Determinants of the Capital Structure of Ghanaian Firms

This article compares the structures of the capital and the determinants of capital structure decisions of Ghanaian firms. The research method used is Panel Regression. The paper discusses concepts like optimal capital structure, tax benefits, and more. The determinants of capital structure found through regression analysis include firm age, size, asset structure, profitability, and more. The conclusion states that debt ratios are higher for quoted and unquoted firms compared to SMEs.

Running head: ANNOTATED BIBLIOGRAPHY
ANNOTATED BIBLIOGRAPHY
Name of the Student
Name of the University
Author Note

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Abor, J. (2008). Determinants of the capital structure of Ghanaian firms.
In this article the author focuses into the comparison of the structures of the capital
and the capital structures decisions determinants of quoted, unquoted and SMEs of Ghana.
Panel Regression method has been used by the author as the research method. Few of the
concepts discussed in the literature section of the paper are structure of optimal capital,
explanation of capital structure based on tax benefits and similar concepts further. The
determinants of the capital structure that has been found out by the regression method as
described by the author in the research methodology section of the paper are firm age, size of
the firm, structure of the asset, profitability, growth of the firm, firm risk, taxation,
managerial ownership and few other miscellaneous factors. The conclusion derived from the
research said that debt ratios are significantly higher of the quoted and unquoted firms as
compared to that of the SMEs and short-term debts adds up to form higher debt for all
samples.
The paper comprises of quantitative data analysis that is always useful for a
successful research. Precise regression method adds up the list of advantages of the paper.
Addition of tables with the data used proves the paper to be an authenticated one. Though the
paper is all over advantageous but the paper fails to show significant differences in the
structures of the capital for the quoted and unquoted groups.
Zidana, R. (2015). Small and Medium Enterprises (SMEs) financing and economic growth in
Malawi: Measuring the impact between 1981 and 2014. Journal of Statistics Research
and Reviews, 1(1), 1-6.
This article aims to determine the corresponding growth in economic condition in
Malawi by financing the MSMEs that is, through the process of commercial banking system.
In addition to it, the secondary focus of the paper relied on the levels of the rate of interest

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that had been a primary issue for the MSMEs to have the access for the finance and its effect
on the economic condition of Malawi for the same period. The author has applied the method
of OLS that is, Ordinary Least Squares for the quantitative data analysis for the research. In
the introduction section of the paper, few statistics were mentioned by the author in respect to
the employment provided by the SMEs and the overall global business aspects. The brief
literature review section of the paper accounts that 99% of the firms in developing countries
fall under the category of SME and also the constraints of the growth of the SME are also
discussed along with focussing into the relationship of rate of interest and the growth in
economy. After the tests and its results the paper ends with a conclusion that the rising
interest rates affected the MSMEs negatively and the financing broadening may result
negative for the MSMEs.
Depending on the topic, the paper is too brief to realise the results and its
implications. The conclusions may be right for the sample of the paper but on a wide basis
the result may vary and the paper may contradict the actual result.
Dafe, F., & Volz, U. (2015). Financing global development: The role of central
banks. German Development Institute/Deutsches Institut für Entwicklungspolitik
(DIE) Briefing Paper, 8.
The authors of this article solely focussed on the roles of the Central Banks in the
financial development and growth at a global rate. Among which extra attention has been
provided to the regions which are under developmental stage. One of the mentioned countries
in the article is Nigeria. The article primarily discussed about how the central banks has come
out of the orthodoxy of financing the established companies or organisations and since 1980
central banks has taken the initiative of funding the SMEs as they play an important role in
the development and growth of the economic condition of any country. In the article the

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authors mentioned about how the central bank of Nigeria has provided the SMEs with capital
in order to develop them. The central banks has also introduced credit guarantee schemes
there. The later part of the article dealt with the kinds of challenges that arised due to
widening of policies and the maintenance of the balance and stability in development.
The article is being presented in a generalised manner which could be counted as its
demerit. The article dealt with qualitative data and no such firm records or statistics has been
presented in the report. Rather putting emphasis on some particular under-developed region
could have been better for the article.
Alabi, J., Alabi, G., & Ahiawodzi, A. (2007). Effects of susu-a traditional micro-finance
mechanism on organized and unorganized micro and small enterprises (MSEs) in
Ghana. African Journal of Business Management, 1(8).
The authors of this article puts their focus onto one of the ancient and traditional
forms of banking in Africa known as “susu” and its impact over both organised and
unorganised MSEs in Ghana. It also executes an analysis of comparative nature over the
impact on the organised and unorganised MSEs. The methodology followed by the authors is
a survey of cross-sectional nature and hence a quantitative analysis has been done over the
collection of data regarding three components. Authors did provide with a precise
understanding of the “susu” system and the later part of the paper various contexts of “susu”
and in how it has been implemented in Ghana has been discussed in detail. The authors
reached to the conclusion where it has been found that “susu” proved to be effective for only
unorganised MSEs and not organised ones. The author ended the report with a
recommendation where it is said that other economic factors have to be considered in order to
prove it to be effective for both organised and unorganised MSEs.

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A bulk of references prove it to be a through researched paper and the detailed
description of the unknown terms will make the readers engaged to the paper. All of the
assumptions and methodology are presented accurately, however, the data samples are not
provided in the paper which will make the readers doubtful about the results.
Pitt, L. J. (2014). Working Capital Efficiency and Firm Profitability–Nigeria and
Kenya. World Academy of Science, Engineering and Technology, International
Journal of Social, Behavioral, Educational, Economic, Business and Industrial
Engineering, 8(6), 1670-1675.
This article is primarily focussed on the understanding of the relationship between the
efficiency of the working capital management, management decisions of working capital,
finance decisions of working capital and firm profitability on the context Kenya and Nigeria.
Quantitative data analysis has been done by the authors from a database of statements related
to finance of all of the firms of the respective countries. The ratios that has been used in the
study are Profitability, Accounts Receivable Days, Accounts Payable Days, Cash Conversion
Cycle, Current Ratio3, Working Capital Investment, Working Capital Finance and Company
size. Other measures used in the paper are Skewness and Kurtosis Statistics of Variables,
Tests for Normality and Spearman Rank Correlation Coefficient. The final part of the paper
comes with the conclusion that there is a convincing difference in the relationship of
profitability of the firm and working capital variables for the selected countries. This
significant difference in the parameters signifies that there will be various challenges that will
occur for the management dealing with working capital.
The paper is a researched one, signified by its reference list. All of the measures that
has been applied are presented accurately in tables which will make the readers attached to

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the project to its end. Discussing about its demerits, the paper lacks primary data and is
totally based on secondary data analysis.
Ganiyu, Y. O., Adelopo, I., Rodionova, Y., & Samuel, O. L. (2019). Capital structure and
firm performance in Nigeria. African Journal of Economic Review, 7(1), 31-56.
In this article the primary focus of the authors fall upon the effect of the structure of
the capital on the performance of the firm. The external attention is also put on the possible
monotonic relationship between the two parameters that is based entirely upon the capital
structure’s agency cost theory prediction in the case where the firms use debt financing.
Various early works has been stated some of which states of having no relationship between
the performance of the firm and capital structure, stakeholders and debt holders conflict and
various others where the impact of the capital structure on firm performance has been stated.
The data that has been considered for the research is the data available in the stock exchange
of Nigeria where data of 115 companies for the period of 1998 to 2015 has been accounted.
Calculating the variables and statistical measures the authors concluded where they stated
that due to excessive use of debt financing, a non-monotonic relationship gets established
between the considered parameters.
A bulk of references authenticates the report about its assumption, calculation and
results. Tabular chart representing the calculations makes it easier for the readers to
understand the calculations that the authors had performed for the paper. Though there are
more statistics that could be represented in tabular format for much better understanding.
Consideration of secondary data is where the report gains a demerit.
Oko, A. E., & Ndubuisi, W. (2015). Entrepreneurial Development Deficiencies in
Developing Economies-Nigeria in Focus. International Journal of Academic
Research in Business and Social Sciences, 5(6), 349-364.

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This article deals with the lack of entrepreneurial relationship with other existing
institutions and how the financing of the projects impacts the considered situation. The
completion of the research article is being done based on a set of questionnaires, interviews
and the generated observations from the data set that are analysed using ‘z’ statistics. With
the concept of entrepreneurship and the calculation of certain statistical measure this research
report comes to the conclusion where the growth of the entrepreneurship behaviours and
financing such institutions will develop such situations.
For such behavioural analysis the references taken by the author could be more in
number and the article will be authenticated at its best. The analysis over the primary data is
something that can be considered as the biggest strength of the paper. The presentation of the
calculation is also done in a better manner.
Boadi, I., Dana, L. P., Mertens, G., & Mensah, L. (2017). SMEs’ financing and banks’
profitability: a “good date” for banks in Ghana?. Journal of African Business, 18(2),
257-277.
This paper primarily focusses into the relationship between the financing of the SME
by the banks and the profitability of the banks in Ghana. The data has been analysed by the
regression tool known as fixed effect model. The data that has been collected for the study is
the financial statement of the banks of Ghana for a period of 18 years that is from 1997 to
2014. The variables of the study along with the summary statistics is being presented by the
authors in a tabular format. The article ends with the conclusion stating that both the
financing of the SMEs with loans and profitability of the bank is inter-related to each other
and in a positive manner. Besides the growth in GDP enhances the growth in profit of the
bank.

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The paper proves itself to be an authenticated and thoroughly researched for its
volume of reference in the list. The data that has been considered is secondary in nature but
the data that has been collected over a long period of time hence the accountability is
justified. Besides firm calculations are shown with great accuracy which will make the
readers remain engaged to the paper.
Abor, J., & Biekpe, N. (2006). How are SMEs financed? Evidence from the Ghanaian
nontraditional export sector. Environment and Planning C: Government and Policy,
24(1), 71-81.
This article primarily focusses into the exporters’ choice of type of finance that is
non-traditional in nature and chosen by the SMEs in Ghana. The data that has been
considered for the completion of the project is the collection of a sample of 150 firms of
Ghana from the Ghana Export Promotion Council and the statistical analysis is done using
correlation analysis and Ordinary Least Square (OLS) method. The paper consists of
calculations for the analysis of the data and all are represented accordingly. A brief literature
review has been provided as a support for the research. The conclusion of this paper states
that the calculations revealed a negative relationship between the age and formal finance and
also the relationship of the growth of the firm and the type of finance selected by the
organisations.
This paper is brief, precise and supported with good amount of calculations and thus
makes the reader understand the assumptions behind this research. In addition to it, better
understanding for the readers will help the readers to critically analyse the quality of the
paper. Secondary and quantitative analysis of data with statistical measures makes the paper a
calculative one thus validating the results authors reached to. In total this paper has negligible
demerits as compared to the merits it possesses.

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Shamsudeen, K., Keat, O., & Hassan, H. (2016). Access to Finance as Potential Moderator on
the Relationship between Entrepreneurial Self-Efficacy and SMEs Performance in
Nigeria: A Proposed Framework. IOSR Journal of Business and Management (IOSR-
JBM), 18(3), 131-136.
The authors of this article put their prime focus on the presentation of a framework of
theoretical nature, over the effect of moderate kind of the finance access on the relationship
among self-efficacy related to entrepreneur and performance of SMEs in Nigeria. The later
part of the paper is followed by literature review that comprises of three parts such as
performance of SME, self-efficacy and performance related to entrepreneur and access to
finance as potential moderator. The paper concluded with the concept of need of moderating
role of access to finance on the relationship between self-efficacy related entrepreneurship
and SME performance.
The article having a few out-dated references as compared to that of the article hence
the accuracy of the data collected for4 the article can be doubted on the perspective of its
accuracy. As this paper is a kind of research proposal hence no such hard facts can be
established from the discussion of the paper. The literature review of the paper is the precise
part of the paper where the past works on the topic has been discussed.
Ollor, W. G., & Dagogo, D. W. (2009). The effect of venture capital financing on the
economic value added profile of Nigerian SMEs. African Journal of Accounting,
Economics, Finance and Banking Research, 5(5).
The prime focus of this article is over the financing of the SME in Nigeria through
venture capital financing. The above mentioned subject is being discussed by comparing the
Economic Value Added for the SMEs which have venture capital backing to that of the
SMEs that do not have the backing of the venture capital. A quantitative analysis of data has

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been conducted over a sample of 120 SMEs out of which 60 are VC backed and 60 are non-
backed by venture capital. Paired t-tests and Multiple Regression Analysis has been used to
analyse the collected sample of data. The whole discussion is being concluded by the authors
by stating that VC (venture capital) backed SMEs performed much better than the non VC-
backed SMEs. The performance of the VC-backed SMEs are also enhanced due to the
management supported by the venture capitalists.
This article does have a firm standpoint as they have taken a fair size of sample to
conduct their survey on. Quantitative data analysis supports the calculation the authors have
done for the paper. Though the number of references for the paper is less as compared to the
study. The collection of primary data in place of the secondary one would have been better
for the research.
Akingunola, R. O. (2011). Small and medium scale enterprises and economic growth in
Nigeria: An assessment of financing options. Pakistan Journal of Business and
Economic Review, 2(1).
In this article, the primary intention of the authors is determination of various kinds of
financing option that is available for the SMEs in Nigeria and the contribution towards the
growth in economy through investment levels. The study has been conducted on a collection
of secondary data collected by the author from the Central Bank of Nigeria. Spearman’s Rho
correlation has been used for the analysis of the data. The conclusion given by the authors
based on their research is the finding of positive relationship between the SME financing and
the growth in economy through investment levels in Nigeria. It has also been recommended
by the author about providing the SMEs with fiancés at low interest rates.
Though the paper consists of the calculation parts along with the theoretical
presentation of the data and its analysis, the selection of secondary data restricts the paper to

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be validated towards worldwide readers. The paper has no references, which does not provide
any fixed source from where the authors researched. The conclusion is therefore may get
denied by readers or other authors who did work on similar subjects.
RASAK, B. (2012). Small and medium scale enterprises (smes): a panacea for economic
growth in Nigeria. Journal of Management and Corporate Governance, 4(6), 86-98.
This paper aims to study the financing of SME in Amuwo Odofin Local Government
Area in Lagos state in Nigeria and to analyse how government financed the SMEs in the
selected area. Both qualitative and quantitative method is used for the analysis of the data
collected by the authors and the total analysis has been guided by network theory. Both
secondary and primary data collection through questionnaires in a face-to-face interview has
been done in the two stages of data collection respectively. The conclusion of the paper stated
that the government has not done enough for the financing of the SMEs. More interest from
the side of the government has to be done in order to improve the situation of the SMEs in
Nigeria.
This paper does includes all the necessary stages for complete understanding of the
project, a monotone has been generated throughout the paper as more textual and less factual
or data related informations are present in the paper. This may make the readers less
accustomed to the paper. Less reference could be a demerit of it, though for the research both
kinds of data that is primary and secondary has been collected.
Ekpenyong, D. B., & Nyong, M. O. (1992). Small and medium-scale enterprises in Nigeria:
their characteristics, problems and sources of finance.
One of the objectives of this paper is to find the types of sources of finance for the
SMEs in Nigeria and to analyse the interrelationship between the bases of the capital,

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employee number, sources of finances and the business types. The data for the research has
been collected using surveys over a sample size of 150 SMEs. The conclusion that the
authors reached is the financing of the SMEs are done by the personal savings of the owners
or the operators of the firms itself and few from the formal financial institutions. The
additional financing is done by the informal institutions, which is maximum in number.
The paper is well written and descriptive in nature. The entire paper covers all of the
parameters that have been taken under consideration in detailed manner. References,
additional notes are some of the instances in the paper which makes the paper more
significant than the existing ones. A detailed survey report and the process of execution has
been provided in the paper. Simple statistical measures are used for the data analysis and all
of the calculations are kept simple.
Ebiringa, O. T. (2011). Syenthesis of Literature on Small & Medium Entreprise (SME) Start-
Up Financing. International Journal of Economic Research, 2(1), 85-95.
This paper aims to focus on the start-up financing of the SMEs in Nigeria. The
primary focus is on the identification of the determinants that are critical for the capital
structure of the start-up SMEs. As this is a paper based on literature reviews hence the entire
data that has been collected for the paper is secondary in nature and qualitative data analysis
has been done for the findings in the end. A firm, descriptive and detailed literature review
presents all the facts about the past works that had been done on similar projects. After the
analysis the author reached to the conclusion that outsider financers are not being favoured by
the SME operators, rather they prefer self-control over the financing of the firms at the initial
stage. It is also being analysed that SMEs with higher leverage produces more profit and as a
consequence, growth in their earnings is also noticed.

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This paper being based on past works possesses a bulk of mention of the past works
which proves the paper being worthy of what it is called. The paper being textual may get
monotonous to some readers, but detailed and factual informations are provided which should
make the readers attached to the paper.
Taiwo, J. N., Falohun, T. O., & Agwu, E. (2016). SMEs financing and its effects on Nigerian
economic growth. European Journal of Business, Economics and Accountancy, 4(4).
This article emphasizes the fact the fact of the financing of SMEs in Nigeria and due
to that how the economic growth gets effected. This article follows a qualitative data analysis
of all the past works on similar projects. With a descriptive literature review, this report
covers all the concepts and terms related to the subject and analysed various sources of
finance for the SMEs too. The sources that are found to be sharing their investment towards
financing the SMEs of Nigeria are Formal institutions, Equity Investment Scheme Fund,
Specialized financial institution and other miscellaneous sources. The conclusion that has
been reached by the authors states that funding the SMEs in various manners is essential for
the growth of economy in Nigeria. Government should introduce new policies that will
improve the present condition of the Nigerian SMEs.
The paper being based on literature reviews does not provide any statistics related to
the topic which totally makes the paper rely on the sources that has been referred for the
research. Primary data collection would have been much better for the topic of the research.
Facts would have validated the paper that would be based on the actual statistics from could-
be surveys.
Quaye, I., Abrokwah, E., Sarbah, A., & Osei, J. Y. (2014). Bridging the SME financing gap
in Ghana: the role of microfinance institutions. Open Journal of Business and
Management, 2(04), 339.

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The authors of this article aim to bridge the gap in financing of the SMEs in Ghana
through one of the stakeholders that is, microfinance institutions (MFIs). The research is
conducted through case study research and a survey over the selected region through the
process of purposive simple method. The survey is conducted with a set of questionnaires for
the sample selected. The analysis of the data resulted into a number of key findings that has
presented in the following sections of the paper. The final section comprises of the
conclusion part where it has been found that the finance through MFIs impact the SMEs
positively. The MFIs also use some risk reducing tools that makes the financing structure
easy to access.
The paper satisfies all the contexts that has been discussed before the conduction of
the research and detailed discussions for the concepts has been included. Graphical
presentation of data in charts makes the analysis easy to understand. Number of references
shows the amount of research that has been done for the research. As a whole this paper
should be satisfying for tthe readers as well as for the students.
Samson, A. A., Mary, J., & Yemisi, B. F. (2012). The Impact of Working Capital
Management on the Profitability of Small and Medium Scale Enterprises in
Nigeria. Research journal of business management, 6(2), 61-69.
The objective of this article is to examine the impact of working capital management
on the profitability of Nigerian SMEs. The data collected for the research project is from a
sample of 30 SMEs over the period of a single year of 2009. The data that has been collected
for the research is secondary in nature and the analysis of the data is done using multiple
regression analysis. The determinants of the working capital has been determined after a brief
literature review. The research that has been reached after the data analysis is that the
managers of the SMEs can add value to their organisation by reducing the receivable account

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of the number of days of the firm and hence can rely upon few unconventional financing
strategies for the upliftment of the firm.
This article being very precise and brief, is able to make the researched concept
understandable to the readers. All the experimental methods along with their data is being
presented in a well-formatted manner that validates the paper about the data and their
analysis. Though the volume of the paper is less, still number of references is low as
compared to the subject and information presented.
Agboola, M. G., & Osunde, C. (2012). Microfinance and entrepreneurial development in
Nigeria. JORIND, 10(3), 405-410.
This article aims to study the impact of microfinance over the development regarding
entrepreneurship in Nigerian SMEs and its global significance. Again, this article is based on
literature reviews and the total analysis is done based on the information that was provided in
the past works that has been considered as the reference for the research. The entire analysis
of the data has been done qualitatively. After the analysis, it is found by the authors that
microfinance institutions play the key role in the upliftment of both the SMEs and the
economic growth of that particular region consequentially. The MFIs are found to be playing
the most significant role in the advancement of the economic conditions of any country along
with the region that has been taken under consideration.
Based on literature reviews the paper can be claimed to be a short one. Statistics are
included, however, all of them are from the past works that is taken as reference by the
authors. Hence it can be said that the conclusion that the authors has presented is entirely
based on the previous works and no hard data has been accessed for the research.

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Olowe, F. T., Moradeyo, O. A., & Babalola, O. A. (2013). Empirical study of the impact of
microfinance bank on small and medium growth in Nigeria. International Journal of
Academic Research in Economics and Management Sciences, 2(6), 116.
This research paper is another instance where authors emphasized upon the impact of
microfinance on the growth of SMEs in Nigeria. The authors used the process of purpose
sampling technique for the selection of the SMEs that will participate in the sample of 82
SMEs. The data is collected in the form of questionnaires that the respondents answered.
Analysis of the data is done with the help of Pearson Correlation Coefficient and Multiple
Regression Analysis. The conclusion that the authors found is that the MFB financial services
effected the SMEs positively. Loan duration is one of the factors though not satisfied
statistically.
The overall paper contains a detailed literature review that comprises detailed
description of the terms related. The sample size being small is something that could be
considered as a drawback of the paper. Fewer references also belong to the list of demerits.
Presentation of calculations would be helpful for the understanding of the analysis.
Nchabeleng, L. M. (2017). The determinants of the financial bootstrapping strategies use by
rural small, medium and micro enterprises in Fetakgomo Municipality, Limpopo
Province, South Africa (Doctoral dissertation).
The author in this study recognised the use of the determinants of the financial bootstrapping
strategies by rural small, medium and macro enterprises in Fetakgomo Municipality,
Limpopo Province, South Africa. The main aim of this study is to examine all the
determinants about the financial bootstrapping strategies which is generally used by small,
medium and micro enterprises in rural regions. The study is done to investigate financial
bootstrapping used by various rural entrepreneurs, to know the effect of education on the

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owners. To understand the age of the owners and to find out the gender of the owners. The
author gave a description of the SMMEs , gave an idea about the way the SMME owners will
start in the rural areas, the way they will manage their business and the way they will grow it.
This study will also help in increasing of the financial bootstrapping for those who are
employed. In the study the author focused on a single rural area of South Africa instead of
studying all the rural areas which is a limitation of the study. Finally the paper concludes that
the SMME owners should take a certificate course in financial marketing to enhance their
skills.
Nyamai, L. M. (2018). EFFECT OF FINANCIAL PLANNING AND WORKING CAPITAL
MANAGEMENT ON THE PERFORMANCE OF FRUIT FARMING IN KENYA: A
CASE OF MACHAKOS COUNTY. International Journal of Finance and
Accounting, 3(1), 19-34.
The author in this study recognised the determinants of the effect of working capital
requirements and barriers on the performance of flower industry in Naivasha, Kenya. The
main purpose of the study is to explore the sources of all financing that are available in SMEs
of Kenya. The objective of the research is to find out the requirements of working capital of
agricultural business in the field of SME. To understand the financing of working capital and
to structure the barriers. In the study 30firms was taken that represents 50% among the all
over population, then after the analysis of the data is done. After the study it is found that the
market of Kenya has the access to work on financial capital requirements for the SMEs. It is
also revealed that there are challenges in case of structuring the finance of working capital.
There is lack of awareness for the existing relation of the bank, caused cash flow and also
lack of training and experience. Even there are challenges in the infrastructure. The study
concludes that by growing of SMEs it will develop more requirements of working capital,

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even it determines the poor condition of economy which caused to face challenges by
structuring the working experience.
Garba, A. S. (2017). Promoting entrepreneurship amidst poverty and unemployment: The
role of Nigerian educational policies. International Journal of Asian Social
Science, 7(8), 684-695.
The author in this study recognised how the challenges of poverty and unemployment could
be confronted as this the option of entrepreneurship and small scale business in Nigeria. The
aim of the study is to focus on the issues of poverty and engagement of the people in
entrepreneur in Nigeria. The study also investigated that due to poverty the engagement is
happening or not. In this study all the data are collected from 100s of SMEs that had their
existence of five years of minimum in the field of manufacture, food, textile, service,
processing and agricultural industries. The data for this study is collected by using sampling
techniques. The collection of the data is analysed by using descriptive, regression and
correlation technique. After the study the correlation is found to be strong which is between
entrepreneurship and level of poverty and another correlation between unemployment and
poverty. Finally the study concludes all the activities of the entrepreneurship and a
concomitant increase of the level of variables including the poverty and the unemployment in
Nigeria. The study further concludes that the owner managers should be trained and
diagnosed with the entrepreneurship practices in SME. There are several people who went for
entrepreneurship due to the situation and not by passion. In this case those people should get
support by the government in creating chance for them in getting jobs.

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Muli, J. V. (2018). External Factors That Influence Growth of Small and Medium Sized
Enterprises in Nairobi’s CBD Area (Doctoral dissertation, United States International
University-Africa).
In this study the author recognised the external factors that influence growth of small and
medium sized enterprises in Nairobi’s CBD area. The study has been done by the aim to
examine all the extent toward economic factors that is influencing the growth of the small
firms in Nairobi CBD, also to examine all the government policies, to influence the growth in
small firms, all physical infrastructure and the development which affects the growth in small
firms of Nairobi CBD. In this study a research is done to gather, interpretation, analyse and to
present information. This type of the research helped to focus on the relationship strength of
external factors that will help to influence growth of business. The study is done by focusing
on 100 of SMMEs in Nairobi’s CBD. To determine the size of sample and to collect the
samples censes sampling is used. In the study it is revealed the relationship among physical
infrastructure, growth, government policies and the economic factors of all SME in Nairobi
CBD. The study concludes that the SME should pursue various comic factors that will
increase the state of interest, inflation and exchange rate. The SME must invest more into
human capitals for training building and capacity building. The government must pursue
easier ways for doing business of the SMEs, including decreasing of requirements etc.
UDEH, S. N. (2015). Impact of monetary policy instruments on profitability of commercial
banks in Nigeria: Zenith bank experience. Research Journal of Finance and
Accounting, 6(10).
In this study the author recognised the effect of monetary of policy instruments on banking
sector credits in Nigeria. The study is aimed to examine all the monetary policies that is

19ANNOTATED BIBLIOGRAPHY
based on the sectors of banking which is occurring in Nigeria. In the study the researchers
took out three monetary policies that are including the rates, and the ratio of cash reserve, the
Treasury bill and even liquidity ratio. The analysis of data is involving ADF unit root of test,
IRF and many more. The Co-integration result usually shows the relationship between MPR
and LIQ which have a positive long run effect besides TBR and CRR do have negative effect
in long run. The vector ECM used shows that the monetary policy of Nigeria is usually
reliable for short term in case of control over the banks and other financial departments. The
study have adopted ex-facto research, which is a design in which data is generated taken from
reputed official sources and in this case the researchers did not intended in altering the data
nature and it is to known that the data are taken from secondary sources. The study concludes
recommending that the monetary tool based policy must be used by the government in short
term regulation.
Keller, S. (2017). Beyond the ruling class: strategic elites in modern society. Rutledge.
In this study the author recognised the rationale behind the diversification of the
contemporary Nigerian economy. The paper is aiming to examine the way diversification of
Nigerian economy do have the turning capacity. As known, Nigeria place as of a major
global economic power which is building a great economic empire globally. In this way
Nigeria can turn up from the global uncertainty. The crude oil of Nigeria is not capable of
providing revenue endlessly. The Nigerians should not just only believe on oil. This can lead
to some crucial matter, if the U.S. stops to buy crude oil from Nigeria. Thus to keep a backup
the only way left for Nigeria is diversification. This will thus help to come up of many
middle-class entrepreneurs, which is the only realistic way to overcome the problem. The
study done is made upon both primary and even secondary sources. In the primary sources
their includes testimonies and oral information. Reports taken from newspapers and various
magazines are used for the reason of conjunction that contains official records in all the

20ANNOTATED BIBLIOGRAPHY
government publications. Relevant books are included as in secondary source. In the study
the researchers used the method of direct observation. Thus the study concludes that all
pieces of information gathered here is subjected for historical evaluation that are very critical.
Forgha, G., Serge, T., & Ajong, N. (2018). Effects of Lending Relationship on the Interest
Rates of Commercial Banks in Cameroon. Asian Journal of Economic
Modelling, 6(2), 208-219.
In this study the author recognised the effects of relationship of lending on the rates of
interest of commercial banks in Cameroon. The aim of the study is to borrow the main stream
by which small and medium enterprises will be able to obtain enough funds for their
investment. I the study it is found that rate of interest is the main key to determine what is the
amount of fund, that this firm should get. In the study it is investigated on the backdrop of the
rate of interests by the banks. The study even found all the factors which cause effect making
relationship using duration, trust, pre-existence and also the characteristics of the firm
including the age , gender, size, form of incorporation that depends on giving the interest
rates. A total number of 119 questions have been raised towards a number of 9 banks and to
all of their borrowers. After this the finding have showed the relationship trust and the
relationship which is already existed. Further the size of the firm, the form of the
incorporation and the gender is also found which cause some serious effect. The conclusion
of the study states that all the commercial banks must start using measures of relational
control.

21ANNOTATED BIBLIOGRAPHY
Muhammad, A. D., Aliyu, S., & Ahmed, S. (2015). Entrepreneurial Intention among Nigerian
University Students. American Journal of Business Education, 8(4), 239-248.
In this study the author recognised the impact in socio-economic aspect of graduate
unemployment on Nigeria and the vision 20:2020. The main aim of the study is to find the
relationship between economic development, level of unemployment social policy and
education in the Nigerian economy. The study is done to find out the relationship of the
employers, investors, job seekers etc. In the method of the analysis it includes the graphs,
tables, multiple regressions and percentages that combine both primary data and secondary
data. It is found from the study that there are certain expectations of the people that have
already failed. In this case there the rural-urban development is also imbalanced and the gap
between rich and the poor is to be bridged. All the poor farmers should get medical support
and education. There are many people who do not even have a land in which they will farm.
It have been already stated that their life and their poverty should be rectified by the year of
2020. It is found from the study is that agriculture and tourism are the two prime scope for
employment. Finally the study concludes that entrepreneurship, construction of infrastructure
should be imposed that will significantly solve the problem. Besides of which integration on
regional economy, political and social should be maintained.
Altinay, L., Madanoglu, M., De Vita, G., Arasli, H., & Ekinci, Y. (2016). The interface
between organizational learning capability, entrepreneurial orientation, and SME
growth. Journal of Small Business Management, 54(3), 871-891.
In this study the author focussed onto the food processing sector of Ghana and studied
their orientation regarding entrepreneurship and the respective growth in SME. The aim of
the study is to check and find out the influence that is an outcome of the entrepreneurial

22ANNOTATED BIBLIOGRAPHY
orientation due to the growth of SME in the sector of food processing in Ghana. Following
this matter numerous number of study have been undertaken consisting of developed and
underdeveloped countries to find out the role that the SME plays in economy. There are many
challenges which are faced by the SMEs which acted as a barrier in growth. Different studies
have been taken into action to grow the entrepreneurship in the sector of SMEs. In this study
Lumpkin and Dress’s multidimensional entrepreneurial orientation concept is imposed to
examine the growth in the food processing sector of Ghana. A survey research is done to
analyse the data. In the study it is also found that the food processing sectors exhibits a high
level of reactiveness and aggressive completion in which there is no innovation and even no
practise of risk-taking. There is one limitation in the study that is the findings are on limited
sample size which should be of larger sample size. Finally the study concludes that the
employees of different firms should have creativity in doing any action on the assigned task.
Adesina, J. B., Nwidobie, B. M., & Adesina, O. O. (2015). Capital structure and financial
performance in Nigeria. International Journal of Business and Social Research, 5(2),
21-31.
In this study the author recognised the impact of bank consolidation on the socio-economic
development of Nigeria. The research is aiming to identify all the benefits that will
implement into the bank consolidation into the banking sectors of Nigeria, also to determine
the effects on the socio-economic by bank consolidation in the banking sectors of Nigeria. In
the study a population of 485 is taken in which 219 of them was using Taro Yamane’s
formula, in which there was 5% of error and the confidence level was of 95%. The copies of
219 was distributed and within them 196 of the copies have been returned. In the study a
design of descriptive research have been adopted. In the finding it is indicated of the injection

23ANNOTATED BIBLIOGRAPHY
of fresh capital that cause benefit to implement in banking consolidation. Whereas corporate
government that is poor face the challenge of weak capital which generally cause effect on
the bank consolidation. The two main effect that should be accounted due to bank
consolidation is job creation and the other is innovation in customer service. The study finally
concludes that awareness should be created and all the public should be educated in both
local and international platform. Including strong and trustful banks in which the citizens will
be able to keep their money trustfully.
Fabian, E., & Ifeanyi, U. T. (2015). The Impact of the Consolidation of the Banking Sector
on Nigeria Economy. International Journal of Financial Economics, 4(1), 8-22.
In this article author discussed about the Consolidation in the field of the banking
sector on Nigerian Economy focusing on the Consolidation of Central Bank of Nigeria, 2005
which uplifted the capital economic base to N25 billon from N2 billion. This article also
explains the importance of a stimulated well developed banking sector for the development
and stability of the country by increasing shareholders, job opportunities, and reduced bank
cost. In this sense the subject of the paper premises on evaluating the key factors of boosting
up the economic condition in the sense of banking sectors. The author made a study over five
banks- Access Bank, Ecobank, Mainstreet Bank, Diamond Bank, and First City Moument
Bank which were commercially rooted in the exercise of Consolidation which included their
acquisition and manager. The process of the research was carried out by a random selection
of total one hundred responds of which each of the bank submitted twenty survey reports and
ninety of got returned. The author selected the survey process as there wasn’t much time from
the occurring of Consolidation to draw inferences on analysing the happening. The paper
concludes the influence of consolidation in the banking sector, in the welfare of Nigerian
Economy and the need of sincerity among the authority to keep the process of consolidation
in flow by avoiding the causes which made it stagnant.

24ANNOTATED BIBLIOGRAPHY
Badu, E., Edwards, D. J., & Owusu-Manu, D. (2012). Trade credit and supply chain delivery
in the Ghanaian construction industry: Analysis of vendor interactions with small to
medium enterprises. Journal of Engineering, Design and Technology, 10(3), 360-379.
The author in this study analysed about the fact of enthusiasm among the vendors to
interact with the medium to small industries. This paper also gives an insight view about the
key factors that control the properties of vending action of interaction and selection of
enterprises. The research procedure followed a unique property to approach which was
positioned in between empirical interface and conceptual interface in the developing business
market of Ghana The author carried out the investigation process through a process of survey
over 100 vendor supplies/firm of construction by combination of primary data derived from a
thoroughly examine the secondary data. The survey achieved a high response of 57% and
focuses upon the principle factors to find out the underlying dimensions and the complex
structure with the variable of decision. The paper concludes that the motivation among the
vendors to be in a supply chain stands on two principle key factors- the distribution of risk
and liquidity, and comfort of liquidity and market relationship. This paper also gives a clear
view about the importance of liquidity in the case of trade credit debate, which plays a vital
role in boosting up the motivations of the vender to build up a new business relationship.
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.
In this paper the author reviewed about the versatile and number of challenges that
lead the business activities of small and medium enterprises in a terrifying condition. The
paper enlighten the strategies that must be followed by the entrepreneurs to interact with the
external dynamic environment to keep the business in flow. In this case study author also

25ANNOTATED BIBLIOGRAPHY
highlighted the strategy and conceptualization between entrepreneurs and his competencies
on the performance of SMEs in three different paths- Innovation, entrepreneurial marketing
and entrepreneurial trail. The author reviewed the marketing strategies of SMEs from the
very beginning of establishment and focused on the factors that made it difficult to survive
for the EMEs on the first phase of establishment. It was concluded by the author that
Entrepreneurial incompetency is the key factor that made the obstacles in the path of EME’s
success. The paper reviles the fact that most of enterprises within five years of establishment,
and others which could made it survive also got collapsed within next six to ten years cutting
down the SMEs business from 85 percent to only 5-10%. This paper proses some key factors
following which the entrepreneurs should get train to deal with the complex market of
business.
Ugbam, O. C., Onwumere, J. U. J., & Imo, G. (2012). The impact of labour turnover on
survival of small and medium scale enterprises: Evidence from Nigeria. European
Journal of Business and Management, 4(18), 187-213.
Author researched thoroughly the features and keys that plays vital role in controlling
the relationship between the labour turnover and success of enterprises focusing on two main
controlling unit factor of productions (land and capital) and agents (labour and entrepreneur).
The author also explains how medium and small scale enterprises plays the role of necessary
nursery for the economy through new innovation, and jump start of entrepreneurship in the
business market of Nigeria. For the assessment author took 50 SMEs randomly scattered over
Enugu state. The hypothesis one for the investigation was tested using the Simple linear
Regression procedure, while Pearson Moment Correction and SPSS statistics was used for
testing hypothesis two and three respectively. The author took the independent (LAB- Labour
Turnover) variable and dependent (PAT- profitability, TA- Total asset, and AGE) variable in
counter for those hypothesis. To acquire success of the study author took an insight

26ANNOTATED BIBLIOGRAPHY
investigation about the impact of labour turnover and the profitability of the organization
based on the state Enugu. The author concluded about the drawbacks of old strategies of
marketing on the basic of believing that the survival of SMEs get a negative impact from
labour turnover and explains the fact that the higher authority should encourage the labours
rather than indiscriminate sacking which could lead the business to survival.
Fuseini, G. A. R. I. B. A. (2015). Small and Medium-Sized Enterprises’(SMEs’) Access to
Credit in Ghana: Determinants and Challenges (Doctoral dissertation, University of
Ghana).
In this thesis the author enlighten the factors that leads the Small and Medium
enterprises to face obstacles for not having proper access to credit and the keys that
influences the same. The author focused upon the factors that control the demand of SMEs
and could lead them to have access to credit and also the characteristics of the enterprises for
the same in Ghana and the obstacle that holding higher authority to avail credit. In this case
study author used a survey report of the World Bank conducted over 720 firms in Ghana on
the year of 2013. Heckman Probit regression combined with sample selection model is to find
out the key factors that control the demand and access to credit. This process was followed as
any firm could have a biased selection technology which wasn’t a fact to consider for general.
Thus this case study concludes about policy initiatives and regularity reform that needed to be
done to identify both supply side and demand side barrier. Author also explained the need of
proper training to owner and manager with financial and technological knowledge, and
registering the business can help the EME’s to achieve the goal in this scope.
Kinyua, L. W. (2015). Effects of environmental uncertainties in SMEs: A case of Unga farm
care (EA) Ltd distributor (Doctoral dissertation, United States International
University-Africa).

27ANNOTATED BIBLIOGRAPHY
In this case study the author explained the effect of dynamic environment that is
bound to be faced by the SMEs and how the higher authority manages to keep the business
process in work. The paper explains the procedure of overcoming the complexity and
instability posed by nature by investigating the environment, and through modifying the used
technologies, regulation and policies, proper use of resources. Author commit the research
based on the dependent variable (uncertain environment) of operating environment and
independent variables and took a survey over 54 employees in the central region of Karatina,
Kenya in Nyeri and Nanyuki. Among them 44 employee were sampled, and data was
collected from them in quantitative manner through interview with structured questionnaires.
SPSS (Statistical package of social science) and ANOVA (analysis of variance) was used in
the case of data analysing. 70% responds agreed about the problem that SMEs face in
working environment, 74% agreed about the efficiency of modification to cope up with it,
and 54% agreed abot taking decision depending upon competitor’s strategy. In this case study
author concluded that the higher authority should not only investigate about the working
environment and take steps, but also communicate with the members for better understanding
and comfort in the new strategy.
Ramasobana, M. (2017). Marketing communication and the performance of small and
medium enterprises in Polokwane Local Municipality. International Conference on
Public Administration and Development Alternatives (IPADA).
In this study the author investigate about the relationship and dependence of SME’s
performance over marketing communication which are the most vital drivers to boost up
economical growth. There is a well-defined figure of traditional marketing and the part of it,
guerrilla marketing, and there efficiencies. The paper contains theoretical review of SME’s
performance and communication of marketing. Self-administrative structured questionnaires
was used by the author to collect data and investigate on them by snowball sampling and

28ANNOTATED BIBLIOGRAPHY
compromising sampling method, for not having defined population frame over about one
hundred and sixty companies in local municipality of Polokawane, Limpopo Provice, South
Africa. Author took help of descriptive statistic and Person Chi-Square to analyse the
collected data. Only adopting marketing technologies mentioned (guerrilla and formal
marketing) could increase the profit without increasing or recruiting the employee power, in
this paper it was proposed that having a subsides of marketing from Government could serve
both the marketing profit and increase the chance of new employment. In this paper it is
concluded that guerrilla marketing communication in combination with formal marketing
could increase the profit of marketing as it would give the SME’s the comfort of having
support of financial resources from government.
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.
The author explained the numerous hazard that an enterprise faces in practical world
which increases the complexity and competitiveness in marketing field making it complex to
flow a SMEs smoothly and causes failure in the procedure workout. An insight view in the
SME’s marketing for more than ten years in Nigeria was taken in counter for the sake of the
report, in which there is a clear graph of contribution of SMEs in economy in those days, like
in South Africa, Ganyaupfu (2013) it was informed that there was about 91% SMEs among
registered business which contribute 52-57% in country’s economy, and also the breakdown
of the SME’s growth at previous time- as most of the business got collapsed within the next
five years of establishment and those who could survived also got collapsed within next six to
ten years, thus the importance of SMEs in boosting country’s gross GDP and the
consequence of having an intolerable environment for the SMEs was mentioned. The author
concluded that the higher authority to interact with the dynamic environment, and should be

29ANNOTATED BIBLIOGRAPHY
skilled to deal with the random economical change and keep the business in flow and also
highlights the synergy and conceptualization between entrepreneurship and competencies to
control SMEs efficiency through three unique path.
Molomo, B. K. (2011). NEW VENTURE CREATION IN BOTSWANA: ACCESS TO
FINANCE AS A LIMITING FACTOR (Doctoral dissertation, University of Cape
Town).
In this paper the author sketched about the constrains that is faced by aspiring
entrepreneurs to start a venture of new business which are marked as the key of economical
figure to generate interest among both the public and private sectors for which government
started to give comfort of capital to those small business through intervention program. The
author applied a qualitative approach on the collected data through semi-structured interviews
in both non-bank and bank sector with Botswana Financial institute. There was a series of
surveys was taken as the interview process to achieve the goal of the research. The
comprehend problems were thoroughly explained, a structural series of question is followed
and direct approach to the research aim was the working principle for collecting the insight
view. The research paper found out the problems related to the financial condition for which
the SMEs- key factors of boosting the economy of the country gets collapsed. The author
concluded that the financial lack of financial comfort for the SMEs and the source of having
scope of new venture making the SMEs to suffer and obstructing it from proper growth
which could be overcome through encouraging the financial sub-sectors as they plays the
vital role in offering funding for those SMEs.
Tchamyou, V. S., & Asongu, S. A. (2017). Information sharing and financial sector
development in Africa. Journal of African Business, 18(1), 24-49.

30ANNOTATED BIBLIOGRAPHY
The author in this study focussed into the pro-market activism potential for African
finance from a perspective of political economy. The aim of the study is to investigate on the
effect of sharing of information in the development of financial sector within the period of
2004-2011 among 53 African countries. In this study the sharing of information. In the study
the evidence of empirical is based on OLS and GMM. In this case the following findings
have been established. The information sharing bureaus have increased both including formal
and informal sectors of financial development. In the order of ensuring there have been
improved the information sharing bureaus that decreases formal in the development of
finance. The registries have developed public credits and that should have been in between
45.45 and also should include 50% coverage while in case of bureaus of private credits that
should have at least around 26.25% of coverage. The study atlas concludes that there will
create a strong empirical evidence that will access in finance in case private investment. It
will also take up the challenges and even it will also analyse in a systematically manner.

31ANNOTATED BIBLIOGRAPHY
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Badu, E., Edwards, D. J., & Owusu-Manu, D. (2012). Trade credit and supply chain delivery
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banks in Nigeria: Zenith bank experience. Research Journal of Finance and
Accounting, 6(10).
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