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2014 | 8 | nr 4 | 397--413
Tytuł artykułu

Factors Influencing Risk Management Decision of Small and Medium Scale Enterprises in Ghana

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This research seeks to study the factors that enhance or preclude owners of SMEs in Ghana in making risk management decisions. The study was conducted with managers of SMEs in four regions in Ghana. The researchers adopted a quantitative approach and employed STATA 10 and SPSS version 20 in the analysis. Stratified and simple random sampling techniques were used to select the sample units. The probit model was used in the analysis of data. A total of 447 SMEs were sampled for the study, with at least 111 from each of the selected regions. The probit results show that the demographic factors indicate a positive influence on the likelihood that managers will take risk management decisions. All of the business related demographic factors are significant at various levels and positive, except for risk-loving. The economically related factors, such as the estimated amount at risk, the estimated cost of risk management and the estimated total monthly income after tax all have a positive influence on risk management decision making. However, government and tax policies are perceived to negatively influence risk management decisions by managers. We recommend that institutions working closely with SMEs acquire the expertise to train the managers of SMEs on risk management practices.(original abstract)
Rocznik
Tom
8
Numer
Strony
397--413
Opis fizyczny
Twórcy
  • University of Education, Winneba - Social Science Department, Ghana
  • University of Education, Winneba - Social Science Department, Ghana
  • University of Education, Winneba - African Studies Department, Ghana
Bibliografia
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  • Hill, R. (2000). Human Resource development in small organisations. Journal of european industrial training , 24(2/3/4), 105-117.
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  • Mambula, C. (2002). Perceptions of SME Growth Constraints in Nigeria. Journal of Small Business Management , 40(1) 58-65.
  • Mensah, S. (2004). A Review of SME Financing Schemes, presented at the UNIDO Regional Workshop of Financing Small and Medium Scale Enterprises.
  • Microfinance and Small Loans Centre (MASLOC). (n.d.). Accessed 10th June, 2013 , Available: http:// www.masloc.gov.gh/1/About-Medium-and-Small-Loans.html.
  • Organization for Economic Cooperation and Development (OECD) . (n.d.). Accessed 8th June, 2013. Accessed 10th June, 2013 , Available : http://www.oecd.org/ctp/tax-policy/46605624.pdf.
  • Pfeifer, C. (2008). A Note on Risk Aversion and Labour Market Outcomes: Further Evidence from German Survey Data. Discussion paper , no. 3523, IZA.
  • Powell, M. & Ansic, D. (1997). Gender differences in risk behavior in financial decision-making: An experimental analysis. Journal of Economic Psychology , 18, 605-628.
  • Ranong P. N. & Phuenngam W. (2009). Critical Success Factors for effective risk management procedures in financial industries: A study from the perspectives of the financial institutions in Thailand. Umeå School of Business, Sweden. Accessed 2nd June, 2013. , Available: http://umu.diva-portal.org/smash/get/diva2:233985/FULLTEXT01.
  • Saeidi, P., Sofian, S., Abdul Rasid, S. Z., Saeidi, S. P. & Saeidi, S. P. . (2013). The Role of Trust in Enterprise Risk Management. International Journal of Business and Behavioral Sciences , Vol. 3, No.2.
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171344729

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