Date of Conferral

7-29-2024

Date of Award

July 2024

Degree

Doctor of Business Administration (D.B.A.)

School

Management

Advisor

Roger Mayer

Abstract

Micro-, small-, and medium-sized enterprises (MSMEs) account for over 95% of businesses and 80% of the workforce in Jamaica. Jamaican government and business leaders are concerned that MSMEs’ meager success rate will continue to hinder economic growth. Grounded in the four pillars of enterprise risk management and rent theory, the purpose of this quantitative correlational study was to examine the relationship between ERM and the business success of MSMEs. The participants were 85 owners or managers of registered MSMEs who operate in the Kingston metropolitan area of Jamaica, have been in operation for at least three years, and completed a questionnaire based on Lundqvist’s instrument to measure the independent variables and Chandler and Hanks’ instrument to examine the dependent variable. The result of the multiple linear regression was significant: F(4,80) = 40.633, p = <.001, R2 = .670. In the final model, three predictors were significant: general internal environment and objective setting (ß = .293, p = 0.004); general control activities, information, and communication (ß = .339, p = 0.002); and specific risk identification and risk assessment activities (ß = .392, p < 0.001). A key recommendation is for MSME leaders to implement ERM programs, focusing on tightening internal controls, setting objectives for their achievement, communicating among employees and customers, and identifying and managing their risk exposures. The implications for positive social change include the potential for more people to ascend the hierarchy of needs, changing how they relate to other people, and providing the government with more resources to improve education, healthcare, roads, and other social benefits to the Jamaican population.

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