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This research determines the role of firm-specific characteristics such as firm size, firm age, liquidity, firm complexity, board independence, institutional ownership, non-performing assets, annual volatility of stock returns, leverage and internal control represented by Enterprise Risk Management (ERM) and Big4 auditor on the firm value measured using Tobin’s Q, Return On Equity (ROE) and Return On Assets (ROA). This proposition is addressed with the sound statistical investigation of 67 companies listed in the NSE financial services sector by utilizing annual panel data for 11 years from 2007-17. The important findings of the study are that the purchasers consider firm size, firm age, liquidity, the volatility of stock returns, and non-performing assets. ROA shows that the management has to focus on firm size, firm age, and volatility of stock returns. ROE informs that the investors will look into firm size, firm age, institutional ownership, non-performing assets, leverage, firm complexity, and volatility of stock returns.

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

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