Enterprise risk management and economies of scale and scope: evidence from the German insurance industry

Enterprise risk management (ERM) is the approach of managing all risks faced by an enterprise in an integrated, holistic fashion. This research investigates whether the utilization of the ERM approach helps firms achieve economies of scale and scope. We use detailed survey data of German property-li...

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Published in:	Annals of operations research Vol. 299; no. 1-2; pp. 811 - 845
Main Authors:	Altuntas, Muhammed, Berry-Stölzle, Thomas R., Cummins, J. David
Format:	Journal Article
Language:	English
Published:	New York Springer US 01.04.2021 Springer Springer Nature B.V
Subjects:	Business and Management Business enterprises Combinatorics Data envelopment analysis Diversification Economic aspects Economies of scale Economies of scope Efficiency Enterprise risk management Equity capital Impact analysis Insolvency Insurance Insurance companies Insurance industry Liability insurance Management Methods Operations research Operations Research/Decision Theory Property and casualty insurance industry Quality management Research design Revenue Risk management S.I.: Recent Developments in Financial Modeling and Risk Management Scale efficiency Target marketing Theory of Computation Germany United States > US Enterprise risk management Economies of scale Economies of scope Insurance industry Firm efficiency
ISSN:	0254-5330, 1572-9338
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Abstract	Enterprise risk management (ERM) is the approach of managing all risks faced by an enterprise in an integrated, holistic fashion. This research investigates whether the utilization of the ERM approach helps firms achieve economies of scale and scope. We use detailed survey data of German property-liability insurance companies that allows us to construct continuous measures of ERM quality. We find that ERM quality positively moderates the size-scale efficiency relationship, and we find that ERM positively moderates the diversification-revenue scope efficiency relationship, indicating that ERM facilitates economies of scale and economies of scope with respect to revenue complementarities. We do not find any evidence of economies of scope with respect to cost complementarities. Our results suggest that ERM’s impact on economies of scale and scope is one answer to the question of how ERM can create value.
AbstractList	Enterprise risk management (ERM) is the approach of managing all risks faced by an enterprise in an integrated, holistic fashion. This research investigates whether the utilization of the ERM approach helps firms achieve economies of scale and scope. We use detailed survey data of German property-liability insurance companies that allows us to construct continuous measures of ERM quality. We find that ERM quality positively moderates the size-scale efficiency relationship, and we find that ERM positively moderates the diversification-revenue scope efficiency relationship, indicating that ERM facilitates economies of scale and economies of scope with respect to revenue complementarities. We do not find any evidence of economies of scope with respect to cost complementarities. Our results suggest that ERM’s impact on economies of scale and scope is one answer to the question of how ERM can create value. Enterprise risk management (ERM) is the approach of managing all risks faced by an enterprise in an integrated, holistic fashion. This research investigates whether the utilization of the ERM approach helps firms achieve economies of scale and scope. We use detailed survey data of German property-liability insurance companies that allows us to construct continuous measures of ERM quality. We find that ERM quality positively moderates the size-scale efficiency relationship, and we find that ERM positively moderates the diversification-revenue scope efficiency relationship, indicating that ERM facilitates economies of scale and economies of scope with respect to revenue complementarities. We do not find any evidence of economies of scope with respect to cost complementarities. Our results suggest that ERM’s impact on economies of scale and scope is one answer to the question of how ERM can create value.
Audience	Academic
Author	Berry-Stölzle, Thomas R. Altuntas, Muhammed Cummins, J. David
Author_xml	– sequence: 1 givenname: Muhammed surname: Altuntas fullname: Altuntas, Muhammed organization: Department of Risk Management and Insurance, University of Cologne – sequence: 2 givenname: Thomas R. orcidid: 0000-0001-7877-774X surname: Berry-Stölzle fullname: Berry-Stölzle, Thomas R. email: thomas-berry@uiowa.edu organization: Henry B. Tippie College of Business, University of Iowa – sequence: 3 givenname: J. David surname: Cummins fullname: Cummins, J. David organization: Temple University
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Snippet	Enterprise risk management (ERM) is the approach of managing all risks faced by an enterprise in an integrated, holistic fashion. This research investigates...
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SubjectTerms	Business and Management Business enterprises Combinatorics Data envelopment analysis Diversification Economic aspects Economies of scale Economies of scope Efficiency Enterprise risk management Equity capital Impact analysis Insolvency Insurance Insurance companies Insurance industry Liability insurance Management Methods Operations research Operations Research/Decision Theory Property and casualty insurance industry Quality management Research design Revenue Risk management S.I.: Recent Developments in Financial Modeling and Risk Management Scale efficiency Target marketing Theory of Computation
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Title	Enterprise risk management and economies of scale and scope: evidence from the German insurance industry
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