“…In the modern world, small and medium-sized enterprises (SMEs) have long been recognized as significant contributors to economic development both in developed and developing countries (Hashim, 2015, Solongo, 2017, Puthusserry et al, 2020 because they generate economic growth, create job opportunity, advance technological capability, diversify products, and tax revenues, and assist in alleviating poverty and income inequality based on their limited resources, especially, in developing and emerging markets (Arudchelvan and Wignaraja, 2015). Also, it is proven that SMEs are closely linked in the gross domestic product (GDP) and export increase, and most of the registered enterprises in both developed and developing countries fall in the category of SMEs.…”