Factors Affecting the Effectiveness of Risk Management in Small and Medium Enterprises in Forest Product Processing Industry Northern Midland of Vietnam

Author(s)

Thi Thu Hoai Pham , Xuyen Kim Dinh , Lua Thi Pham , Lan Thi Ngoc Nguyen ,

Download Full PDF Pages: 202-209 | Views: 1155 | Downloads: 346 | DOI: 10.5281/zenodo.3490247

Volume 7 - November 2018 (11)

Abstract

Micro, small and medium sized enterprises are considered significantly important to the growth of any economy. However, these businesses are vulnerable to risks, such as business risk, finding, budgeting, etc. The scheme to prevent risks of small businesses, nevertheless, is not systematically developed and performed. This paper studies the risk management processes in micro, small and medium sized companies based on a case small and medium enterprises processing forest products in Midland of Northern Vietnam. This paper reviews risks, the process of risk management, the role of risk management in corporations, project risks, the management processes. Quantitative research is based on questionnaires used

Keywords

Risk management, SMEs, enterprises processing forest products, midland of Northern Vietnam

References

  1. Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226
  2. Ai, J., & Brockett, P. L. (2008). Enterprise Risk Management (ERM). Encyclopedia of Quantitative Risk Analysis and Assessment. Chichester: John Wiley & Sons Ltd.
  3. Allen, L., & Rai, A. (1996). Operational efficiency in banking: An international comparison. Journal of Banking & Finance, 20(4), 655-672.
  4. Anderson, R. C., & Reeb, D. M. (2003). Foundingfamily ownership and firm performance: evidence from the S&P 500. The journal of finance, 58(3), 1301-1327.
  5. Ashby, S. G., & Diacon, S. R. (1998). The Corporate Demand for Insurance: A Strategic Perspective, Geneva Papers on Risk and Insurance, 23, 34-51.
  6. Basle Committee on Banking Supervision. (2004). International convergence of capital measurement and capital standards: a revised framework. Basel: Bank for International Settlements.
  7. Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264-1295.
  8. Bessembinder, H. (1991). Forward contracts and firm value: Investment incentive and contracting effects. Journal of Financial and quantitative Analysis,26(04), 519-532.
  9. Beasley, M. S., Clune, R., & Hermanson, D. R. (2005). Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24(6), 521-531.
  10. Beasley, M., Pagach, D., & Warr, R. (2008). Information conveyed in hiring announcements of senior executives overseeing enterprise-wide risk management processes. Journal of Accounting, Auditing & Finance, 23(3), 311-332
  11. Clarke, M., Seng, D., & Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505-530.
  12. Cummins, J. D., Lewis, C. M., & Wei, R. (2006). The market value impact of operational loss events for US banks and insurers. Journal of Banking & Finance, 30(10), 2605-2634.
  13. Dogan, M. (2013). Does Firm Size Affect The Firm Profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
  14. Eling, M. & Schmeiser, H. (2010). Insurance and the Credit Crisis: Impact and Ten Consequences for Risk Management and Supervision. The Geneva Papers, 35, 9-34.
  15. Ellul, A., & Yerramilli, V. (2013). Stronger risk controls, lower risk: Evidence from US bank holding companies. The Journal of Finance, 68(5), 1757-1803.
  16. Horcher, K. A. (2005). Essentials of Financial Risk Management? Hoboken, NJ: John Wiley & Sons, Inc.
  17. Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795-822.
  18. Leach, J., & Melicher, R. (2012). Entrepreneurial Finance. Mason: South-Western
  19. McShane, M. K., Nair, A., & Rustambekov, E. (2011). Does enterprise risk management increase firm value?. Journal of Accounting, Auditing & Finance, 26(4), 641-658.
  20. Mongiardino, A., & Plath, C. (2010). Risk governance at large banks: Have any lessons been learned?. Journal of Risk Management in Financial Institutions, 3(2), 116-123.
  21. Nair, A., Rustambekov, E., McShane, M., & Fainshmidt, S. (2013). Enterprise Risk Management as a Dynamic Capability: A test of its effectiveness during a crisis. Managerial and Decision Economics.
  22. Pagach, D., & Warr, R. (2010). The effects of enterprise risk management on firm performance. Retrieved May, 12, 2014, from http://ssrn.com/abstract=1155218
  23. Quon, T. K., Zéghal, D., & Maingot, M. (2012). Enterprise risk management and business performance during the financial and economic crises.
  24. Seber, G. A., & Lee, A. J. (2012). Linear regression analysis. Hoboken, NJ: John Wiley & Sons.
  25. Williams, R., Bertsch, B., Dale, B., van der Wiele, T., van Iwaarden, J., Smith, M., & Visser, R. (2006). Quality and risk management: what are the key issues? The TQM Magazine, 18(1), 67-86.

Cite this Article: