题目：Enterprise Risk Management and Financial Misconduct

报告人：徐健人，美国北德克萨斯大学瑞恩商学院金融系助理教授

时间：2020年11月11日(周三) 09:00～12:00

地点：线下：经管院B251

线上：腾讯会议ID：261 858 646

报告摘要：

This study examines the impact of enterprise risk management (ERM) programs on corporate financial misconduct. ERM represents a structured, holistic approach to managing the entire portfolio of risks faced by an enterprise (COSO 2004, 2017). Theoretically, we expect that ERM is associated with less financial misconduct because ERM can effectively reduce incentives for managerial financial misconduct by (1) alleviating the effect of corporate financial constraints and (2) mitigating managerial short-termism. We use hand-collected data on ERM adoptions among S&P 500 firms from 1990 to 2017. Using a difference-in-differences approach with firm fixed effects, we find that ERM adoption is associated with less financial misconduct as measured by class action lawsuits and Accounting and Auditing Enforcement Releases (AAERs) issued by the Securities and Exchange Commission (SEC). The deterrent effect of ERM on financial misconduct is stronger among companies facing more financial constraints and experiencing a higher level of managerial short-termism, as well as when an ERM program becomes more mature over time. Our results are robust to a range of alternative tests, including the two-stage least squares (2SLS) estimation with firm fixed effects. Our findings suggest that ERM deters financial misconduct and have implications for the debate on ERM’s benefits to enterprises.

报告人简介：

徐健人，美国北德克萨斯大学瑞恩商学院金融系助理教授，博士生导师。研究领域包括公司风险管理、行为经济学、保险市场研究和保险公司运营。他在保险业界有三年工作经验，并拥有ARM（Associate in Risk Management）头衔。在顶尖国际学术期刊（Journal of Risk and Insurance,North American Actuarial Journal等）发表了多篇论文，并获得过多个最佳论文奖（包括亚太风险管理与保险协会、美国西部风险管理和保险协会、美国西南金融系会等）以及教学奖。徐教授曾任美国西部风险管理和保险协会秘书长和财务主管，亦是美国国籍期刊Journal of Insurance Regulation的编委。