Purpose

This study aims to examine the effect of enterprise risk management (ERM) on financial performance and firm value, as well as the moderating role of environmental, social and governance (ESG) performance.

Design/methodology/approach

The samples in this study are listed companies in the ASEAN 5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) during the years 2014–2018, with total observations of 680 firm-years. Fixed effect panel data regressions were used to test the hypotheses. The data was collected from Financial Report, Annual Reports and Thomson Reuters.

Findings

The results show that ERM has a positive significant effect on financial performance and firm value. This paper also finds that ESG has a significant moderating role in increasing the effect of ERM on firm value. Further, this paper divides the samples into sensitive and non-sensitive industries and find a significant moderating role of ESG performance on firm performance for sensitive industries.

Originality/value

Extant studies have not empirically examined the moderating role of ESG on the effect of ERM on firm performance and firm value. The findings have important implications in suggesting that firms need to analyze various threats and opportunities related to and ESG risks in achieving competitive advantage.

中文翻译：

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企业风险管理对财务绩效和公司价值的影响：环境、社会和治理绩效的作用

目的

本研究旨在检验企业风险管理 (ERM) 对财务绩效和公司价值的影响，以及环境、社会和治理 (ESG) 绩效的调节作用。

设计/方法/方法

本研究的样本是 2014 年至 2018 年期间东盟五国（印度尼西亚、马来西亚、菲律宾、新加坡和泰国）的上市公司，总共观察了 680 个公司年。固定效应面板数据回归用于检验假设。数据来自财务报告、年度报告和汤森路透。

发现

结果表明，企业风险管理对财务绩效和公司价值具有显着正向影响。本文还发现 ESG 在增加 ERM 对公司价值的影响方面具有显着的调节作用。此外，本文将样本分为敏感行业和非敏感行业，并发现 ESG 绩效对敏感行业的公司绩效具有显着的调节作用。

原创性/价值

现有的研究没有实证检验 ESG 对 ERM 对公司绩效和公司价值的影响的调节作用。研究结果具有重要意义，表明公司需要分析与 ESG 风险相关的各种威胁和机会，以实现竞争优势。