一致的看法。僅管有許多理由可以解釋這些不一致的發現，本文仍嘗試利用不同的研究方法，檢視企業風險管理在不同績效的公司是否有差異。依據之前有關企業風險管理決定因素及其影響的研究，本文按企業績效將企業分成績效良好及績效欠佳的公司，並探討這兩類公司是否對企業風險管理有不同政策。雖然績效良好公司有不同動機來接露其風險管理政策，但是，本文並沒有發現這些績效良好的公司較不願意揭露該資訊。再者，本文也發現，績效良好公司其風險管理能創造的價值顯然優於績效欠佳公司。當企業風險管理只有在增加企業價值或績效時才會被運用，良好企業的風險管理政策可視為是良好的典範。Enterprise Risk Management (ERM) is not a novel notion today, but there is still a lingering question whether ERM affects value (or performance) positively. Despite of numerous rationales to explain the indecisive findings, this study takes an alternative means by looking into ERM in high and non high-performance firms. Harnessing streams of prior studies of ERM’s determinants and effects, the study examines if firms’ ERMs discriminated based on performance are different. The study finds that high-performance firms are not completely discouraged to disclose ERM activities; even they show separate motivations. Then, the study also reveals that ERM in high-performance firms outperforms ERM in non high-performance firms, particularly in terms of value creation. Provided ERM is only considered to be applied when it can enhance value/performance, the finding suggests that ERM in high-performance firms can be set as a benchmark of good ERM