Does internal control process and firm characteristics improve firm value? An empirical analysis in the manufacturing sector.

The purpose of this research is to investigate the role enterprise risk management (ERM), Big4 auditors and firm characteristics on value. This population study was conducted in Indian manufacturing sector. Annual panel data for 11 years (2007–2017) collected from 60 firms National Stock Exchange (NSE). Empirical findings prove that there variation Tobin’s Q but no difference return assets (ROA) equity (ROE) among have implemented ERM included audit firms. documents influenced by implementation ERM, liquidity, age size. Findings reveal size, leverage, age, liquidity complexity impacted ROA. outcome also shows ROE affected complexity. a valuable addition existing studies sector has contributed incredible insights empirical literature value multidimensional outlook purchasers, management, investors. several implications investors, managers researchers.