ECONOMIC HARDSHIP AND INTENTION TO QUIT: A QUANTITATIVE STUDY OF SMALL BUSINESSES ENTERPRISES IN ENUGU STATE, NIGERIA
DOI:
https://doi.org/10.53555/nnbma.v8i3.1243Keywords:
Economic hardship, intention to quit, small businessAbstract
The increasing economic hardship in Nigeria has presented various businesses with high levels of distress that might exacerbate the intention to exit the business. The primary purpose of the present paper was to examine the intention to quit a business based on economic hardship. Although much has been written on the challenges of SMEs in Nigeria, this study explored whether economic hardship can predict the intention to quit.
References
Abisuga-Oyekunle, O. A., Patra, S. K., & Muchie, M. (2020). SMEs in sustainable development: Their role in poverty reduction and employment generation in sub-Saharan Africa. African Journal of Science, Technology, Innovation, and Development, 12(4). https://doi.org/10.1080/20421338.2019.1656428
Ademola, I. S. (2013). Why small-scale businesses failed as a remedy to the unemployment problem in Nigeria. IOSR Journal of Humanities and Social Science, 8(4). https://doi.org/10.9790/0837-0845661
Akinlo, O. O. (2014). Oil price and stock market: Empirical evidence from Nigeria. European Journal of Sustainable Development, 3(2). https://doi.org/10.14207/ejsd.2014.v3n2p33
Al-Fadly, A. (2020). Impact of covid-19 on SMEs and employment. Entrepreneurship and Sustainability Issues, 8(2). https://doi.org/10.9770/jesi.2020.8.2(38)
Aljofan, M., & Gaipov, A. (2020). Chloroquine and COVID-19: A light at the end of the tunnel, or is it another train? Electronic Journal of General Medicine (Vol. 17, Issue 4). https://doi.org/10.29333/ejgm/7863
Antonescu, D. (2020). Supporting small and medium-size enterprises through the covid-19 crisis in Romania. Central European Journal of Geography and Sustainable Development, 2(1). https://doi.org/10.47246/cejgsd.2020.2.1.4
Aruwa, D. (2004). Financing options for small and medium scale enterprises in Nigeria. Nigerian Journal of Accounting Research, 1(2).
Ayala-Nunes, L., Jiménez, L., Jesus, S., & Hidalgo, V. (2018). Social support, economic hardship, and psychological distress in Spanish and Portuguese at-risk families. Journal of Child and Family Studies, 27(1). https://doi.org/10.1007/s10826-017-0863-9
Ayodeji, M. A. (2015). Entrepreneurial development barriers in a developing nation: A case study of the Nigerian printing SMEs. Thesis.
Barisitz, S., & Breitenfellner, A. (2017). How do resource-driven economies cope with the oil price slump? A comparative survey of ten major oil-exporting countries. Focus on European Economic Integration.
Beglaryan, M., & Shakhmuradyan, G. (2020). The impact of COVID-19 on small and medium-sized enterprises in Armenia: Evidence from a labor force survey. Small Business International Review, 4(2). https://doi.org/10.26784/sbir.v4i2.298
Brown, R. (2020). The impact of COVID-19 on Scottish small and medium-sized enterprises (SMEs): Prognosis and policy prescription. Economic Commentary, 44.
Cant, M. C., Wiid, J. A., & Kallier, S. M. (2013). Small business owners' perceptions of moral behavior and employee theft in the small business sector of Nigeria. Gender & Behaviour, 11(2).
Chidiebere, M., Chigozie, E., & Abuka, K. (2014). Accounting skills for sustainable development of small and medium scale enterprises in the Taraba State of Nigeria. International Journal of Education Learning and Development, 2(2).
Chirume, E., & Kaseke, N. (2020). Impact of covid-19 on small and medium-sized enterprises (SMEs) in Chinhoyi, Zimbabwe. International Journal of Business, Economics, and Law, 23(1).
Cho, S., Johanson, M. M., & Guchait, P. (2009). Employees' intent to leave: A comparison of determinants of intent to leave versus intent to stay. International Journal of Hospitality Management, 28(3). https://doi.org/10.1016/j.ijhm.2008.10.007
Daferighe, E. E., Offiong, P. E., & Jeremiah, O. O. (2019). Adoption of cutting-edge information technology and development of SMEs in Nigeria. Archives of Business Research, 7(5).
Dias, Á. L., Manuel, E. C., Dutschke, G., Pereira, R., & Pereira, L. (2021). Economic crisis affects SME dynamic capabilities. International Journal of Learning and Change, 13(1). https://doi.org/10.1504/IJLC.2021.111662
Eniola, A., & Ektebang, H. (2014). SME firms performance in Nigeria: Competitive advantage and its impact. International Journal of Research Studies in Management, 3(2). https://doi.org/10.5861/ijrsm.2014.854
Eppinger, E., & Vladova, G. (2013). Intellectual property management practices at small and medium-sized enterprises. International Journal of Technology Management, 61(1). https://doi.org/10.1504/IJTM.2013.050244
Barisitz, S., & Breitenfellner, A. (2017). How do resource-driven economies cope with the oil price slump? A comparative survey of ten major oil-exporting countries. Focus on European Economic Integration.
Beglaryan, M., & Shakhmuradyan, G. (2020). The impact of COVID-19 on small and medium-sized enterprises in Armenia: Evidence from a labor force survey. Small Business International Review, 4(2). https://doi.org/10.26784/sbir.v4i2.298
Brown, R. (2020). The impact of COVID-19 on Scottish small and medium-sized enterprises (SMEs): Prognosis and policy prescription. Economic Commentary, 44.
Cant, M. C., Wiid, J. A., & Kallier, S. M. (2013). Small business owners' perceptions of moral behavior and employee theft in the small business sector of Nigeria. Gender & Behaviour, 11(2).
Chidiebere, M., Chigozie, E., & Abuka, K. (2014). Accounting skills for sustainable development of small and medium scale enterprises in the Taraba State of Nigeria. International Journal of Education Learning and Development, 2(2).
Chirume, E., & Kaseke, N. (2020). Impact of covid-19 on small and medium-sized enterprises (SMEs) in Chinhoyi, Zimbabwe. International Journal of Business, Economics, and Law, 23(1).
Cho, S., Johanson, M. M., & Guchait, P. (2009). Employees' intent to leave: A comparison of determinants of intent to leave versus intent to stay. International Journal of Hospitality Management, 28(3). https://doi.org/10.1016/j.ijhm.2008.10.007
Daferighe, E. E., Offiong, P. E., & Jeremiah, O. O. (2019). Adoption of cutting-edge information technology and development of SMEs in Nigeria. Archives of Business Research, 7(5).
Dias, Á. L., Manuel, E. C., Dutschke, G., Pereira, R., & Pereira, L. (2021). Economic crisis affects SME dynamic capabilities. International Journal of Learning and Change, 13(1). https://doi.org/10.1504/IJLC.2021.111662
Eniola, A., & Ektebang, H. (2014). SME firms performance in Nigeria: Competitive advantage and its impact. International Journal of Research Studies in Management, 3(2). https://doi.org/10.5861/ijrsm.2014.854
Eppinger, E., & Vladova, G. (2013). Intellectual property management practices at small and medium-sized enterprises. International Journal of Technology Management, 61(1). https://doi.org/10.1504/IJTM.2013.050244
Eze Benneth, U., Agbi, B., & Adenuga Ademolu, O. (2021). COVID-19 pandemic: a qualitative evaluation of MSMEs survival strategies in Nigeria. Harvard Deusto Business Research, 10(2). https://doi.org/10.48132/hdbr.331
Fatoki, O. (2014). The causes of the failure of new small and medium enterprises in South Africa. In Mediterranean Journal of Social Sciences (Vol. 5, Issue 20). https://doi.org/10.5901/mjss.2014.v5n20p922
Fiksenbaum, L., Marjanovic, Z., & Greenglass, E. (2017). Financial threat and individuals' willingness to change financial behavior. Review of Behavioral Finance, 9(2). https://doi.org/10.1108/RBF-09-2016-0056
Gbandi, E. C., & Amissah, G. (2014). Financing options for small and medium firms (SMEs) in Nigeria. European Scientific Journal, 10(1).
Hamric, Ann B., & Blackhall, L. J. (2007). Nurse-physician perspectives on the care of dying patients in intensive care units: Collaboration, moral distress, and ethical climate. Critical Care Medicine, 35(2). https://doi.org/10.1097/01.CCM.0000254722.50608.2D
Hamric, Ann Baile, Borchers, C. T., & Epstein, E. G. (2012). Development and Testing of an Instrument to Measure Moral Distress in Healthcare Professionals. AJOB Primary Research, 3(2). https://doi.org/10.1080/21507716.2011.652337
IACOB, V.-S., & MIRONESCU, R. (2017). Meanings of small business and its management. Journal of Engineering Studies and Research, 19(4). https://doi.org/10.29081/jesr.v19i4.100
Iceland, J., & Bauman, K. J. (2007). Income poverty and material hardship: How strong is the association? Journal of Socio-Economics, 36(3). https://doi.org/10.1016/j.socec.2006.12.003
ISA, K., & RAZAK, N. A. (2021). The Impact of COVID-19 Outbreak on SMEs in Malaysia. International Journal on Lifelong Education and Leadership, 7(1). https://doi.org/10.25233/ijlel.786867
Isah, A. (2015). Modeling the impact of crude oil price shocks on some macroeconomic variables in Nigeria using Garch and VAR Models. American Journal of Theoretical and Applied Statistics, 4(5). https://doi.org/10.11648/j.ajtas.20150405.16
Iwuoha, V. C., Aniche, E. T., Obiora, C. A., & Umeifekwem, U. T. (2021). Citizens lack access to healthcare facilities: How COVID-19 lockdown and social distancing policies boost roadside chemist businesses in South-Eastern Nigeria. International Journal of Health Planning and Management, 36(6). https://doi.org/10.1002/hpm.3316
Kadiri, K. O., & Kayode, S. A. (2019). Boosting internally generated revenue (IGR) of Nigeria through enforcement of adequate tax payment by cooperative citizens and organizations. Journal of Economics, Management, and Trade. https://doi.org/10.9734/jemt/2019/v23i530141
Kalemli-Ozcan, S., Gourinchas, P.-O., Penciakova, V., & Sander, N. (2020). COVID-19 and SME Failures. IMF Working Papers, 20(207). https://doi.org/10.5089/9781513557748.001
Karadag, D. H. (2016). The role of SMEs and entrepreneurship on economic growth in emerging economies within the post-crisis era: An analysis from Turkey. Journal of Small Business and Entrepreneurship Development, 4(1). https://doi.org/10.15640/jsbed.v4n1a3
Koltai, J., & Stuckler, D. (2020). Recession hardships, personal control, and the amplification of psychological distress: Differential responses to cumulative stress exposure during the U.S. Great Recession. SSM - Population Health, 10. https://doi.org/10.1016/j.ssmph.2019.100521
Kowo, S. A., Adenuga, O. A. O., & Sabitu, O. O. (2019). The role of SME development on poverty alleviation in Nigeria. Insights into Regional Development, 1(3). https://doi.org/10.9770/ird.2019.1.3(3)
Manzoor, F., Wei, L., Nurunnabi, M., & Subhan, Q. A. (2019). Role of SME in poverty alleviation in SAARC Region via Panel data analysis. Sustainability (Switzerland), 11(22). https://doi.org/10.3390/su11226480
Marshal, I., Nkwadochi, C. K., & Emmanuel, A. (2020). COVID-19 pandemic, global trade wars, and impact on the Nigerian economy. Academic Journal of Current Research, 7(5).
Meflinda, A., Mahyarni, M., Indrayani, H., & Wulandari, H. (2018). The effect of social capital and knowledge sharing on the small-medium enterprise's performance and sustainability strategies. International Journal of Law and Management, 60(4). https://doi.org/10.1108/IJLMA-03-2017-0073
Melnyk, S. A., Schoenherr, T., Verter, V., Evans, C., & Shanley, C. (2021). The pandemic and SME supply chains: Learning from early experiences of SME suppliers in the U.S. defense industry. Journal of Purchasing and Supply Management, 27(4). https://doi.org/10.1016/j.pursup.2021.100714
Muritala, T., M, A., A, B., & Muritala, T. (2012). Small and medium enterprises and economic growth in Nigeria. Acta Universitatis Danubius. Economica, 3(3).
Nasr, S., & Rostom, A. M. (2013). SME contributions to employment, job creation, and growth in the Arab World. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2361164
Neneh, B. N., & van Aardt, S. A. (2013). Will promoting more typical SME start-ups increase job creation in South Africa? African Journal of Business Management, 7(31). https://doi.org/10.5897/ajbm12.1370
Nwanna, I. O., & Eyedayi, A. M. (2016). Impact of crude oil price volatility on economic growth in Nigeria (1980-2014). Journal of Business and Management, 18(6).
Onwuchekwa Faith Chidi, O. C. I. (2012). Financial challenges of small and medium-sized enterprises (SMEs) in Nigeria: The relevance of accounting information. Review of Public Administration and Management, 01(02). https://doi.org/10.4172/2315-7844.1000114
Oyelami, L. O., & Olomola, P. A. (2016). External shocks and macroeconomic responses in Nigeria: A global VAR approach. Cogent Economics and Finance, 4(1). https://doi.org/10.1080/23322039.2016.1239317
Pratama, V., Santoso, I., & Mustaniroh, S. A. (2021). Development strategy of SMEs in the new normal era of coronavirus disease 2019 (COVID-19): A literature review. IOP Conference Series: Earth and Environmental Science, 733(1). https://doi.org/10.1088/1755-1315/733/1/012058
Rahmina Suryani, K., Rizka Zulfikar, & Aida Vitria. (2021). The SME condition during covid 19 pandemic: Financial and business overview. International Journal of Science, Technology & Management, 2(3). https://doi.org/10.46729/ijstm.v2i3.211
Rasaq Adejumobi, A., & Olatunde Julius, O. (2017). Oil price shocks and foreign direct investment (FDI): Implications for economic growth in Nigeria (1980-2014). Journal of Economics and Sustainable Development, 8(4).
Rios, R., & Zautra, A. J. (2011). Socioeconomic Disparities in Pain: The Role of Economic Hardship and Daily Financial Worry. Health Psychology, 30(1). https://doi.org/10.1037/a0022025
Sawaean, F. A. A., & Ali, K. A. M. (2020). The impact of entrepreneurial leadership and learning orientation on organizational performance of SMEs: The mediating role of innovation capacity. Management Science Letters, 10(2). https://doi.org/10.5267/j.msl.2019.8.033
Shettima, M. B. (2017). Impact of SMEs on Employment Generation in Nigeria. IOSR Journal Of Humanities And Social Science (IOSR-JHSS, 22(9).
Siahaan, E. (2018). Investigating the Source of Employees' Intention to Leave: A Case on Outsourced Employees. https://doi.org/10.2991/ebic-17.2018.67
Simón-Moya, V., Revuelto-Taboada, L., & Ribeiro-Soriano, D. (2016). Influence of the economic crisis on new SME survival: reality or fiction? Entrepreneurship and Regional Development, 28(1–2). https://doi.org/10.1080/08985626.2015.1118560
Soycmi, K. A., Akingunola, R. O. O., & Ogcbc, J. (2019). Effects of oil price shock on stock returns of energy firms in Nigeria. Kasetsart Journal of Social Sciences, 40(1). https://doi.org/10.1016/j.kjss.2017.09.004
Syed Riyadul Mahi, & Jalila Khalaf Nasser Awlad Thani. (2020). The strategies used by SMEs to survive during the economic crisis in the Sultanate of Oman. Journal of Student Research. https://doi.org/10.47611/jsr.vi.909
Taiwo, M. A., Ayodeji, A. M., & Yusuf, B. A. (2013). Impact of small and medium enterprises on economic growth and development. American Journal of Business and Management, 2(1). https://doi.org/10.11634/21679606170644
Uzo-Peters, A., Laniran, T., & Adenikinju, A. (2018). Brent prices and oil stock behaviors: evidence from Nigerian listed oil stocks. Financial Innovation, 4(1). https://doi.org/10.1186/s40854-018-0092-2
van der Wielen, W., & Barrios, S. (2021). Economic sentiment during the COVID pandemic: Evidence from search behavior in the EU. Journal of Economics and Business, 115. https://doi.org/10.1016/j.jeconbus.2020.105970
Vardhana, S. A., & Wolchok, J. D. (2020). The many faces of the anti-COVID immune response. In Journal of Experimental Medicine (Vol. 217, Issue 6). https://doi.org/10.1084/JEM.20200678
Yahaya, H. D., Geidam, M. M., & Usman, M. U. (2015). The role of micro, small, and medium enterprises in the economic development of Nigeria. International Journal of Small Business and Entrepreneurship Research, 4(3).
Zafar, A., & Mustafa, S. (2017). SMEs and their role in the economic and socioeconomic development of Pakistan. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(4). https://doi.org/10.6007/ijarafms/v7-i4/3484
Downloads
Published
Issue
Section
License
Copyright (c) 2022 Journal of Advance Research in Business Management and Accounting
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Terms & Condition
Submission -
Author can submit the manuscript through our online submission process or email us at the designated email id in contact details.
The other mode of submission not accepted than online and email.
Before submission please read the submission guidelines.
NN Publication accepts only article submitted in pdf/doc/docx/rtf file format. Another format except given file formats will no be considered .
Author will be responsible for the error mistakes in the submission files. The minor changes can be done without any cost after publication. But for major changes NN Publication may charges you the editing charges.
Publication (Online) -
The online publication is scheduled on last date of every month, but it can be delayed by 24 to 48 hours due to editorial process if huge number of articles comes to publish in single issue.
Automatic notification email will be sent to the all users on publication of an issue, so its author’s duty to check their email inbox or SPAM folder to get this notification.
After publication of article author can not withdraw their article.
If editor’s found any issue after publication of article then the NN Publication have the authority to remove the article from online website.
No refund will be provided after online publication of article.
Publication (Print) -
The print copy publication are sent as per the author’s request after 2 weeks of online publication of that issue.
NN Publication will ship the article by India Post and provide the consignment number on dispatch of print copy.
NN Publication follows all the guidelines of delivery provided by India Post and hence not responsible for delay in delivery due to any kind of reasons.
Refund of hard copy will not be provided after dispatch or print of the journal.
NN Publication will be responsible for raise a complain if there is any issue occurs in delivery, but still will not be responsible for providing the refund.
NN Publication will be responsible to resend the print copy only and only if the print copy is lost or print copy is damaged in delivery / or there is delay more than 6 months.
According to India Post the delivery should be completed with in 1-3 weeks after dispatch of articles.
Privacy Policy-
NN Publication uses the email ids of authors and editors and readers for sending editorial or publication notification only, we do not reveal or sell the email ids to any other website or company.
