ESTIMATION OF RISK MANAGEMENT EFFICIENCY FROM THE PERSPECTIVE OF THE STAKEHOLDERS

Vasilisa Makarova ()
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Vasilisa Makarova: Associate Professor, Department of Finance, National Research University – Higher School of Economics

European Journal of Business and Economics, 2015, vol. 10, issue 2, 694 volume1: 10

Abstract: Estimation of efficiency from the perspective of an external investor draws a high enough interest in assessing the efficiency of risk management. Since the methods risk management are nontransparent information, the carrying out of empirical research is enough complicated. However, in a number of papers the elements of the assessment of so-called "market efficiency" are traceable, among which the most common factors are: the behavior of stock prices at the moment of collapse of the market, lower average cost of capital. However, a comprehensive study on risk management efficiency of companies from the perspective of stakeholders has not yet provided. The aim of this study is to fill this gap. The purpose of this study is as follows: to identify how stakeholders assess the key factors of risk management efficiency, and to create a comprehensive approach to the implementation of this assessment with the using of statistical research techniques and methods. The object of study is the Russian real sector of economy, the subject of study is the risk management efficiency of companies. In this article author provides the results of the survey on the evaluation the risk management efficiency, processed by means of statistical analysis methods calculation of the actual ratings of Russian companies on the basis of the criteria obtained from the survey, as well as the results of the regression analysis of the impact of identified efficiency criteria of risk management on the investment attractiveness of Russian companies. In the article Russian companies are ranked based on their risk management efficiency.

Keywords: efficiencyrisk management; rating score; integral rating; investment attractiveness (search for similar items in EconPapers)
JEL-codes: D81 D91 G34 L21 M19 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:aad:ejbejj:v:10:y:2015:i:2:p:694

DOI: 10.12955/ejbe.v10i2.694

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