[
Agustina, L., and 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.
]Search in Google Scholar
[
Allayannis, G., and Weston, J. P. 2001. The use of foreign currency derivatives and firm market value. The review of financial studies, 14(1), 243-276.10.1093/rfs/14.1.243
]Search in Google Scholar
[
Altuntas, M., Berry-Stölzle, T. R., and Hoyt, R. E. 2011. Implementation of enterprise risk management: Evidence from the German property-liability insurance industry. The Geneva papers on risk and insurance-issues and practice, 36(3), 414-439.10.1057/gpp.2011.11
]Search in Google Scholar
[
Baxter, R., Bedard, J. C., Hoitash, R., and Yezegel, A. 2013. Enterprise risk management program quality: Determinants, value relevance, and the financial crisis. Contemporary Accounting Research, 30(4), 1264-1295.10.1111/j.1911-3846.2012.01194.x
]Search in Google Scholar
[
Beasley, M. S., Clune, R., and Hermanson, D. R. 2005. Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of accounting and public policy, 24(6), 521-531.10.1016/j.jaccpubpol.2005.10.001
]Search in Google Scholar
[
Beasley, M., Branson, B., and Pagach, D. 2015. An analysis of the maturity and strategic impact of investments in ERM. Journal of Accounting and Public Policy, 34(3), 219-243.10.1016/j.jaccpubpol.2015.01.001
]Search in Google Scholar
[
Beasley, M., Pagach, D., and Warr, R. 2008. Information conveyed in hiring announcements of senior executives overseeing enterprise-wide risk management processes. Journal of Accounting, Auditing & Finance, 23(3), 311-332.10.1177/0148558X0802300303
]Search in Google Scholar
[
Berger, P. G., and Ofek, E. 1995. Diversification’s effect on firm value. Journal of financial economics, 37(1), 39-6510.1016/0304-405X(94)00798-6
]Search in Google Scholar
[
Bettis, R. A. 1983. Modern financial theory, corporate strategy and public policy: Three conundrums. Academy of Management Review, 8(3), 406-415.10.5465/amr.1983.4284379
]Search in Google Scholar
[
Bodnar, G., Tang, C., and Weintrop, J. 1997. Both sides of corporate diversification: The value impacts of geographic and industrial diversification.10.3386/w6224
]Search in Google Scholar
[
Bohnert, A., Gatzert, N., Hoyt, R. E., and Lechner, P. 2019. The drivers and value of enterprise risk management: evidence from ERM ratings. The European Journal of Finance, 25(3), 234-255.10.1080/1351847X.2018.1514314
]Search in Google Scholar
[
Callahan, C., and Soileau, J. 2017. Does enterprise risk management enhance operating performance? Advances in accounting, 37, 122-139.10.1016/j.adiac.2017.01.001
]Search in Google Scholar
[
Chakravarthy, B. S. 1982. Adaptation: A promising metaphor for strategic management. Academy of management review, 7(1), 35-44.10.5465/amr.1982.4285438
]Search in Google Scholar
[
Chatterjee S., et al. 1999. Toward a strategic theory of risk premium: Moving beyond CAPM. Academy of Management Review, 24(3), 556-567.10.5465/amr.1999.2202137
]Search in Google Scholar
[
Child, J. 1972. Organisational structure, environment and performance: The role of strategic choice. sociology, 6(1), 1-22.10.1177/003803857200600101
]Search in Google Scholar
[
Denis, D. J., Denis, D. K., and Yost, K. 2002. Global diversification, industrial diversification, and firm value. The journal of Finance, 57(5), 1951-1979.10.1111/0022-1082.00485
]Search in Google Scholar
[
Desender, K., and Lafuente, E. 2009. The influence of board composition, audit fees and ownership concentration on enterprise risk management. Retrieved frompapers. ssrn. com website.10.2139/ssrn.1495856
]Search in Google Scholar
[
Easterbrook, F. H. 1984. Two agency-cost explanations of dividends. The American economic review, 74(4), 650-659.
]Search in Google Scholar
[
Eckles, D. L., Hoyt, R. E., and Miller, S. M. 2014. Reprint of: The impact of enterprise risk management on the marginal cost of reducing risk: Evidence from the insurance industry. Journal of Banking & Finance, 49, 409-42310.1016/j.jbankfin.2014.10.006
]Search in Google Scholar
[
Farrel, J. M., and Hoon, A.2009. What’s your company Risk Culture. National Association of Corporate Directors Directorship, 50-62.
]Search in Google Scholar
[
Farrell, M., and Gallagher, R. 2015. The valuation implications of enterprise risk management maturity. Journal of Risk and Insurance, 82(3), 625-657.10.1111/jori.12035
]Search in Google Scholar
[
Florio, C., Leoni, G. 2017. Enterprise risk management and firm performance: The Italian case. The British Accounting Review, 49(1), 56-74.10.1016/j.bar.2016.08.003
]Search in Google Scholar
[
Gatzert, N., and Wesker, H. 2012. A comparative assessment of Basel II/III and Solvency II. The Geneva Papers on Risk and Insurance-Issues and Practice, 37(3), 539-570.10.1057/gpp.2012.3
]Search in Google Scholar
[
Golshan, N. M., and Rasid, S. A. 2012. Determinants of enterprise risk management adoption: An empirical analysis of Malaysian public listed firms. International Journal of Social and Human Sciences, 6(2012), 119-126.
]Search in Google Scholar
[
Gordon, L. A., Loeb, M. P., and Tseng, C. Y. 2009. Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy, 28(4), 301-327.10.1016/j.jaccpubpol.2009.06.006
]Search in Google Scholar
[
Gujarati, D. N. 2003. Basic Econometrics fourth edition McGraw-Hill. New York.
]Search in Google Scholar
[
Hoyt, R. E., and Liebenberg, A. P. 2008. The value of enterprise risk management: Evidence from the US insurance industry. In unpublished paper, accessed at: http://www.aria.org/meetings/2006papers/Hoyt_Liebenberg_ERM_070606.pdf.
]Search in Google Scholar
[
Hoyt, R. E., and Liebenberg, A. P. 2011. The value of enterprise risk management. Journal of risk and insurance, 78(4), 795-822.10.1111/j.1539-6975.2011.01413.x
]Search in Google Scholar
[
Jakaša, T., Osmanagić Bedenik, N., Iliopoulos, F. 2008. DETERMINATION OF THE EFFECTIVENESS OF RISK MANAGEMENT SYSTEMS IN THE ELECTRICITY INDUSTRY. Journal of Energy: Energija, 57(2), 156-177.10.37798/2008572320
]Search in Google Scholar
[
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
]Search in Google Scholar
[
Khalik, Z. A., and Sum, R. M. 2020. Enterprise Risk Management (ERM) Behaviour Matrix: Mapping ERM Implementations of Non-Financial Public Listed Companies in Malaysia. Journal of Advanced Research in Business and Management Studies, 19(1), 42-59.10.37934/arbms.19.1.4259
]Search in Google Scholar
[
Kumalić, I. 2013. Development of the financial market in Bosnia and Herzegovina. EMC REVIEW-ČASOPIS ZA EKONOMIJU, 5(1).10.7251/EMC1301057K
]Search in Google Scholar
[
Lai, F. W., and Samad, F. 2010. Enterprise risk management framework and the empirical determinants of its implementation.
]Search in Google Scholar
[
Lai, F. W., and Shad, M. K. 2017. Economic Value-Added Analysis for Enterprise Risk Management. Global Business & Management Research, 9.
]Search in Google Scholar
[
Lai, F.W, Noor, A.A and Fazilah, A.S. 2011. A strategic framework for value enhancing enterprise risk management. Journal of global business and economics, 2(1), 23-51.
]Search in Google Scholar
[
Laisasikorn, K., and Rompho, N. 2014. A study of the relationship between a successful enterprise risk management system, a performance measurement system and the financial performance of Thai listed companies. The Journal of Applied Business and Economics, 16(2), 81.
]Search in Google Scholar
[
Lang, L. H., and Stulz, R. M. 1994. Tobin’s q, corporate diversification, and firm performance. Journal of political economy, 102(6), 1248-1280.10.1086/261970
]Search in Google Scholar
[
Lechner, P., and Gatzert, N. 2018. Determinants and value of enterprise risk management: empirical evidence from Germany. The European Journal of Finance, 24(10), 867-887.10.1080/1351847X.2017.1347100
]Search in Google Scholar
[
Li, Q., Wu, Y., Marshall, A., Chipulu, M., and Ojiako, U. 2014. Enterprise risk management and firm value within China’s insurance industry. Acta Commercii, 14(1), 1-10.10.4102/ac.v14i1.198
]Search in Google Scholar
[
Liebenberg, A. P., and 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), 37-52.10.1111/1098-1616.00019
]Search in Google Scholar
[
Lin, Y., Wen, M. M., and Yu, J. 2012. Enterprise risk management: Strategic antecedents, risk integration, and performance. North American Actuarial Journal, 16(1), 1-28.10.1080/10920277.2012.10590630
]Search in Google Scholar
[
Lundqvist, S. A. 2015. Why firms implement risk governance–Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34(5), 441-466.10.1016/j.jaccpubpol.2015.05.002
]Search in Google Scholar
[
McShane, M. K., Nair, A., and Rustambekov, E. 2011. Does enterprise risk management increase firm value? Journal of Accounting, Auditing & Finance, 26(4), 641-658.10.1177/0148558X11409160
]Search in Google Scholar
[
Meulbroek, L. K. 2002. Integrated risk management for the firm: a senior manager’s guide. Available at SSRN 301331.10.2139/ssrn.301331
]Search in Google Scholar
[
Monda, B., and Giorgino, M. 2013. An ERM maturity model. In Enterprise Risk Management Symposium. Chicago, IL, IL: Management, Economics and Industrial Engineering Department.10.2139/ssrn.2198944
]Search in Google Scholar
[
Pagach, D., and Warr, R. 2011. The characteristics of firms that hire chief risk officers. Journal of risk and insurance, 78(1), 185-211.10.1111/j.1539-6975.2010.01378.x
]Search in Google Scholar
[
Planinić, I. 2019. Capital market of Bosnia and Herzegovina a decade after the global financial crisis. Zbornik radova, (XXV), 140-168.
]Search in Google Scholar
[
Pooser, D. M., and McCullough, K. A. 2012. ERM Determinants, Use, and Effects on the Firm. American Risk and Insurance Association, Minneapolis, Minnesota.
]Search in Google Scholar
[
Quon, T. K., Zeghal, D., and Maingot, M. 2012. Enterprise risk management and firm performance. Procedia-Social and Behavioral Sciences, 62, 263-267.10.1016/j.sbspro.2012.09.042
]Search in Google Scholar
[
Rowe, G., and Wright, G. 1999. The Delphi technique as a forecasting tool: issues and analysis. International journal of forecasting, 15(4), 353-375.10.1016/S0169-2070(99)00018-7
]Search in Google Scholar
[
Sekerci, N. 2015. Does Enterprise Risk Management create value for firms?: Evidence from nordic countries. Essays on corporate governance, Dissertation, Lund University
]Search in Google Scholar
[
Sharpe, W. F. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-44210.1111/j.1540-6261.1964.tb02865.x
]Search in Google Scholar
[
Sprcic, D. M., Pecina, E., and Orsag, S. 2017. Enterprise risk management practices in listed croatian companies. UTMS Journal of Economics, 8(3), 219-230.
]Search in Google Scholar
[
Summer, C. E. 1980. Strategic behaviour in business and government. Little Brown & Company
]Search in Google Scholar
[
Sumsion, T. 1998. The Delphi technique: an adaptive research tool. British Journal of Occupational Therapy, 61(4), 153-156.10.1177/030802269806100403
]Search in Google Scholar
[
Tahir, I. M., and Razali, A. R. 2011. The Relationship between enterprise risk management (ERM) and firm value: Evidence from Malaysian public listed companies. International journal of economics and management sciences, 1(2), 32-41.
]Search in Google Scholar
[
Teece, D. J. 1980. Economies of scope and the scope of the enterprise. Journal of economic behavior & organisation, 1(3), 223-247.10.1016/0167-2681(80)90002-5
]Search in Google Scholar
[
Tolleson, T. D., and Pai, K. 2011. The big 4 accounting firms: too big to fail. International Journal of Business, Accounting, and Finance, 5(1), 56-66.
]Search in Google Scholar
[
Wibowo, A., and Taufik, J. 2017. Developing a self-assessment model of risk management maturity for client organisations of public construction projects: Indonesian context. Procedia engineering, 171, 274-281.10.1016/j.proeng.2017.01.335
]Search in Google Scholar
[
Yazid, A. S., Hussin, M. R., and Daud, W. N. W. 2011. An examination of enterprise risk management (ERM) practices among the government-linked companies (GLCs) in Malaysia. International Business Research, 4(4), 94.10.5539/ibr.v4n4p94
]Search in Google Scholar
[
Zhao, X., Hwang, B. G., and Low, S. P. 2013. Developing fuzzy enterprise risk management maturity model for construction firms. Journal of construction engineering and management, 139(9), 1179-1189.10.1061/(ASCE)CO.1943-7862.0000712
]Search in Google Scholar
[
Zheng, W., Yang, B., and McLean, G. N. 2010. Linking organisational culture, structure, strategy, and organisational effectiveness: Mediating role of knowledge management. Journal of Business research, 63(7), 763-771.10.1016/j.jbusres.2009.06.005
]Search in Google Scholar
and 