Rentabilidad económica y gerencia de riesgos en la pyme gallega

Luis Otero-González, Rubén Lado-Sestayo, Milagros Vivel-Búa, Ignacio Rodríguez-Gil

Abstract


Objetivo: Este trabajo evalúa el impacto de la gestión del riesgo sobre la creación de valor, aproximada por la rentabilidad económica, en pequeñas y medianas empresas no financieras gallegas.

Metodología: la metodología se basa en la estimación de modelos dinámicos de datos de panel utilizando una muestra de 144 empresas, la cual utilizó dos fuentes de información que son una encuesta y la base de datos SABI.

Resultados: los resultados ponen de manifiesto el impacto de la crisis sobre la rentabilidad, que ha experimentado un descenso acusado. La evidencia obtenida confirma que la profesionalización de la gestión del riesgo en la empresa tiene un efecto positivo sobre la rentabilidad, específicamente, a través del uso de herramientas sofisticadas de medición del riesgo. Respecto a la asunción de riesgos y rentabilidad, se obtiene que aquellas empresas que aplican técnicas de gestión del riesgo sofisticadas tienen mayores niveles de rentabilidad para un nivel de riesgo dado. Por tanto, una buena política de gestión del riesgo tiene un efecto positivo tanto sobre la rentabilidad como sobre la estabilidad financiera de la empresa.

Originalidad: contribuye a un conocimiento de la política de gerencia de riesgos aplicada en la pyme gallega y, por extensión, española evaluando su impacto en la rentabilidad. Ello es relevante porque constituye una línea de investigación reciente y aún en fase de desarrollo debido, fundamentalmente, a la dificultad para obtener información detallada sobre la gerencia de riesgos en este tipo de empresas.

 

Palabras clave: rentabilidad; riesgo; estrategia; gerencia.

 

 

[ENG]

Title: "Economic profitability and risk management in Galician SMEs"

Abstract

Objective: This work evaluates the impact of risk management on value creation, approximated by economic profitability, in small and medium Galician non-financial companies.

Methodology: the methodology is based on the estimation of dynamic models of panel data using a sample of 144 companies, which used two sources of information that are a survey and the SABI database.

Results: the results show the impact of the crisis on profitability, which has experienced a sharp decline. The evidence obtained confirms that the professionalization of risk management in the company has a positive effect on profitability, specifically, through the use of sophisticated risk measurement tools. Regarding the assumption of risks and profitability, it is obtained that those companies that apply sophisticated risk management techniques have higher levels of profitability for a given level of risk. Therefore, a good risk management policy has a positive effect on both the profitability and the financial stability of the company.

Originality: it contributes to a knowledge of the risk management policy applied in Galician SMEs and, by extension, Spanish evaluating its impact on profitability. This is relevant because it constitutes a recent line of research and is still under development due mainly to the difficulty in obtaining detailed information on risk management in this type of companies.

 

Keywords: profitability; risk; strategy; management.

 


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