Risk Governance im Mittelstand: Eine Einführung der Gastherausgeber

Hiebl, Martin R. W.; Baule, Rainer; Dutzi, Andreas; Menk, Michael Torben; Stein, Volker; Wiedemann, Arnd

doi:10.3790/zfke.66.1.1

Cited by 5 publications

(3 citation statements)

References 31 publications

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“…More generally, this finding nurtures the idea that small businesses use different forms of risk management and risk governance than large firms, as the latter tend to rely on more formal applications such as ERM (cf. Grammenidis and Hiebl, 2021;Hiebl et al, 2018aHiebl et al, , 2018bMitter et al, 2020).…”

Section: Papers Included In This Special Issuementioning

confidence: 99%

Guest editorial

Hiebl

2022

JAOC

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Section: Papers Included In This Special Issuementioning

confidence: 99%

Guest editorial

Hiebl

2022

JAOC

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“…This special issue originates from the 6th Annual Conference on Risk Governance held in October 2018 at the University of Siegen, Germany and the risk governance research group at this school. Earlier editions of this conference focused on more general applications of risk governance in practice and led to a number of special issues (see the guest editorials by Baule and Fandel, 2016;Hiebl et al, 2018aHiebl et al, , 2018b. The 2018 edition of the conference focused on the theme of this special issue and several papers presented there have been selected for publication herein.…”

Section: Background Of the Special Issuementioning

confidence: 99%

Guest editorial

Hiebl

2019

MRR

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“…In addition to sustainability management, a measurement concept for financial sustainability is also important for risk management (Lenssen et al 2014), especially for the strategic and holistic risk governance approach (Stein and Wiedemann 2016;Hiebl et al 2018;Hiebl 2019). To date, risk management has been assessed in terms of its contribution to company value (e.g., Grace et al 2015;McShane et al 2011).…”

Section: Introductionmentioning

confidence: 99%

Financial sustainability: measurement and empirical evidence

Gleißner

Walkshäusl

2022

J Bus Econ

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Financial sustainability is underrepresented in both the research on and practice of sustainability management and reporting. This article proposes a conceptual measure of financial sustainability and examines its association with capital market returns. The measure is positioned at the intersection of sustainability management, risk management and risk governance. Financial sustainability is regarded as a crucial control parameter complementing shareholder value and can be viewed by risk-averse investors as a secondary condition of investment decisions. It reduces refinancing and insolvency risks, leading to risk-adjusted excess returns in an imperfect capital market with financing restrictions and insolvency costs. We propose measuring a firm’s financial sustainability in terms of four conditions: (1) firm growth, (2) the company’s ability to survive, (3) an acceptable overall level of earnings risk exposure, and (4) an attractive earnings risk profile. We show that the application of a conditions-based investment strategy to European firms with high financial sustainability (i.e., firms fulfilling all four conditions) over the period from July 1990 to June 2019 results in monthly excess returns of 0.39%. This portfolio’s risk is lower than the risk of market investment. We find that the excess returns increase when incrementally adding each of the four conditions to the investment strategy.

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Risk Governance im Mittelstand: Eine Einführung der Gastherausgeber

Cited by 5 publications

References 31 publications

Guest editorial

Guest editorial

Guest editorial

Financial sustainability: measurement and empirical evidence

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