Title: Which factors moderate and mediate the relationship between enterprise risk management and firm performance? A meta-analysis and conceptual study

Authors: Lenka Syrová; Jindřich Špička

Addresses: Faculty of Business Administration, Prague University of Economics and Business, W. Churchill Sq. 4, 13067 Prague 3, Czech Republic ' Faculty of Business Administration, Prague University of Economics and Business, W. Churchill Sq. 4, 13067 Prague 3, Czech Republic

Abstract: The need for enterprise risk management always becomes more topical during an ongoing crisis. Implementing a formal or informal risk management system is an important part of all organisations' strategies to address crises, whether they are financial in nature or health related. Effective risk management helps achieve strategic goals, including firm performance. Enterprise risk management (ERM) does not always affect firm performance directly. The inconsistency in empirical studies' conclusions regarding this issue indicates that several mediator and moderator variables influence the association between ERM and firm performance. Therefore, the aim of this article is to propose a model of the relationship between ERM and firm performance based on a systematic literature review of 47 relevant articles. The authors found that it was necessary to investigate the moderating effect of organisational culture and the mediating effect of firm reputation on the relationship between enterprise risk management and subjective firm performance.

Keywords: enterprise risk management; determinants; mediator; moderator; non-financial companies; organisational culture; strategy; performance.

DOI: 10.1504/EJIM.2026.155573

European Journal of International Management, 2026 Vol.30 No.1, pp.1 - 34

Received: 28 Dec 2020
Accepted: 04 Aug 2021
Published online: 06 Aug 2026 *

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