Ferreira, LeonorVecchione, VittorioCarcani, Federica2015-10-082016-06-302015-06http://hdl.handle.net/10362/15595Enterprise Risk Management (ERM) is gaining relevance among financial and non-financial companies but its benefits still are uncertain. This paper aims at investigating the relationship between ERM adoption and firm performance based on a sample of 1130 non-financial companies belonging to the STOXX® index. A content analysis of individual accounts is performed to distinguish adopters, and a regression analysis explores the effect of ERM adoption on firm performance, proxied by Tobin’s Q. The findings suggest that there is a statistical significant positive effect of ERM adoption on firm performance, meaning that firms are benefiting from the implementation of this process.engEnterprise risk managementERMFirm performanceERM adoptersTobin’s Q, STOXX® Indexmaster thesis201473763