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Risk Management Theory: A comprehensive empirical assessment
Klimczak, Karol Marek - Volkswirtschaftliche Fakultät, … - 2007
The aim of this paper is to develop a methodology for thorough empirical testing of major contemporary corporate risk management theories: financial theory, agency theory, stakeholder theory and new institutional economics. Unlike in previous research, the tests are organised around theories,...
Persistent link: https://www.econbiz.de/10005836311
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Rationales for corporate risk management from stakeholders’ perspective
Klimczak, Karol Marek - Volkswirtschaftliche Fakultät, … - 2005
stakeholder groups’ interests. A study of the use of hedging instruments in 161 Polish non-financial listed companies is then … determine relationships between the hedging decision and financial standing of companies. However, company size is proved to be … the only significant factor for a hedging decision. The implications of these findings and new research questions are …
Persistent link: https://www.econbiz.de/10005837109
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A Radical Shift in Managing Risks: Practical Applications of Complexity Theory
Chichilnisky, Graciela - Volkswirtschaftliche Fakultät, … - 1998
Complexity theory is designed to bring order out of a rough-and- tumble world, something close to every insurance professional's or actuary's heart. Whether applied in the laboratory or as part of a mathematical model, it can do wonderful things . But in the real world it's just what its name...
Persistent link: https://www.econbiz.de/10005789667
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Rationales for Corporate Risk Management - A Critical Literature Review
Monda, Barbara; Giorgino, Marco; Modolin, Ileana - Volkswirtschaftliche Fakultät, … - 2013
This paper describes theoretical motivations for corporate risk management activities and empirical evidence provided by different scholars on such rationales. These theoretical considerations can be extended also to the new risk management practices such as enterprise risk management. Based on...
Persistent link: https://www.econbiz.de/10011258277
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Managerial Responses to Incentives: Control of Firm Risk, Derivative Pricing Implications, and Outside Wealth Management
Jackwerth, Jens Carsten; Hodder, James E. - Volkswirtschaftliche Fakultät, … - 2008
We model a firm’s value process controlled by a manager maximizing expected utility from restricted shares and employee stock options. The manager also dynamically controls allocation of his outside wealth. We explore interactions between those controls as he partially hedges his exposure to...
Persistent link: https://www.econbiz.de/10005837504
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The Allocation of Economic Capital in Opaque Financial Conglomerates
Mierzejewski, Fernando - 2009
The capital structure of firms that face restrictions on liquidity (i.e. that cannot hedge continuously) is affected by the agency costs and moral-hazard implicit in the contracts they establish with stockholders and customers. It is demonstrated in this paper that then an optimal level of...
Persistent link: https://www.econbiz.de/10013159445
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Horizontal and Vertical Firm Networks, Corporate Performance and Product Market Competition
Bischoff, Oliver - 2015
This paper sheds new light on the assessment of firm networks via multiple directorships in terms of corporate firm performance. Using a large sample of European listed firms in the period from 2003 to 2011 and system GMM we find a significant compensation effect on corporate firm performance...
Persistent link: https://www.econbiz.de/10013024843
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Debt concentration of European Firms
Giannetti, Caterina - Volkswirtschaftliche Fakultät, … - 2015
This paper investigates the level of debt specialization across European firms relying on a cross-country comparable sample of manufacturing firms. We find that a number of firm characteristics -- such as firm size and age -- help predict the firm composition of the various types of debts (i.e....
Persistent link: https://www.econbiz.de/10011210474
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Riesgo operativo en el sector salud en Colombia
Franco-Arbeláez, Luis Ceferino; Franco-Ceballos, Luis … - Volkswirtschaftliche Fakultät, … - 2015
In this research, based on the guidelines of the Basel agreements and its relationships with the health sector according to the respective resolutions of the Ministry of Social Protection of Colombia, the operational risk in the social security in Colombia is quantified in the context of...
Persistent link: https://www.econbiz.de/10011210487
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Monetary Policy versus Structural Reforms: The Case of Croatia
Vidakovic, Neven; Radošević, Dubravko - Volkswirtschaftliche Fakultät, … - 2014
Over the course of the recession during the last six years, central bank officials in Croatia have on numerous occasions stated there is a strong need for structural reforms in Croatia and that there is no need for monetary policy reforms. This short paper investigates why the CNB is only...
Persistent link: https://www.econbiz.de/10011268351