文章基本信息

标题：CORPORATE RISK MANAGEMENT AND VALUE CREATION
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作者：Danijela Miloš Sprčić
期刊名称：Montenegrin Journal of Economics
印刷版ISSN：1800-5845
电子版ISSN：1800-6698
出版年度：2013
卷号：9
期号：2
出版社：Economic Laboratory for Transition Research Podgorica
摘要：This paper explores relationship between risk management activity and company's value. The main purpose of this paper is to get a deeper insight into the research problem, as well as to reach better com-prehension of a relationship between risk management and value creation at the corporate level. The paper is aiming to (1) explain the clash between theory and practice by presenting benefits of risk management; (2) present results of empirical research on corporate risk management rationales in large non-financial Croatian companies; (3) explore how risk management can influence company's value and its drivers. The literature survey has shown that risk management can enhance company's value by decrea-sing costs related to financial difficulties, agency cost of debt, taxes, and costs of external financing. The evidence based on the multivariate empirical relations between the decision to hedge in Croatian non-financial companies and financial distress costs, agency costs, costly external financing, and taxes supports tested hypotheses related to the investment expenditures to assets ratio and total debt to assets ratio. Therefore, it can be concluded that companies that are more leveraged and have more investment opportunities have more incentives to manage corporate risk. By using Risk adjusted value approach, paper has shown that efficient risk management can influence company value drivers and positively affect overall enterprise value.
关键词：Hedging; Risk management decision; Croatian companies; Value drivers; Value creation