“…In this rapidly changing world and unstable business environment, as well as demanding and aware customers, the application of TQM has become a necessity for the survival of both industrial and service business organizations (Chuang et al, 2015;Wamalwa et al, 2017;Pattanayak et al, 2017;Maswadeh & Zumot, 2020). Some studies have reported that the impact of implementing TQM is positively related to higher financial performance (Parvadavardini et al, 2016;Nuryani et al, 2016;Khudhair et al, 2019), although some studies claim that the effect on financial performance is more intense in smaller firms (Bu & Cao, 2015).…”