The Characteristics of Firms That Hire Chief Risk Officers
研究了企业采用企业风险管理（ERM）的特征，发现规模更大、波动性更高、机构持股比例更高的企业更可能聘用首席风险官（CRO），且CEO有风险激励时也更可能聘用CRO，银行中一级资本较低者更可能聘用CRO。
We examine the characteristics of firms that adopt enterprise risk management (ERM) and find support for the hypothesis that firms adopt ERM for direct economic benefit rather than to merely comply with regulatory pressure. Using chief risk officer (CRO) hires as a proxy for ERM adoption we find that firms that are larger, more volatile, and have greater institutional ownership are more likely to adopt ERM. In addition, when the CEO has incentives to take risk, the firm is also more likely to hire a CRO. Finally, banks with lower levels of Tier 1 capital are also more likely to hire a CRO.