Auhor's Name Year

(Johannes Brustbauer a. G., 2014) 2014

(Alviniussen, Jankensgard, & Hakan, 2015) 2015

(Avenida Professor Luciano Gualberto) 2015

(Arnold, Benford, Canada, & Sutton, 2015) 2015

(Li, Fan, Lee, & Cheng, 2015) 2015

(Florio, C., & Leoni, G. 2017) 2017

(Farrell, M., & Gallagher, R. 2015) 2015

Gatzert, N., & Martin, M. (2015) 2015

(Eckles, D. L., Hoyt, R. E., & Miller, S. M. 2014 2014

(Lechner, P., & Gatzert, N. 2018) 2018
Title Indep. Variable
Enterprise risk management in SME,s Firm Size
Sector Afiliation
Ownership Structure

Enterprise risk budgeting: bringing risk management into the financial

Corporate
planningObjectives
process

Financial distress

A maturity model for enterprise risk management Institutional Economics

Risk in Supply Chain

Leveraging integrated information system to enhance strategic flexi Strategic Flexibility

IT Integration

Joint supply chain risk management; an agency and collaboration peRisk Sharing
Risk Sharing Information
Enterprise risk management and firm performance: the italian case Firm's Performance

The Valuation Implications of enterprise risk management maturity Valuation of ERM Maturity

Determinants and value of enterprise risk management:

empirical evidence from the literature

Company Size
Institutional Ownership

The impact of enterprise risk management on the marginal cost of reReduction in Firm's Cost
Risk Reduction
Determinants and value of enterprise risk management:
empirical evidence from Germany

Firm Value
Increase in Financial Leverage
Dep. Variable Med. Variable Mod. Variable

Enterprise risk management

Role of electronic integration

Collaborative
relationship

Supplier trust
Methodology Findings
Qualitative Research Applied conceptualization of ERM may help SMEs adjust to a changing environment to gain st

Quantitative Research

The ERB financial

planning model
enables an ongoing
reassessment of the
expected financial
situation and risk
profile of a
company. This
means engaging in a
continuous
and pro-active
financial planning
process to provide
feedback
on how these would
change as a result of
a proposed policy
change and in which
direction the
company is heading
in
terms of its overall
risk level.

Surveys and Interviews Presented a proposal of model for an enterprise risk analysis, as well as proposal a model for

Cross-sectional field study of co Strategic approach to ERM enhances flexibility and strenghten the relationship btween flexibil
Enhance IT integration is the mechanism through which ERM strengthen both flexibility and in

Qualitative Research Both risk information sharing and risk sharing mechanism improve financial performance, and
Quantitative Research The results show that firms with advanced levels of ERM implementation present higher perfo

Time series data Collection  Our results suggest that firms that have reached mature levels of ERM are exhibiting a

We find broad
consistency in the
empirical literature
with respect to
specific firm
characteristics such
as company size and
institutional
ownership that
almost all studies
detect as significant
and positively
related to the
existence of an ERM
Time Series (Linear Regression) system

Qualitative Research we find that firms adopting ERM experience a reduction in stock return volatility. We also find
 less leveraged firms
are more likely to
implement ERM,
implying that firms
with a holistic risk
management system
may reduce the
amount of debt
capital (relative to
equity capital) in
order to avoid
suffering
Qualitative Research financial distress
hanging environment to gain strategic advantage thus, increasing competitiveness and business success .

as well as proposal a model for analysis of the level of maturity in enterprise risk management in the supply chain of large companies.

the relationship btween flexibility and performance

trengthen both flexibility and in turn performance

ove financial performance, and the effectiveness of the former is strengthened by relationship length and supplier trust
mentation present higher performance, both as financial performance and market evaluation. Additional tests also corroborate the expect

evels of ERM are exhibiting a higher firm value, as measured by Tobin's Q. Firms that have successfully integrated the ERM proc

ck return volatility. We also find that the reduction in return volatility for ERM-adopting firms becomes stronger over time. Further, we find
y chain of large companies.

supplier trust
ests also corroborate the expectation that effective ERM systems lead to higher performance by reducing risk exposure and that reverse ca

sfully integrated the ERM process into both their strategic activities and everyday practices display superior ability in uncovering

nger over time. Further, we find that operating profits per unit of risk (ROA/return volatility) increase post ERM adoption
isk exposure and that reverse causality between ERM and performance is not present in the short term.

superior ability in uncovering risk dependencies and correlations across the entire enterprise and as a consequence enhanced

ERM adoption
d as a consequence enhanced value when undertaking the ERM maturity journey