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Zentrales und dezentrales Risikocontrolling in Industrieunternehmen

Author

Listed:
  • Carsten Homburg

    (Universität zu Köln)

  • Marliese Uhrig-Homburg

    (Universität Karlsruhe (TH))

Abstract

Summary Using a formal model, the paper analyzes risk management for nonfinancial corporations. A firm is considered that produces and sells divisional products. This triggers uncertain cash flows, the risk of which is measured by the Cash Flow at Risk (CFaR)-concept. The CFaR determines the required amount of equity. Several possibilities of implementing a risk management system are discussed, with a particular focus on the required equity. A major result is that a more restrictive risk policy does not necessarily lead to an increasing demand of equity. Furthermore, for the case of several divisions the differences of centralized and decentralized risk management are analyzed.

Suggested Citation

  • Carsten Homburg & Marliese Uhrig-Homburg, 2004. "Zentrales und dezentrales Risikocontrolling in Industrieunternehmen," Schmalenbach Journal of Business Research, Springer, vol. 56(4), pages 311-332, June.
    • Handle: RePEc:spr:sjobre:v:56:y:2004:i:4:d:10.1007_bf03372739
    DOI: 10.1007/BF03372739
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    References listed on IDEAS

    as
    1. Stoughton, Neal M. & Zechner, Josef, 2007. "Optimal capital allocation using RAROC(TM) and EVA(R)," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 312-342, July.
    2. Froot, Kenneth A. & Stein, Jeremy C., 1998. "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach," Journal of Financial Economics, Elsevier, vol. 47(1), pages 55-82, January.
    3. Stoughton, Neal & Zechner, Josef, 1999. "Optimal Capital Allocation Using RAROC And EVA," CEPR Discussion Papers 2344, C.E.P.R. Discussion Papers.
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    More about this item

    Keywords

    G31; G34;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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