A chief goal of a firm$$s enterprise risk management program is to reduce

the chance that the firm will become financially distressed. However,

corporations consist of numerous stakeholders who often have different

perceptions about whether the costs of enterprise risk management truly

add value to the firm. Evaluate whether the following three stakeholders

will view ERM as a value$-$adding activity, citing the relevant financial

theory that supports your claims.

a$.$ well diversified investors who may buy the stock of the firm

b$.$ salaried employees with no other source of income other than the firm

c$.$ customers of the firm.