Corporate governance (CG) is critical in developing a corporate culture of awareness, transparency, and openness. Despite this, previous studies have not yet reached an agreement on the most important dimensions of CG implementation and their correlation with the financial performance of financial and non-financial companies, and there is a scarcity of studies that examined variables such as organisational culture (OC) that could improve CG implementation and their relationship with firm financial performance, particularly in developing countries. This paper provides a brief overview of the dimensions of CG implementation, which are board properties, audit committee characteristics, and transparency and disclosure as the most important dimensions of CG implementation, and their impact on financial performance in developing-country manufacturing firms. Furthermore, the purpose of this study is to look into the role of OC as a moderating variable in the relationship between the implementation of CG dimensions (board properties, audit committee characteristics, and transparency and disclosure) and the financial performance of manufacturing firms in developing countries. A conceptual model was developed for this study based on previous literature, revealing that there is a theoretical correlation between board properties, audit committee characteristics, and transparency and disclosure as main dimensions of CG implementation and financial performance in developing countries' manufacturing firms, most notably, this study also theoretically demonstrated the role of OC as a primary determinant in affecting the association between CG dimension implementation and financial success in manufacturing enterprises in developing countries. However, to explore correlations in the suggested model, these theoretical conclusions require a survey of a sample of executive directors in manufacturing enterprises in a developing country such
Enterprise Risk Management (ERM) has heterogeneously practiced between financial and non-financial sectors across the world, although it is a more holistic approach to risk assessment and administration at all enterprise levels. Academics have studied the dimensions of ERM implementation, but there is no complete picture of the determinants and implications of such ERM dimensions yet, especially in developing countries. In this regard, through an extensive literature view, this study has found a theoretical link that exists between internal factors, external factors, structure, and process as main dimensions of ERM implementation and financial performance in developing countries' manufacturing firms. The conceptual model also examines the moderation role of the Organizational Culture (OC) in the relationship between the dimensions of ERM implementation and manufacturing financial performance, where this study has also theoretically proven the importance of OC as a major determinant in influencing the implementation of ERM dimensions and enhancing financial performance in developing countries' manufacturing firms. However, these theoretical results need to conduct a survey of a sample of executive directors in manufacturing companies in a developing country such as Saudi Arabia to examine correlations in the proposed model. Based on this study's theoretical results, this study contributes to promoting awareness among manufacturing firm managers in developing nations about the importance of ERM dimensions and OC in improving the financial performance and competitiveness of their companies.
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