Risk governance and financial performance: an empirical analysis
Abstract
This study examines the influence of risk governance on financial performance of 50 quoted firms in the Nigerian financial sector for the period of five years (2013–2017). Panel data was used to examine how the risk governance variables (Enterprise Risk Management_index, Chief Risk Officer_presence, Board Risk Committee_size, Board Risk Committee_activism, and Board Risk Committee_independence) affects financial performance (Return on Asset). The study reveals empirically that most of the risk governance variables (ERM_index, CRO_presence, BRC_activism, and BRC_independence) have a significant and positive impact on the performance of the firm with the exception of BRC_size which shows a negative association with the financial performance of the studied firms. The study empirically reveals that strong Chief Risk Officer (CRO) presence, effective board risk committee, and inclusion of independent directors in the risk committee will go far in serving as factors that would improve the performance of firms in today’s financial environment. This study made a lot of core findings that contribute to the emerging literatures on risk governance and risk management research.
Keyword : board risk committee, chief risk officer, financial performance, Nigerian financial sector, return on assets, risk governance
How to Cite
Erin, O., Bamigboye, O., & Arumona, J. (2020). Risk governance and financial performance: an empirical analysis. Business: Theory and Practice, 21(2), 758-768. https://doi.org/10.3846/btp.2020.10850
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Emeni, F., Uwuigbe, O., Uwuigbe, U., & Erin, O. (2016). The value relevance of adopting IFRS: Evidence from the Nigerian Banking Sector. Review of Economic Studies and Research Virgil Madgearu, 9(2), 49–56.
Erin, O., Eriki, E., Arumona, J., & Ame, J. (2017a). Enterprise risk management and financial performance: Evidence from an emerging market. International Journal of Management, Accounting and Economics, 4(9), 937–952. https://pdfs.semanticscholar.org/f700/3158a730dcb303bcb878f45bb99475fcfa2d.pdf
Erin, O., Olojede, P., & Ogundele, O. (2017b). Value relevance of accounting data in the pre and post IFRS era: Evidence from Nigeria. International Journal of Finance and Accounting, 6(4), 95–103.
Erin, O., Osariemen, A., Olojede, P., Ajetunmobi, O., & Usman, T. (2018). Does risk governance impact bank performance? Evidence from the Nigerian Banking Sector. Academy of Accounting and Finance Journal, 4(1), 1–14. https://www.abacademies.org
Erin, O., Uwuigbe, U., Eriabie, S., Uwuigbe, O., & Omoike, O. (2019a). Does enterprise risk management impact accounting quality? Evidence from the Nigerian financial institutions. Investment Management and Financial Innovations, 16(4), 16–27. https://doi.org/10.21511/imfi
Erin, O., Uwuigbe, U., Eriabie, S., & Uwuigbe, O. (2019b). Risk governance and firm performance in the Nigerian’s financial sector. Proceedings of the 33rd International Business Information Management Association Conference, IBIMA 2019: Education Excellence and Innovation Management through Vision 2020. Spain.
Fadun, O. (2013). Risk management and risk management failure: Lessons for business enterprise. International Journal of Academic Research in Business & Social Sciences, 3(2), 225–241.
Golshan, N., & Rasid, S. (2012). Determinants of Enterprise Risk Management (ERM) adoption: An empirical analysis of Malaysian Public Listed Firms. International Journal of Social and Human Sciences, 6(1), 119–126.
Gordon, L., Loeb, M., & Tseng, C. (2009). Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy, 28(4), 301–327. https://doi.org/10.1016/j.jaccpubpol.2009.06.006
Grace, M., Leverty, J., Phillips, R., & Shimpi, P. (2015). The value of investing in enterprise risk management. Journal of Risk and Insurance, 4(2), 1–25. https://doi.org/10.1111/jori.12022
Harrington, S., Niehaus, G., & Risko, K. (2002). Enterprise risk management: the case of United grain growers. Journal of Applied Finance, 14(4), 71–81. https://doi.org/10.1111/j.1745-6622.2002.tb00450.x
Hoyt, R., & Liebenberg, A. (2008). The value of enterprise risk management: Evidence from the US insurance industry. In unpublished paper. http://www.aria.org/meetings/2006papers/Hoyt_Liebenberg_ERM_070606.pdf
Hoyt, R., & Liebenberg, A. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x
Ilaboya, O., & Ohiokha, I. (2016). Firm age, size and profitability dynamics: A test of learning by doing and structural inertia hypotheses. Business and Management Research, 5(1), 29–39. https://doi.org/10.5430/bmr.v5n1p29
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International Risk Governance Council (IRGC). (2008). The introduction to the IRGC risk governance framework. International Risk Governance Council (IRGC). https://doi.org/10.1007/978-1-4020-6799-0
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk‐taking. The Journal of Finance, 63, 1679–1728. https://doi.org/10.1111/j.1540-6261.2008.01372.x
Kakanda, M., Salim, B., & Chandren, S. (2017). Corporate governance, risk management disclosure, and firm performance: A theoretical and empirical review perspective. Asian Economic and Financial Review, 7(9), 836–845. https://doi.org/10.18488/journal.aefr.2017.79.836.845
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