Thesis (Ph.D.) - Cairo University - Faculty of Commerce - Department of Accounting

The main objective of this research is to investigate the impact of ERM and disclosure on firm value. The study aims at investigating four relationships; the first is the relationship between ERM and firm value. The second is the relationship between risk disclosure and systematic (market/beta) risk. The third is the relationship between risk disclosure and ERM. The fourth is between risk disclosure and firm value. The research population consists of non-financial companies listed on the Egyptian stock exchange (EGX) 100 at the year-end of 2014. The data of the sample companies selected is within the period from 2004 through 2014. The sample consists of 60 nonfinancial companies that are classified into two groups each group consists of 30 companies. The first group is derived from public sector companies and the second group is from private sector companies. The research has approved the first and third relationships. The results indicated an insignificant positive relationship between ER and firm value for both public and private sample. The results evidenced a significant positive relationship between ERM and risk disclosure for public sample, however for the private sample this relation was insignificant. In the other side, the research could not approve the second and fourth relationships. The results found an insignificant positive relationship between risk disclosure and the market risk exposure for public sample and a significant positive relationship for the private sample. The results found an insignificant negative relationship between risk disclosure and firm value for both sectors

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