Determinants and value of enterprise risk management: empirical evidence from Germany
研究了德国上市公司实施企业风险管理系统的决定因素及其对股东价值的影响，发现公司规模、国际多元化和行业（银行、保险、能源）正向影响ERM实施，财务杠杆负向影响，且ERM显著提升股东价值。
Enterprise risk management (ERM) has become increasingly relevant in recent years, especially due to an increasing complexity of risks and the further development of regulatory frameworks. The aim of this paper is to empirically analyze firm characteristics that determine the implementation of an ERM system and to study the impact of ERM on firm value. We focus on companies listed at the German stock exchange, which to the best of our knowledge is the first empirical study with a cross-sectional analysis for Germany and one of the first for a European country. Our findings show that size, international diversification and the industry sector (banking, insurance, energy) positively impact the implementation of an ERM system, and financial leverage is negatively related to ERM engagement. In addition, our results confirm a significant positive impact of ERM on shareholder value.