The ERM application is often used in large firms, and the literature on the subject has been identified in the literature. The study sample was prepared by the firms listed in BIST, taking place in the first 200 of the list of the Top 500 Industrial Enterprises of Turkey, prepared by the Istanbul Chamber of Industry for 2015. The information obtained from the firm's annual reports indicates that ERM implementations in Turkey started in 2009 in the non-financial sector. For this reason, the study period was identified as 2009-2015 and 231 observational values were generated from the annual data of 33 firms. The variables used in the study are shown in Table 1. These variables have been determined by taking into account past studies such as risk management, firm value and firm performance.