Small Business Finance

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The study examines the link between government entrepreneurship development programmes and small and medium scale enterprises in Port Harcourt Metropolis, Rivers State, Nigeria. Two research questions and two nondirectional hypotheses guided the study. The research employed a survey methodology. The study's population consisted of 155 chosen entrepreneurs. A 25-item questionnaire was utilised as the tool. The instrument's reliability coefficient was established at 0.72 by Pearson Product Moment Correlation. The study utilised mean and standard deviation to analyse the data pertaining to the research topics and applied Pearson's Product Moment Correlation to evaluate the hypotheses at a 0.05 alpha level. Findings indicated a substantial relationship between the dimensions of the government entrepreneurship development program, the national enterprise development program, and the Nigerian Bank of Commerce and Industry, and the metrics of SME performance regarding customer satisfaction and profitability. The report advised that the government and entrepreneurs should persist in promoting entrepreneurship development programs.

The main goal of this study was to identify the impact of socio-psychological factors (region of residence, cultural values, tolerance level) on the level of corporate loyalty (PsyCap). The research was conducted under the 122 Ukrainian participants from 4 specific groups. There were used such methods as «Communicative tolerance», «Short tolerance index» and PsyCap. The results show that the manifestation of corporate loyalty is influenced by the mentality of employees - their region of residence, the system of values. Commitment to power, tradition, and security combined with benevolence ensure that employees hope for long-term cooperation with their organization and have a positive attitude both to each other and to customers in the sales department. Hedonism, stimulation and self-direction allow employees to experience optimism in their workplace. But such a parameter as staff’s self-efficacy was ambiguous about value system. Achievements, self-direction and universalism expected...

Matthew graduated from the University of Wolverhampton with a first class honours degree in Information Technology in 2010. He then achieved a Master's degree in Computer Science from Hertfordshire University. Matthew was recently awarded a PhD in Computing Science from Staffordshire University where he is currently affiliated as a researcher. Matthew has published six publications on Big Data Analytics adoption and is currently working on further publications.

This study examines the impact of Small and Medium Enterprises (SME) financing on poverty reduction in the Abuja Municipal Area Council (AMAC), Nigeria. SMEs play a vital role in economic growth, job creation, and poverty alleviation; however, access to finance remains a significant barrier to their growth and development. The research aims to assess how access to finance influences SME growth, employment generation, and household income, and to identify the challenges SMEs face in securing financial resources. A descriptive survey research design was employed, and data was collected from 370 SME owners, representatives of financial institutions, and relevant government agencies within AMAC. The study found that access to SME financing is positively correlated with business growth, job creation, and improved household incomes, which in turn contribute to poverty reduction. However, SMEs face considerable challenges, including high-interest rates, lack of collateral, and bureaucratic bottlenecks, which limit their ability to access financing. The study also found that while government initiatives such as microfinance programs and the Central Bank of Nigeria’s Anchor Borrowers’ Programme have made some strides in supporting SME financing, their impact remains limited due to administrative inefficiencies and low outreach. The research concludes that improving access to finance, enhancing financial literacy, and streamlining financial support mechanisms are essential to empowering SMEs and maximizing their contribution to poverty alleviation. The study recommends targeted interventions, policy reforms, and the strengthening of microfinance institutions to improve the financial ecosystem for SMEs in Nigeria, ensuring that these enterprises can fully contribute to sustainable economic development and poverty reduction

Small, Medium, and Micro Enterprises (SMMEs) form the foundation of South Africa's economy, driving job creation, innovation, and local growth. However, these businesses face challenges in bookkeeping and financial literacy, which impact their operational performance and sustainability. Limited financial knowledge and inadequate record-keeping have been persistent issues for Alice's SMMEs, posing challenges for effective financial management. These gaps make it difficult for SMMEs to manage cash flow, make informed decisions, and plan for growth, thus limiting their contribution to the local economy. Addressing these challenges has become critical as improved financial management practices are required for success in a competitive market. This study explores the impact of bookkeeping and financial literacy on the SMMEs' performance in Alice. Data was collected through in-depth interviews with 15 SMMEs operators and analysed thematically to understand their experiences and practices. The findings show that accurate bookkeeping and financial literacy improve business performance, enabling owners to make data-driven decisions, avoid cash flow issues, and plan growth. Those lacking in these areas suffer from financial mismanagement and harm to their businesses. The study identified strategies implemented by SMMEs owners to improve bookkeeping and financial literacy, including digital tools, external financial advisory support, and collaborative financial management. These findings are crucial for enhancing SMMEs' operational performance and fostering economic resilience within South Africa's competitive market.

The purpose of this research paper is to identify the level of correlations and differences between specific cultural values and the employees' and the customers' behaviour. The study of cultural values is the basis for establishing desirable behaviour and organizational measures on which the employee's culture awareness and behaviour are formed to suit both the enterprises and the customers. As indicated by research results, there are differences in the employees' and the customers' value systems, which are important for Customer Relationship Management (CRM), so that customers are more selfdirected than the employees of the enterprise; they are more prone to accept stimulation and hedonism, and their level of traditionalism is lower than that of the employees. Harmonizing the employees' and the users' value systems contributes to a higher-quality communication and more successful business.

Although commercial banks' engagement to micro, small, and medium enterprises (MSMEs) is showing improvement, banks are still blamed for discriminating enterprises due to their size. The soundness of this blame should be investigated, and we have collected data from 411 owner-managers in Ethiopia and analyze it through a multi-group effect analysis of Structural Equation Modeling. The result revealed that size does not moderate the relationship between commercial bank financing and the performance of MSMEs. Commercial bank financial services have a significant effect on the performance of MSMEs that the provision of financial service should be invigorated. Moreover, the effect of bank finance on the performance of MSMEs does not vary on the basis of the size that owners should not desist requesting the service. Since MSMEs size does not play a moderating role, policymakers, commercial banks, and owner-managers should not formulate a size-specific policy and strategy as long as enterprises fall under the MSME category.

The study examined the effects of strategic leadership styles on organisational development in Small and Medium Enterprises; with a view to highlight the link between strategic leadership and the development of small and medium enterprises in Nigeria. The study was conducted in Lagos state. Data for the study were generated through the use of structured questionnaire and administered on operators of SMEs in the study area. A two-stage sampling technique was used for the study. At the first stage, a total number of 3,900 SMEs registered with National Association of Small and Medium Scale Enterprises (NASME); Small and Medium Enterprises and Distributive Group of Lagos Chamber of Commerce and Industry (LCCI); and Nigerian American Chamber of Commerce (NACC) in Lagos State were purposively selected. At the second stage, a total of three hundred and ninety (390) SMEs were randomly sampled with a sample fraction of 10%. Data collected were analyzed using the mean, standard deviation and ...

We thank Scott Stern, Josh Lerner, and Erin Scott for thoughtful input on earlier drafts. Participants at the NBER National Press Club workshop in April 2013 offered insightful feedback. We draw inspiration from for our title and approach to presenting the subject matter. We gratefully acknowledge funding support on our series of crowdfunding research projects from the Centre for Innovation and Entrepreneurship at the Rotman School of Management, the NET Institute, and the Social Sciences and Humanities Research Council of Canada. Errors remain our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

This study explored the effect of foreign finance on employment generation of small and medium enterprises in Lagos, Nigeria. Adopting Pecking Order Theory and the Resource-Based Theory, the study hypothesised links between foreign finance and SMEs performance variables. The study employed a survey design using random sampling technique with 361sample size out of a population of 5,344. Primary data were collected with the aid of a questionnaire on a five-point Likert scale distributed through hard and electronic means to SMEs in Lagos State. Both descriptive and inferential statistics with regression analysis were employed to examine the four hypotheses with the aid of Statistical Package for Social Sciences. All foreign finance element shows significant impact on employment generation with adjusted R 2 = 0.915, F = 778.668, p < 0.050). The study concluded that changes inforeign finance elements have significant effects on SMEs performance with emphasis on employment generationin Lagos State; which implies that SME owners can draw on the empirical evidence and conclusions of this study to explore foreign finance as an alternative source to the conventional domestic and government sources. SMEs can draw insight from this study to engage in structuring their business to attract foreign investors. The study fills existing gaps and provides a foundation for further research on moderating role of firm characteristics such as management practices and industry type in determining the impact of foreign financing on SME performance as well as explore how foreign finance can drive internationalisation of Nigeria SMEs.

This study examines the initial, seasonal, and refinancing characterisucs of 67 minority business owners. The results are compared io the financial characterisncs of women-owned and mixed ownership small jirms. Minority-owned firnu are found to rely primarily on equity tofinance initial operations. Minority business owners'nitial debt was commonly obtained through Small Business Administration (SBA)guaranteed loans and government grants. A very large percent of the minority business owners who acquired debt were required to provide numerous supporting documents. The resultsindictue that minority firms that experienced digicultyin obtaining iniu'al capital conti nue to experience financial problems relating to operations. Small firms make an important contribution to the U.S.economy. The dynamic nature of small firms has been an important factor contributing to employment growth, product innovation, export growth, and regional economic development. While their contribution remains signifi- cant, the risk of starting a small firm is very large. Dodge and Robbins (1992) report that 55 percent of small firms fail within five years of starting and 81 percent fail within ten years. Reasons for the high failure rate among small firms include poor managerial skills, inadequate planning, and inappropriate financial resources.

Supporting SMEs development is becoming one of the most significant elements of the country's policy at various levels: the country as a whole, provinces (regions) or at the very local level. This reflects the EU priorities, the EU policy in the previous decade and it is also becoming a priority in the new programming period for the years 2014-2020. The purpose of the article is to indicate the prerequisites of stimulating the development of SMEs by means of financial instruments (other than banking capital) in the new EU programming period. The article presents the role and importance of loan funds as a financial intermediary supporting the development of SMEs. The paper also presents the idea of a new logic of intervention in the use of funds and construction of financial instruments by loan funds.

BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS.

This study assessed some behavioural traits that may predict entrepreneurial orientation among selected small scale entrepreneurs in Ekiti State, Nigeria. The research covered some districts in Ado Ekiti and Iworoko Ekiti. Two hundred and thirty eight small scale entrepreneurs were the participant in the study. One twenty eight of them were males while the remaining one hundred and ten were females. Four scales were used in the research. The New General Self Efficacy Scale developed by Chen, Gully and Eden (2001), Tolerance for Ambiguity Scale developed by , Entrepreneurial Orientation Scale by Kreiser, and the Achievement Motive Scale by . Five hypotheses were tested using Independent t-test. Results from this study revealed that self-efficacy, achievement motivation, age and sex (gender) does not significantly predict entrepreneurial orientation; however, insolubility, a sub scale of tolerance for ambiguity was found to significantly predict entrepreneurial orientation. Findings were discussed in the light of previous literature on self efficacy, tolerance for ambiguity, need for achievement and entrepreneurial orientation. Based on the findings recommendations were therefore made.

This study explores the relationship between e-commerce adoption and the performance of Small and Medium-Sized Enterprises (SMEs) in Nigeria. As digital transformation becomes increasingly pivotal, the ability of SMEs to leverage e-commerce determines their competitiveness and growth. Using a mixed-method approach involving 450 SMEs across major urban centers in Nigeria, the research investigates how various dimensions of e-commerce adoption-such as online sales, digital marketing, and customer relationship managementimpact financial performance, market reach, and operational efficiency. Results indicate a significant positive correlation between e-commerce adoption and business performance. However, challenges such as poor infrastructure, cybersecurity concerns, and limited digital literacy hinder full-scale implementation. The study concludes with practical recommendations for policymakers, entrepreneurs, and ICT stakeholders to foster inclusive digital growth for SMEs in Nigeria.

This study explores the relationship between e-commerce adoption and the performance of Small and Medium-Sized Enterprises (SMEs) in Nigeria. As digital transformation becomes increasingly pivotal, the ability of SMEs to leverage e-commerce determines their competitiveness and growth. Using a mixed-method approach involving 450 SMEs across major urban centers in Nigeria, the research investigates how various dimensions of e-commerce adoption-such as online sales, digital marketing, and customer relationship managementimpact financial performance, market reach, and operational efficiency. Results indicate a significant positive correlation between e-commerce adoption and business performance. However, challenges such as poor infrastructure, cybersecurity concerns, and limited digital literacy hinder full-scale implementation. The study concludes with practical recommendations for policymakers, entrepreneurs, and ICT stakeholders to foster inclusive digital growth for SMEs in Nigeria.

The aim of this study is to determine the impact of the current global financial crisis on Islamic banks compared to conventional ones based on accounting ratios. Islamic banks have their own characteristics and operate under different principles. Firstly, the authors introduce 26 financial ratios in the stepwise logit model to determine whether it is possible to distinguish between the two types of banks in the actual context of crisis. In over 110 bank-years observations, the authors found that accounting ratios are good discriminators between Islamic and conventional banks in the international context. Secondly, the paper determines the impact of the financial crisis on Islamic banks compared to conventional ones. This work introduces a new variable CRISIS which is a time condition that makes a distinction between the crisis period and the pre-crisis period. The main empirical results show that Islamic banks are more stable than conventional banks during the crisis 20072008 becau...

The great recession starting in 2008 has destroyed jobs and firms at an unprecedented scale in the Western world and in particular in the EU-area. The question to many has been if the economic policy could have been more supportive for a quicker return to normal job creation and destruction. The monetary policy has in many countries been a major focus point and in some countries there has been a discussion between those who meant that the tightened credit policy is one of the reasons why firms have not grown and that firms have been more focused on increasing savings than on investing. Those who mean that demand for credit has gone down because of lack of demand from good projects have confronted this view. There has been little evidence to support the latter and only scattered newspaper and other types of coincidental evidence for the former. This paper attempts to present evidence from a study of firm behaviour that the credit constraint and perceived access to credit has had a significant effect on the real economy by contributing to the destruction of jobs. However, the paper also shows that lack of demand plays a role. Though Denmark has been saved from direct negative effects of its own sovereign debt, Denmark has like many other countries suffered a huge job loss and has actually not done better than some of the highly indebted countries in the Euro area. Thus, the Danish evidence on firm level may be useful as a benchmark for firms in other countries. We are using a survey with 2000 Danish firms merged with register information on economic key variables for each firm and find that the existence of financial problems for the firm means that the firm is less likely to create jobs and more likely to destroy jobs. Furthermore, we find a clear indication of an effect of having a "bad banker" who will not give credit despite good performance measured by the z-score that indicates how close the firm is to bankruptcy.

The United States and the world at large are currently trying to recover from a housing bust and a financial meltdown. Small businesses, with their creativity and innovation, have the potential to reverse the course for any economy. The largest percentages of entrepreneurs are micro enterprises which may hold the key to economic revitalization. This study focused on the success and challenges facing these emerging businesses. The study found several interesting and statistically significant differences based on gender, ethnicity, sales volume, years in operation and type of business. Not surprisingly, given the current economic malaise, the national economy was perceived to be both the most important success and challenge factor. Perhaps most surprising was healthcare which was ranked fifth. The study emphasizes the importance of entrepreneurship to any economy, especially the United States, in their revitalization efforts.

This study explores the use of soft and hard information for bank lending decisions to small and medium enterprises (SMEs) in Vietnam. Using a unique dataset based on a survey conducted in Ho Chi Minh City, Vietnam, we investigated to what extent different types of information were used for loan approval, whether the two types of information were used in a complementary manner, and what factors determined the banks' lending decisions. The analytical methods used include descriptive statistics for overall assessment, principal component analysis and confirmatory factor analysis to establish and test the scales, and logistic regression to examine determinants of lending decisions. Research results indicate that although collateralbased lending was the most widespread method and could substitute for other lending technologies, usually a combination of lending information types were utilized in the decision making process. This suggests that both complementarity and substitutability were found in the use of the various information types by Vietnamese banks for such decision making.

1 Department of Economics and Statistics, Gulu University 2 Department of Accounting and Finance, Gulu University *Corresponding Author’s E-mail: g.uwonda@gu.ac.ug Tel: +2567777056660/ +256756005000 In Uganda, SMEs are considered as seedbeds for the growth of new firms and important machineries for poverty reduction through wealth and jobcreation, income generation as well as drivers for innovation. Cash flow management has been sighted as a nucleus of any business entity for short and long-term survival. Failures in many SMEs have been linked to inadequate cash flow management, which compromises their sustainability by denying them the revenue stream needed to grow. This study sought to establish the extent to which SMEs utilize cash flow management, which is an important factor that influences financial performance of a number of service sectors of SMEs. The research adapted a cross sectional exploratory study. Data from a sample of 120-service sector SMEs were collected and analy...

Now days, in almost all economies of the world, Micro and small enterprises (SMEs) are recognized as engines of growth by their main contributions to national income, poverty reduction, export promotion and contribute to employment in developing countries and become the second largest employment generating sector for the poor households following the agriculture sector. The main objective of the study is to assess determinants of access to credit and credit source choice by SME entrepreneurs in the study area. Data was collected by using structured questionnaire from 173 entrepreneurs and the analyses of binary logistic regression and multinomial logit model is conducted by STATA version 10. The study shows that the major source of finance for SME is own source finance. The results of binary logistic regression reveals that there is statistically significant relationship between firms' access to credit and firm size, firms owing of business plan, firm location, risk taking propensity of the firm head, firm age, and prevalence of corruption problem. Also, the result of multinomial logit model shows that firm size, access to work premises, firm location, access to business information, firm age, firm capital and prevalence of corruption in loan processing have statistical significant relationship with credit source choice decision by MSE entrepreneurs. The study result reveals that firm size, firm age, corruption problem and firm locations are statistically significantly determine both access to credit and credit source choice of the SME entrepreneurs in the study area. Based on the finding of this study, it is recommends that government should formulate policies that will make sources of financing such as commercial banks, micro finance institutions and other sources to relax their credit regulations and operations which encourage borrowing and offer more credit facilities for firms especially which are found at micro and small sized level. Also, the government should establish stringent rule that curbs the corruption problem that prevail in accessing credit sources. Moreover, the government through its SME support institution has to facilitate the construction and arrangement of favorable business location for SME entrepreneurs in the study area.

The recent crash of the financial markets had devastating effects on the lives of individuals, families, and national economies – some individuals and families lost their homes, life-time savings, investments, and loved ones. This has raised concerns about the effectiveness of deregulation as a medium of enhancing economic growth in the United States and across the globe. Critics of deregulation argue that most of the reforms in the United States have failed to impact positively on the economy. They argue that the effects of the government's bailout to financial institutions such as American International Group (AIG) and Citibank on the United States economy are yet to be felt effectively, by individuals, small- and medium-sized businesses. The purpose of this study was to examine how the relaxation of government’s control policies influences the investment decisions of commercial banks, and how those investment decisions impact on the well-being of individuals and families who directly and indirectly transact business with commercial banks. The unit and focus of analysis for the study was commercial banks. The theoretical framework for the study was the Capital Asset Pricing Model (CAPM), propounded by Sharpe, and alongside with some other related theories. The research question was summarized in how some finance theories would provide an applied explanation for the impact of deregulation on the extent of investments and investment policy of commercial banks. A cross-sectional design was used in the study. An appropriate survey questionnaire was used and administered to the research participants to solicit views that provided answers for the research questions. Responses provided by participants were compared with existing empirical data presented by other related studies focused on mergers and acquisitions, operational activities, and performance of commercial banks before and after deregulation to ascertain their relationship. Research data was analyzed using t-test and other relevant statistical tests. Some implications for positive social change include identification and evaluation of commercial banks' investment interests, assessment of the effects of deregulation on commercial banks’ financial efficiency and economic performance. The study is expected to bring about significant social and economic transformation in the lives of individuals; and transformation in the investment and regulatory decisions of commercial banks and economies.

We investigate how the better integration of U.S. banks across states has affected economic volatility within states. In theory, the link between bank integration and volatility is ambiguous; integration tends to dampen the impact of bank capital shocks on state activity, but it amplifies the impact of firm collateral shocks. Empirically, the net effect has been stabilizing as year-to-year fluctuations in employment growth within states fall as that state's banks become better integrated (via holding companies) with banks in other states. The magnitudes are large, and the effects are most pronounced in states with relatively undiversified economies. Consistent with our model, we find the link between economic growth and bank capital within a state weakens with integration, whereas the link between growth and housing prices (a possible proxy for firm capital) tends to increase.

We thank TrustAfrica and IDRC for financial support and Bankers Association of Zambia for coordinating the survey of banks and giving substantial inputs on the study design. We also thank Bank of Zambia, Ministry of Commerce  Trade and Industry (MCTI), Ministry of Finance, Zambia Development Agency (ZDA) and Zambia Chamber of Association of Small and Medium Enterprises (ZACSMBA) for active representation on the study technical committee. We  also thank all the commercial banks that responded positively in the study. The study benefited from participants of the dissemination workshop held on 23rd August at Radisson Blu Hotel in Lusaka

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The authors wish to express their sincere thanks to all those who contributed to the production of this report. First and foremost, we acknowledge the substantive expertise of John D. Wolken, whose insights guided this study from its very beginning through the completion of this report. Marianne Bitler and Alicia Robb at the Federal Reserve Board reviewed early drafts of the report and offered useful suggestions. Ellen Hathaway carefully reviewed and edited the report. The authors greatly appreciate the dedicated interviewing staff that collected these important data and the respondents who generously gave their time to report financial details about their

The development of green credit lines is motivated by a need to encourage lending towards environmentally sustainable projects. Green finance is dispensed through various tools including green credits. By directing funds to these green initiatives, they contribute positively to mitigating climate change in many ways. With the rise of private credit financing, an untapped source of finance becomes accessible and available for climate change mitigation and environmentally friendly projects. This paper argues the potential for this untapped financing source to facilitate the development of green credit lines, ultimately aiding in the efforts to combat climate change.


Part one of this paper begins with an overview of green credit lines, analyzing their development, eligibility and scope, and existing frameworks of operations. Drawing on experiences from jurisdictions where frameworks for green credit lines are already established, this section delves into the specific requirements that projects must meet to qualify for green credit financing. Furthermore, it examines the monitoring and reporting mechanisms employed by existing schemes to ensure that funded projects comply with environmental standards and deliver measurable benefits. Additionally, this part also assesses the current involvement of private sector actors, in offering financial support to combat climate change. Finally, this part analyzes the increasing traction within emerging private credit financing for green projects and advocates for greater participation of private credit providers in fostering the development of green credit lines.


Part two of this paper describes the impact of mobilizing private credit financing to establish green credit lines in the context of climate change mitigation. It also assesses the feasibility of green credit lines to foster growth for renewable energy and biodiversity projects. Finally, this section considers the prospects of this financing model, its scalability, and its role in
accelerating global efforts towards a sustainable future.


Part three of this paper analyses the limitations including availability of data, insufficient incentives to encourage market participants, counterproductive private credit investments in emissive industries and challenges of the proposed mechanism and framework. Also, analyzing the measures in place in other jurisdictions to address these limitations
where available.


Finally, in part four, we propose recommendations to address potential limitations and ensure the scalability of the proposed framework. Also, advocate for increased investments in environmentally sustainable initiatives.


It is important to highlight that most green credits are currently provided by conventional financial institutions, such as commercial banks, often in partnership with development banks. However, this paper examines a largely untapped avenue for expanding the reach of green credit by leveraging private credit financing, distinct from traditional banks or governmental financial sources. Also, in developing a framework for private credit financing, reference will be made to ongoing green credit financing by other financing sources.

Information Technology Adoption by Small Business Owners by Soha Elaskalani Ragab MBA, Keller Graduate School of Management, 2010 Bachelor of Law, Mansoura University, 2003 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University June 2016 Abstract Small business owners need effective strategies to increase profitability. One such strategy is the adoption of information technology (IT). The purpose of this multiple case study was to explore the strategies used by small business enterprise (SBE) owners to implement IT solutions for increased profitability within 3 years of opening their business. The population consisted of 3 small business owners in Orange County Southern California who were profitable by their third year of business. The conceptual framework for this study was based upon general systems theory. Data for this study were collected through semistructured interviews and a review of company...

The purpose of the study is to explore the future thinking predictive ability in attitudes towards self-learning, and academic engagement among Umm Al-Qura University students, the study used the descriptive approach, a set of scales was used to collect study data, the study sample consisted of (645) male and female students, The results showed: The extent of the prevalence of future thinking among Umm Al-Qura University students was moderate. And the skill of future planning was the most common skill among students, The results also showed that the prevalence of the attitudes towards self-learning was moderate, and the cognitive dimension was the most prevalent dimension among the sample members, the extent of the spread of academic engagement among students was moderate, and behavioral engagement was the most common among the study sample members. the results also showed a positive relationship between future thinking and academic engagement, and a positive relationship between the attitude towards self-learning and academic engagement, at last the results showed that the dimensions of the variable of attitudes towards self-learning explained (90.9%) of the variance explained for academic engagement, while the dimensions of the future thinking variable did not enter into the prediction of academic engagement due to its insignificant explained variance.

Despite the considerable resources devoted to SMEs by Islamic banks worldwide, and Nigeria in particular, there has been no rigorous empirical evidence regarding the effectiveness of Islamic banking inclusion on employment growth in SMEs globally. This study fills this gap by analysing the effectiveness of access to Islamic banking financing in promoting MSME's growth in Kano Metropolis, Nigeria. We focus on the impact of the credit lines facilitated by Jaiz Bank Plc in fostering firms' growth measured in terms of employment. A survey based on a quasi-experimental approach was employed and the data were collected by means of a questionnaire distributed to a sample of 385 MSMEs' beneficiaries and non-beneficiaries of Islamic bank financing in Kano Metropolis, Nigeria. Using difference-indifference and propensity score matching techniques to deal with selection bias, the study found significant positive effects on MSMEs' employment growth. In addition, the paper highlights the important role of Islamic bank financing in mitigating the unemployment crisis in Nigeria. The paper recommends that improvement of the Islamic banking system by employing PLS financing, especially Musharaka, could foster MSMEs' financial inclusion and job creation.

E-governance is more than just a government website on the Internet. The strategic objective of e-governance is to support and simplify governance for all parties; government, citizens and businesses. The use of ICTs can connect all three parties and support processes and activities. In other words, in e-governance electronic means support and stimulate good governance. Therefore, the objectives of e-governance are similar to the objectives of good governance. Good governance can be seen as an exercise of economic, political, and administrative authority to better manage affairs of a country at all levels. It is not difficult for people in developed countries to imagine a situation in which all interaction with government can be done through one counter 24 hours a day, 7 days a week, without waiting in lines. However to achieve this same level of efficiency and flexibility for developing countries is going to be difficult. The experience in developed countries shows that this is pos...

The purpose of this paper is to examine the problems in family-owned business in Madurai district. The study on problems of family business highlights the challenges faced by these enterprises, including issues with succession planning, communication, and conflict resolution, ultimately affecting their long-term sustainability and success. Family businesses face a unique set of problems and challenges that can impact their operations, growth, and longevity. One of the most significant challenges for family businesses is planning for the transition of leadership and ownership to the next generation. Disagreements over roles, responsibilities, authority, and decision-making can strain relationships and undermine the company's effectiveness. Family businesses may struggle with financial management issues, such as insufficient capital, limited access to external funding, or inadequate financial planning. Family businesses may be resistant to change due to a sense of tradition, loyalty to established practices, or fear of disrupting the family legacy. Poor communication practices can lead to misunderstandings, unresolved conflicts, and inefficient decision-making processes. addressing these problems and challenges requires open communication, proactive planning, professional development, and a commitment to fostering a healthy balance between family dynamics and business objectives. By recognizing and actively mitigating these issues, family businesses can enhance their resilience, competitiveness, and sustainability in the ever-changing business landscape.

Cal que les administracions públiques exerceixin les facultats de regulació sobre les entitats financeres per garantir que aquestes desenvolupen la tasca per a la qual han estat creades: fer de transmissors de l'estalvi privat per invertir-ho en operacions de client. PIMEs i finançament: necessitats i alternatives 13 Aquest control ha de ser força rigorós per a les entitats que han comptat amb l'ajut de fons públics, les quals en breu haurien de poder finançar les empreses, sobretot les PIMEs, a tipus competitius. Complementàriament, les administracions públiques han de realitzar una aposta de futur i treballar de forma i manera intensa i constant en promocionar la seva oferta de finançament alternatiu. • Establiment de polítiques que afavoreixin la capitalització empresarial. Cal ser conscient que un dels motius de la desconfiança a nivell financer vers les empreses rau, avui en dia, en la insuficiència de capital que arrosseguen històricament. És necessari que es prenguin mesures per ajudar a la capitalització i millora de la solvència de les empreses, com ara fomentar alternatives a l'aportació de capital per part dels socis i obrir possibles vies de finançament alternatiu, com per exemple, la introducció d'empreses de capital risc. D'altra banda, hom considera que la fiscalitat ha de tendir també vers aquest objectiu, establint excepcions d'impostos-així com de les taxes i despeses complementàries-per a les ampliacions de capital i, d'altra banda, evitant la penalització indiscriminada dels beneficis. Així, hom advoca per afavorir via una bonificació substancial en el tipus de gravamen, aplicable només als beneficis no repartits als socis, els imports destinats a incrementar el patrimoni net. • Adopció de mesures específiques de suport a la internacionalització d'empreses i al món de l'emprenedoria. Les administracions han de prioritzar l'adopció de mesures per al desenvolupament internacional de les empreses catalanes i per al finançament d'empreses creades de nou, atès que són els col•lectius d'empreses que depenen més de l'obtenció de finançament. • Compliment de la llei de morositat. Cal remarcar abans que res que la manca de puntualitat en el pagament de les administracions públiques no constitueix tan sols un problema greu de credibilitat, sinó que suposa un finançament obligat per part de les empreses, situació que ha fet sotragar en força casos la viabilitat de part del nostre teixit empresarial. El compliment estricte de la llei de morositat ha de precipitar una gran quantitat de recursos monetaris a l'economia catalana, atès que permet reduir les necessitats de finançament de les empreses i disminuir el risc dels saldos de clients.

This paper explores the problems experienced by small and medium-sized enterprises (SMEs) with international ambitions in gaining access to debt and equity finance for foreign direct investment (FDI) projects. We develop several arguments why such small businesses are expected to face severe financing constraints for foreign investments and provide an explorative empirical analysis of these issues for a sample of thirty-two Belgian SMEs. We find that the market of FDI finance for SMEs is subject to considerable capital market imperfections. The information problems, lack of collateral, the home bias of financiers and the capital gearing method used by banks to evaluate small firms' foreign projects give rise to financial constraints. The FDI finance gap hinders SMEs in their internationalization strategy and negatively affects their economic performance.

La microempresa es la forma de emprendimiento más socorrida no solamente en México sino en el mundo entero siendo parte fundamental de la estructura económica del país. Estudios previos del tema han reportado, sin embargo, altos índices de mortandad que presenta este tipo de negocios. El objetivo del presente trabajo es determinar los giros de negocio que presentan mayor supervivencia empresarial en las microempresas de la Región 101 en un periodo de 4 años a través de un estudio longitudinal. El presente, se trata de un estudio de corte descriptivo que comprende el seguimiento de las unidades de negocio en un periodo que comprende del 2010-2013. Un hallazgo de este estudio es que el giro empresarial es un factor que está relacionado a la supervivencia empresarial. Se encontraron índices altos de supervivencia empresarial en expendios de cerveza y en negocios de salud (farmacias, consultorios médicos). Por otro lado, tuvieron índices de supervivencia mucho menores los negocios de tres giros (servicio automotriz, café internet y sub-sector entretenimiento).

La microempresa es la forma de emprendimiento más socorrida no solamente en México sino en el mundo entero siendo parte fundamental de la estructura económica del país. Estudios previos del tema han reportado, sin embargo, altos índices de mortandad que presenta este tipo de negocios. El objetivo del presente trabajo es determinar los giros de negocio que presentan mayor supervivencia empresarial en las microempresas de la Región 101 en un periodo de 4 años a través de un estudio longitudinal. El presente, se trata de un estudio de corte descriptivo que comprende el seguimiento de las unidades de negocio en un periodo que comprende del 2010-2013. Un hallazgo de este estudio es que el giro empresarial es un factor que está relacionado a la supervivencia empresarial. Se encontraron índices altos de supervivencia empresarial en expendios de cerveza y en negocios de salud (farmacias, consultorios médicos). Por otro lado, tuvieron índices de supervivencia mucho menores los negocios de tres giros (servicio automotriz, café internet y sub-sector entretenimiento).

Background: Small and Medium-sized Enterprises (SMEs) are silent drivers of economic development that are vital to most economies worldwide, particularly in developing and emerging economies. The SMEs have gained prominence as a potential solution in stimulating economic growth and social responsibility practices. However, there has been inadequate attention on assessing the factors that motivate these SMEs to practice Corporate Social Responsibility thus forming a basis for this study. Objectives: The study focuses on exploring the internal and external factors that motivate SMEs to practice CSR in Arua City. Methodology: Cross-sectional research design was employed hinging on a quantitative approach. A sample of 400 participants was picked from the various SMEs using a stratified random sampling method and data was collected using selfadministered questionnaires. Findings: The findings showed that both internal and external factors influence SMEs to engage in CSR practices. The respondents acknowledged that competitor effors, stakeholder expectations and societal demands motivate SMEs to practice CSR. It is recommended that: SMEs should develop a well-defined CSR strategy that outlines their goals, target areas, and key performance indicators. This strategy should be aligned with the company's core values and business objectives to ensure sustainability in their business operations.

The purpose of this paper is to provide a new theoretical insight regarding top managers&#39; personal values in developing countries based on the Schwartz Values Theory (Schwartz, 1992, 1996, 2006; Schwartz and Bilsky, 1990) and to explore the influence of top managers&#39; personal values on sustainability performances of successful businesses. The research describes personal values differences between top managers and their commitment to pro-social and pro-environmental responsibility who were approached through the validated and reliable questionnaire on identifying top managers&#39; personal values (PVQ40) and questionnaire on sustainability indicators observed through the „triple bottom line“ concept which includes three measuring elements: financial, social and environmental performances (Fauzi, Svensson and Rahman, 2010). Given that top managers are very often the owners in SMEs, their values are largely reflected in the organizational values, which means that in small pro-e...

The study of entrepreneurship is widely prevalent in education, particularly at the higher education level, with Indonesia being no exception. The presence of one of the programmes under the Ministry of Education and Culture (Mendikbud), namely the Independent Learning Campus (MBKM), is evidence of the emphasis placed on entrepreneurship. This initiative promotes the incorporation of entrepreneurial courses into the curricula of educational institutions. When developing the curriculum, educational institutions should possess an understanding of the determinants that foster entrepreneurial aspirations. This study aimed to ascertain the determinants that foster entrepreneurial inclinations among students at UC Makassar. The research was undertaken from June to July 2023, focusing on students enrolled at UC Makassar who completed at least one year of study. The study included a total of 34 participants, who were students from various academic disciplines at UC Makassar. The research method employed in this study was a quantitative approach, which was assessed through the SmartPLS software. The findings of this study indicated that the perceived Desirability, Feasibility, and inclination to act are influential factors in fostering entrepreneurial intention among students at UC Makassar.

We examine how asset liquidation values in ‡uence a …rm's …nancing choices by focusing on asset quality as a measure of an asset's liquidation value together with industry concentration and realized losses in foreclosure as complementary metrics. Real Estate Investment Trusts (REITs) provide a natural venue to test this impact of liquidation value on …nancial contracts since the assets are not only relatively easier to value given that they trade in the private real asset market but also the management of the assets are more readily observable given tenant information. We show that …rms that issue debt not only have higher quality assets as evidenced by higher quality tenants but these …rms also hold assets in geographical markets that have lower industry concentration (more diverse mix of industries) compared to …rms that issue equity. The e¤ect of expected liquidation value is signi…cant, even after controlling for other factors that in ‡uence …nancing decisions, such as leverage ratio target (trade-o¤ theory), growth opportunities (pecking order theory), Book to Market ratio(market timing), and dilution (signaling). For …rms whose assets'quality isn't easily observable, we …nd that the …rm's …nancing choice is more heavily dependent on conditions in the overall real asset market.

Social media has emerged as a prominent force in shaping society and impacting business practices. Social entrepreneurship has been significantly impacted, with combining business and the creation of social value is evident. This study explores the influence of social media on social entrepreneurship. Using secondary data and results from empirical findings, the study shows that social media is a powerful tool for generating new business ideas, reaching wider audiences more cost-effectively than traditional marketing channels, and building strategic partnerships and networks. However, an over-reliance on social media can lead to overestimating one's capabilities or misinterpreting customer feedback. Being informed and adaptable is crucial in keeping pace with the ever-changing nature of social media evolution. The study offers valuable implications for entrepreneurs, both new and experienced, recommending leveraging social media strategically to maximize its benefits while minimizing risks which involves developing robust skills in managing online presence, staying informed about industry trends, and tailoring communication strategies to match the preferences and behaviours of the target audience, and the need for Government and policymakers to create an environment that supports innovation, digital literacy, and fair competition.

This paper analyses the effects that public credit guarantees have on SME business activity and investment. We focus the study on the main regional mutual guarantee institution in the Spanish Region of Madrid, covering two distinct stages of the economic cycle and credit environments: first, the full range of the country's financial crisis with credit constraints (2009-2011), and later, the recovery stage with credit expansion (2012-2015). Using propensity score matching based on economic activity and company size, we show that guarantees allow for the relaxation of credit constraints, driving turnover and investment during both recession and growth. We also find that mutual guarantee schemes constituted a greater stimulus for firms during contraction; thus, they can act as countercyclical policies. Moreover, although guarantees had a substantial effect on all small companies (those with fewer than 50 employees), they had the greatest impact on microenterprises (those with fewer than 10 employees). We show the activities for which guarantees constitute a greater boost, which may inform public-policy designs for specific types of business.

The research program of the Center for Economic Studies (CES) produces a wide range of economic analyses to improve the statistical programs of the U.S. Census Bureau. Many of these analyses take the form of CES research papers. The papers have not undergone the review accorded Census Bureau publications and no endorsement should be inferred. Any opinions and conclusions expressed herein are those of the author(s) and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. Republication in whole or part must be cleared with the authors. To obtain information about the series, see www.census.gov/ces or contact Fariha Kamal, Editor,

A growing literature provides evidence of the underperformance of minority-owned businesses and also shows that young and small businesses were disproportionately impacted during the Great Recession. This strand of the literature also finds evidence of a housing collateral channel: businesses, particularly small businesses, rely on home equity as a source of business funding.

Crowdfunding or Crowd financing, as a word, carries a significant depth of
meaning. Crowdfunding is a strategy for obtaining financial support for a
project by seeking contributions from a large number of individuals,
usually using online platforms such as social networking websites (e.g.,
Facebook, Tumblr, LinkedIn, Twitter) or dedicated crowdfunding websites
(e.g., Ketto, Kickstarter, GoFundMe, CrowdRise). Crowd financing
accelerates the growth of nascent industries. As the name implies,
crowdfunding is a straightforward process of funding your business via a
collective effort of many people. Collecting funds from the audience or
individuals who support your business may seem like a straightforward
operation, but it involves a complex problem that has to be carefully
solved. It offers fresh investment opportunities and is a new asset for
investors to diversify their portfolios. Crowd financing is an innovative
approach for young folks to initiate a business venture. Crowdfunding sites,
however, reverse that process. This technique significantly simplifies the
conventional model by providing you, the entrepreneur, with a unified
platform to construct, display, and distribute your pitch resources.

HE ISLANDS IN THE WEST INDIES can be considered as migrationoriented societies since migration always has been an important feature of the economic, social and political history of these countries. In the early part of this century, West Indians migrated in large numbers to Panama to help build the Panama Canal as well as to other parts of Latin America, especially Cuba. Then, after the Second World War, another wave of migration began with the migrants going mainly to the United Kingdom. This reached its peak in the 1950s. Most of these migrants, who were mainly Jamaicans, freely migrated to Britain, regardless of their skills, because they were British citizens. Although in 1962 Britain enacted an immigration law which virtually choked off the flow of West Indians to that country, another escape valve opened for them in 1965 when amendments to the United States Immigration and Nationality Act eliminated the national origins quota system and granted Western Hemisphere countries, including the West Indies, non quota status. Thus, West Indian migration to the United States increased from 4,000 in 1962 to over 20,000 in 1971.1 Most of these immigrants chose to settle in New York City and it is in the borough of Brooklyn that they established their ethnic villages.2 This paper focuses on a specific institution, rotating credit associations, found in the countries of origin and transplanted to Brooklyn. It also attempts to answer the following question: What are the relations of these associations to the larger credit and banking system in Brooklyn? Are they used independently or in conjunction with credit institutions of a similar nature? Rotating credit associations are here defined as "Associations formed by a core of participants who agree to make regular contributions to a fund which is given in whole, or in part, to each contributor in rotation".3 Rotation and regularity are therefore the two essential criteria used to differentiate these associations from similar ones like lodges, mutual benefit clubs, etc.