Universität zu Köln

Altuntas, Muhammed, Berry-Stolzle, Thomas R. and Cummins, J. David . Enterprise risk management and economies of scale and scope: evidence from the German insurance industry. Ann. Oper. Res.. DORDRECHT: SPRINGER. ISSN 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.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Altuntas, Muhammed UNSPECIFIED UNSPECIFIED UNSPECIFIED Berry-Stolzle, Thomas R. UNSPECIFIED UNSPECIFIED UNSPECIFIED Cummins, J. David UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-130986
DOI:	10.1007/s10479-019-03393-x
Journal or Publication Title:	Ann. Oper. Res.
Publisher:	SPRINGER
Place of Publication:	DORDRECHT
ISSN:	1572-9338
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language DATA ENVELOPMENT ANALYSIS; EFFICIENCY; PROPERTY; DIVERSIFICATION; BANKS; PRODUCTIVITY; FIRMS; COST Multiple languages Operations Research & Management Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/13098