دانلود مقاله ارتباط بین مدیریت ریسک شرکت و عملکرد مالی شرکت های کوچک و متوسط
چکیده
معرفی
مبانی نظری
فرهنگ سازمانی
عملکرد مدیریت ریسک استراتژیک
مواد و روش ها
نتایج
بحث
نتیجه گیری و پیامدها
در دسترس بودن داده ها
منابع
Abstract
Introduction
Theoretical foundation
Organizational culture
Strategic risk management performance
Materials and methods
Results
Discussion
Conclusion and implications
Data availability
References
چکیده
این مقاله به فقدان شواهد تجربی در مورد چگونگی ارتباط مدیریت ریسک سازمانی (ERM) و عملکرد مالی شرکت‌های کوچک و متوسط (SMEs) پاسخ می‌دهد. مدلسازی معادلات ساختاری برای کشف واسطه‌های جدید در رابطه بین عملکرد مالی ERM و SME استفاده می‌شود. نتایج نشان می دهد که فرهنگ سازمانی (بعد ماموریت) و عملکرد مدیریت ریسک استراتژیک میانجی های کامل و مثبت بین ERM و عملکرد مالی هستند. این نتایج تحقیق این واقعیت را برجسته می کند که پیاده سازی ERM در یک شرکت به خودی خود اثرات مورد انتظار را بدون وجود فرهنگ سازمانی بالغ و نظارت بر عملکرد مدیریت ریسک استراتژیک ایجاد نمی کند. این یافته‌ها به‌ویژه برای شرکت‌های کوچک و متوسط با «تظاهر به ERM» که فاقد مؤلفه‌های استراتژیک و عملیاتی است، مرتبط است. ERM همچنین به تبدیل اثر منفی سرمایه خارجی در سهام SME بر عملکرد مالی به یک اثر مثبت کمک می کند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
This paper responds to the lack of empirical evidence on how enterprise risk management (ERM) and the financial performance of small and medium-sized enterprises (SMEs) are related. Structural equation modeling is used to explore new mediators in the relationship between ERM and SME financial performance. The results show that organizational culture (mission dimension) and strategic risk management performance are full and positive mediators between ERM and financial performance. These research results highlight the fact that the implementation of ERM in an enterprise does not by itself generate the expected effects without the existence of a mature organizational culture and the monitoring of strategic risk management performance. These findings are particularly relevant for SMEs with “pretend ERM” that lacks the strategic and operational components. ERM also helps to transform the negative effect of foreign capital in SME equity on financial performance into a positive effect.
Introduction
Increasing levels of uncertainty call for proactive risk management in all organizations. The parallel crises triggered by the COVID-19 pandemic (Chakraborty and Maity 2020) and the military conflict in Ukraine have impacted most industries and businesses, unlike the Great Recession of the late 2000s, which primarily affected the financial sector (Gertler and Gilchrist 2018). Systematic risk has long been underestimated in advanced economies (Pagach and Wieczorek-Kosmala 2020). In such a situation, an intuitive assessment of risk outcomes, as often performed by smaller enterprises, is not enough (Grondys et al. 2021). Companies face new challenges and find it harder to maintain their profitability and competitiveness. Therefore, holistic enterprise risk management (ERM) is becoming increasingly important in small and medium-sized enterprises (SMEs).
Nonfinancial SMEs are mostly unregulated. Thus, there is little pressure to implement a comprehensive risk management system. Nevertheless, in recent years, SMEs have started implementing formal risk management processes to increase their competitiveness (Wirahadi and Pasaribu 2022). ERM improves the quality of the information about enterprise risk profiles. The adoption of ERM reduces systematic risk. The purpose of ERM is to reduce the probability of losses and, therefore, reduce the need to borrow external resources, which positively impacts the expected cost of capital (Berry-Stölzle and Xu 2018).
Conclusion and implications
Regarding the theoretical implications, this study reveals new mediators between ERM and the subjective financial performance of SMEs. The PLS-SEM method is suitable for analyzing complex relationships and testing causal relationships. Exploring indirect pathways can reveal consequential effects and help managers and owners understand various relationships. Complicated ERM indices (e.g., Gordon et al. 2009) are not suitable for the nonfinancial sector because the input variables for calculating such indices are difficult or impossible to obtain. The model works with the direct and indirect effects of ERM implementation. The indirect effects show the crucial role of organizational culture (mission dimension) and evaluations of strategic risk management performance in the relationship between ERM and the subjective financial performance of SMEs.
From the management perspective, it is essential to establish functional and integrated processes for ERM implementation. ERM must be integrated with the organizational culture and the performance monitoring systems in the SME. Managers and owners should emphasize the functional implementation of ERM, not just a pretend ERM (Syrová and Špička 2022a) that lacks all the elements of an ERM approach. The ERM system must not be a “facade without the substance” that does not contribute to better planning and decision-making processes (Dvorski Lacković et al. 2022).