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2024-11-15

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Vol. 9 No. 12 (2024): Published

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Research Articles

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How to Cite

Tsagay, T., Rattanawiboonsom, V., & Yawised, K. (2024). Enterprise risk management and firm performance: Perspectives and evidence from the SMEs in Bhutan. Environment and Social Psychology, 9(12). https://doi.org/10.59429/esp.v9i12.3035

Enterprise risk management and firm performance: Perspectives and evidence from the SMEs in Bhutan

Tsagay Tsagay

Gedu College of Business Studies, Royal University of Bhutan, Chhukha, Bhutan

Vichayanan Rattanawiboonsom

Naresuan University, Tha Pho Muang 65000, Phitsanulok, Thailand

Kritcha Yawised

Naresuan University, Tha Pho Muang 65000, Phitsanulok, Thailand


DOI: https://doi.org/10.59429/esp.v9i12.3035


Keywords: enterprise risk management (ERM), small-medium enterprises (SME), qualitative, thematic analysis, Bhutan, personal entrepreneurial competencies (PEC), risk, performance, risk management, COVID-19

Abstract

The purpose of this research was to empirically determine the prominent risks faced by the production and manufacturing small-medium enterprises (SMEs) and how those risks impact firm performance in the SMEs in Bhutan. To achieve the objectives of the study, 15 SME owners/managers were interviewed using semi-structured interview method. With the help of R-based Qualitative Data Analysis (RQDA) package of R, the thematic analysis found five prominent risks being encountered by the SMEs. Corroborating with the extant literatures, this study found that almost all SMEs interviewed were doing well even during the unprecedented era of the COVID-19 pandemic and their owners possessed the personal entrepreneurial competencies, even though they lacked the enterprise risk management knowledge.

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