Corporate Governance, Enterprise Risk Management, and Inter-temporal Risk Transfer  

作　　者：Antonio Renzi Gianluca Vagnani 

机构地区：[1]Department of Statistics Sciences,Sapienza University of Rome,Rome,Italy [2]Department of Management,Sapienza University of Rome,Rome,Italy

出　　处：《Journal of Modern Accounting and Auditing》2020年第3期105-116,共12页现代会计与审计（英文版）

摘　　要：This work is an initial attempt to describe the interconnections among corporate governance,enterprise risk management,and the phenomena of inter-firm risk transfer that occurs in combination with firms’income smoothing.Corporate governance is conceived as a set of rules according to which a firm is managed and governed by its top managers.Extant literature on corporate governance has pointed out the benefits of the adoption,at a firm level,of a comprehensive enterprise risk management process.We note that,although such an adoption favors the smoothing of a firm’s income,in smoothing the income a firm,it also gives rise to an inter-temporal transfer of risk from the firm itself to its stakeholders,specifically to suppliers and employees.Such transfer of risk depends on the strength of a firm contractual power and on the structural relationships established by a firm with its stakeholders.We therefore argue that larger-sized organizations affiliated with a business group are likely to smooth income to a greater extent than smaller-sized organizations unaffiliated with a business group.The paper also offers some discussions of the findings and points out some important issues to be addressed in future studies.

关 键 词：enterprise RISK management CORPORATE GOVERNANCE RISK transfer net operating INCOME SMOOTHING 

分 类 号：TP3[自动化与计算机技术—计算机科学与技术]