IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 3 NO. 1 2017

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Financial Management Practices and Women Entrepreneurs Performance: An Empirical Investigation

Sajuyigbe Ademola. S (Ph.D), Adeyemi A. Z and Odebiyi, Itunu. I

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Abstract

This study examined the extent of financial management practices employed by women entrepreneurs in Osun State, Nigeria. A survey of 114 randomly selected women entrepreneurs from Osogbo, Ilesa and Iwo respectively. The data collection instrument was a questionnaire designed for the study. Descriptive statistics, Pearson Product Moment Correlation and Ordinary Least Square were used to analysis the data. Results showed that majority of woman entrepreneurs did not have bank account and their businesses are financed by internally generated cash sources only. Results also revealed that majority of them could not engage the service of qualified accountants and auditors to be in charge of recording transactions and preparing the financial statements. The study concluded that women entrepreneurs in Osun State have very limited financial management skills which might be behind the inability of their businesses to grow significantly. Subsequently, the study recommended that extensive short term training in financial management should be given to women entrepreneurs to help boost their confidence, since they cannot afford to hire professional service and end up using financial management skills they learn in the field as an interim measure.

keywords:

Financial Management, Women Entrepreneurs, Financial Reporting, Working Capital.

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