Enterprise risk management (ERM) e a performance financeira das empresas brasileiras de capital aberto

Abstract

With the global crisis of 2008, has increased the interest of investors and regulators for greater transparency in the information disclosed by companies, especially regarding the enterprise risk management. With the evolution of traditional risk management for a holistic view, international studies relate the purpose of adopting this process with the firm performance because, when it left for a strategic view of risk management, simple adoption of Enterprise Risk Management (ERM) increases the firm value. Starting with this assumption, this study examined over time, the association between firm performance of the company, represented by Tobin's q ratio and the adoption of ERM in Brazilian companies listed by IBrX100 index of BM&FBovespa. A content analysis was conducted to indicate, by keywords searching process in Financial Statements reports (CVM) and 20-F (SEC) in the 2004-2013 period, how many companies have adopted. The final sample consisted of 77 companies, which corresponded to 649 companies-year observations. After controlling all the exogenous effects, the results here indicate to the existence of positive association between the firm performance of the company and the ERM adoption, in line with most international researches.