Klimczak, Karol Marek (2007): Risk Management Theory: A comprehensive empirical assessment.
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The aim of this paper is to develop a methodology for thorough empirical testing of major contemporary corporate risk management theories: financial theory, agency theory, stakeholder theory and new institutional economics. Unlike in previous research, the tests are organised around theories, rather than individual hypotheses. I used a number of tests for robustness and subjected hypotheses to repeated testing, cross-verifying results. Evidence of tests conducted on a sample of 150 companies listed at the Warsaw Stock Exchange in Poland, covering years from 2001 to 2005, clearly point to low empirical verification of all theories considered. However, I find evidence for some theoretical determinants: currency exposure, market-to-book value, IT and service sectors and size. In conclusion I suggest implications for future empirical and conceptual research.
|Item Type:||MPRA Paper|
|Institution:||Leon Kozminski Academy of Enterpreneurship and Management|
|Original Title:||Risk Management Theory: A comprehensive empirical assessment|
|Keywords:||corporate risk management; hedging; derivatives; CART|
|Subjects:||G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill|
|Depositing User:||Karol Marek Klimczak|
|Date Deposited:||24. Jul 2007|
|Last Modified:||11. Feb 2013 20:16|
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