References
- Abotsi, A. K., Dake, G., & Agyepong, R. (2014). Factors influencing risk management decision of small and medium scale enterprises in Ghana. Contemporary Economics, 8(4), 397–22. https://doi.org/10.5709/ce.1897-9254.153
- Acharyya, M. (2009). The influence of enterprise risk management on insurers’ stock market performance: An event analysis. International Journal of Business and Management Invention, 44(3), 121–136. https://www.soa.org/globalassets/assets/files/resources/essays-monographs/2009-erm-symposium/mono-2009-m-as09-1-acharyya.pdf
- Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking and Finance, 36(12), 3213–3226. https://doi.org/10.1016/j.jbankfin.2011.10.020
- Agarwal, R., & Gort, M. (1996). The evolution of markets and entry, exit and survival of firms. The Review of Economics and Statistics, 78(3), 489–498. https://doi.org/10.2307/2109796
- Agarwal, R., & Gort, M. (2002). Firm and product life cycles and firm survival. The American Economic Review, 92(2), 184–190. https://doi.org/10.1257/000282802320189221
- Agustina, L., & Baroroh, N. (2016). The relationship between Enterprise Risk Management (ERM) and firm value mediated through the financial performance. Review of Integrative Business and Economics Research, 5(1), 128–138. https://sibresearch.org/uploads/3/4/0/9/34097180/riber_h15-081_128-138.pdf
- Akotey, J. O., & Abor, J. (2013). Risk management in the Ghanaian insurance industry. Qualitative Research in Financial Markets, 5(1), 26–42. https://doi.org/10.1108/1755417131130894
- Azzam, I., Fouad, J., & Ghosh, D. K. (2013). Foreign ownership and financial performance: Evidence from Egypt. International Journal of Business, 18(3), 232–254. https://www.craig.csufresno.edu/ijb/Volumes/Volume%2018/V183-4.pdf
- Baxter, R., Bedard, J. C., Hoitash, R., & Yezegel, A. (2013). Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264–1295. https://doi.org/10.1111/j.1911-3846.2012.01194.x https://doi.org/10.1111/j.1911-3846.2013.01194.x doi:10.1111/care.2013.30.issue-4
- Beasley, M., Pagach, D., & Warr, R. (2008). Information conveyed in hiring announcements of senior executives overseeing enterprise-wide risk management processes. Journal of Accounting, Auditing and Finance, 23(3), 311–332. https://doi.org/10.1177/0148558X0802300303
- Bernard, A. B., Jensen, J. B., & Lawrence, R. Z. (1995). Exporters, jobs, and wages in US manufacturing: 1976-1987. Brookings Papers on Economic Activity. Microeconomics, 1995, 67–119. https://doi.org/10.2307/2534772
- Bertinetti, G. S., Cavezzali, E., & Gardenal, G. (2013). The effect of the enterprise risk management implementation on the firm value of European companies. Department of Management, Università Ca’Foscari Venezia Working Paper, 10(2013), 2239–2734. http://dx.doi.org/10.2139/ssrn.2326195
- Blomström, M., & Sjöholm, F. (1999). Technology transfer and spillovers: Does local participation with multinationals matter? European Economic Review, 43(4), 915–923. https://doi.org/10.1016/S0014-2921(98)00104-4
- Boardman, A. E., Shapiro, D. M., & Vining, A. R. (1997). The role of agency costs in explaining the superior performance of foreign MNE subsidiaries. International Business Review, 6(3), 295–317. https://doi.org/10.1016/S0969-5931(97)00005-X
- Committee of Sponsoring Organisations of the Treadway Commission (COSO). (2004). Enterprise risk management integrated framework. American Institute of Certified Public Accountants.
- Conheady, B., McIlkenny, P., Opong, K. K., & Pignatel, I. (2015). Board effectiveness and firm performance of Canadian listed firms. The British Accounting Review, 47(3), 290–303. https://doi.org/10.1016/j.bar.2014.02.002
- Cooley, T. F., & Quadrini, V. (2001). Financial markets and firm dynamics. American Economic Review, 91(5), 1286–1310. https://doi.org/10.1257/aer.91.5.1286
- Cummins, J. D., & Weiss, M. A. (1998). Analyzing firm performance in the insurance industry using frontier efficiency methods. Working Paper No. 98-22. Philadelphia, PA: University of Pennsylvania, Wharton Financial Institutions Center.
- Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. The British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/j.bar.2016.08.003
- Geessink, L. (2012). Enterprise risk management and bank performance during a financial crisis [Master’s thesis]. University of Twente.
- Goethals, J., & Ooghe, H. (1997). The performance of foreign and national take-overs in Belgium. European Business Review, 97(1), 24–37. https://doi.org/10.1108/09555349710156037
- Gordon, L. A., Loeb, M. P., & Tseng, C. Y. (2009). Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy, 28(4), 301–327. https://doi.org/10.1016/j.jaccpubpol.2009.06.006
- Hoyt, R. E., & Liebenberg, A. P. (2008, January). The value of enterprise risk management: Evidence from the US insurance industry. unpublished paper. http://www. aria. org/meetings/2006papers/Hoyt_Liebenberg_ERM_070606. Pdf
- Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of Risk and Insurance, 78(4), 795–822. https://doi.org/10.1111/j.1539-6975.2011.01413.x
- Hussain, H. I., Ali, A., Thaker, H. M. T., & Ali, M. (2019). Firm performance and family related directors: Empirical evidence from an emerging market. Contemporary Economics, 13(2), 187–204. DOI: 10.5709/ce.1897-9254.307
- Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://www.jstor.org/stable/1818789
- Jovanovic, B. (1982). Selection and the Evolution of Industry. Econometrica, 50(3), 649–670. https://doi.org/10.2307/1912606
- Katz, R. (1982). The effects of group longevity on project communication and performance. Administrative Science Quarterly, 27(1), 81–104. https://doi.org/10.2307/2392547
- Kenneth, A. (1962). Economic welfare and the allocation of resources for invention (The rate of inventive activity: Economic and social factors). Princeton University Press.
- Kijkasiwat, P., & Phuensane, P. (2020). Innovation and firm performance: The moderating and mediating roles of firm size and small and medium enterprise finance. Journal of Risk and Financial Management, 13(5), 97. https://doi.org/10.3390/jrfm13050097
- Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703–728. https://doi.org/10.1016/S0929-1199(03)00046-4
- Kumah, S. P., & Sare, Y. A. (2013). Risk management practices among commercial banks in Ghana. Risk Management, 5(20), 185–191. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.867.5128&rep=rep1&type=pdf
- Lang, L., Ofek, E., & Stulz, R. (1996). Leverage, investment, and firm growth. Journal of Financial Economics, 40(1), 3–29. https://doi.org/10.1016/0304-405X(95)00842-3
- Liebenberg, A. P., & Hoyt, R. E. (2003). The determinants of enterprise risk management: Evidence from the appointment of chief risk officers. Risk Management and Insurance Review, 6(1), 37–52. https://doi.org/10.1111/1098-1616.00019
- Lundqvist, S. A. (2014). An exploratory study of enterprise risk management pillars of ERM. Journal of Accounting, Auditing and Finance, 29(3), 393–429. https://doi.org/10.1177/0148558X14535780
- Mahakud, J., & Misra, A. K. (2009). Effect of leverage and adjustment costs on corporate performance: Evidence from Indian companies. Journal of Management Research, 9(1), 35–42. http://www.indianjournals.com/ijor.aspx?target=ijor:jmr&volume=9&issue=1&article=004
- Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
- Mayers, D., & Smith, C. W., Jr. (1987). Corporate insurance and the underinvestment problem. The Journal of Risk and Insurance, 54(1), 45–54. https://doi.org/10.2307/252881
- McShane, M. K., Nair, A., & Rustambekov, E. (2011). Does enterprise risk management increase firm value? Journal of Accounting, Auditing and Finance, 26(4), 641–658. https://doi.org/10.1177/0148558X11409160
- Nii Okai, J. W. (2015). Anti-money laundering and enterprise risk management [Doctoral dissertation]. University of Ghana.
- Omasete, C. A. (2014). The effect of risk management on financial performance of insurance companies in Kenya. University of Nairobi. http://hdl.handle. net/11295/74732
- Paape, L., & Speklè, R. F. (2012). The adoption and design of enterprise risk management practices: An empirical study. European Accounting Review, 21(3), 533–564. https://doi.org/10.1080/09638180.2012.661937
- Pagach, D., & Warr, R. (2010). The effects of enterprise risk management on firm performance. World Wide Web. Retrieved April 10, 2020, from http://ssrn.com/abstract=1155218
- Pagach, D., & Warr, R. (2011). The characteristics of firms that hire chief risk officers. Journal of Risk and Insurance, 78(1), 185–211. https://doi.org/10.1111/j.1539-6975.2010.01378.x
- Pakes, A., & Ericson, R. (1998). Empirical implications of alternative models of firm dynamics. Journal of Economic Theory, 79(1), 1–45. https://doi.org/10.1006/jeth.1997.2358
- Priem, R. L., & Butler, J. E. (2001). Is the resource-based “view” a useful perspective for strategic management research? Academy of Management Review, 26(1), 22–40. https://www.jstor.org/stable/259392
- Santosa, P. W. (2020). The moderating role of firm size on financial characteristics and Islamic firm value at Indonesian equity market. Business: Theory and Practice, 21(1), 391–401. https://doi.org/10.3846/btp.2020.12197
- Sarkis, J. (1998). Evaluating environmentally conscious business practices. European Journal of Operational Research, 107(1), 159–174. https://doi.org/10.1016/S0377-2217(97)00160-4
- Smith, C. W., & Stulz, R. M. (1985). The determinants of firms’ hedging policies. Journal of Financial and Quantitative Analysis, 20(4), 391–405. https://doi.org/10.2307/2330757
- Viscelli, T. R., Beasley, M. S., & Hermanson, D. R. (2016). Research insights about risk governance: Implications from a review of ERM research. SAGE Open, 6(4), 1–17. https://doi.org/10.1177/2158244016680230
- Willmore, L. N. (1986). The comparative performance of foreign and domestic firms in Brazil. World Development, 14(4), 489–502. https://doi.org/10.1016/0305-750X(86)90065-3