Uso instrumental do ERM nas seguradoras americanas e valor da empresa

Abstract

Insurance companies face uncertainty and the challenge for managers is to establish an optimal point of tolerance, so that the strategy is not affected and there is no interference in the effort to generate value to stakeholders. Thus, the behavior of the user before the formal structure of the ERM can be variant in function of its origin, that is, if compulsory or empowered. In this sense, ERM instrumentation can make the process even more efficient, given the possibility of greater integration and interaction between users, adding value to the management process. Previous studies point to the relationship of the holistic perspective of ERM with the enterprise value, so this study analyzed over time the association between the financial performance, measured by the coefficient q of Tobin, and the instrumentalization of ERM components in listed American insurers in the SEC. A content analysis was conducted to indicate, by keyword search in the DEF-10K and DEF-14A reports, from 2009 to 2016, how many companies evidenced to have adopted it. In light of institucinal theory, the instrumentality-cerimoniality proxy was based on the findings of Adler and Borys (1996) adapting its characteristics to the ERM components. The final sample had two hundred and sixty-six company-year observations, tested the research hypothesis by means of a statistical model. The results show that there is a positive association between the financial performance of the company and the strategic component of the ERM, indicating the alignment between the risk appetite and the business plan of the insurance companies.