the ‘ERM mix’ proposed and discussed by Mikes and Kaplan (2013). Thirdly, for
ERM proxies, we relied on the disclosures provided by companies in their CG reports.
Although it is reasonable to expect that firms with advanced ERM systems are willing
to signal this circumstance to the market, disclosure may be incomplete and
sometimes not clear enough. Finally, future research may extend this investigation to
other countries with different CG systems, both within and outside Europe, to detect
differences and similarities in the consequences of ERM implementation