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Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy

In the current turbulent market, firms spend lots of tangible and intangible resources to gain competitive advantage and superior performance. Prior studies have discussed several determinants of competitive advantage and performance, particularly in developed economies, whereas small- and medium-si... Full description

Journal Title: Journal of Risk and Financial Management Sep 2018, Vol.11(3)
Main Author: Yang, Songling
Other Authors: Anwar, Muhammad
Format: Electronic Article Electronic Article
Language: English
Subjects:
ID: ISSN: 19118066 ; E-ISSN: 19118074 ; DOI: 10.3390/jrfm11030035
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recordid: proquest2121708919
title: Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy
format: Article
creator:
  • Yang, Songling
  • Anwar, Muhammad
subjects:
  • Pakistan
  • Regulation of Financial Institutions
  • Management Accounting
  • Rating Services
  • Studies
  • Management Decisions
  • Financial Literacy
  • Decision Making
  • Enterprise Risk Management
  • Emerging Markets
  • Profitability
  • Competition
  • Competitive Advantage
  • Financial Performance
  • Enterprise Risk Management Practices
  • Competitive Advantage
  • Financial Literacy
  • Smes Performance
ispartof: Journal of Risk and Financial Management, Sep 2018, Vol.11(3)
description: In the current turbulent market, firms spend lots of tangible and intangible resources to gain competitive advantage and superior performance. Prior studies have discussed several determinants of competitive advantage and performance, particularly in developed economies, whereas small- and medium-sized enterprises (SMEs) in emerging economies have received minor attention. This study examines the mediating role of competitive advantage between enterprise risk management practices and SME performance and the moderating role of financial literacy between enterprise risk management practices and competitive advantage. A structured questionnaire is used to collect data from 304 SMEs operating in the emerging market of Pakistan. The hypotheses of the proposed study are tested through Structural Equation Modeling (SEM) in Analysis of a Moment Structures (AMOS). The results indicate that enterprise risk management practices significantly influence competitive advantage and SME performance. Competitive advantage partially mediates the relationship between enterprise risk management practices and SME performance. Additionally, financial literacy significantly moderates the relationship between enterprise risk management practices and competitive advantage. Firms are advised to implement formal enterprise risk management practices to gain competitive advantage and superior performance. Top managers need to have enough financial education that they will be able to perform risk management practices in an efficient way to gain a competitive position in the market. Implications for practices have been discussed in detail.
language: eng
source:
identifier: ISSN: 19118066 ; E-ISSN: 19118074 ; DOI: 10.3390/jrfm11030035
fulltext: fulltext_linktorsrc
issn:
  • 19118066
  • 1911-8066
  • 19118074
  • 1911-8074
url: Link


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subjectPakistan ; Regulation of Financial Institutions ; Management Accounting ; Rating Services ; Studies ; Management Decisions ; Financial Literacy ; Decision Making ; Enterprise Risk Management ; Emerging Markets ; Profitability ; Competition ; Competitive Advantage ; Financial Performance ; Enterprise Risk Management Practices ; Competitive Advantage ; Financial Literacy ; Smes Performance
descriptionIn the current turbulent market, firms spend lots of tangible and intangible resources to gain competitive advantage and superior performance. Prior studies have discussed several determinants of competitive advantage and performance, particularly in developed economies, whereas small- and medium-sized enterprises (SMEs) in emerging economies have received minor attention. This study examines the mediating role of competitive advantage between enterprise risk management practices and SME performance and the moderating role of financial literacy between enterprise risk management practices and competitive advantage. A structured questionnaire is used to collect data from 304 SMEs operating in the emerging market of Pakistan. The hypotheses of the proposed study are tested through Structural Equation Modeling (SEM) in Analysis of a Moment Structures (AMOS). The results indicate that enterprise risk management practices significantly influence competitive advantage and SME performance. Competitive advantage partially mediates the relationship between enterprise risk management practices and SME performance. Additionally, financial literacy significantly moderates the relationship between enterprise risk management practices and competitive advantage. Firms are advised to implement formal enterprise risk management practices to gain competitive advantage and superior performance. Top managers need to have enough financial education that they will be able to perform risk management practices in an efficient way to gain a competitive position in the market. Implications for practices have been discussed in detail.
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abstractIn the current turbulent market, firms spend lots of tangible and intangible resources to gain competitive advantage and superior performance. Prior studies have discussed several determinants of competitive advantage and performance, particularly in developed economies, whereas small- and medium-sized enterprises (SMEs) in emerging economies have received minor attention. This study examines the mediating role of competitive advantage between enterprise risk management practices and SME performance and the moderating role of financial literacy between enterprise risk management practices and competitive advantage. A structured questionnaire is used to collect data from 304 SMEs operating in the emerging market of Pakistan. The hypotheses of the proposed study are tested through Structural Equation Modeling (SEM) in Analysis of a Moment Structures (AMOS). The results indicate that enterprise risk management practices significantly influence competitive advantage and SME performance. Competitive advantage partially mediates the relationship between enterprise risk management practices and SME performance. Additionally, financial literacy significantly moderates the relationship between enterprise risk management practices and competitive advantage. Firms are advised to implement formal enterprise risk management practices to gain competitive advantage and superior performance. Top managers need to have enough financial education that they will be able to perform risk management practices in an efficient way to gain a competitive position in the market. Implications for practices have been discussed in detail.
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