“…Moreover, it can be inferred that the scope of the most of investigation in the field of ERM and firm performance was conducted among advanced countries (Bertinetti et al, 2013;Farrell & Gallagher, 2015;Florio & Leoni, 2017;Gordon et al, 2009;Grace et al, 2015;Hoyt & Liebenberg, 2011;Nguyen & Vo, 2020;Pagach & Warr, 2010;Quon et al, 2012). Few studies have emphasized on developing nations (Hanggraeni et al, 2019;Li et al, 2014;Ojeka et al, 2019;Ping & Muthuveloo, 2015;Silva et al, 2019;Teoh et al, 2017). Institutions in developing countries require to take into account risks on a much extensive scope than those well-established institutions in developed countries (Al Khattab et al, 2015).…”