Dissertationen zum Thema „Financing Micro enterprises“

Introduction: 1 November 2010  came the amendment about the audit requirement into force. The amendment concerned only micro-enterprises. The most common form offinancing for micro-enterprises are bank loans, therefore the banks play a major role in the business and wellness of micro-enterprises. Purpose: Purpose of this paper is to examine if the credit assessment has been affected by the removal of the audit requirement for micro-enterprises. Method: This study will be conducted by a qualitative study in the form of interviews. Five interviews were conducted, with four respondents from the large banks and    one respondent from Almi Företagspartner. Conclusion: All respondents agreed that the audit is seen as a mark of quality, some lenders will continue to request it from the micro-enterprise while other lenders look at other factors such as ownership, relationship or business concept.

Abstract Micro financing is perceived to contribute towards poverty reduction by developing small enterprises. We examined the Challenging the Frontiers of Poverty Reduction (CFPR) programme implemented by the Bangladesh Rural Advancement Committee (BRAC) between 2002 and 2007. We selected this case because it used a different approach of micro financing where assets were transferred rather than cash to participants. We examined two aspects of the programme: (i) the impact of micro financing through asset transfer instead of cash on reducing poverty; (ii) the factors that contributed to positive impact or little or no impact on the economic conditions of the participant households and the trajectories of changes experienced in these economic conditions. These were analysed using data gathered from a survey of 21 beneficiaries and also from the in-depth interviews of 8 of these households, which included both successful and not so successful cases. The study found that the asset transferring programme resulted in significant improvement in the livelihood of the majority of members. However, in some cases the beneficiaries did not see any or significant improvement in their livelihood. The study revealed that households that demonstrated proper planning, hard work, and personal interest in the business they started have witnessed improved quality of life through micro financing, while idleness of members and absence of proper planning resulted in failures. To some extent, it was found that social barriers can also contribute to failures, even if the beneficiaries work hard and are highly motivated. Based on these findings, the study makes some policy recommendations

In Kenya, like in many developing countries, Micro and Small Enterprises (MSEs) have become the main focus for achieving the much-needed social and economic development and alleviating poverty. However, their development has been hampered by lack of access to appropriate financial and related services. Micro financing has been seen as a viable alternative to providing financial services to entrepreneurs in the MSE sector. The focus of this study was to explore the role of MFIs in the development of MSEs and to see if there are ways in which this role can be enhanced to better support the growth of MSEs. Such enhancement would contribute greatly towards government efforts to foster social-economic development. The results of the research indicate that generally, MFIs appear to have positively influenced the growth of MSE in Kenya and have potential to further influence MSE growth. There were however a number areas that if paid attention to could enhance this influence. These include the need for MFIs to offer supportive services as opposed to merely credit facilities to MSEs and the need for government intervention by putting in place a suitable Act to regulate the operations of MFIs.

The major aim of this study was to analyse the relationship between financial literacy, entrepreneurial leadership and entrepreneurial performance of small, medium and micro-enterprises. A simple random sampling approach was employed in conducting survey primary data collection using a self-administered structured questionnaire developed based on a 5-point Likert scale. Sample data collected from two-hundred and five respondents was first tested for construct validity and scale reliability using Keiser-Meyer-Olkin measure of sampling adequacy and Cronbach’s alpha criteria, respectively. Results indicate that the questionnaire’s items passed construct validity and scale reliability requirements. Exploratory factor analysis and confirmatory factor analysis were conducted to evaluate total variances explained, factor structures and associations between observed variables and latent factors using the Statistical Package for Social Sciences 24 software. Results show that no observed variables exhibited complex structures, and significant amounts of variances in observed variables were explained by the analogous constructs. Results obtained from the structural equation model estimated using Stata 14 software show presence of significant positive relationship between financial literacy, entrepreneurial leadership and entrepreneurial performance. Results from the estimated generalised structural equation model indicate that entrepreneurial leadership moderates the relationship between financial literacy and entrepreneurial performance of small, medium and micro-enterprises.
Mini Dissertation (MBA)--University of Pretoria, 2020.
pt2021
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted

Women entrepreneurs play increasingly important roles in job creation and sustainable economic growth in developing economies, including sub-Saharan Africa. While Nigeria has made progress in closing gender gaps in women’s employment rights, financial inclusion and access to resources remain challenges for many women who seek to start and grow businesses. Barriers to venture creation are particularly problematic for women entrepreneurs living in rural Nigeria. Yet, few studies have examined women entrepreneurs’ access to capital in the context of rural Nigeria, including the perceived value of informal lenders and government support programs. This thesis informs the literature by reporting on women entrepreneurs who own and operate retail micro-enterprises in rural, South-West Nigeria, specifically Atakunmosa West, Osun State. The study findings demonstrate the value and limitations of informal lenders, such as Ajo and Esusu, in bridging institutional voids in banking practices and technology-enabled money services. Drawing on the social feminist and resource-based theory, the study advances a conceptual model of the gendered context of financial inclusion and considers the implications for research and policy.

This study examines the nature and characteristics of the informal sector within the Makana municipal area in South Africa. The focus is on the socio-economic characteristics of the informal sector operatives; operational characteristics of the microenterprises that we studied, such as longevity, employment generation, growth potential, and linkages of the informal sector with the formal sector of the economy. Extensive studies on the informal sector have been conducted in many parts of the world relative to South Africa. The key finding in most of these researches is that the informal sector is highly heterogeneous. These studies provide us with the parameters for analysing the nature and characteristics of the informal sector in the Makana Municipality. The results of the thesis show that the majority of people in Makana Municipality join the informal sector as a result of such push factors as unemployment, retrenchment and the need to survive. While there is evidence of lucrative activities amongst the surveyed enterprises, most of the informal sector micro-enterprises are concentrated in the lower segment of the sector where earnings are very low. Results from this study reveal that employment generation (beyond owner-operator) is very limited. The co-existence of a small number of remunerative activities alongside a large proportion of relatively unproductive activities is not only a sign of restricted economic potential but, most importantly, it points to the heterogeneous nature of the informal sector. Precisely, the informal sector encompasses activities which are different in terms of asset holdings, earnings, etc. From the study, it is also evident that the informal sector micro-enterprises play a crucial role in distributing goods produced in the formal sector. Evidence indicates that these micro-enterprises are Iinked to the formal sector. The idea of a 'second economy' devoid of linkages with the 'first economy' is of limited heuristic value. Thus, the 'second economy' is an extension of the first.

This study extends the existing literature on how social networks enhance the performance and sustainability of small enterprises. More specifically, the study isolates and investigates the mechanisms through which social capital helps with the growth and survival of MSMEs. The evidence presented in this study strongly suggests that an indigenous social network widely practiced in Ethiopia, the &ldquo
iqqub&rdquo
, contributes significantly to the start-up, survival and development of urban MSMEs.

Includes abstract.
Includes bibliographical references (p. 212-228 ).
The existence and prevalence of financial constraints has been extensively discussed in the international economic literature, and is implicit in debates on the performance and needs of South Africa’s Small, Medium and Micro Enterprises (SMMEs). However, there is little solid research measuring financial constraints among South African SMMEs. In addition, the reasons advanced for their financial constraints are often speculative and anecdotal rather than the result of sound research. The hypothesis of credit rationing, resulting from information asymmetries, is well established in theory but an additional explanatory hypothesis, the fragile financial structure of SMMEs, is often voiced by the South African finance community. With South African data being scarce and patchy, none of these hypotheses has been validated by empirical studies. The most likely reason for these gaps in literature is not a lack of interest, but the considerable difficulty of raising reliable data from SMMEs, a joint result of confidentiality, widespread informality in the sector, and the limitations of publicly available statistics in developing countries. Surveys of banks or SMMEs raise risks of partiality and limited ability of respondents to provide quantitative data, while accounting data are characterised by limited usability and reliability. This thesis attempts to address those challenges by exploring primary and secondary sources of data, combining the respective strengths of interview and financial data.

Thesis (MTech (Internal Auditing))--Cape Peninsula University of Technology, 2015.
Approximately 57% of the total population in South Africa lives under the poverty line. In this regard, Small, Medium and Micro Enterprises (SMMEs) which provide microfinance play a vital role to provide access for poor households to banking-related financial services. This service can only be delivered sustainably through means of deploying effective management practices, especially in terms of risk management. The purpose of this research is to identify risks faced by microfinance SMMEs and to establish the effectiveness of the current risk management practices deployed by them. This study aims at increasing the knowledge base and understanding of risk management practices by conducting a comprehensive literature review and field research. In order to establish a theoretical basis, a comprehensive literature review was performed and prior studies on various aspects relating to microfinance risk management were investigated. This was followed by a field research which studied the risk management of microfinance providers in the Cape Metropole; large financial service providers like commercials banks were excluded. Data were collected by means of a questionnaire from microfinance providers in the Cape Metropole. These microfinance providers were drawn from a list of credit providers that was obtained from the National Credit Regulator (NCR) public domain. A purposive sampling method was used to select the participants for this study. The information provided by participants is kept strictly confidential and anonymity of all respondents was guaranteed. This research noted that collaterals are absent in microfinance and instead, a close connection between microfinance SMMEs and their clients come into place. Risk management frameworks which provide an all-inclusive approach to risk management are largely absent in microfinance SMMEs. Much fewer microfinance SMMEs actively identify risks, categorise, prioritise and document them appropriately. The research further showed that the views on risk management depend on whether the respondent is an owner or a manager of the enterprise.

The research seeks to explore why women in Zimbabwe still face hindrances in accessing micro finance services and what can be done to meet their needs in a more holistic and effective way. Women play a crucial role in the economic development of their families and communities but are faced with certain obstacles that hinder them from performing their role effectively. Such hindrances as poverty, unemployment, low household income and societal discrimination. UNIFEM (1992) confirms that the majority of the world‟s poor have a predominantly female face and argues that women earn only 10 percent of world‟s income and own less than 10 percent of the world‟s property. African women have been characterised by the lack of empowerment caused by societal perceptions and negative cultural practice. In many cases of women rights violation it has been noted that this has been exacerbated by the over reliance on the male counterpart. Development practitioners have noted that micro finance as one of the strategies needed for women empowerment. Despite the concept having been practiced for at least 15 years now, women still face challenges in accessing micro finance services. There is need for Micro Finance Institutions to recognise the position of women in relation to men as actors in society.

For several years, the number of South Africans starting new business enterprises, has declined. According to the findings of the Global Entrepreneurship Monitor, in 2003, South Africa ranked 22nd out of 31 countries for new entrepreneurial activities. One of the greatest challenges for South Africa, is to find a solution for its huge unemployment problem, which is responsible for many of South Africa's other problems, like poverty, crime and brutality, which discourage global investment in South Africa. The development of small-, medium-, and microenterprises (SMMEs) is seen as an important ingredient of economic development. The population for this study is therefore comprised of SMMEs in South Africa. Any enterprise is dependent on the environment it operates in. The environment consists of the macro-environment, which includes the demographic, technological, economical, social, institutional and international environment, the market environment, which includes consumers, suppliers and competitors, as well as the micro-environment, which includes the organisation, its mission, goals and objectives, management functions, business functions and business resources. The objective of this study is to investigate the possibility of applying cost- and management accounting methods and techniques for the development and profitable running of SMMEs. These include choosing an appropriate costing system, implementing a management information system, effectively executing the management functions of planning, organising, coordination and control, through the application of cost- and management accounting methods and techniques, including forecasting, budgeting, accurate and appropriate costing methods, performance management techniques like total quality management, benchmarking etcetera. Data on the current use of cost-and management accounting by SMMEs in South Africa, and the performance of these concerns, were collected by means of a structured questionnaire from a sample of 37 SMMEs. It was found, that although several cost- and management accounting methods and techniques are used by some SMMEs, many are not used effectively, while many SMMEs are not aware of the many advantages that the application of these methods and techniques hold. It is recommended that entrepreneurs make an effort to gain the knowledge needed for them to apply the cost- and management accounting methods and techniques that will improve the performance of their businesses, ensuring the attainment of their goals and objectives, ensuring their survival and prosperity, and leading to job creation, economic growth, and the prosperity of the people of South Africa. To assist with this, the researcher has developed a model and a manual that can be used by entrepreneurs to assist them in starting a new enterprise, as well as running a successful enterprise.
Thesis (Ph.D. (Business and Management Accounting))--North-West University, Vaal Triangle Campus, 2009.

The business and economic advancement made the micro and small enterprises, they needed to be in line with the global market. And for that financial resources are needed. In order to meet the demands of the market, these resources can be obtained by own sources or through financial institutions that provide credit. Faced with the new needs of the market, micro and small companies in the state of Sergipe have sought borrowing from financial institutions as a way to foster its development. Given this scenario, we designed the following problems: Brazil´s Banco do Nordeste as developers of development in the Northeast has helped in the growth of micro and small businesses in the state of Sergipe in obtaining loans and financing of production and which impulses generated in state? This study presents the quantitative research method called panel data analysis with the variables loans: value added (agriculture, industry, services), the economically active population, average wages and formal employment in order to explain the possible development generated by micro and small companies Sergipe, to obtain credit to finance production from 2009 to 2012 and to identify the impact of these operations on employment levels of municipalities in Sergipe. The results, considering the variables applied demonstrate that the credit has no impact on job creation. The proposal for future work is to conduct a regional study considering other financial institutions.
O avanço empresarial e econômico fez com que as micro e pequenas empresas, necessitassem estar de acordo com o mercado global. E para isso são necessários recursos financeiros. A fim de atender as demandas do mercado, estes recursos podem ser obtidos por fontes próprias ou através de agentes financeiros que oferecem crédito. Diante das novas necessidades do mercado, as micro e pequenas empresas do estado de Sergipe têm buscado a tomada de empréstimos junto às instituições financeiras como forma de fomentar o seu desenvolvimento. Diante desse cenário, foi elaborado a seguinte problemática: o Banco do Nordeste do Brasil como fomentador do desenvolvimento na região nordeste tem auxiliado no crescimento das micro e pequenas empresas no estado de Sergipe na obtenção de empréstimos e financiamentos da produção e quais os impulsos gerados no estado? O presente estudo apresenta o método de pesquisa quantitativo denominado análise de dados em painel com as variáveis operações de crédito: valor adicionado (agropecuária, indústria, serviços), população economicamente ativa, salário médio e emprego formal a fim de explicar o possível desenvolvimento gerado pelas micro e pequenas empresas sergipanas, ao obter crédito para financiar a produção no período de 2009 a 2012, bem como identificar o impacto dessas operações no nível de emprego dos municípios sergipanos. Os resultados obtidos, considerando as variáveis aplicadas demonstram que o crédito não tem impacto na geração de emprego. Para trabalhos futuros a proposta é de realizar um estudo regional considerando as demais instituições financeiras.

Les pays en développement, notamment en Afrique subsaharienne, sont confrontés au défi de réduire la pauvreté alors que peu d'entre eux ont réellement amorcé leur transition démographique. Les micro, petites et moyennes entreprises (MPME) sont un des principaux leviers de création d'emplois et de revenus. Cependant, elles font face à des obstacles importants, au premier lieu desquels le manque de financement.Depuis les années 1970, les institutions de microfinance (IMF) jouent un rôle central pour diminuer la contrainte financière qui affecte les populations exclues du financement bancaire. Dans cette thèse, nous utilisons des données sur des MPME clientes d'une IMF à Madagascar pour étudier trois aspects de la relation entre les IMF et leurs clients.Premièrement, nous nous intéressons à l'influence que peut avoir la contrainte financière sur le choix d'activités des micro-entrepreneurs. Nos résultats suggèrent que le manque de moyens financiers peut amener des individus à créer une activité dans un secteur différent de celui qu'ils souhaitaient initialement en raison de coûts d'entrée trop importants. Ce phénomène pourrait se traduire par une allocation sous-optimale des compétences entrepreneuriales. Dans notre second chapitre, nous suggérons que la stratégie de "montée en gamme" initiée par certaines IMF, c'est-à-dire le fait de proposer des crédits d'un montant de plus en plus élevé, peut conduire IMF et banques commerciales à entrer en concurrence pour attirer les MPME à plus fort potentiel. L'impact de cette stratégie demeure incertain selon qu'elle conduit les IMF à négliger les populations les plus pauvres et qu'elle détourne certains entrepreneurs du financement bancaire. Enfin, dans notre troisième chapitre, nous mettons en lumière le faible niveau d'éducation financière des entrepreneurs et ses éventuelles conséquences en termes de choix de prêteurs (entre IMF et banques).En conclusion, nos travaux soulignent le rôle que peut jouer la microfinance dans le développement des MPME, tout en suggérant certaines pistes pour optimiser son impact économique et social
Developing countries, especially countries in Sub-Saharan Africa, are confronted with the need to reduce poverty while their populations are stillincreasing at high rates. Micro small and medium-sized enterprises hold the highest potential for job creation and income generation. However, lack of financing, among numerous other obstacles, significantly impedes their development.Microfinance institutions have played, and continue to play, a significant role in meeting the growing financing needs of MSEs excluded from the formal financial sector. In this dissertation, we attempt to illustrate some points to pay particular attention to in order to increase microfinance impacts. Firstly, we highlight that initial financial constraints may prevent entrepreneurs from investing in their first-choice sector and that ultimately, this misallocation of talent could be detrimental for growth. This result emphasizes the need for start-up financing, which is one of the riskiest and most critical aspects of running a business. Secondly, we draw attention on the fact that up-scaling strategies implemented by MFIs may lead to competition with banks. The net economic impact of up scaling strategies will depend on how much MFIs neglect the poorest clients (mission drift) and to what extent clients with the highest growth potential can in fact resort to commercial banks. Finally, we shed light on the fact that the lack of financial knowledge among entrepreneurs may actually skew their financing choices and ultimately prevent them from obtaining more affordable sources of financing.As a whole, MSEs need special attention to foster their growth and contribution to job creation. MFIs are a powerful tool to help MSEs meet growth objectives, but optimal development may require other forms of financial assistance and better suited funding

The diploma thesis is based on the development of the business activities of an existing agricultural micro enterprise by extending production of a new crop type, its sales promotion and ensuring of a maximum return. The theoretical part of the thesis contains the definition of the main concepts needed to understanding problematics. The analytical part describes a comprehensive presentation of an existing enterprise by a summary analysis of its current state. The subject of the final part of the thesis is a set of proposals, directed to the successful development of the business activities, designed based on the results of previous analyzes.

M.B.A.
With South Africa's formal economy creating only a trickle of new jobs, the small business sector would seem the only opportunity for our legions of unemployment. Despite this need the South African financial system in which both bankers and government guarantee agencies, still shy away from the sector most in need of capital. Aspiring entrepreneurs without capital or a proven track record running a business can prove difficult, The greatest challenge facing small business in South Africa, whether in its initial stage or through its growth stage, is the difficulty of obtaining finance from the banks or other financial institutions. When George Smith started his business in Roodepoort, west of Johannesburg in 1990, he entered into a partnership with his brother. They acquired a convenience store from Metcash Ltd., one of the biggest retail companies on the Johannesburg .Stock Exchange. Jazz Stores closed all its branches country wide due to major losses incurred (Smith, 1999). As young entrepreneurs they had a vision that a convenience store at a taxi rank could be profitable. Their biggest constraint was the lack of capital to finance the purchasing of the store, nevertheless the store was reopened soon after the purchase and the revamping was done in stages. Thanks to some of their friends and family who helped them financially...

When the business structure of a country is dependent on micro, small and mediumsized enterprises it seems essential to understand and try to mitigate, one of their main challenges. Although having access to finance is an important element for enterprises’ development, small and medium enterprises still have credit restrictions. Mainly because of its size, risk and lack of financial history. SMEs create jobs and play a crucial role in the economy of every country; therefore this dissertation is based on a research process that shows in one document the several financial options available. Portugal is still a conservative country regarding the way companies finance themselves. However, a new tendency of alternative ways of funding is emerging and becoming more relevant. Five solutions were studied: Crowdfunding, Business Angels, Venture Capital, Bank and Governmental Solutions. Parallel to this thesis, a consulting project was developed with the company Perfect Fit Services, a microenterprise that is searching for financial aid for its expansion, fact that led to the development of this thesis. The results of this research show that it is even more challenging for a SME that does not have a technological base and is a small scale business to get alternative funding. And the solutions offered always depend on the business idea and the stage of the enterprise’s life cycle.

This research investigates the role business incubators on the MSMEs’ access to informal and semi-formal finance. To meet this purpose, firstly, the relationship between business incubation models and models of financial accessibility is assessed. secondly, the contribution of business incubators to the MSMEs informal and semi-formal financial accessibility is determined, by assessing the direct impact of monitoring services on financial accessibility and also assessing the incubator’s financial intermediation role between incubatees and financiers. Due to the important role played by social capital in non-formal financing, the influence of both incubatee and incubator manager’s social capital on incubatee’s informal and semi-formal financial accessibility is also investigated. The results indicate that, business incubator’s monitoring services have significant positive influence on incubatee’s access to informal and semi-formal finance, and also there is a significant positive relationship between monitoring services and financial management capabilities. Also, incubatee’s financial management capabilities have significant positive impact on semi-formal financial accessibility, nevertheless, there is insignificant relationship between incubatee’s financial management capabilities and informal financial accessibility. Furthermore, the results show, incubatee’s bonding and bridging social capital have direct positive impact on both informal and semi-formal financial accessibility, while incubator manager’s linking social capital has positive impact on semi-formal financial accessibility but insignificant impact on informal financial accessibility. Incubatee’s bridging social capital also negatively moderates the relationship between financial management capabilities and semi-formal financial accessibility, whereas incubatee’s bonding has no moderating effect on the same relationship. Incubator manager’s bonding and bridging social capital and incubatee’s linking social capital have insignificant direct impact on both informal and semi-formal financial accessibility, as well as insignificant moderating impact on the relationship between financial management capabilities and semi-formal financial accessibility. These findings show the importance of financial management capabilities on incubatee’s access to semi-formal finance and highlights the role of incubatee’s bonding and bridging network links and incubator manager’s linking social networks to the incubatee’s access to non-formal finance. They also reveal that informal financiers do not consider incubatee’s financial management capabilities as an important criterion in deciding to provide them credits:Acknowledgement i Table of contents iii List of tables viii List of figures xii Abbreviations xv Zusammenfassung xx Summary xxxii CHAPTER ONE 1 INTRODUCTION 1 1.1 Background to the problem 1 1.2 Statement of the Problem 4 1.3 Objectives of the study 10 1.3.1 General objective 10 1.3.2 Specific objectives 10 CHAPTER TWO 11 LITERATURE REVIEW 11 2.1 Start-ups and Micro, Small and Medium Enterprises 11 2.1.1 Micro, Small and Medium Enterprises 11 2.1.1.1 MSMEs’ sector in Tanzania 14 2.1.2 Start-ups 15 2.1.2.1 Startups in Tanzania 16 2.2 Business incubators 18 2.2.1 Services provided by business incubators 21 2.2.2 Business incubators in Tanzania 23 2.3 Financial management capabilities 28 2.3.1 Financial management capabilities in MSMEs 29 2.4 Financial system 32 2.4.1 Formal financing 33 2.4.2 Informal financing 33 2.4.3 Semi-formal financing 34 2.4.4 Financing system in Tanzania 34 2.4.5 Informal and Semi-formal financing system in Tanzania 36 2.4.5.1 Informal financiers 37 2.4.5.2 Semi-formal financiers 45 2.5 MSMEs’ financial accessibility 52 2.5.1 MSMEs’ financial accessibility in Tanzania 55 2.5.2 The role of business incubators in promoting MSMEs’ access to finance 56 2.6 Information asymmetries between MSMEs and financiers 59 2.7 Theory of financial intermediation 61 2.8 Social capital 62 2.8.1 Role of social capital on MSMEs’ access to finance 65 2.9 Summary of the theoretical framework 69 2.10 Proposed model 70 CHAPTER THREE 75 RESEARCH METHODOLOGY 75 3.1 Research Design 75 3.2 Study Area 76 3.3 Targeted population 78 3.4 Sample 79 3.5 Operational definitions and measurement of the variables 83 3.5.1 Variable indicators 83 3.5.2 Business incubators' monitoring services 83 3.5.3 Financial management capabilities 84 3.5.4 Incubatee's bonding social capital 84 3.5.5 Incubatee's bridging social capital 85 3.5.6 Incubatee's linking social capital 85 3.5.7 Incubator manager's bonding social capital 86 3.5.8 Incubator manager's bridging social capital 86 3.5.9 Incubator manager's linking social capital 87 3.5.10 MSMEs’ Financial accessibility 87 3.6 Data collection instrument 92 3.6.1 Questionnaire 92 3.6.2 Personal interviews 93 3.7 Data collection 93 3.8 Data Analysis 94 3.8.1 Qualitative data analysis 94 3.8.2 Quantitative analysis 95 3.8.2.1 Data preparation 95 3.8.2.2 Descriptive statistics 96 3.8.2.3 Factor analysis 96 3.8.2.4 Inferential Statistics 104 3.8.2.4.1 Spearman correlations analysis 105 3.8.2.4.2 Kruskal-Wallis test 105 3.8.2.4.3 Partial Least Squares regressions analysis 105 3.9 Validity and Reliability 106 3.9.1 Validity and reliability of qualitative research 106 3.9.2 Validity and reliability in quantitative research 107 CHAPTER FOUR 110 PRESENTATION OF FINDINGS 110 4.1 Introduction 110 4.2 Qualitative results 110 4.2.1 Current status of business incubation programs in Tanzania 110 4.2.2 Factors for business incubators’ successful financial intermediary role118 4.3 Quantitative results 132 4.3.1 Descriptive results 132 4.3.1.1 Sample demography 133 4.3.1.1.1 Relationship between age and incubation period of incubated MSMEs 133 4.3.1.1.2 Categorizing incubated MSMEs by number of employees and business capital 135 4.3.1.1.3 Distribution of incubatees by their nature of ownership and business activity 138 4.3.1.1.4 Financiers’ provision of requested amount of loans to incubatees 140 4.3.1.2 The contribution of business incubators to MSMEs financial accessibility 145 4.3.1.2.1 The Business Incubator's Monitoring services 146 4.3.1.2.2 Financial Management capabilities of incubatees 147 4.3.1.2.3 MSMEs’ financial accessibility 149 4.3.1.3 Relationship between business incubation models and models of MSMEs financing 150 4.3.1.4 Factors for successful intermediary role of an incubator 152 4.3.1.5 Incubatees and incubator managers’ social capital on Incubatees' financial accessibility 155 4.3.2 The impact of business incubation on MSMEs access to informal and semi-formal finance 160 4.3.2.1 Demographic characteristics of incubated enterprises 161 4.3.2.2 Relationship between business incubation models and models of financial accessibility 165 4.3.2.3 Contribution of incubators to the MSMEs informal and semi-formal financial accessibility 166 4.3.2.3.1 Impact of business incubator’s monitoring services on MSMEs’ informal and semi-formal financial accessibility 167 4.3.2.3.2 Business incubators’ financial intermediation role between incubated MSMEs and financiers. 170 4.3.2.4 Impact of incubatee and incubator manager’s social capital on iMFA and sMFA 173 4.3.2.5 Moderating impact of Incubatee's and incubator manager's social capital on the FMC-MFA relationship 179 4.4 Summary of chapter four 183 4.4.1 Developing a model on incubated MSMEs’ access to informal and semi- formal finance. 190 4.4.1.1 A model on incubated MSMEs’ access to informal finance 190 4.4.1.2 A model on incubated MSMEs’ access to semi-formal finance. 191 4.4.1.3 The influence of demographic characters on the relationship between social capital and financial accessibility. 192 CHAPTER FIVE 196 DISCUSSION OF FINDINGS 196 5.1 Introduction 196 5.2 Demographic characteristics of incubatees 196 5.3 Relationship between business incubation models and models of financial accessibility 201 5.4 Business incubators’ financial intermediation role between MSMEs and financiers. 203 5.5 Factors for successful business incubator’s financial intermediary role 207 5.6 Impact of incubatee’s and incubator manager’s social capital on informal and semi-formal financial accessibility 209 5.7 Moderating impact of Incubatee's and incubator manager's social capital on the FMC-MFA relationship 212 CHAPTER SIX 214 CONCLUSIONS AND RECOMMENDATIONS 214 6.1 Conclusions 214 6.2 Recommendations 221 6.3 Scope for further research 229 Reference 234 Appendix I Total Variance Explained 253 Appendix II Component Matrix 254 Appendix III Pattern Matrix 255 Appendix IV Questionnaire 256 Appendix V Questionnaire (Swahili version) 261 Appendix VI Interview guide for the financiers (English version) 266 Appendix VII Interview guide for the financiers (Swahili version) 267 Apendix VIII Interview guide for incubators’ managers and key informants (English version) 268 Appendix IX Interview guide for incubators’ managers and key informants (Swahili version) 269 Appendix X Eigenständigkeitserklärung 270

Dissertação de Mestrado em Contabilidade e Finanças apresentada à Faculdade de Economia
ResumoAs Micros, Pequenas e Médias Empresas (MPME) são assento estruturante não só do tecido empresarial angolano como também a pedra basilar da economia nacional. Estas empresas são consideradas o motor de crescimento económico pela sua capacidade de inovação e criação de emprego. No entanto, a sua dificuldade em conseguir financiamento faz-se sentir agudamente, daí que para uma economia que deseja prosperar, torna-se crucial garantir-lhes o melhor acesso ao financiamento e sobretudo o acesso ao capital e aos créditos bancários que são essenciais ao crescimento empresarial. O objetivo do presente trabalho consiste em conhecer e em analisar as formas de finan-ciamento, os produtos mais utilizados, bem como as alternativas de financiamento para as MPME em Angola. O que é de especial importância num período de forte crise na economia nacional e em especial no sector bancário caracterizado por um excesso de procura face às disponibilidades dos bancos para o apoio à economia como um todo. Neste trabalho de investigação é utilizado um método quantitativo com a elaboração de um questionário, que foi enviado a uma amostra de MPME angolanas, distinguidas com o estatuto de MPME, ou seja, a cerca de 120 empresas. Os resultados demonstram que as MPME continuam muito dependentes do financiamento bancário. As maiores dificuldades no acesso ao financiamento são as taxas de juro aplicadas aos empréstimos bancários e as garantias solicitadas. A crise afetou um pouco as relações PME-Banca, tendo as empresas revelado, de um modo geral, um relacionamento razoável com a Banca. As demonstrações financeiras têm tido um papel cada vez mais decisivo no aumento da confiança nas relações e consequentemente na concessão de crédito, sendo o documento mais solicitado pelas instituições financeiras antes de conceder crédito às MPME, segundo os resultados obtidos. Varias são as políticas económicas que têm sido debatidas no sentido de melhorar o acesso ao financiamento pelas PME e muitas já foram postas em prática, quer em Angola, quer a nível da União Europeia, assim como noutras partes do mundo.Palavras-chaves: Micro, pequenas e médias empresas, financiamento, obstáculos de financiamento e crédito bancário.
AbstractThe Micro, Small and Medium Enterprises (SMEs) play a structuring role in the Angolan business community and are the cornerstone of the national economy. These companies are considered the engine of economic growth because of their ability to innovate and create jobs. However, their difficulty in obtaining financing is made acutely, so for an economy that wishes to prosper, it is crucial to guarantee them better access to finance and, above all, access to capital and bank credits which is essential for their economic growth.The aim of the present work is to understand and analyze the forms of financing, the most used products, as well as the financing alternatives for SMEs in Angola. This is of particular importance in a period of strong crisis in the national economy, especially when the banking sector is characterized by an excess of demand in relation to the funding available to support the economy as a whole. In this research, we used a quantitative method, by developing a questionnaire sent to a sample of Angolan SMEs, around 120 companies, distinguished with the status of SME. The results have shown that the SMEs still remain heavily dependent on bank financing. The major difficulties in accessing finance are the interest rates applied to bank loans and the guarantees required. The crisis has affected the SME-Bank relationship, but, in general, companies kept a reasonable relationship with them. The financial statements have played a decisive role in increasing trust in the relationship with banks and consequently in lending, becoming the document most requested by financial institutions before granting credit to SMEs, according to the results obtained. In order to improve access to finance by SMEs, several economic policies have been debated and many have already been implemented in Angola and in the European Union, as well as in other parts of the world.Keywords: Micro, small and medium-sized enterprises, financing, financing obstacles and bank credit.

Thesis (MBA.) -- University of Limpopo, 2010
Financial Management is one of the critical principles in the business enviromnent. This study was conducted to assess the impact of the use of financial statement by SMMEs on to the success of their businesses. ln Chapter one of the study, the researcher gives the background to the research problem. The objectives of the study are also discussed. The research questions are highlighted and the key concepts that are used in the study and defined. The researcher gave the fonnat of the study and concluded the chapter with summary chapter. Chapter two focused on the review of related literature where different sources who explained about the financial management in SMMEs were consulted. The research objectives were restated and intensely discussed. The researcher outlined the challenges he encountered during the research process. The chapter was concluded with a summary chapter. Chapter three discussed the research design and methodology. The rationale for the study was explained in this chapter. The research design, types of research, target population, sampling and the research instruments were all explained in this chapter. The questionnaire construction and questionnaire items were also outlined. The research process was explained in full and the chapter was concluded with a summary. Chapter four discussed the data analysis, where the differences between qualitative and quantitative data analysis were discussed. Findings from other documents were also discussed. The chapter was concluded with a summary. Chapter five summarized all the chapters by the giving conclusion and recommendations.

Thesis (MBA) --University of Limpopo, 2010
Small, Medium and Micro-Enterprises (SMMEs) as vehicles of growth, innovation and social transformation, are important categories of businesses which must be nurtured and harnessed by the South African authorities. This should enable them to quickly and effectively adapt to the challenges of globalization thereby benefiting the economy. The importance of SMMEs to the South African economy has already been acknowledged by government. Despite the growth in venture capital funding, access to funding remains a problem for small enterprises, in particular for empowerment groups in South Africa. In most surveys among small enterprises, the provision of concessionary finance comes out as one of the most urgently felt needs. Indeed extensive research reveals that access financing is one of the several important factors that are critical for business survival and growth while other factors are market access and lack of financial management skills. South Africa’s financial sectors have always been reluctant to provide comprehensive services for the fragmented, risk-prone and geographically dispersed small enterprises sector. Evidence of management skills and business knowledge are indications of how well an entrepreneur can perform important tasks and activities related to the eight functions of a business, which are: general management, operations, finance, purchasing, human resources,marketing, administration and external relations. One of the major hurdles that face entrepreneurial endeavours is the shortage of financial management skills. South Africa shows a grim picture of the skills gap. SMMEs become the hardest hit as the entire commerce sector forages for the scarcest skills. Small enterprises have been victims of instances of developing their employees only to lose them to bigger firms offering more lucrative incentives and currently SMMEs in South Africa’s expanding construction sector are losing the fight in the battle for scarce skills. Although government has tried to put in place policies and institutions with the aim of improving the accessing of finance by small business owners, their success has been minimal. It is, therefore, imperative that management capability and financial management acumen be regarded as key to accessing funding by the entrepreneurs themselves, and the parties involved in supporting and promoting them. It is important to bear in mind that training in entrepreneurial skills without training in business skills will not ensure optimal results. A combination of training to develop entrepreneurial skills and business training is most effective in preparing and developing successful entrepreneurs. Therefore, this study is an assessment on access to financial management services by SMMEs in Thohoyandou Business Centre, as funding has a bearing on the economic development and sustainability of SMMEs. The research wanted to establish if the SMMEs in Thohoyandou Business Centre had access to financial management services support and, if they have, are the SMMEs ready to receive these financial management services? The study revealed that the SMMEs do not possess financial management skills neither do they have access to financial management services although most of them acknowledged that there is a need for these skills for the success of their businesses. The lack of requisite bookkeeping and financial management skills results in most financial institutions being unwilling to provide funds to this sector, resulting in entrepreneurs relying on their own sources of finance which are limited as shown in the study. Management capability strengthens the financial capacity of SMMEs. Financial institutions are prone to be favourably biased towards SMMEs who can demonstrate eloquence in areas such as financial management (including basic bookkeeping), marketing and technology upgrading. It is recommended that government and other facilitators incorporate simplified components into their training packages to cover such areas as bookkeeping and compilation of business plans

A dissertation submitted in fulfilment of the requirement for the Degree of Master of Technology: Business Administration, Durban University of Technology, 2013.
Poverty reduction and employment creation are some of the top United Nations Millennium Development goals as per the UN Summit of 2000. In both the developed and developing world this can best be achieved through an increase in employers. In the developing world, especially in Africa, small, medium and micro enterprises have been found to be the engine driving employment creation, economic development and poverty reduction. Having mentioned the crucial role, small and micro enterprises play in the economy and wellbeing of the people, their sustenance, success and continuity are of vital importance. Many small and micro businesses are started every year but most of them fail in their infancy due to a number of problems they face, especially lack of financial planning knowledge which is the main reason for embarking on this study. The main purpose of this study is to investigate the reality of financial planning knowledge among small and micro enterprises, especially from the perspective of owner-managers. An exploration is undertaken to see and understand their perception and attitude towards financial planning processes. The study proposes to find out what financial planning knowledge the owner-manager has tools they are currently employing in their businesses and whether or not, and to what extent do, they implement the advice from financial experts. The research wants to further explore what financial information is collected, recorded, how it is used (or not) to make business decisions and evaluate the enterprise’s success or failure in relation to what they know, use and implement as far as financial planning is concerned. The study used a quantitative technique to collect data and a questionnaire was personally administered to 100 respondents in the Durban CBD including Warwick Triangle and the response rate was 100%. Descriptive and inferential statistics were used to analyse the data. The overall findings of the study were that most of the small and micro enterprises do not understand what financial planning is or what is involved in financial planning hence their inability to properly plan their finances and manage their businesses accordingly. Some of them were found to be able to calculate a mark-up on their selling price but no records were kept. For those who have a chance to get some advice from a financial expert, do implement the advice given, but in their own way they see suitable for their particular businesses. However, they do not implement the exact advice as given only in the form they see fit for their enterprises.

abstract: The key chanllenge for Small and Micro Enterprises (SMEs) to get credit or loans is the fact that traditional financing business model in commercial banks cannot meet SMEs’ financial needs. Through extensive theoretical research, market analysis especially on SMEs’ behavioral characteristics and demands, serveral case studies on market-leading banks such as Wells Fargo and KASIKORN BANK, and the actual implementation experiences in China Minsheng Bank and Pingan Bank, this article proposes a new business model for servicing SMEs for commercial banks in China, which includes the principle and rationale of the business model, the technical foundation, business process and organizational structure, as well as the future transition of the model.
Dissertation/Thesis
Doctoral Dissertation Business Administration 2015

Thesis (M. Com. (Business Management)) -- University of Limpopo, 2017
The purpose of this study was to examine the determinants of the financial bootstrapping strategies used by rural based small, medium and micro enterprises (SMMEs). The study was guided by the following objectives, (1) To investigate the financial bootstrapping strategies used by rural entrepreneurs, (2) To examine the effect of the education of the owners on the financial bootstrapping strategies used by rural entrepreneurs, (3) To determine the effect of the age of the owners on the financial bootstrapping strategies used by rural entrepreneurs and (4) To investigate the effect of the gender of the owners on the financial bootstrapping strategies used by rural entrepreneurs. The research followed a quantitative research method with a descriptive research design. A sample of 104 rural SMMEs participated in the survey. Data was collected through the use of self-administered questionnaires in a survey. The participants in the study were rural SMME owners in Fetakgomo Municipality in the Limpopo province of South Africa. The study utilised the convenience and snowball sampling techniques to obtain data from the respondents. Data analysis included descriptive statistics, factor analysis, T-test and regression analysis. The Cronbach’s alpha was used to measure reliability. The results indicated that rural SMMEs have a low usage and adoption rate of bootstrapping finance. The research also found that rural SMMEs mainly utilised owner’s finance as the primary bootstrapping method. The results of the T-test showed significant differences between gender and bootstrapping methods as well as between the level of education and the bootstrapping methods used by rural SMMEs. However, there was no significant difference between age of the owners and bootstrapping methods used by rural SMMEs. Recommendations were ii proposed for the government to create an enabling environment for rural SMEs by embarking on a variety of strategies to raise awareness on the importance of bootstrapping finance. Rural SMME owners were recommended to enrol for a certificate course in financial management to sharpen their skills. Keywords: entrepreneurs’ characteristics, financial bootstrapping, rural area, SMMEs, South Africa.

The use of financial planning and control systems is one of the factors that influence the survival of small businesses. The purpose of this study was to determine whether the use of financial planning and control systems contributes to the survival of manufacturing MSEs in the Tshwane metropolitan area. The development and use of financial planning and control systems in MSEs was investigated. Manufacturing MSEs were asked to disclose the financial planning and control systems being utilised. Respondents indicated that they use some form of financial planning and control, be it, on a formal or informal basis. Most of these firms had been operating for a number of years suggesting that the use of financial planning and control systems, inter alia, contributes to the survival of an entity. The more modern financial planning and control systems are not readily used by manufacturing MSEs, but could be beneficial to their survival.
Management Accounting
M. Com. (Accounting)

Thesis deals with complex process of creation of new bankruptcy model for predicting business failure, while this process involves selection of quality sample, verification of classification accuracy of already existing bankruptcy models, profile analysis and finally the derivation of specific equation of bankruptcy model. The derivation is performed by using two selected statistical methods, discriminant analysis and logistic regression. Two bankruptcy models Bürger's index DA12 and Bürger's index LR12 were derived by using the mentioned statistical methods. The new models distinct advantage is, unlike already existing and renowned bankruptcy models, that they are focused on classification of micro and small enterprises in terms of Czech Republic, while classification accuracy one year before failure is by individual models 74.8 % and 81.87 %. Derived models have clear interpretation (no grey zone) and easy calculation, which brings a possibility for micro and small entrepreneurs to check their business partners in terms of failure prediction.

Dissertação de mestrado em Contabilidade
As micro e pequenas entidades assumem um papel importante na dinâmica económica de Portugal e da Europa, pela sua representatividade no tecido empresarial. Neste sentido, a União Europeia (UE) tem vindo a estabelecer medidas que aliviem a carga administrativa e contabilístico-financeira do grupo das pequenas empresas, com vista à melhoria do seu ambiente empresarial e internacionalização. É neste âmbito que em Portugal é publicada a Norma Contabilística para as Microentidades (NCM) em 2010 (revista em 2015). Esta norma inclui apenas as matérias contabilísticas que se entenderam como as mais relevantes à informação financeira deste tipo de empresas, e distingue-se pela simplicidade como as mesmas são abordadas. Porém, a NCM foi desde logo alvo de críticas que, no essencial, sugerem um normativo desajustado e desenquadrado às necessidades e valências das empresas a que se destinam. A presente investigação procura, assim, aferir a utilidade da NCM, nomeadamente a sua adequabilidade às necessidades de informação das microentidades. Para o efeito, foram recolhidos dados quantitativos através de um inquérito por questionário submetido às microentidades e profissionais da contabilidade (utilizadores da informação financeira). Os resultados sugerem que a NCM não responde às necessidades de informação da empresa, revelando-se antes desenquadrada e deficitária face às suas lacunas, pelo que poder-se-á admitir que a norma não é útil. O estudo procura assim contribuir para um melhor entendimento da regulamentação contabilística em torno das microentidades, sinalizando eventuais fragilidades da NCM que poderão ser tomadas em discussões da área.
Micro and small enterprises have an important role in the dynamics of Portugal and Europe for their representativeness in the business environment. European Union (EU) has been establishing some measures in order to reduce bureaucracy and unburden small companies. The aim is to reduce administrative work, to drive improvements in the enterprise environment and to promote its internationalization. With this context, it was published in Portugal the Accounting Normalization for Micro-Entities (NCM). This standard only includes accounting matters that are considered the most relevant to the financial information of this type of companies, and is distinguished by the simplicity of their approach. Nevertheless, the NCM has been, since the beginning, subject of criticism which, in essence, suggests a misaligned and disregarded normative to the needs and scopes of the companies for which they are intended. The following investigation seeks to assess in what extent the NCM is appropriate to the financial information needs of micro entities and if it actually contributes to cost reduction. For this purpose, quantitative data was collected through a survey submitted to micro entities and accounting professionals (users of financial information). The results suggest NCM does not respond to the company management needs, revealing itself unaligned and deficient in terms of its shortcomings. This study aims to contribute for a better understanding of accounting regulation around micro entities. Pointing failures in NCM is important for discussions on the subject.