Does Enterprise Risk Management Improve Performance and Create Shareholder Value? Empirical Evidence of Listed Firms on the Ho Chi Minh Stock Exchange, Vietnam

Phan Thi Anh Nguyet, Nguyen Phuoc Bao An and Nguyen Thi Thu Hien
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Phan Thi Anh Nguyet: School of Economics, Can Tho University, Can Tho, Vietnam
Nguyen Phuoc Bao An: School of Economics, Can Tho University, Can Tho, Vietnam
Nguyen Thi Thu Hien: School of Economics, Can Tho University, Can Tho, Vietnam

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 6, 3073-3090

Abstract: This study applies Agency Theory, Stakeholder theory, and Modern Portfolio Theory, which revolves around the way enterprises are organized, managed, and controlled and guides the managers’ decisions in ensuring stability and creating value based on satisfying the interests of stakeholders, to analyze the impact of enterprise risk management implementation on the firm’s performance and value creation of 285 listed firms on the Ho Chi Minh Stock Exchange, Vietnam, from 2017 to 2022. Feasible Generalized Least Squares (FGLS) estimation results show that risk management practices positively affect firm value and business performance. In addition, the study also indicates that the variables of Big 4 auditor, inspection committee presence, sales growth, firm age, firm size, and leverage have affected firm performance and value differently. The findings have several implications for investors, managers, and researchers.

Date: 2024
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