Enterprise risk management : strategic antecedents, risk integration and performance

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<dc:creator>Lin, Yijia</dc:creator>
<dc:creator>Wen, Min-Ming</dc:creator>
<dc:creator>Yu, Jifeng</dc:creator>
<dc:description xml:lang="es">Sumario: The current literature on the adoption of enterprise risk management (ERM) abstracts from the issue of its strategic context. Accounting for the interplay between ERM and various individual risk management (IRM) practices, this paper presents a theoretical basis to study the strategic determinants, risk integration, and value creation of ERM. We tested hypotheses with data from the U.S. property and casualty insurance industry. Our results show that insurers with more reinsurance purchase and greater geographic diversification are more likely to adopt ERM. After ERM initiation, the magnitude of certain IRM adjustments is substantial. The market responds negatively to ERM adoption. ERM displays a strong negative correlation with firm value with a discount of 5% (4%) in terms of Tobins Q (ROA). </dc:description>
<dc:rights xml:lang="es">In Copyright (InC) - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Estrategias</dc:subject>
<dc:subject xml:lang="es">Gerencia de riesgos</dc:subject>
<dc:subject xml:lang="es">Evaluación de riesgos</dc:subject>
<dc:subject xml:lang="es">ERM</dc:subject>
<dc:subject xml:lang="es">Creación de valor en la empresa</dc:subject>
<dc:subject xml:lang="es">Estados Unidos</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Enterprise risk management : strategic antecedents, risk integration and performance</dc:title>
<dc:relation xml:lang="es">En: North American actuarial journal. - Schaumburg : Society of Actuaries, 1997- = ISSN 1092-0277. - 01/03/2012 Tomo 16 Número 1  - 2012 , p. 1-28</dc:relation>
<dc:coverage xml:lang="es">Estados Unidos</dc:coverage>