Corporate Risk Management as a Lever for Shareholder Value Creation

Söhnke M. Bartram

Working Papers from Southern California - School of Business Administration

Abstract: This paper presents a comprehensive review of positive theories and their empirical evidence regarding the contibutionof corporate risk management to shareholder value. It is argued that vecause of realistic capital market imperfections, such as agency costs, transaction costs, taxes, and increasing costs of external financing, risk management on the firm level represents a means to increase firm value to the benefit of the shareholders.

Keywords: MANAGEMENT; RISK; COSTS; TAXES (search for similar items in EconPapers)
JEL-codes: G3 F4 F3 (search for similar items in EconPapers)
Date: 2000
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Working Paper: Corporate Risk Management as a Lever for Shareholder Value Creation (2001)
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