Does Enterprise Risk Management Increase Firm Value?

By Michael K. McShane, Anil Nair, Elzotbek Rustambekov. 2011

403 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/912618bd2804f0bc46f5008e81669bb9b4e2fe48

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Economics and Econometrics

In Strategy and Management

Citations in the corpus

Determinants and value of enterprise risk management: empirical evidence from Germany (2017, methodology): “…holistic ERM program can gain a (long-term) competitive advantage as compared to firms using silo-based risk management approaches, and is consistent with Beasley, Pagach, and Warr (2008), Hoyt and Liebenberg (2008, 2011), McShane, Nair, and Rustambekov (2011) and Farrell and Gallagher (2015).”
Enterprise Risk Management Program Quality: Determinants, Value Relevance, and the Financial Crisis (2013, positive): “Hoyt and Liebenberg (2011) find that Tobin’s Q is positively associated with ERM program existence, and McShane et al. (2011) find a positive association with ERM quality among insurance firms.”
Enterprise Risk Management: Review, Critique, and Research Directions (2015, positive): “McShane et al. (2011) found Standard& Poor's ERM rating associated positively with firm value, but the relation flattened out for firms receiving higher ERM ratings. McShane et al. (2012) found insurance companies coordinated risk management by hedging investment risk to take on more underwriting ri”
An Exploratory Study of Enterprise Risk Management (2014, methodology): “An example of a more comprehensive existing measure of ERM implementation is the use of the risk management rating from S&P; McShane, Nair, and Rustambekov (2011) use this measure to investigate the value creation of ERM.”
Determinants and Value of Enterprise Risk Management: Empirical Evidence From the Literature (2015, positive): “However, the necessary financial and human resources, as well as the required IT systems, constitute an obstacle for ERM (see McShane, Nair, and Rustambekov, 2011).”
The Valuation Implications of Enterprise Risk Management Maturity (2015, positive): “Modeling ERM via a maturity model provides additional useful and unique information above the Standard and Poor’s rating upon which some previous ERM research has been based (see McShane et al, 2011).”