Enterprise risk management : strategic antecedents, risk integration and performance

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      <subfield code="a">Lin, Yijia</subfield>
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      <subfield code="a">Enterprise risk management</subfield>
      <subfield code="b">: strategic antecedents, risk integration and performance</subfield>
      <subfield code="c">Yijia Lin, Min-Ming Wen,  Jifeng Yu</subfield>
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      <subfield code="a">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). </subfield>
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      <subfield code="a">Creación de valor en la empresa</subfield>
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      <subfield code="t">North American actuarial journal</subfield>
      <subfield code="d">Schaumburg : Society of Actuaries, 1997-</subfield>
      <subfield code="x">1092-0277</subfield>
      <subfield code="g">01/03/2012 Tomo 16 Número 1  - 2012 , p. 1-28</subfield>
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