"Research Aims - This study aims to identify the effect of Enterprise Risk Management (ERM) on Small and Medium Enterprise (SME) performance. Design/methodology/approach - This study employed a multiple regression analysis. SME performance was treated as dependent variable, whereas ERM was the independent variable. Research Findings - Multiple regression analysis indicated that ERM has a significant effect to- wards firm performance. However, only one of the ERM elements namely objective determination has a significant effectt on SME performance. Theoretical Contribution/Originality - This study contributes to the body of knowledge from the standpoint of ERM by testing the effect of each element of ERM described under the Committee of Sponsoring Organizations of the Treadway Commissions (COSO) towards firm performance. Per- haps, each element of the ERM might has different effect towards an organization. Thus, Resource Based View (RBV) Theory was supported which hold that the organisational resources are the main factor to influence the organisational performance. Managerial Implication in the South East Asian context - ERM conducted in SMEs are expected to be able to develop strategies in minimising the risks that may or may not be faced by SME firms. In fact, an effective risk management can assist SME managers and owners in achieving their de- fined business objectives. Thus, risk management enhances the firm’s value, maximise profitability, and consequently improve SME performance. Research limitation & implications - This study has improved the measurement of ERM practices among SMEs and identified ERM elements that affect SME performance in particular."

"Research Aims: The study aims to examine the influence of financial literacy on the performance of small and medium-sized enterprises (SMEs) in Malaysia. Design/methodology/approach: The data were obtained from questionnaires distributed to 200 SME managers/owners. Multiple regression analysis was applied to test the influence of financial literacy on SMEs performance by controlling manager profile and SME-specific characteristics. Research Findings: Multiple regression results prove that financial literacy has a positive and significant impact on SMEs' performance. Managers/owners with financial literacy skills understand business-related financial concepts, including debt, savings, takaful, insurance, and investment, which ensure the good performance of their business. Theoretical Contribution/Originality: Similar research has been conducted outside Malaysia. However, there is a need to validate the financial literacy and SME performance relationship in the Malaysian environment due to differences in culture; ways of thinking; and legal, business, and political situations. These differences lead to different responses which then contribute to the way the effect of financial literacy on SME performance is explained. In addition, this study improves the consistency of the existing evidence on SME performance and expands the scope of the Resource-Based View (RBV) from the perspective of SMEs Research limitation & implications: Government agencies such as SME Corporation recognise the importance of financial literacy among entrepreneurs. Therefore, proactive efforts need to be accelerated to provide an adequate level of financial literacy among entrepreneurs. Furthermore, entrepreneurial finance can be introduced in formal and non-formal education to ensure that every layer of society enjoys the benefits regardless of their economic status."

Purpose This study aims to assess enterprise risk management (ERM) practices in waqf institutions (WIs) along with their strengths and weaknesses; highlight ERM trends in WIs; and determine the best ERM practices for these institutions. Design/methodology/approach Data were collected via structured interviews with nine WI managers in Malaysia. A standardised questionnaire was adopted for the interviews, which focussed on ERM implementation in WIs. The collected data were analysed in three steps, namely, data reduction, data display and verification/conclusion. The frequency distribution of these data were then illustrated and the mean values and differences of the studied groups/variables were examined. Findings WIs have a sub-optimal ERM implementation, whose aspects need to be improved over time. These institutions have focussed on their ERM practices at the strategic level yet ignored those at the operational level. Specifically, WI officers have well-defined internal environments and objectives, but risk monitoring, which ensures effective implementation of ERM, is lacking. The presence of risk management committees and units may be linked with the successful implementation of ERM. However, ERM knowledge and top management support do not show clearly associations with ERM implementation. WIs should focus on improving their ERM implementation governance. Research limitations/implications Findings underscore the need for WIs to launch a formal ERM programme and for relevant stakeholders to create the appropriate infrastructures that support ERM implementation, including amended rules, ERM policies and allocated funds for training and education, to promote ERM implementation knowledge and awareness. The successful implementation of ERM not only improves the service quality, sustainability and performance of WIs but also promotes the national waqf agenda as a key economic driver. Originality/value ERM in non-profit organisations, such as WIs, has received limited research attention relative to that in profit-driven organisations despite having unique risks. To the best of the knowledge, this study is the first to identify those trends that explain ERM practices and to determine the ERM best practices of WIs.