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The Performance of Women Entrepreneurs: Human and Financial Capital


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This paper examined the impact of human and financial capital on the performance of women entrepreneurs in Small and Medium Enterprises (SMEs). The study used quantitative method. The analyse data results indicated that on the negative value, human capital has an impact on the business performance while financial capital on the positive value makes a major impact on business performance. The overall contribution is that women entrepreneurs have a vital role in a country’s economic growth and development.

Keywords: Women Entrepreneurs, Human Capital, Financial Capital, SMEs

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The Performance of Women Entrepreneurs: Human and Financial Capital

  1. 1. Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018 Triple A Research Journal of Social Science and Humanity (ISSN: 2636-5472) Vol.2(1): 030 - 037, June 2018 Available online: Article Id: JSSH.2018.113 Copyright ©2018 Triple A Research Journal Full Length Research Paper The Performance of Women Entrepreneurs: Human and Financial Capital Dr. Eniola Anthony Abiodun* and Dr. Dada Duro Amos Achievers University Owo, Ondo State, Nigeria *Corresponding author: Dr. Eniola Anthony Abiodun Achievers University Owo, Ondo State, Nigeria Email-address: ABSTRACT This paper examined the impact of human and financial capital on the performance of women entrepreneurs in Small and Medium Enterprises (SMEs). The study used quantitative method. The analyse data results indicated that on the negative value, human capital has an impact on the business performance while financial capital on the positive value makes a major impact on business performance. The overall contribution is that women entrepreneurs have a vital role in a country’s economic growth and development. Keywords: Women Entrepreneurs, Human Capital, Financial Capital, SMEs INTRODUCTION Women entrepreneurship targets both the situation of women in society and their role in the overall entrepreneurial phenomenon. Women represent about half of the total population in Nigeria, NBS (2016), as they not only contribute to their family , but also significant to the economic development of the country, both in job creation, and revenue generation (Mahajar and Yunus, 2012). The women social and economic advancement has been deterred in developing countries due to marginalization (Ghiat, 2016). However, women participation in entrepreneurship showed an improvement in business and economic development (Adema et al., 2014). The study has given several contributions on different stakeholders such as women entrepreneurs, governments, private organizations and relevant social institutions that can facilitate and enhance the desired achievement in economic development. The Previous study found out that women are often more prepared to deal with customers with a relatively more patient and careful approach to managing the business (Moses & Amalu, 2010). Women are in business for the more reason, to pursue intrinsic goals: flexibility to run a business and domestic lives, and their independence (Namusonge, 2006). Ceptureanu and Ceptureanu (2016), separated women entrepreneur for two reasons. Despite the fact that women entrepreneurship is a minority in entrepreneurial phenomena, they manage to create new jobs, both for them and for others, in a different way than men, providing new solutions in terms of management and organization, and to exploit economic opportunities differently. This bothers down to the fact that women entrepreneur is an important source of economic growth. Another reason adduced by the researchers is that women entrepreneurship has received increased attention in society and the social sciences. Not only they have a different level of involvement in the entrepreneurial environment as men, but they choose different opportunities than men. However, while the impact of women on the economy is substantial, there is still lack a reliable picture describing in detail the specific impact. Women entrepreneurs are increasing their share of the business population and business receipts rapidly, but a sizeable gap remains between men and women business owners (Sandberg, 2003). Hemalatha, Mohan, and Jasim (2013) posited that the number of women’s participation is relatively small as compared to businesses owned by men , and they are concentrated in a limited array of industries; mostly in retails and services. The issue of unemployment was becoming more complex and serious social crisis that impact negatively on nation’s economic growth (Levine, 2013). Consequently, the situation encourages women to become aggressively involved to become entrepreneurs
  2. 2. Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018 Triple A Res. J. Soc. Sci. Human. 031 by creating job opportunities in various business cycles. The capability of the women in business should be developed to encourage them to perform better, while the government and other institutions have to take up the responsibility of empowering them to achieve their set targets successfully (Singh & Manisha, 2013). The previous study conducted by (Fatoki, 2011) on human, social and financial capital showed that there is a significant positive relationship between human, social and financial capital and the performance of SME in South Africa. However, the results do not adopt a gender-neutral view. Kirkwood (2009) (2009) viewed that most research carried out both in developed and developing countries on entrepreneurship literature has not adopted a gender-neutral perspective. Moreover, the previous study had looked into the factor of the level of education, previous occupational experience, and prior business expertise and management skills toward the success of women entrepreneurs (Huarng, Mas-Tur, & Yu, 2012). However, this study is keen on adopting gender-neutral to understanding deeply the importance of human and financial capital towards improving the performance of women entrepreneurs in business. The concept of women entrepreneurs and business performance SMEs and entrepreneurs have on many events been utilised correspondently (Eniola, 2018) that is, each of this concept has been used evenly. SMEs in Nigeria may in a roundabout way mirror the present advancement of business in the nation. In this review, the expression “entrepreneur and SME” utilised as a common term for the person who settles on developing firms. The entrepreneur is the one who has the ability to organize, manage and assume risk in the course of starting a business. Women are fast becoming crucial to the growing economic cluster, which ensures a rapid achievement in the economic development. Women entrepreneurs contribute to the modernization of the developing countries and facilitate enterprise development in transition economies (Lerner, Brush, & Hisrich, 1997). However, women enterprise speaks to an immense undiscovered wellspring of innovation, work creation and economic growth in the developing world (Niethammer, 2013). Vinesh (2014) characterized women entrepreneurs as a gathering of women who start, compose and work a business endeavour. The quantity of women entrepreneurs in Nigeria expanded over the most recent three decades because of the accentuation on industrialization, and a developing enthusiasm for privatization, independent work and business-arranged business. The performance of women entrepreneurs has become an important agenda in recent policy and academic debates, especially in Nigeria. Business performance is evaluated based on different concepts (Srinivasan, Woo, and Cooper, 1994). The performance also characterized as a mind- boggling marvel of various measurements that are hard to control without utilizing a blend of objective and subjective measures (Dharmaratne, 2012). According to Eniola and Entebang (2015), measuring firm performance, a company can identify its strengths and weaknesses. Accurate performance measurement is vital to understanding firm success and failure. Performance is the strategic outcomes that organizations use to realize its goals, success or not. According to Terziovski and Samson (2000), there are three levels of performance within organizations. They are distinguished as financial performance, business (firm) performance and organization effectiveness. Many empirical studies tend to employ tangible variables in measuring firm performance because they are easier to operationalize (Brown and Caylor, 2009; Watts, 2003). This may be due to the fact that the financial indicator such as profitability and revenue seems to cover the overall objective of many firms in which small and medium firms are not left out or it can be individually measured and verified. Likewise, Within the theme of business management, small firms and entrepreneurship development, researchers argued that financial measures of small firms seem to be commonly and widely used. Murphy, Trailer, and Hill (1996); Watts (2003) argued that in the academic field of entrepreneurship, financial indicators seem to gain the upper hand when discussing performance. This may be due to the ease with which it can be used in positioning and judging how a firm is performing in its business operations or activities. Indeed, the financial measure is the primary measure of a firm performance. Thus, there is a requisite to take into account in this study financial performance measurement. Human Capital and Performance Ganotakis (2012) as cited in Eniola, Entebang, and Sakariyau (2015) applied the resource-based theory (RBT) to develop the value of human capital to entrepreneurship. Accordingly, human capital is examined to be an important source of competitive advantage for entrepreneurial organizations. Entrepreneurs with higher general and specific human capital can be expected to show higher levels of performance than those with lower levels of general and specific human capital (Eniola et al., 2015). Hence, entrepreneurial human capital is substantial and consequential to entrepreneurial growth. Rastogi (2000) stated that human capital is an important input for organizations especially for firm employees continuous improvement mainly on knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic well-being. SMEs performance success induces competitive advantage through human capital development, that is constructive for acquiring further learning, and it will be helpful to gather fresh knowledge, training and skills (Unger, Rauch, Frese, and Rosenbusch, 2011). Increasing the stockpile of knowledge and skills of an organisation, helps to its existence and finally in turn, positively impact success, owners with higher human capital ought to be productive and systemic in running their business than firm owners with less human capital. Oforegbunam, Ebiringa, and Okorafor (2010) studied the effects of human capital development on the
  3. 3. Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018 Eniola and Dada 32 performance of small and medium scaled enterprises in the south-eastern region of Nigeria. The study shows that significant improvements in the human capital development lead to the SMEs performance of a firm through three-prong strategies of on-the-job training, formal education, and participation in seminars, conferences, and workshops. Gadi, Tende, and Barde (2014) corroborated the research of (Oforegbunam et al., 2010) on the study effect of human capital development on the performance of small and medium family enterprises in Nigeria. This is to conclude that human capital development and its effects on SMEs performance can be associated with training; formal education; experience, as strategies for accessing financing provision. Finally, human capital development may be helpful to compensate lack of financial capital this is a constraint for many entrepreneurial firms (Chandler & Hanks, 1998). Financial Capital and Performance One of the theories that emphasized the manners in which firms use their resources to gain performance is the resource-based view (RBV). The RBV has been applied by researchers to demonstrate the importance of financial capital to the performance of SMEs (Eniola and Entebang, 2017). Eisenhardt and Martin (2000) applied the resource-based theory to show the significance of financial capital to the sustainability and continuity of the SMEs. Wernerfelt (1984) posited that resources (financial and non-financial resources) are something that might be thought of as a strength or weakness of a given firm, comprising tangible and intangible assets (Eniola and Entebang, 2017). Various studies uncover that lack of financial capital can be a noteworthy boundary to entrepreneur and small business achievement, and that clarifies why women entrepreneur were more worried about access to capital than some other business issue (Orser, Hogarth-Scott, and Riding Allan, 2000). Rosenbusch, Rauch, Parker, and Unger (2009), indicated that women also make less use of external financing capital than male. Caliendo and Kritikos (2010) supported this, that because female entrepreneurs are faced with limited resources, they deliberately adopt a lower growth expectation. Firms that can't secure external capital might be more defenceless against changes looked by small firms by and large. The availability of financial capital can expand a firm’s capacity to take up its innovative activities, whereas the lack of financial funds and sources may limit entrepreneur innovation activities and firm-level performance growth. While Brush, Carter, Gatewood, Greene, and Hart (2004) showed that there is a positive connection between financial capital and profitability. On a dire note, inadequate financial capital restricts the firm's ability to perform and succeed; increase in size or compete in the international market, hire employees, or introduce new products and services (Okpara, 2011; Okpara and Wynn, 2007; Terungwa, 2012). While showed that there is a positive connection between financial capital and profitability. METHODOLOGY The study was conducted among the women entrepreneurs within Ekiti state located in South-West Nigeria with the adopted questionnaire survey methodology. The questionnaire content was self- designed (Rashid et al., 2015). A total of 630 women entrepreneurs were contacted. In all, 404 women entrepreneurs replied, representing a response rate of 64.1.6%. While in a conform with the SMEDAN definition of SME, the study looks at enterprises that have been in existence for up to five years. Primary sources were accurately used as an appropriate medium to get the best material which gained directly from the participants without any modification. It has been practically adopted by several researchers (Wube, 2010; Zhouqiaoqin et al., 2013), who have successfully gained the information directly from the roots. The secondary was used to support the previous and future data for understanding more clearly about the research such as reference books, journals, and websites. Using Simple Random Sampling techniques, the sample was selected. Data were collected to evaluate the reliability of dependent and independent variables from the women entrepreneurs in the trade and commerce, agriculture, ICT, manufacturing, and service sectors. These sectors were seen as sectors where women are mostly found. The data preparation processes involve the data entry into a database, data filtering and finding any missing responses. Variables Measurement This study under the examination surveyed incorporate; business nature, employment size, age, the structure of the business, marital status, etc. as some of the demographic variables. The questionnaire was used to obtain the variables. Survey as an instrument for data accumulation was picked on the grounds that it can assist respondents to be more exact and objectives in reacting to the research questions. The questionnaire was designed in a simple manner to be respondent- friendly. In order to draw out information on the women’s profiles, the questions were structured and defined. To be able to test the relationship of this study, Pearson correlation coefficient was utilised. This empowered the researcher to examine the connection between the independent variables on the dependent variable. Entrepreneurial human and financial capital variables and the performance of the business in respect to women entrepreneurs were obtained from the survey instrument. The questionnaire covers all aspects of the study and consists of mainly closed-ended questions with the majority of items measured on a five-point Likert scale. The questions were structured into five sections which include these variables; precursory, precipitate and supporting elements, for example, independence desire, extra income drive, autonomy drive, dissatisfaction with the job, paid occupation loss, marital separation, education, want of advancement of individual skills, et cetera (table 1).
  4. 4. Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018 Triple A Res. J. Soc. Sci. Human. 033 Table 1: Participant’s Demographic Information Age (Years) Frequency Percentage < 30 30 7.4 31- 40 160 39.6 41-50 155 38.4 51 and above 59 14.6 Marital Status Married 280 69.3 Single 42 10.4 Divorced/Widowed/separated 82 20.3 Education Primary 0 0.0 Secondary 239 59.2 Diploma/NCE 104 25.7 Degree/HND 59 14.6 Masters 2 0.5 How did you start your Business with? (N Million) below 500,000 198 49.0 500,000 to 49M 156 38.6 50M to 100M 29 7.2 100M and Above 21 5.2 Employment Size 1-9 338 83.7 10-49 55 13.6 50-199 11 2.7 What is your Revenue per Monthly? (N Million) below than 500,000 221 54.7 500,000 to 10M 135 33.4 11M to 49M 41 10.2 50 and above 7 1.7 What is your business Monthly Profit? (N Million) less than 500,000 231 57.2 500, 000 to10M 127 31.4 10M and Above 46 11.4 Management experience 1-5 years 305 75.5 6- 10 years 61 15.1 11 - 15 years 11 2.7 16 - 20 years 19 4.7 21years and Above 8 2.0 RESULTS Descriptive Analysis The results show that most women between the ages of 31 and 40 were actively involved in business with an estimated 39.6 per cent, 38.4 per cent of women found to be of intermediate groups between 41 and 50 years, 14.6 per cent for those aged 51 years old and above classified as the senior in business that has more experiences to explore the business and improve the performance. However, 7.4 per cent of respondents under 30 years old start to involve in business. The finding also shows that 69.3 per cent of married couples, mostly involved in businesses. 10.4 per cent of them are still single, some of them are going to take risks to start a business from doing part time until succeeded as full-time business entrepreneurs. The remaining of 20.3 per cent found to be divorced, separated or widowed. The majority of respondents in the study indicated other’s certification of skills. The results shows that about 59.2 per cent of women entrepreneurs have higher education at least senior secondary education. The finding also shows that only 14.6 per cent of them have a degree or HND and
  5. 5. Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018 Eniola and Dada 34 Table 2: The correlation between human capital on revenue and profitability Revenue Profitability Pearson Correlation Sign. N Pearson Correlation Sign. N Human Capital -0.100 0.037** 404 -0.130 0.007** 404 Financial Capital 0.174 0.003** 404 0.164 0.012** 404 Table 3: The regression results of the impact of human capital on revenue and profitability Revenue Profitability SE Β T Sign. SE Β T Sign. Human Capital 0.115 -0.139 -2.905 0.004** 0.108 -0.185 -3.412 0.001*** Financial Capital 0.089 0.134 2.582 0.010** 0.083 0.124 2.189 0.039** Dependent Variable: Monthly Revenue (N) and Monthly Profit (N) a. ***, ** and * denote Correlation is significant at the 0.01, 0.05 and 0.1 level (1-tailed). very rare, about 0.5 per cent, holds Master degree. 25.7 per cent only have Diploma or national certificate of education (NCE) and the rest of them have primary education. This study indicated that 54.7 per cent of women entrepreneurs in Ekiti having monthly revenue below N500,000 and 33.4 per cent have monthly revenue between N500,000 to N10million. Meanwhile, 10.2 per cent of them can reach up until N11million to N49 million and 1.7 per cent of them can get monthly revenue between N50 million and above even though it is very rare to achieve but it is not impossible to get with a strong effort. The survey shows that 57.2 per cent of the respondents have a monthly profit less than N500,000 followed by 31.4 per cent of women entrepreneurs who have a profit from between N500,000 to N10million. Among them, only 11.4 per cent recorded monthly business profit N10million and above. The research found that the number of employees shows gradually affect the performance of the business as 83.7 per cent have less than 9 employees in Microbusiness, However, 13.6 percent have employee between 10 and 49 persons and 2.7 percent have workers between 50 and 199 persons. The survey also showed that majority of the women entrepreneurs, 49 per cent starts their business with a capital below N500,000. 38.6 per cent of the respondents having a start-up capital between N500,000 to N49 million, followed by 7.2 per cent with N50 million to N100million and 5.2 per cent with capital more than N100million. The experience can be measured by the number of years a person had managed a business. Among the male small business entrepreneur, 75.5 per cent had experience and had been managing a business for a period of 1-5 years, 15.1 per cent had 6-10 years’ experience in running a business, 2.7 per cent had 11- 15years experience, 4.7 percent had 16-20years experience while 2 per cent had 21 and above years’ experience. FINDINGS AND DISCUSSION The data were analyzed by using Statistical Package software for Social Science (SPSS) of Pearson Correlation and Multiple Regression Analysis were used to test the relationship. The results of the analysis are mentioned below. Table 2 explained that human capital has a nagative relationship with significant value at 0.05 for the revenue and profitability with Pearson correlation at -0.1 and - 0.13. At the other side, financial capital has a positive relationship with the performance of women entrepreneurs in business at the sign value of 0.05 with Pearson correlation value at 0.16 for each on revenue and profitability. Based on the results with above value, it showed that the both of the relationships are supported. It could be considered that the performance of women entrepreneurs had been impacted by financial capital and human capital. Table 3 found that human capital has an impact on the performance of women entrepreneurs in business at significant negative value at 0.05 for revenue and 0.01 for profitability (t=-2.905, and t=-3.412). Meanwhile, financial capital also has significant impact on the performance at sign.value of 0.05 (t = 2.582) for revenue and profitability (t = 2.189). The results found that there is a correlation between human capital and the performance of women entrepreneurs in business, which is consisting previous entrepreneurial experience, level of education as well as skill and knowledge. Human capital contributes a lot when it comes to performance. However, the findings did not show there is a strong relationship between human capital and the performance of women entrepreneurs in business. The level education did not affect too much on performance as it is not a requirement to be an entrepreneur, but only an advantage to increase the individual capabilities and the potential to diversify the field and knowledge. The important thing in business is the knowledge of the products and the best marketing and services you give to others. The majority respondent will hold internal meeting commonly and build a good strategy to plan and manage the company better to improve the business performance. Financial capital plays a vital role in the economy and is consistently an important factor to encourage the business development in women, whether in starting up
  6. 6. Trtiple A Research Journal of Social Science and Humanity (TARJSSH) | Vol.2 No.1 | June 2018 Triple A Res. J. Soc. Sci. Human. 035 the business and expanding it effectively. The finding indicates that financial capital is very significant with the revenue and profitability, also affect positively on the performance of women entrepreneurs in business. The establishment of the various financial assistance through a number of stakeholders such as government agencies, the SMEDAN, Commercial Banks, and some others private sectors can provide funding to help women entrepreneurs developing business in order to achieve the mission of government to promote economic growth. Without enough financial capital, it’s hard for women to start up and expand the business in order to achieve the objective successfully. CONCLUSION This research paper has made its contribution to the impacts of human capital and financial capital on the performance of women entrepreneurs in small and medium enterprises, in Ekiti State, Nigeria. The findings of the study have gained an in-depth understanding of the explanations about the impact of human and financial capital on the performance of women entrepreneurs in business. The results indicated the evidence that there is a significant relationship between human capital and financial capital on the performance among women entrepreneurs in business. Therefore, the explanation of respondents can help researchers to know the needs of women entrepreneurs and other institutions need to find various programs and support to improve the performance of women entrepreneurs. This study is expected to give useful insight and guidance on knowledge of entrepreneurship and the priority factors on women entrepreneurs in improving their business performance. It will also be able to create a good culture and healthy competition. In conclusion, this study contributes to the theoretical and practical aspects of the factors that affect the performance of women entrepreneurs. If we can achieve a better understanding of the key factors that affect the performance of women entrepreneurs, this will encourage women entrepreneurs and investors to grow their business successfully in this global environment. The paper studies the effects of human capital and financial capital toward the performance of women entrepreneurs which is a broad topic. This study is limited, which covers the Ekiti State only due to time constraint. The number of respondents selected using probability sampling. From the research paper, it is recommended that future research should cover a broader geographical scope in terms of more states in Nigeria as this will increase the numbers of samples that will represent the women entrepreneurs throughout the country. 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