Determinantes da adoção do ERM: um estudo com CROs em bancos americanos

Abstract

This dissertation aimed to relate the variables selected as determinants of ERM (% Insiders, % Institutional Investors, Leverage, Beta, Sales Growth, Dividends, Opacity, ROA, Size and Volatility) with the choice of hiring a CRO. The study advanced with the purpose of ascer-taining whether companies that have a CRO, on average, present different values for each ERM determinant compared to companies that decided not to hire a CRO. Our sample con-sisted of publicly traded US banks between 2009 and 2018, and we found that banks that have a CRO, on average, had different values for each determinant of ERM compared to banks that decided not to hire a CRO. This study suggests that larger banks tend to hire CROs, as many authors in the risk management area claim. In addition, less opaque and more leveraged banks with lower ROA and ROE ratios tend to hire CROs. We also found a significant and negative association between the % of institutional investors and the hiring of the CRO. In an investigative way, when replacing ROA with ROE in our model, we observed that the 'beta' variable presented statistical significance and a positive result, indicating that banks with a higher beta index tend to hire a CRO