Enterprise risk management and the cost of capital

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      <subfield code="a">Berry-Stölzle, Thomas R.</subfield>
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      <subfield code="c">Thomas R. Berry-Stölzle, Jianren Xu</subfield>
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      <subfield code="a">Enterprise risk management (ERM) is a process that manages all risks in an integrated, holistic fashion by controlling and coordinating any offsetting risks across the enterprise. This research investigates whether the adoption of the ERM approach affects firms' cost of equity capital. We restrict our analysis to the U.S. insurance industry to control for unobservable differences in business models and risk exposures across industries. We simultaneously model firms' adoption of ERM and the effect of ERM on the cost of capital. We find that ERM adoption significantly reduces firm's cost of capital. Our results suggest that cost of capital benefits are one answer to the question how ERM can create value.</subfield>
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      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
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      <subfield code="g">01/03/2018 Volumen 85 Número 1 - marzo 2018 , p. 159-201</subfield>
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