Tran Xuan Quan1*, Nguyen Phuoc Bao An2, Luong Duc Thuan2
1 Faculty of Economics and Accounting, Quy Nhon University, Gia Lai, Viet Nam
2 School of Accounting, UEH College of Business, University of Economics Ho Chi Minh (UEH), Vietnam
Abstract:
This study explores the relationship between Enterprise Risk Management (ERM) and organizational performance (OP), focusing on the mediating role of Top Management Support (TMS) in the context of increasing technological and environmental uncertainty. Although ERM is widely promoted as a strategic management tool, its adoption in Vietnamese enterprises remains limited. Survey data from 251 firms were analyzed using PLS-SEM. The results indicate that TMS fully mediates the relationship between ERM and OP, suggesting that ERM practices alone may not lead to improved performance without managerial commitment and integration into decision-making processes. These findings highlight the importance of aligning ERM with leadership practices, particularly as firms face challenges related to digital transformation, emerging technologies, and global disruptions. The study suggests that Vietnamese enterprises should consider enhancing leadership involvement in ERM, not only in formal governance but also in shaping risk awareness and resource allocation. In light of increasing complexity and volatility, strengthening the link between leadership and ERM may support better organizational outcomes.