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Universitatea Alexandru Ioan Cuza Iasi
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Papers by Antonija Kožul
Zagreb International Review of Economics and Business, 2017
Severe consequences of the global fi nancial crisis resulted in re-thinking the risk management p... more Severe consequences of the global fi nancial crisis resulted in re-thinking the risk management processes and approaches, highlighting the need for a comprehensive risk management framework. Consequently, more and more companies are moving away from the Traditional “silo-based” Risk Management (TRM) to a more holistic approach known as Enterprise Risk Management (ERM). This paper presents results of both exploratory and empirical research. First, we develop ERM Index that measures maturity of ERM process within the company. Then, we present empirical results on the level of maturity and determinants of risk management system development in listed Croatian companies. Research indicates low levels of ERM development: even 38 per cent of analysed companies have no elements of ERM system, from which 22 per cent do not manage corporate risks at all. Except the company’s size supported by the economies of scale argument, managers’ support is the most important determinant of ERM system ma...
Procedia Economics and Finance, 2015
Enterprise Risk Management (ERM) encompasses activities and strategies which enable the company t... more Enterprise Risk Management (ERM) encompasses activities and strategies which enable the company to identify, measure, reduce, or exploit, as well as to control and monitor the exposure to various types of corporate risks-strategic, financial, operational, and reporting, as well as compliance risks for the purpose of increasing the organization's value to its stakeholders. The primary goal of ERM is to increase the likelihood that an organization will achieve its objectives, meaning that ERM should be created and implemented with the aim to protect and create shareholder value. For ERM to bring benefits, as it is well-explained in the existing ERM literature (e.g. see
The purpose of this chapter is to investigate the impact of the capital structure decisions on th... more The purpose of this chapter is to investigate the impact of the capital structure decisions on the systematic risk of common stocks. The research attempts to show and test the relationship between the market risk and risk that arises from financing policy decisions. Research of this relationship should lead to better understanding of the influence of the capital structure decisions on the nondiversifiable risk, so as to the better estimation of the expected systematic risk of the common stocks. It is expected that the stocks of the companies in the same risk class with higher leverage ratio will have higher covariance of the stocks rate of return with the market portfolio’s rate of return. In order to test this hypothesis multiple linear regression is used with systematic risk of common stocks as dependent variable, financial leverage as independent variable and size of the company, profitability, liquidity, operational efficiency and growth as control variables. For this purpose data from Croatian listed companies in the period of 2008 until 2012 is used.
Zagreb International Review of Economics and Business, 2017
Severe consequences of the global fi nancial crisis resulted in re-thinking the risk management p... more Severe consequences of the global fi nancial crisis resulted in re-thinking the risk management processes and approaches, highlighting the need for a comprehensive risk management framework. Consequently, more and more companies are moving away from the Traditional “silo-based” Risk Management (TRM) to a more holistic approach known as Enterprise Risk Management (ERM). This paper presents results of both exploratory and empirical research. First, we develop ERM Index that measures maturity of ERM process within the company. Then, we present empirical results on the level of maturity and determinants of risk management system development in listed Croatian companies. Research indicates low levels of ERM development: even 38 per cent of analysed companies have no elements of ERM system, from which 22 per cent do not manage corporate risks at all. Except the company’s size supported by the economies of scale argument, managers’ support is the most important determinant of ERM system ma...
Procedia Economics and Finance, 2015
Enterprise Risk Management (ERM) encompasses activities and strategies which enable the company t... more Enterprise Risk Management (ERM) encompasses activities and strategies which enable the company to identify, measure, reduce, or exploit, as well as to control and monitor the exposure to various types of corporate risks-strategic, financial, operational, and reporting, as well as compliance risks for the purpose of increasing the organization's value to its stakeholders. The primary goal of ERM is to increase the likelihood that an organization will achieve its objectives, meaning that ERM should be created and implemented with the aim to protect and create shareholder value. For ERM to bring benefits, as it is well-explained in the existing ERM literature (e.g. see
The purpose of this chapter is to investigate the impact of the capital structure decisions on th... more The purpose of this chapter is to investigate the impact of the capital structure decisions on the systematic risk of common stocks. The research attempts to show and test the relationship between the market risk and risk that arises from financing policy decisions. Research of this relationship should lead to better understanding of the influence of the capital structure decisions on the nondiversifiable risk, so as to the better estimation of the expected systematic risk of the common stocks. It is expected that the stocks of the companies in the same risk class with higher leverage ratio will have higher covariance of the stocks rate of return with the market portfolio’s rate of return. In order to test this hypothesis multiple linear regression is used with systematic risk of common stocks as dependent variable, financial leverage as independent variable and size of the company, profitability, liquidity, operational efficiency and growth as control variables. For this purpose data from Croatian listed companies in the period of 2008 until 2012 is used.