Examining the role of financial characteristics of micro and small enterprises in accessing debt financing: evidence from Ghana
Collins Kwaning Owusu · Kwaku Opoku Ababio · Ernest Christian Winful ORCID ↗ · Evelyn Boadiwaa Bosomtwi
International Journal of Research in Business and Social Science · 2024 · Vol. 13 / Issue 7 · 343-353
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Abstract
Given the critical role of financial characteristics in determining Micro and Small Enterprises (MSEs’) access to debt finance, it is essential to understand how these characteristics influence lending decisions, particularly from a developing market context. This study aims to examine the key financial characteristics that significantly influence MSEs’ ability to access debt finance. Using systematic sampling technique, we collect data from 171 Ghanaian MSEs that are registered with Ghana Enterprise Agency. The data was analyzed using SPSS linear regression version 24. The result shows financial management experience and profitability as the significant financial characteristics that influence MSEs ability to access debt finance. The result further shows that equity structure and financial statement have negative significant influence on MSEs ability to access debt finance. Asset tangibility, liquidity, debt service coverage ratio, and working capital has no significant influence on MSEs’ access to debt financing.
Keywords: {'name': 'Micro and Small Enterprises, debt financing, financial characteristics, developing economy.'}
Authors & affiliations
Collins Kwaning Owusu
Affiliation not supplied
Kwaku Opoku Ababio
Affiliation not supplied
Ernest Christian Winful
Affiliation not supplied
Evelyn Boadiwaa Bosomtwi
Affiliation not supplied
Deposited references
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