Purpose

This study aims to verify the significance of Andersen (2008) corporate risk management (CRM) framework in Asian emerging markets (AEMs) to control firm risk and improve firm performance.

Design/methodology/approach

The cross-sectional analyses are performed on a sample of 4,609 firms across nine Asian emerging countries using 2SLS estimation technique.

Findings

The empirical findings show that the adoption of CRM not only enhances firm performance by increasing the firm ability to capitalize on the market opportunity but also plays a significant role in reducing firm risk. The findings of this study assert that by institutionalizing risk management practices into an integrated CRM framework, the firm can reap multiple benefits by maintaining better contractual agreements and strategic partnerships with key stakeholders.

Originality/value

The study shifts the focus of CRM away from Western countries toward AEMs, which has been afflicted by high risks and uncertainties. The effectiveness of CRM against firm risk is established by dividing firm risk into firm-specific risk and systematic risk. Furthermore, this study also establishes that CRM not only leads to high returns but also reduces firm operational and production costs. Overall, the study provides a compelling argument to implement CRM for improving organizational performance and managing risks in a strategic and integrated manner. The findings are also relevant to risk management practitioners, as well as to academicians interested in the broader fields of corporate finance and strategy.

中文翻译：

---

公司风险管理是否可以降低风险并提高公司绩效？来自亚洲新兴市场的证据

目的

本研究旨在验证Andersen（2008）企业风险管理（CRM）框架在亚洲新兴市场（AEM）中控制企业风险和提高企业绩效的重要性。

设计/方法论/途径

横断面分析是使用 2SLS 估计技术对九个亚洲新兴国家的 4,609 家公司样本进行的。

发现

实证结果表明，CRM的采用不仅通过提高企业利用市场机会的能力来提高企业绩效，而且在降低企业风险方面也发挥着重要作用。本研究的结果表明，通过将风险管理实践制度化到集成的 CRM 框架中，公司可以通过与主要利益相关者保持更好的合同协议和战略伙伴关系来获得多重收益。

原创性/价值

该研究将CRM的焦点从西方国家转向AEM，而AEM一直受到高风险和不确定性的困扰。CRM 针对公司风险的有效性是通过将公司风险分为公司特定风险和系统风险来确定的。此外，这项研究还表明，CRM 不仅能带来高回报，还能降低公司的运营和生产成本。总体而言，该研究为实施 CRM 来以战略性和综合性的方式提高组织绩效和管理风险提供了令人信服的论据。研究结果也与风险管理从业者以及对更广泛的公司财务和战略领域感兴趣的学者相关。