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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
A Study of the Relationship Between a Successful Enterprise Risk
Management System, a Performance Measurement System and the Financial Performance of Thai Listed Companies
Author(s): Kittipat Laisasikorn, Nopadol Rompho
Citation: Kittipat Laisasikorn, Nopadol Rompho, (2014) "A Study of the Relationship Between a Successful Enterprise Risk Management System, a Performance Measurement System and the Financial Performance of Thai Listed Companies," Journal of Applied Business and Economics, Vol. 16, Iss. 2, pp. 81-92
Article Type: Research paper
Publisher: North American Business Press
Abstract:
In this era of globalization, managers are constantly facing uncertainties. To meet all risks successfully,
substantial investments have been made in setting up an enterprise risk management system (ERMS) and
a performance measurement system (PMS) with the aim of ensuring sustainable growth. At the same time,
it remains unclear whether the success of ERMS and PMS does truly enhance the financial performance
of an organization. This research arose out of the desire to examine this relationship by collecting data
from persons directly involved with these two systems. The results of the study indicate that success of the
ERMS and PMS have a weak positive correlation with the financial performance of an organization as
measured by return on assets (ROA), return on equity (ROE) and earnings per share (EPS). It does,
however, prove to be essential that managers develop, improve and utilize both systems in order to gain a
competitive advantage and sustain the growth of an organization.
