5. Conclusion The study attemted to determine the effects of the ERM applications on the financial performance indicators of the real sector firms listed on the BIST as well as the factors determining ERM applications. Panel data analysis and panel logistic regression analysis were performed when hypotheses were tested. ERM has no effect on Firm Value (ddTBNQ), Market Value- Book Value (MB), Return on Asset (ROA) and Price Stability (PS) variables used for firm performance. That is, the effect of ERM on firm performance can not be determined. The effects of Firm Size (ddLOGSIZE), Financial Leverage (ddLEV), Price Stability (PS), Growth in Sales (GS) and Return on Asset (ROA) on firm performance indicators were observed variables used as control variables. This conclusion proves Modigliani-Millery approach. It has been determined that Firm Size (LOGSIZE) is a factor affecting ERM implementations.