Effectiveness of Enterprise Risk Management

Student: Elyukin Nikita

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2019

Since, enterprise risk management is very popular and important topic, the main purpose of this paper is measure the effect of the ERM program on firm performance. The industrials companies are used to evaluate such effect. Pure model was tested and extended further with simultaneous equations model to include determinants of the ERM in the equation and estimate the effect of ERM on Tobin's Q, a standard proxy for firm value. The positive relation of the ERM and proxy was found.

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