Ownership, board, and enterprise risk management
This paper analyses the effect of family ownership and the characteristics of the board of directors on the implementation level of enterprise risk management (ERM) in Span-ish non-financial companies. The sample consists of 162 Spanish non-financial companies list-ed on Spanish stock exchanges and...
| Autores: | , , , |
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2020 |
| País: | España |
| Institución: | Universidad de Santiago de Compostela (USC) |
| Repositorio: | Minerva. Repositorio Institucional de la Universidad de Santiago de Compostela |
| Idioma: | inglés |
| OAI Identifier: | oai:minerva.usc.gal:10347/40613 |
| Acceso en línea: | https://hdl.handle.net/10347/40613 |
| Access Level: | acceso abierto |
| Palabra clave: | Family ownership Corporate governance Enterprise Risk Management (ERM) Propiedad familiar Gobierno corporativo Gestión integral de riesgos (ERM) |
| Sumario: | This paper analyses the effect of family ownership and the characteristics of the board of directors on the implementation level of enterprise risk management (ERM) in Span-ish non-financial companies. The sample consists of 162 Spanish non-financial companies list-ed on Spanish stock exchanges and markets during 2012–2015. The results obtained show that the relationship between the level of family ownership concentration and the implementa-tion level of an ERM system has a non-linear structure. Therefore, a reduction in implemen-tation for moderate ownership levels is observed, although this increases with high owner-ship values. Regarding corporate governance, our study confirms the importance of certain characteristics of the board of directors, such as the size and the figure of the shareholder director in the implementation of formal ERM systems. |
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