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Enterprise risk management in family firms: evidence from Austria and Germany

Author

Listed:
  • Martin R.W. Hiebl
  • Christine Duller
  • Herbert Neubauer

Abstract

Purpose - Family firms are the most prevalent type of firm worldwide. Nevertheless, the existent enterprise risk management (ERM) literature is silent on the adoption of ERM in family firms. Family firms exhibit specifics likely to influence the adoption of ERM. Most importantly, they often feature lower levels of agency conflicts, which should make them less prone to invest in mechanisms to control such problems. Consequently, it is expected that family firms are less prone to invest in ERM. This paper aims to explore this basic expectation. Design/methodology/approach - This study is based on a survey of 430 firms from Austria and Germany. Findings - It is observed that family firms show a lower adoption of ERM, especially in family firms where there is a family CEO. Research limitations/implications - The results suggest that future empirical ERM research should more closely analyze or at least control for family influence. Originality/value - This study is among the first to analyze ERM adoption in family firms.

Suggested Citation

  • Martin R.W. Hiebl & Christine Duller & Herbert Neubauer, 2019. "Enterprise risk management in family firms: evidence from Austria and Germany," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 20(1), pages 39-58, January.
    • Handle: RePEc:eme:jrfpps:jrf-01-2018-0003
    DOI: 10.1108/JRF-01-2018-0003
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    Citations

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    Cited by:

    1. Gundula Glowka & Andreas Kallmünzer & Anita Zehrer, 2021. "Enterprise risk management in small and medium family enterprises: the role of family involvement and CEO tenure," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1213-1231, September.
    2. Bürgel, Tobias R. & Hiebl, Martin R.W. & Pielsticker, David I., 2023. "Digitalization and entrepreneurial firms' resilience to pandemic crises: Evidence from COVID-19 and the German Mittelstand," Technological Forecasting and Social Change, Elsevier, vol. 186(PA).
    3. Lenka Syrová & Jindřich Špička, 2023. "Exploring the indirect links between enterprise risk management and the financial performance of SMEs," Risk Management, Palgrave Macmillan, vol. 25(1), pages 1-27, March.
    4. Naciye Sekerci & Don Pagach, 2020. "Firm Ownership and Enterprise Risk Management Implementation: Evidence from the Nordic Region," JRFM, MDPI, vol. 13(9), pages 1-21, September.
    5. Gundula Glowka & Andreas Kallmünzer & Anita Zehrer, 0. "Enterprise risk management in small and medium family enterprises: the role of family involvement and CEO tenure," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-19.
    6. Gundula Glowka & Richard Hule & Anita Zehrer, 2024. "Risk perception of SMEs: strategic risks, family-related risks, external risks," Risk Management, Palgrave Macmillan, vol. 26(4), pages 1-27, December.
    7. Mattias Sandgren & Timur Uman & Mattias Nordqvist, 2023. "Accountants in family firms—a systematic literature review," Small Business Economics, Springer, vol. 61(1), pages 349-388, June.
    8. Sorin Gabriel Anton & Anca Elena Afloarei Nucu, 2020. "Enterprise Risk Management: A Literature Review and Agenda for Future Research," JRFM, MDPI, vol. 13(11), pages 1-22, November.

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