This study investigates the impact of Enterprise Risk Management (ERM) maturity on firm performance, using data from 111 publicly listed companies in the United States. Drawing upon the Resource-Based View, Agency Theory, and Contingency Theory, the research explores whether ERM maturity functions as a strategic capability that enhances both financial and non-financial dimensions of performance. The study further examines whether this relationship is influenced by contextual factors, including industry type, organizational complexity, and board engagement. Employing a two-stage Partial Least Squares Structural Equation Modeling (PLS-SEM) approach in SmartPLS 4.0, the study confirms the positive and statistically significant effect of ERM maturity on firm performance (β = 0.752, p < 0.001). Although board engagement also demonstrated a significant direct effect, moderation analyses revealed that only industry type significantly influenced the ERM–performance link—and in a direction contrary to expectations, with stronger effects in low-risk industries. The study contributes to the literature by integrating financial and non-financial outcomes into a multidimensional performance construct and by validating ERM constructs using CFA. The findings suggest that ERM, when implemented at a mature level, serves not merely as a risk control mechanism but as a driver of competitive advantage. These insights offer valuable implications for corporate boards, risk officers, and regulators, advocating for more strategic and adaptive ERM frameworks across diverse industries.
