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
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  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
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  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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springer
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StartPage 811
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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Volume 299
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