The relationship between enterprise risk management, value and firm characteristics based on the literature

  • Alexander BohnertEmail author
  • Nadine Gatzert
  • Robert E. Hoyt
  • Philipp Lechner


In the wake of the increasing importance of comprehensive enterprise-wide risk management approaches (ERM) in the last years, e. g. due to stronger regulatory requirements, the field of research on ERM has attracted a considerable amount of attention in the literature. The aim of this paper is to provide a literature-based analysis of the theoretical arguments and empirical findings regarding firm characteristics in the context of measuring the impact of ERM on firm value. Due to the endogeneity problem, we focus on the direct impact as well as on the indirect impact (via ERM) of firm characteristics on firm value.


Als Folge der zunehmenden Bedeutung eines ganzheitlichen, unternehmensübergreifenden Risikomanagements (ERM) in den vergangenen Jahren, unter anderem aufgrund von verstärkten regulatorischen Anforderungen, ist dieses Forschungsgebiet verstärkt in den Fokus der wissenschaftlichen Literatur gerückt. Die Zielsetzung des vorliegenden Beitrags ist eine detaillierte Analyse von Unternehmensspezifika im Rahmen der Messung des Effektes von ERM-Aktivitäten auf den Firmenwert, indem auf Basis der Literatur theoretische Gründe diskutiert sowie empirische Ergebnisse dargestellt werden. Aufgrund der Endogenitätsproblematik betrachten wir den unmittelbaren Einfluss wie auch den mittelbaren Einfluss (über ERM) von Firmencharakteristika auf den Wert eines Unternehmens.


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Copyright information

© Springer-Verlag GmbH Deutschland 2017

Authors and Affiliations

  • Alexander Bohnert
    • 1
    Email author
  • Nadine Gatzert
    • 1
  • Robert E. Hoyt
    • 2
  • Philipp Lechner
    • 1
  1. 1.School of Business and EconomicsFriedrich-Alexander University Erlangen-Nürnberg (FAU)NürnbergGermany
  2. 2.Terry College of BusinessUniversity of GeorgiaAthensUSA

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