These following studies focus on the factors that

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increases in cost and revenue effectiveness. These following studies focus on the factors that affect ERM determinants or ERM implementations. Liebenberg and Hoyt (2003) based their work on the appointment of the CRO, who is responsible for the implementation and management of the ERM to determine the determinants of ERM use. In the study, it was determined that size and leverage are determinants of ERM applications. Exploratory study of Beasley, Clune and Hermanson (2005) examined factors associated with the stage of ERM implementation at a variety of US and international organization. They found the stage of ERM implementation to be positive ly related to the presence of CRO. Önder and Ergin (2012) tried to determine the factors affecting the ERM implementations in the financial sector firms which registered in the BIST. In the study, it was determined that leverage is important and firm size is less important to ERM implementations. Baxter et al. (2013) addresses using a sample of 165 firm- year observations in the banking and insurance industries with S&P rating in 2006-2008. The study investigate company characteristics associated with ERM quality and the association of quality with ERM. Result show that ERM quality is positively associated with operating performance. Bertinetti et al. (2013) tested the determinants of ERM implementations with 200 financial and non-financial company examples. In the study was found to be the determinants of ERM for firm size, firm beta and firm profitability in the study which based on the data obtained from the annual financial statements. Farrell and
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