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dc.contributor.authorHauge, Petter Ankervold
dc.contributor.authorHaug, Ole Fredrik Leganger
dc.date.accessioned2021-10-26T07:11:24Z
dc.date.available2021-10-26T07:11:24Z
dc.date.issued2021
dc.identifier.urihttps://hdl.handle.net/11250/2825501
dc.descriptionMasteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2021en_US
dc.description.abstractThis thesis examines the effect of risk management on firm value. We test our main hypothesis that the implementation of ERM provides a value premium relative to TRM usage. By identifying ERM and TRM usage in Norwegian firms we estimate the additional benefit of using the two risk-mitigating strategies by estimating different versions of Tobin’s Q as a proxy for firm value. We find statistically significant evidence indicating that ERM users are rewarded with a higher firm value. Further, we find no evidence that our results are explained by the occurrence of reverse causality. However, we do not find evidence suggesting that ERM users are successful in reducing the volatility of earnings or cash flow.en_US
dc.language.isoengen_US
dc.publisherHandelshøyskolen BIen_US
dc.subjectfinansen_US
dc.subjectfinanceen_US
dc.titleERM usage and value premium for Norwegian firmsen_US
dc.typeMaster thesisen_US


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