Розширена анотація українською мовою

У цій статті узагальнено аргументи та контраргументи в рамках наукової дискусії щодо діяльності малих та середніх підприємств, що становлять основу економічного розвитку будь-яких країн і, як і раніше, залишаються основним драйвером зменшення бідності населення, формування нових робочих місць та індустріалізації. Метою цього феноменологічного дослідження було вивчення досвіду власників малих та середніх підприємств у країні, що розвивається, щодо залучення фінансових ресурсів від кредитних установ для забезпечення функціонування їхнього бізнесу. Якісний підхід до цього дослідження є феноменологічним, оскільки він дає змогу проаналізувати досвід окремих представників малого та середнього бізнесу щодо отримання ними грошових коштів від фінансово-кредитних установ, що дозволяє уникнути найбільш поширених проблем під час пошуку фінансування. Виявилося, що в діловому середовищі бракує державної політики підтримки малого бізнесу, а фінансові установи не схильні підтримувати малий та середній бізнес. Широкомасштабні фактори, розглянуті в цій статті, також висунули на перший план пошук додаткових стратегій фінансування малого бізнесу як альтернатива фінансуванню банків. Результати дослідження можуть сприяти позитивним соціальним змінам шляхом підвищення обізнаності власників малого та середнього бізнесу щодо найкращих фінансових стратегій для фінансування їх діяльності. У статті підкреслено необхідність підтримки малого бізнесу. Це допоможе створити більше робочих місць, покращити рівень життя власників малого бізнесу та, зрештою, впливати на країну, що розвивається в цілому. Нарешті, це дослідження зробило вагомий внесок до існуючої літератури про стратегії фінансування малих та середніх підприємств, їх проблеми та засоби для подолання труднощів, що виникають у їх власників при пошуку фінансування у кредитних установах.

Ключові слова: соціально-економічна наука, інновації, фінансові стратегії, країни розвитку.

Класифікація JEL: A19, A10, D69, F63, O11, O24.

Цитувати як: Chukwu, A.O., Kasztelnik, K. (2021). Innovative Strategies For Social-Economic Development Financial Strategies In The Development Country. SocioEconomic Challenges, 5(1), 44-65. https://doi.org/10.21272/sec.5(1).44-65.2021

Ця стаття публікуються за ліцензією Creative Commons Attribution International License

Список використаних джерел

1. Abdullah, A. M., Naser, K., & Fayez, F. (2017). Factors determine small businesses success (SBS) in Kuwait. Asian Economic and Financial Review, 7(9), 929-942. Available at: https://doi.org/10.18488/journal.aefr.2017.79.929.942.
2. Abdullah, Y. A., & Bin Mansor, M. N. (2018). The moderating effect of business environment on the relationship between entrepreneurial skills and small business performance in Iraq. International Journal of Entrepreneurship, 22(4), 1-11. Available at:  https://www.abacademies.org/articles/The moderating-effects-of-business-environment-on-the-relationship-between-entrepreneurial-skills-and-small-business-performance-in-Iraq-1939-4675-22-SI-229.pdf.
3. Abdullahi, A. I., & Zainol, F. A. (2016). The impact of socio-cultural business environment on entrepreneurial intention: A conceptual approach. International Journal of Academic Research in Business and Social Sciences, 6(2), 80-94. Available at: https://doi.org/10.6007/IJARBSS/v6-i2/2013.
4. Abdullahi, I.  I., & Sulaiman, C. (2015). The determinants of small and medium-sized enterprises performance in Nigeria. Advances in Economics and Business, 3(5), 184-189. Available at:  https://doi.org/10.13189/aeb.2015.030504.
5. Abe, M., Troilo, M., & Batsaikhan, O. (2015). Financing small and medium enterprises in Asia and the Pacific. Journal of Entrepreneurship and Public Policy, 4(1), 2-32. Available at: https://doi.org/10.1108/JEPP-07-2012-0036. 
6. Abioye, L. A., Adeniyi, A. W., & Mustapha, W. B. (2017). The status of entrepreneurship support agencies (ESAs) in Lagos State, Nigeria. Iranian Journal of Management Studies, 10(4), 853-881. Available at: https://doi.org/10.22059/ijms.2017.229310.672578.
7. Adegbuyi, A. A., Fadeyi, O. I., Kehinde, O. J., & Adegbuyi, O. A. (2016). Nigerian socio-economic development: The roles and challenges of small and medium enterprises development agency of Nigeria (SMEDAN) a descriptive perspective. 3rd International Conference on African Development Issues (CU-ICADI 2016), 217-221. Available at: http://eprints.covenantuniversity.edu.ng/6659/.
8. Adeyele, J. S. (2018). Financial institutions’ criteria and mechanisms in financing small and medium enterprises in Plateau State, Nigeria. Ekonomski Horizonti, 20(2), 109-124. Available at: https://doi.org/10.5937/ekonhor1802105A.
9. Ado, A., & Josiah, M. N. (2015). Impact of deficient electricity supply on the operations of small-scale businesses in North-East Nigeria. International Journal of Business and Economic Development, 3(1), 20-30. Available at: http://www.ijbed.org/cdn/article_file/i-7_c-71.pdf.
10. Adoyi, J., Agu, O. A., Adoli, O. O., & Inalegwu, F. A. (2015). Small and medium scale enterprises and national development. European Journal of Business and Management, 7(13), 194-202. Available at: https://doi.org/10.1.1.734.7713.
11. Agwu, M. E. (2018). Relevance of information technology in the effective management of selected SMEs in Lagos State Nigeria. Academy of Strategic Management Journal, 17(1), 1-15. Available at: https://www.abacademies.org/journals/academy-of-strategic-management-journal-current-issue.html.
12. Agwu, M. O., & Emeti, C. I. (2014). Issues, challenges and prospects of small and medium scale enterprises (SMEs) in Port Harcourt city, Nigeria. European Journal of Sustainable Development, 3(1), 101-114. Available at: https://doi.org/10.14207/ejsd.2014.v3n1p101.
13. Ahmad, N. S. M., & Atniesha, R. A. A. (2018). The pecking order theory (POT) and start-up financing of small and medium enterprises (SMEs): Insight into available literature in the Libyan context, In Economic and Social Development (Book of Proceedings), 33rd International Scientific Conference on Economic and Social (p. 191). Available at: https://doi.org/10.21272/fmir.2(4).5-12.2018.
14. Akinsola, F., & Ikhide, S. (2019). Bank lending to small and medium scale enterprises (SMEs) and business cycle in South Africa after the global financial crisis. The Journal of Developing Area, 53(1),79-94. Available at: https://doi.org/10.1353/jda.2019.0005.
15. Akinyele, S. T., Akinyele, F. E., & Ajagunna, O. D. (2016). Infrastructural development as predictor to small & medium enterprises performance in Nigeria. Kuwait Chapter of the Arabian Journal of Business and Management Review, 6(3), 40-53. Available at: https://doi.org/10.12816/0033237.
16. Alayemi, S. A., Oyeleye, O. A., & Adeoye, E. T. (2015). Factoring as financing alternative: Reasons for non-patronage in Nigeria. American Journal of Economics, Finance and Management, 1(5), 503-509. Available at: http://www.aiscience.org/journal/ajefm.
17. Alfoqahaa, S. (2018). Critical success factors for small and medium-sized enterprises in Palestine. Journal of Research in Marketing and Entrepreneurship, 20(2), 170-188. Available at: https://doi.org/10.1108/JRME-05-2016-0014.
18. Amankwah-Amoah, J. (2014). A unified framework of explanations for strategic persistence in the wake of other’ failure. Journal of Strategy and Management, 7, 422-444. Available at: https://doi.org/10.1108/jSMA-01-2014-0009.
19. Arasti, Z., Zandi, F., & Bahmani, N. (2014). Business failure factors in Iranian SMEs: Do successful and unsuccessful entrepreneurs have different viewpoints? Journal of Global Entrepreneurship Research, 4(1), 1-14. Available at: https://doi.org/10.1186/s40497-014-0010-7.
20. Aslam, S., & Hasnu, S. A. (2016). Issues and constraints perceived by young entrepreneurs of Pakistan. World Journal of Entrepreneurship, Management and Sustainable Development, 12(1), 50-65. Available at: https://doi.org/10.1108/WJEMSD-03-2015-0015.
21. Atkinson, A. (2017). Financial education for MSMEs and potential entrepreneurs. OECD Working Papers on Finance, Insurance and Private Pensions, (43). OECD Publishing. Available at: https://doi.org/10.1787/bb2cd70c-en.
22. Ayandibu, A. O., & Houghton, J. (2017). External forces affecting small businesses in South Africa: A case study. Journal of Business and Retail Management Research, 11(2), 49-64. Available at: http://www.jbrmr.com/cdn/article_file/i-26_c-256.pdf.
23. Baporikar, N., Nambira, G., & Gomxos, G. (2016). Exploring factors hindering SMEs growth: Evidence from Namibia. Journal of Science and Technology Policy Management, 7(2), 190-211. Available at: https://doi.org/10.1108/JSTPM-11-2015-0036.
24. Bareša, S., Bogdan, S., & Ivanović, Z. (2017). Specific form of short-term financing. UTMS Journal of Economics, 8(2), 119-129. Available at: http://www.utmsjoe.mk/files/Vol.%208%20No.%202/UTMSJOE-2017-0802-06-Baresa-Bogdan-Ivanovic.pdf.
25. Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debts markets in the financial growth cycle. Journal of Banking and Finance, 22(6/8), 613-673. Available at: https://doi.org/10.10.1016/S0378-4266(98)00038-7.
26. Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking and Finance, 30(11), 2945-2966. Available at: https://doi.org/10.1016/j.jbankfin.2006.05.008.
27. Bouazza, A., Ardjouman, D., & Abada, O. (2015). Establishing the factors affecting the growth of small and medium-sized enterprises in Algeria. American International Journal of Social Science, 4(2), 101-115. Available at: http://www.aijssnet.com/journals/Vol_4_No_2_April_2015/11.pdf.
28. Brancati, E. (2015). Innovation financing and the role of relationship lending for SMEs. Small Business Economics, 44(2), 449-473. Available at: https://doi.org/10.1007/s11187-014-9603-3.
29. Briere, S., Tremblay, M., & Daou, A. (2015). Challenge facing international projects for entrepreneurial development in South Africa. Development Southern Africa, 32(6). 711-725. Available at: https://doi.org/10.1080/0376835X.2015.1063981.
30. Burns, P. (2016). Entrepreneurship and Small Business. Palgrave Macmillan Limited. Available at: https://www.macmillanihe.com/page/detail/Entrepreneurship-and-Small-Business/?K=9781137430359.
31. Bushe, B. (2019). The causes and impact of business failure among small to micro and medium enterprises in South Africa. Africa’s Public Service Delivery and Performance Review, 7(1), a210. Available at: https://doi.org/10.4102/apsdpr. v7i1.210.
32. Calá, C. D., Manjón, A. M., & Arauzo, C. J. (2017). Regional determinants of exit across firms’ size: Evidence from Argentina. Journal of Economic and Social Geography, 108(6), 768-785. Available at: https://doi.org/10.1111/tesg.12218.
33. Central Bank of Nigeria. (2014). Revised guidelines on micro, small and medium enterprises development fund. Available at: https://www.cbn.gov.ng/out/2014/.
34. Chimucheka, T., & Mandipaka, F. (2015). Challenges faced by small, medium and micro enterprises in the Nkonkobe municipality. The International Business and Economics Research Journal, 14(2), 309-316. Available at: https://doi.org/10.19030/iber.v14i2.9114.
35. Cho, J., & Trent, A. (2006). Validity in qualitative research revisited. Qualitative Research, 6(3), 319-340. Available at: https://doi.org/10.1177/1468794106065006.
36. Choi, J., Choi, W., & Lee, E. (2016). Corporate life cycle and earnings benchmarks. Australian Accounting Review, 26(4), 415-428. Available at: https://doi.org/10.1111/auar.12100.
37. Comeig, I., Fernández-Blanco, M. O., & Ramirez, F. (2015). Information acquisition in SMEs relationship lending and the cost of loans. Journal of Business Research, 68(7), 1650-1652. Available at: https://doi.org/10.1016/j.jbusres,2015.02.012.
38. Dahl, H., Hays, D. G., Kirk-Jenkins, A., & Wood, C. (2016). Methodological rigor in journal of counselling and development qualitative research articles: A 15-year review. Journal of Counselling and Development, 94(2), 172-183. Available at: https://doi.org/10.1002/jcad.12074.
39. Darcy, C., Hill, J., McCabe, T. J., & McGovern, P. (2014). A consideration for organizational sustainability in the SME context. Eurpoean Journal of Training and Development, 38(5), 398-414. Available at: https://doi.org/10.1108/EJTD-10-2013-0108.
40. Davidson, P. (2015). Entrepreneurial opportunities and the entrepreneurship nexus: A conceptualization. Journal of Business Venturing, 30(5), 674-695. Available at: https://doi.org/10.1016/j.jbusvent.2015.01.002.
41. Domeher, D., Musah, G., & Hassan, N. (2017). Inter-sectoral differences in the SME financing gap evidence from selected sectors in Ghana. Journal of African Business, 18(2), 194-220. Available at: https://doi.org/10.1080/15228916.2017.1265056.
42. Ebitu, E. T., Glory, B., & Alfred, U. J. (2016). An appraisal of Nigeria’s micro, small and medium enterprises (MSMEs); growth, challenges and prospects. British Journal of Marketing Studies, 4(5), 21-36. Available at: http://www.eajournals.org.
43. Eniola, A. A., & Entebang, H. (2015). Government policy and performance of small and medium business management. International Journal of Academic Research in Business and Social Sciences, 5(2), 237-248. Available at: https://doi.org/10.6007/IJARBSS/v5-i2/1481.
44. Escrivão Filho, E., Albuquerque, A. F., Nagano, M. S., Junior, L. A. P., & de Oliveira, J. (2017). Identifying SME mortality factors in the life cycle stages: An empirical approach of relevant factors for small business owner-managers in Brazil. Journal of Global Entrepreneurship Research, 7(1), 1-15. Available at: https://doi.org/10.1186/s40497-017-0064-4.
45. Essien, B. S. (2014). The Nigerian business environment and growth constraints of micro and small-scale manufacturing industries. American International Journal of Social Science, 3(6), 67-76. Available at: http://www.aijssnet.com/journals/Vol 3 No 6 November 2014/9.pdf.
46. Fatoki, O. (2014). The financial literacy of micro-entrepreneurs in South Africa. Journal of Social Science 40(2), 151-158. Available at: https://doi.org/10.1080/09718923.2014.11893311.
47. Ferrando, A., & Mulier, K. (2015). Firms’ financing constraints. Do perceptions match the actual situation? The Economic and Social Revie, 46(1), 87-117. Available at:  https://ideas.repec.org/a/eso/journal/v46y205i1p87-117.html.
48. Ferri, G., & Murro, P. (2015). Do firm-bank ‘odd couples’ exacerbate credit rationing? Journal of Financial Intermediation, 24(2), 231-251. Available at: https://doi.org/10.1016/j.jfi.2014.09.002.
49. Fili, A., & Grünberg, J. (2016). Business angel post-investment activities: A multi-level review. Journal of Management & Governance, 20(1), 89-114. Available at: https://doi.org/10.1007/s10997-014-9296-7.
50. Franco, F., & Matos, P. G. (2015). Leadership styles in SMEs. A mixed-method approach. International Entrepreneurship and Management, 11(2), 425-451. Available at: https://doi.org/10.1007/s11365-013-0283-2.
51. Fusch, P. I., & Ness, L. R. (2015). Are we there yet? Data saturation in qualitative research. The Qualitative Report, 20(9), 1408-1416. Available at: http://www.nova.edu/sss/QR/QR20/9/fusch1.pdf.
52. Gbandi, E. C., & Amissah, G. (2014). Financing options for small and medium enterprises (SMEs) in Nigeria. European Scientific Journal, 10(1), 327-340. Available at: https://doi.org/10.1186/s40497-019-0149-3.
53. Gill, A., Maung, M. T., & Chowdhury, R. H. (2016). Social capital of non-resident family members and small business financing. International Journal of Managerial Finance, 12(5), 558-582. Available at: https://doi.org/10.1108/IJMF-01-2015-0001.
54. Gill, M. J. (2014). The possibilities of phenomenology for organizational research. Organizational Research Methods, 17(2), 118-137. Available at: https://doi.org/10.1177/109442811351348.
55. Giorgi, A. (1997). The theory, practice, and evaluation of the phenomenological method as a qualitative research procedure. Journal of Phenomenal Psychology, 28(2), 235-260. Available at: https://doi.org/10.1163/156916297X00103.
56. Giorgi, A. (2009). The descriptive phenomenological method in psychology: A modified Husserlian approach. Duquesne University Press. Available at: https://www.dupress.duq.edu/products/psychology6-paper.
57. Grilli, L. (2019). There must be an angel? Local financial markets, business angels and the financing of innovative start-ups, Regional Studies, 53(5), 620-629. Available at: https://doi.org/10.1080/00343404.2018.1479524.
58. Gwadabe, U. M., & Amirah, N. A. (2017). Entrepreneurial competencies: SMEs performance factor in the challenging Nigerian economy. Academic Journal of Economic Studies, 3(4), 55-61. Available at: https://doi.org/10.1007/s11187-006-0009-8.
59. Harvey, S. K. (2015). The role of mergers and acquisitions in firm performance: A Ghanaian case study. Journal of Applied Business and Economics, 17(1). Available at: http://www.na-businesspress.com/JABE/HarveySK_Web17_1_.pdf.
60. Haydn, D. P., & Marnewick, A. L. (2017). A roadmap for smart city services to address challenges faced by small businesses in South Africa. South African Journal of Economic and Management Sciences, 20(1), 1-18. Available at:  https://doi.org/10.4102/sajems.v20i1.1631.
61. Herciu, M. (2017). Financing small businesses: From venture capital to crowdfunding. Studies in Business and Economics, 12(2), 63-69. Available at: https://doi.org/10.1515/sbe-2017-0022.
62. Hibbler-Britt, L. M., & Sussan, F. (2015). Small business success and social capital: A multi-cultural approach. Global Conference on Business and Finance Proceedings, 10(1), 156-163. Available at: http://search.proquest.com.
63. Houghton, C., Casey, D., Shaw, D., & Murphy, K. (2013). Rigor in qualitative case study research. Nurse Researcher, 20, 12-17. Available at: https://doi.org/10.7748/2013.03.03.2012.326.
64. Hyder, S., & Lussier, R. N. (2016). Why businesses succeed or fail: A study on small businesses in Pakistan. Journal of Entrepreneurship in Emerging Economies, 8(1), 82-100. Available at: https://doi.org/10.1108/JEEE-03-2015-0020.
65. Ibrahim, A. B. (2015). Strategy types and small firms’ performance: An empirical investigation. Journal of Small Business Strategy, 4(1), 13-22. http://libjournals.mtsu.edu/index.php/jsbs/article/view/268/249/.
66. Ibrahim, M. A., & Shariff, M. N. M. (2016). Available at: Mediating role of access to finance on the relationship between strategic orientation attributes and SMEs performance in Nigeria. International Journal of Business & Society, 17(3), 473-496. Available at:  https://doi.org/10.33736/ijbs.537.2016.
67. Ibrahim, P. A. (2018). Innovations in financing SMEs: A study on the growth of crowdfunding in India. Wealth: International Journal of Money, Banking and Finance, 7(3), 66-75. Available at:  https://link.springer.com/content/pdf/10.1007%2F978-3-030-46309-0.pdf.
68. Itemeh, G. G. (2015). Defining the size standard for small and medium enterprises towards economic revolution in Nigeria. CLEAR International Journal of Research in Commerce and Management, 6(3), 96-100. Available at:  https://core.ac.uk/download/pdf/32226694.pdf.
69. Iweka, H., Babajide, A. A., & Olokoyo, F. O. (2016). Dynamics of small business in an emerging market: challenges and opportunities. Presented at the 3rd International Conference on African Development Issues (CU-ICADI), Covenant University, Ota, Nigeria. Available at:  http://covenantuniversity.edu.ng/6638#.
70. Johnson, G., Whittington, R., & Scholes, K. (2011). Exploring strategy text and cases. Pearson Education Ltd. Available at: https://www.amazon.com/Exploring-Strategy-Text-Cases-11th/dp/1292145129.
71. Kambwale, J. N., & Chisoro, C. (2015). Investigation into the causes of small and medium enterprise failures in Windhoek, Namibia. Arabian Journal of Management Review, 4(7), 80-109. Available at: https://doi.org/10.12816/0019074.
72. Karadag, H. (2015). Financial management challenges in small and medium-sized enterprises: A strategic management approach. Emerging Markets Journal, 5(1), 26-40. Available at: https://doi.org/10.5195/emaj.2015.67.
73. Kaur, P., & Sharma, S. L. (2014). Evaluating the relationship and influence of critical success factors of TQM on business performance: Evidence from SMEs of manufacturing sector. Journal of Operations Management, 13(4), 17-30. Available at: https://doi.org/10.1108/TQM-01-2016-0003.
74. Kirby, E., & Worner, S. (2014). Crowd-funding. An infant industry growing fast. Madrid: IOSCO Research Department. Available at: http://www.iosco.org/research/pdf/swp/Crowd-funding-An-Infant-Industry-Growing-Fast.pdf.
75. Kirschenmann, K. (2016). Credit rationing in small firm-bank relationships. Journal of Financial Intermediation, 26, 68-99. Available at: https://doi.org/10.1016/j.jfi.2015.11.001.
76. Kirsten, C. L. (2018). The role of financial management training in developing skills and financial self-efficacy. The South African Journal of Entrepreneurial and Small Business Management, 10(1), a211. Available at: https://doi.org/10.4102/sajesbm.v10i1.211.
77. Kumar, S., & Rao, P. (2015). A conceptual framework for identifying financing preferences of SMEs. Small Enterprise Research, 22(1), 99-112. Available at: https://doi.org/10.1080/13215906.2015.1306504.
78. Lings, K. (2014). The missing piece: Solving South Africa’s economic puzzle. Pan McMillan. Available at: https://www.polity.org.za/article/the-missing-piece-solving-south-africas-economic-puzzle-2014-08-22.
79. Liu, T. C., Chen, J. V., & Hsu, P. Y. (2014). Opportunity recognition and cooperation flexibility of entrepreneurial franchisees. Industrial Management and Data Systems, 11(4), 506-525. Available at: https://doi.org/10.1108/IMDS-06-2013-0280.
80. Madill, J. J., Haines, G. H. Jr, & Riding, A. L. (2005). The role of the angels in technology SMEs: A link to venture capital. Venture Capital, 7(2), 107-129. Available at:  https://doi.org/10.1080/1369106042000316341.
81. Mainardes, E. W., Ferreira, J. J., & Raposo, M. L. (2014). Strategy and strategic management concepts: Are they recognized by management students? Business Administration and Management,17(1), 43-61. Available at: http://www.fucape.br/_public/producao_cientifica/2/Strategy%20And%Strategic.pdf.
82. Marom, S., & Lussier, R. N. (2017). Developing a small business management concentration within a business degree. Small Business Institute Journal, 13(2), 15-30. Available at: https://www.sbij.org/index.php/SBIJ/article/viewFile/277/223.
83. Martin, R. L. (2014). The big lie of strategic planning. Harvard Business Review. 92(1), 22. Available at: https://hbr.org/2014/01/the-big-lie-of-strategicplanning.
84. Megahed, N. (2015). Capturing competencies and behavioural indicators of diplomats for a multiple-jobs. Competency model. Journal of Human Resources, 3(1), 54-78. Available at: https://doi.org/10.15640/jhrmls.v3n1a4.
85. Mikic, M., Novoselec, T., & Primorac, D. (2016). Influence of financing source on the small business performance. International Journal of Economic and Management Perspectives, 10(2), 62-72. Available at: http://www.econ-society.org/ijep_contents_10.2.php.
86. Minard, P. (2016). Signaling through the noise: private certification, information asymmetry, and Chinese SMEs’ access to finance, Journal of Asian Public Policy, 9(3). 243-256. Available at: https://doi.org/10.1080/17516234.2015.1083412.
87. Mollick, E. (2014). The dynamics of crowd funding: An exploratory study. Journal of Business Venturing, 29(1), 1-16. Available at: https://doi.org/10.1016/j.jbusvent.2013.06.005.
88. Moro, A., Fink, M., & Maresch, D. (2015). Reduction in information asymmetry and credit access for small and medium-sized enterprises. Journal of Financial Research 38(1), 121-143. Available at: https://doi.org/10.1111/jfir.12054.
89. Morse, J. M. (2015). Critical analysis of strategies for determining rigor in qualitative inquiry. Qualitative Health Research, 25(9), 1212-1222. Available at: https://doi.org/10.1177/1049732315588501.
90. Morse, W. C., Lowery, D. R., & Steury, T. (2014). Exploring saturation of themes and spatial locations in qualitative public participation geographic information systems research. Society and Natural Resources, 27(5), 557-571. Available at: https://doi.org/10:1080/08941920.2014.888791.
91. Nachmias, C. F., & Nachmias, D. (2008). Research methods in the social sciences. Worth Publishers. Available at: https://www.worldcat.org/title/research-methods-in-the-social-sciences/oclc/191758154.
92. Nanjundeswaraswamy, T. S. (2015). Leadership styles and quality of work life in SMEs. Management Science Letters, 5, 65-78. Available at: https://doi.org/10.5257/j.msl.2014.12.006.
93. Nik, N. A. H., & Nnabuike, I. C. (2017). Entrepreneurial orientation impact on export performance of Nigerian agricultural SMEs. International Journal of Management Research and Reviews,7(4), 424–438. Available at: https://doi.org/10.1002/smj.4250040304.
94. Nwokocha, V. C. (2018). The influence of production subcontracting forms on the development of small business firms in Nigeria. Economic and Social Development: Book of Proceedings; Varazdin, 226–236. Available at: https://www.esd-conference.com.
95. OECD, (Organisation for economic co-operation and development). (2004). Promoting entrepreneurship and innovative SMEs in a global economy: Towards a more responsible and inclusive globalization. Second OECD conference of ministers responsible for small and medium sized enterprises (SMEs), Executive summary of the background papers, Paris, France: OECD. Available at: https://www.oecd.org/cfe/smes/31919590.pdf.
96. Okello, C. B., Mpeera, N. J., Munene, J. C., & Akol, M. C. (2017). The relationship between access to finance and growth SMEs in developing economies: Financial literacy as a moderator. Review of International Business and strategy, 27(4),520-538. Available at: https://doi.org/10.1108/RIBS-04-2017-0037.
97. Okello, G. C. B., Ntayi, J. M., Munene, J. C., & Nabeta, N. I. (2016). Financial inclusion in rural Uganda: Testing interaction effect of financial literacy and networks. Journal of African Business, 17(1) 106-128. Available at: https://doi.org/10.1080/152282916.2016.1117382.
98. Okogba, E. (2017, October 21). Four interesting reasons small businesses fail. Vanguard. Available at: https://www.vanguardngr.com/2017/10/4-interesting-reasons-small-businesses-fail/.
99. Oladele, P. O., & Akeke, N. I. (2016). Effect of strategic leadership styles on sales and employment growth in small and medium enterprises in Nigeria. International Journal of Information, Business and Management, 8(2), 1-18. Available at: http://www.netjournal.org/pdf/NJSS/2013/2/13-031.pdf.
100. Oladele, P. O., Oloowokere, B. A., & Akinruwa, T. E., (2016). Sources of finance and small and medium scale enterprises performance in Ado-Ekiti metropolis. International Journal of Small Business and Entrepreneurship Research, 4(5), 33-48. Available at: www.eajournals.org.
101. Olowu, M. D. Y., & Aliyu, I. (2015). Impact of managerial skills on small scale businesses performance and growth in Nigeria. European Journal of Business and Management, 7(5), 109-114. Available at: https://doi.org/10.1007/s10459-010-9222-y.
102. Osano, H. M., & Languitone, H. (2016). Factors influencing access to finance by SMEs in Mozambique: Case of SMEs in Maputo central business district. Journal of Innovation and Entrepreneurship, 5(13), 1-6. https://doi.org/10.1186/s13731-016-0041-0.
103. Parsa, H. G., van der Rest, J. P. I., Smith, S. R., Parsa, R. A., & Bujisic, M. (2015). Why restaurants fail? Part IV. The relationship between restaurant failure and demographic factors, Cornell Hospitality Quarterly, 56(1), 80-90. Available at: https://doi.org/10.1177/1938965514551959.
104. Paulienė, R. (2017). Interaction between managerial competencies and leadership in business organizations. Regional Formation and Development Studies, 21(1), 97-107. Available at: https://doi.org/10.15181/rfds.v21i1.1412.
105. Peter, F. O., Adegbuyi, O., Olokundun, M. A., Peter, A. O., Amaihian, A. B., & Ibidunmi, S. A. (2018). Government financial support and financial performance of SMEs. Academy of Strategic Management Journal, 17(3), 1-10. Available at: https//www.abacademies.org/articles/government-financial-support-and-financial-performance-of-smes-7189.html.
106. Poposka, K., Nanevski, B., & Mihajlovska, E. (2016). The start-up phase in SME development: Main challenges, motives and financing opportunities. Journal of Sustainable Development, 6(16), 45-60. Available at: http://www.ccsenet.orgjournal/index.php/jsd.
107. Porter, M. (2011). HBR 10 must Reads on Strategy. Havard Business School Publishing Corporation. Available at: https://store.hbr.org/product/hbr-s-10-must-reads-on-strategy-including-featured-article-what-is-strategy-by-michael-e-porter/12601.
108. Price, J. (2010). Coding: Open-coding. In A. J. Mills, G. Durepos, & E. (Eds,), Encyclopedia of case study research, (pp. 156-158). Sage Publications, Inc. Available at: https://doi.org/10.4135/9781412957397.n55.
109. Pticar, S. (2016). Financing as one of the key success factors of small and medium-sized enterprises. Creative and Knowledge Society, 6(2), 1–12. Available at: https://doi.org/10.1515/cks-2016-0010.
110. Quartey, P., Turkson, E., Abor, J. Y., & Iddrisu, A. M. (2017). Financing the growth of SMEs in Africa: What are the constraints to SME financing within ECOWAS? Review of Development Finance, 7(1), 18-28. Available at: https://doi.org/10.1016/j.rdf.2017.03.001.
111. Rahman, A., Rahman, M. T., & Belas, J. (2017). Determinants of SME finance: Evidence from three central European countries. Review of Economic Perspectives, 17(3), 263-285. Available at: https://doi.org/10.1515/revecp-2017-0014.
112. Rahmanseresht, H., & Yavari, E. (2017). Relationship life cycle of organizational leadership styles (case study of Kermanshah city, administration, government agencies), International Review of Management and Marketing, 7(3), 288-298. Available at: https://dergipark.org/tr/download/article-file/367753.
113. Rajnoha, R., & Lorincová, S. (2015). Strategic management of business performance based on innovations and information support in specific conditions of Slovakia. Journal of Competitiveness, 7(1), 3-21. Available at: https://doi.org/10.7441/joc.2015.01.01.
114. Rao, P., Kumar, S., Gaur, V., & Verma, D. (2017). What constitutes financing gap in Indian SMEs-owners perspective? Qualitative Research in Financial Markets, 9(2), 171-131. Available at: https://doi.org/10.1108/QRFM-01-2017-0001.
115. Ratan, S., Anand, T., & Ratan, J. (2019). Formulation of research question-stepwise approach. Journal of Indian Association of Pediatric Surgeons, 24(1),15. Available at: https://doi.org/10.4103/jiaps.JIAPS_76_18.
116. Ravitch, S., & Riggan, M. (2017). Reason and rigor: How conceptual frameworks guide research. (2nd ed.), Sage. Available at: https://fatunasam.com.
117. Ravitch, S. M., & Carl, N. M. (2016). Qualitative Research: Bridging the Conceptual Theoretical, and Methodological. Sage Publications. Available at: link.
118. Rogo, H. B., Shariff, M. N., & Hafeez, M. H. (2017). Moderating effect of access to finance on the relationship between total quality management, market orientation and SMEs performance: A proposed framework. International Review of Management and Technology, 7(1), 119-127. Available at: https://dergipark.org.tr/en/pub/irmm/issue/32094/355413.
119. Rowe, J. E., & McLaren, D. (2017). Exploring competitive advantage in a regional community context. Australasian Journal of Regional Studies, 23(2), 152-173. Available at: https://www.anzrsai.org/assets/Uploads/PublicationChapter/AJRS-23.2-pages-152-to-173.pdf.
120. Sánchez, J. C. (2013). The impact of an entrepreneurship education program on entrepreneurial competencies and intention. Journal of Small Business Management, 51(3), 447-465. Available at: https://doi.org/10.1111/jsbm.12025.
121. SBA (Small Business Administration), (2014). Frequently asked questions about small business’ SBA Office of Advocacy. Available at: https://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf.
122. Singh, H. P., Kumar, S., & Colombage, S. (2017). Working capital management and firm profitability: A meta-analysis. Qualitative Research I Financial Markets, 9(1), 34-47. Available at: https://doi.org/10.1108/QRFM-06-2016-0018.
123. SMEDAN (2007). National policy on micro, small, medium enterprises (MSMEs). Available at: https://smedan.gov.ng/images/PDF/MSME-National-Policy.pdf.
124. SMEDAN (2013). Survey report on micro, medium, and small enterprises in Nigeria. Nigerian Bureau of Statistics and Small and Medium Enterprises Development Agency of Nigeria. Available at: https://www.smedan.gov.ng/images/PDF/2013-MSME-Survey-Summary-Report.pdf.
125. Smith, K. (1980). Profitability versus liquidity tradeoffs in working capital management, in readings on the management of working capital, West Publishing Company. Available at: https://www.scirp.org/(S(351jmbntvnsjt1aadkposzje))/reference/ReferencesPapers.aspx?ReferenceID=2512717.
126. Song, H., Lu, Q., & Yu, K. (2018). Financial service providers and banks’ role in helping SMEs to access finance. International Journal of Physical Distribution and Logistics Management, 48(1), 69-92. Available at: https://doi.org/10.1108/IJPDLM-11-2016-0315.
127. Staniewski, M. W., Szopiński, T., & Awruk, T. (2016). Setting up a business and funding sources. Journal of Business Research, 69(6), 2108-2112. Available at: https://doi.org/10.1016/j.jbusres.2015.12.016.
128. Sum, R. K. W., & Shi, T. (2016). Lived experiences of a Hong Kong physical education teacher.  Ethnographical and phenomenological approaches. The Qualitative Report, 21(1), 127-142. Available at: https://nsuworks.nova.edu/tqr/vol21/iss1/11/.
129. Taiwo, J. N., Falohun, T. O., & Agwu, E. (2018). SMEs financing and its effects on Nigerian economic growth. European Journal of Business, Economics and Accountancy,4(4),37-54. Available at: https://eprints.covenantuniversity.edu.ng.
130. Taiwo, J. N., Yewande, O. A., Edwin, A. M., & Benson, K. N. (2016). The role of microfinance institutions in financing small businesses. Journal of Interest Banking and Commerce, 21(1), 1-20. Available at: http://www.icommercecentral.com.
131. Taneja, S., Pryor, M. G., & Hayek, M. (2016). Leaping innovation barriers to small business longevity. The Journal of Business Strategy, 37(3), 44-51. Available at: https://doi.org/10.1108/JBS-12-2014-0145.
132. Tran, H., Abbott, M., & Jin Yap, C. (2017). How does working capital management affect the profitability of Vietnamese small- and medium-sized enterprises? Journal of Small Business and Enterprise Development, 24(2), 2-11. Available at: https://doi.org/10.1108/JSBED-05-2016-0070.
133. Uchehara, C. C. (2017). Ex-raying operations of small medium scale enterprises (SMEs) in Nigeria business environment: The challenges. European Journal of Economic and Financial Research, 2(1), 1-20. Available at: https://doi.org/10. 5281/zenodo.255799.
134. Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries? An empirical evidence from enterprise survey. Borsa Istanbul Review,16(3), 167-176. Available at: https://doi.org/10.1016/j.bir.2016.06.001.
135. Warren, G. E., & Szostek, L. (2017). Small business strategies for sustainability beyond 10 years International Journal of Applied Management and Technology,16(1), 111-112. Available at: https://doi.org/10.5590/IJAMT.2017.16.1.07.
136. Wellalage, H. N., & Locke, S. (2015). Impact of ownership structure on capital structure of New Zealand unlisted firms. Journal of Small Business and Enterprise Development, 22(1), 127-142. Available at: https://doi.org/10.1108/JSBED-09-2011-0004.
137. Williams, D. A. (2014). Resources and business failure in SMEs: Does size matter? Journal of Business and Management, 20(2), 89-102. Available at: http://jbm.johogo.com/pdf/volume/2002/JBM-2002-05-full.pdf.
138. Williams, P. C. (2015). Political leadership and management of civic services in a downturn economy. (Doctoral dissertation). ProQuest Dissertations and Theses Full Text database. (UMI No. 3720061). Available at: https://eguides.barry.edu/c.php?g=287190&p=1913018.
139. Yin, R. K. (2014). Case Study research: design and methods (4^th ed). Sage Publications. Available at: https://www.amazon.com/Case-Study-Research-Methods-Applied/dp/1412960991.