The DOI matches its Crossref record; 62 of the 62 references it cites were found in a registry or an index.
The Value of Enterprise Risk Management
Abstract
Enterprise risk management (ERM) has been the topic of increased media attention in recent years. The objective of this study is to measure the extent to which specific firms have implemented ERM programs and, then, to assess the value implications of these programs. We focus our attention in this study on U.S. insurers in order to control for differences that might arise from regulatory and market differences across industries. We simultaneously model the determinants of ERM and the effect of ERM on firm value. We estimate the effect of ERM on Tobin's Q, a standard proxy for firm value. We find a positive relation between firm value and the use of ERM. The ERM premium of roughly 20 percent is statistically and economically significant.
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Cites
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Cited by
Does Enterprise Risk Management Increase Firm Value?
McShane, M. K., Nair, A., & Rustambekov, E. (2011) · Journal of Accounting, Auditing & Finance · doi:10.1177/0148558x11409160 · Cited by 417
Enterprise Risk Management Program Quality: Determinants, Value Relevance, and the Financial Crisis
Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013) · Contemporary Accounting Research · doi:10.1111/j.1911-3846.2012.01194.x · Cited by 344
Risk-based forecasting and planning and management earnings forecasts
Ittner, C. D., & Michels, J. (2017) · Review of Accounting Studies · doi:10.1007/s11142-017-9396-0 · Cited by 111
Metadata
- Authors
- Hoyt, R. E., & Liebenberg, A. P.
- Venue
- Journal of Risk and Insurance
- Publisher
- Wiley
- Published
- 2011-04-11
- Volume
- 78
- Issue
- 4
- Pages
- 795-822
- ISSN
- 0022-4367 (ISSN-L)
- 1539-6975
- OpenAlex
- W2135058204
- Cited by
- 829
- References
- 62
- FWCI
- 138.43
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
