The Characteristics of Firms that Hire Chief Risk Officers

@inproceedings{Pagach2008TheCO,
  title={The Characteristics of Firms that Hire Chief Risk Officers},
  author={Donald Pagach and Richard Warr},
  year={2008}
}
  • Donald Pagach, Richard Warr
  • Published 2008
Enterprise risk management (ERM) is a holistic method of managing both operational and strategic risks across an organization. In recent years adoption of ERM has been increasing. We use a hazard model to examine the factors that influence the adoption of this practice. We find that larger firms that are more levered, have more volatile operating cash flows, and have greater institutional ownership are more likely to initiate an ERM program. However, firms with more growth options and firms… CONTINUE READING
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