The Impact of Enterprise Risk Management on the Marginal Cost of Reducing Risk: Evidence from the Insurance Industry

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Enterprise Risk Management: A Literature Review and Agenda for Future Research (2020, methodology): “On the other hand, most of the past studies on financial institutions have only concentrated on insurance companies (Yow and Sherris 2008; Hoyt and Liebenberg 2011; Altuntas et al. 2011; Eckles et al. 2014; Bohnert et al. 2019).”
Mediating role of enterprise risk management practices between business strategy and SME performance (2019, background): “Therefore, when firms implement ERM practices, their marginal costs decrease which in turn lead to high profitability and firm value (Eckles et al., 2014).”
Determinants and value of enterprise risk management: empirical evidence from Germany (2017, methodology): “Farrell and Gallagher (2015) use the RIMS RMMmodel as a proxy for ERM implementation for the period from 2006 to 2011. The sample is composed of 225 international firms from various industries. 7. Gordon, Loeb, and Tseng (2009) use the excess market return as a proxy for firm performance, Grace et a”
Risk management and firm value: recent theory and evidence (2016, background): “Unfortunately, only Eckles et al. (2014) and the previously mentioned studies of Bolton et al. (2011) and Gamba and Triantis (2014) apply an analytical approach to ERM, and this area may prove fruitful for future research.”