The Characteristics of Firms That Hire Chief Risk Officers
Publication
, Journal Article
Pagach, D; Warr, R
Published in: Journal of Risk and Insurance
March 1, 2011
We examine the characteristics of firms that adopt enterprise risk management (ERM) and find support for the hypothesis that firms adopt ERM for direct economic benefit rather than to merely comply with regulatory pressure. Using chief risk officer (CRO) hires as a proxy for ERM adoption we find that firms that are larger, more volatile, and have greater institutional ownership are more likely to adopt ERM. In addition, when the CEO has incentives to take risk, the firm is also more likely to hire a CRO. Finally, banks with lower levels of Tier 1 capital are also more likely to hire a CRO. © The Journal of Risk and Insurance, 2011.
Duke Scholars
Published In
Journal of Risk and Insurance
DOI
EISSN
1539-6975
ISSN
0022-4367
Publication Date
March 1, 2011
Volume
78
Issue
1
Start / End Page
185 / 211
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment
Citation
APA
Chicago
ICMJE
MLA
NLM
Pagach, D., & Warr, R. (2011). The Characteristics of Firms That Hire Chief Risk Officers. Journal of Risk and Insurance, 78(1), 185–211. https://doi.org/10.1111/j.1539-6975.2010.01378.x
Pagach, D., and R. Warr. “The Characteristics of Firms That Hire Chief Risk Officers.” Journal of Risk and Insurance 78, no. 1 (March 1, 2011): 185–211. https://doi.org/10.1111/j.1539-6975.2010.01378.x.
Pagach D, Warr R. The Characteristics of Firms That Hire Chief Risk Officers. Journal of Risk and Insurance. 2011 Mar 1;78(1):185–211.
Pagach, D., and R. Warr. “The Characteristics of Firms That Hire Chief Risk Officers.” Journal of Risk and Insurance, vol. 78, no. 1, Mar. 2011, pp. 185–211. Scopus, doi:10.1111/j.1539-6975.2010.01378.x.
Pagach D, Warr R. The Characteristics of Firms That Hire Chief Risk Officers. Journal of Risk and Insurance. 2011 Mar 1;78(1):185–211.
Published In
Journal of Risk and Insurance
DOI
EISSN
1539-6975
ISSN
0022-4367
Publication Date
March 1, 2011
Volume
78
Issue
1
Start / End Page
185 / 211
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment