Enterprise risks are objective,measurable and uncertain,and can always cause damagesThe risks can be identified as the factors from both inside and outside of the enterprisesRisks should be assessed in terms of possibilities,levels and extent of impactBased on risks assessment results,enterprises should choose the right responses and strengthen activity control and risk monitoring

On the Enterprise Risk Management

What abates ecological footprint in BRICS-T region? Exploring the influence of renewable energy, non-renewable energy, agriculture, forest area and financial development

Renewable energy consumption and economic growth in OECD countries: A nonlinear panel data analysis

The relationship of renewable energy consumption to financial development and economic growth in China

The effect of financial development on renewable energy demand: The case of developing countries

The effect of financial development on renewable energy consumption. A panel data approach

The Enterprise Risk Management (ERM) process has heterogeneously developed across the world, although it represents a leading paradigm, supporting organizations to identify, evaluate, and manage risks at the enterprise level. Academics have studied the process, but there is no complete picture of the determinants and implications of such an integrated risk management process. Therefore, we present a systematic empirical literature review on ERM, based on a research protocol. The review highlights that the ERM literature can be divided into four general lines of research: the ERM adoption, the determinants of the ERM implementation, the effects of ERM adoption, and other aspects. In contrast to the richness of studies devoted to ERM engagement in small and medium-sized enterprises (SMEs), studies exploring ERM adoption in banks or insurance are relatively few. The literature review has revealed that the most frequently investigated effect of ERM is on firm performance. Little effort has been dedicated to the analysis of the effectiveness of ERM by its components and to institutional, individual, and organizational factors that affect ERM adoption. The study can serve as a starting point for scholars to explore research gaps related to ERM, while the practitioners can rely on the presented findings to identify the effects of the ERM implementation.

https://www.mdpi.com/1911-8074/13/11/281/pdf

Enterprise Risk Management: A Literature Review and Agenda for Future Research

The purpose of this study is to investigate the relationship between working capital and firm profitability for a sample of 719 Polish listed firms over the period of 2007–2016. The scarcity of empirical evidence for emerging economies and the importance of working capital efficiency motivate the research on the working capital–financial performance relationship. The paper adopts a quantitative approach using different panel data techniques (ordinary least squares, fixed effects, and panel-corrected standard errors models). The empirical results report an inverted U-shape relationship between working capital level and firm profitability, meaning that working capital has a positive effect on the profitability of Polish firms to a break-even point (optimum level). After the break-even point, working capital starts to negatively affect firm profitability. The study brings theoretical and practical contributions. It extends and complements the literature on the field by highlighting new evidence on the non-linear interrelation between working capital management (WCM) and corporate performance in Poland. From the practitioners’ perspective, the results highlight the importance of WCM for firm profitability.

https://www.econstor.eu/bitstream/10419/239426/1/1744320780.pdf

The impact of working capital management on firm profitability: Empirical evidence from the Polish listed firms

The purpose of this article is to examine the influence of the following key macroeconomic indicators: GDP, inflation rate, money supply, interest rate and balance of payments on exchange rate of the Romanian leu against the most important currencies (EUR, USD) during 2000-2010 period. The main findings of our study are: it is an inverse relationship between exchange rate EUR/RON, Gross Domestic Product, respectively money supply and a direct relationship between exchange rate EUR/RON, inflation and interest rate. We can not validate the correlation between exchange rate and Balance of payment, because the test statistic is not significant.

/pdf/the-relationship-between-exchange-rate-and-key-macroeconomic-4smgajtfbl.pdf

The Relationship between Exchange Rate and Key Macroeconomic Indicators. Case Study: Romania

The international financial and economic crisis highlights that central banks should go beyond their traditional emphasis on low inflation to adopt an explicit goal of financial stability. Our paper addresses this highly topical issue of macro-prudential framework with the focus on effectiveness of monetary policy in affecting some financial stability indicators, in the experience of several Central and Eastern European countries during 2003M01–2012M06. Using a Structural Vector Autoregressive model and impulse response function, we analyze the impact of short-term interest rates upon industrial production, loan to deposit ratio for the banking system, stock prices and exchange rate (proxy variables for financial stability). We want to test if the interest rate is conducive to financial stability. Our empirical results show that the effectiveness of the short-term interest rate in affecting selected asset prices depends on monetary policy strategy. In the case of the Czech Republic, Hungary, Polan...

https://www.tandfonline.com/doi/pdf/10.1080/1406099X.2013.10840527

Anca Elena Nucu

Papers

The effect of financial development on renewable energy consumption. A panel data approach

Enterprise Risk Management: A Literature Review and Agenda for Future Research

The impact of working capital management on firm profitability: Empirical evidence from the Polish listed firms

The Relationship between Exchange Rate and Key Macroeconomic Indicators. Case Study: Romania

Monetary policy and financial stability: empirical evidence from Central and Eastern European countries