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Efficiency of Enterprise Risk Management (ERM) systems. Comparative analysis in the fuel sector and energy sector on the basis of Central-European companies listed on the Warsaw Stock Exchange

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  • Jonek-Kowalska, Izabela

Abstract

The main goal of the research is the assessment of ERM systems implementation effectiveness carried out in the context of exposure of financial result and enterprise value to risk. In the assessment made in the context of financial results, a four-stage system of effectiveness assessment was used covering: recording the financial results as profit or loss, percentage changes in the net financial result on a year to year basis, profitability of total assets and profitability of own capital. In the assessment made in the context of enterprise value Book Value (BV), Economic Value Added (EVA) and Market Value (MV) was used.

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  • Jonek-Kowalska, Izabela, 2019. "Efficiency of Enterprise Risk Management (ERM) systems. Comparative analysis in the fuel sector and energy sector on the basis of Central-European companies listed on the Warsaw Stock Exchange," Resources Policy, Elsevier, vol. 62(C), pages 405-415.
    • Handle: RePEc:eee:jrpoli:v:62:y:2019:i:c:p:405-415
    DOI: 10.1016/j.resourpol.2019.04.011
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