Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

Influence of Financial Detail on SMEs

West Precious Awoyeba PhD

Abstract

The study examined the Influence of financial Detail on SMEs. Great emphasis has been placed on the growth and development of small and medium enterprise (SME’s) all over the world including Nigeria, the SME’S has greatly contributed to the annual gross domestic product, industrial development and economic growth of various countries inclusive is Nigeria. This study examines the Influence of financial Detail on investment decision of small and medium scale enterprises in Nigeria. The study employed survey research design. The target population of the study SMEs employees consisting of Accounting and Finance, Management and Human resources. The data for the study were collected through the sued of structured questionnaire. The data collected were analyzed using descriptive statistics and chi-square square. The result of the analysis revealed that statement of financial position affects investment position. Comprehensive income statement affects small and medium enterprise; Ratio analysis affects investment decisions. There is a significance importance of investment decision on small and medium scale enterprises. The study concludes that financial Detail has significance Influence on investment decisions of small and medium enterprises. The study also revealed that SMEs do not prepares yearly statement of financial position. The study recommends that there is a need for adequate record-keeping which will help the proprietors to keep track of the performance of their enterprises in order to enhance the profitability of Small-Scale Enterprises and their continuity. The study also recommends that advised SMEs to invest in information technology tools as it improves their efficiency, effectiveness and their overall performance.

References

https://www.reference.com/science/oil-affect-environment-a687959e9bdc297 //drfunmilayodoherty.blogspot.com/2016/06/history-of-fepa-in-nigeria.html Principle of Environmental Influence Assessment Best Practice (PDF). International Association for Influence Assessment. 1999. Archived from the original (PDF) on 2012- 05-07. Akintoye, I. (2008). Optimizing Investment Decisions through Informative accounting Detail. European, Journal of Social Sciences, 7(3), 180-200. Broadbent J. & Laughlin, R. (1994). Research on Nature of Accounting Information, New York: Pre-press Inc. Roger, J. (2003). Accounting Information for Decision Making, Atlanta Publishers, Georgia USA. http://www.accountingnotes.net/financial-Detail/financial-Detail-concept-objectives-and-ben Mensah, Ben Kwame Agyei (2012), “Working Capital Management Practices of Small Firms in the Ashanti Region of Ghana”, International Journal of Academic Research In Business and Social Sciences, Vol. 2(1), pp.567-583. Garg, Ishu and Walia, Suraj (2012), “Micro, Small and Medium Enterprises (MSMEs) In Post Reform India: Status and Performance”, International Journal of Latest Trends in Engineering and Technology, Vol.1 (3), pp. 134-141. Das.S (2002), “Financial Problems of small scale industries in Assam: A case study of Karnrup District” SEDME Vol. 31(4), pp. 57-66 Rathod, C. B. (2007), “Contribution of Indian Small Scale Entrepreneurs to Economic Growth in India: Opportunities and Challenges in Global Economy”, Prabandh - Journal of Management and Research, Vol. 23, pp.1- 12. 8. Das.S (2002), “Financial Problems of small scale industries in Assam: A case study of Karnrup District” SEDME Vol. 31(4), pp. 57-66 Grüning, M. (2011). Capital Market Implications of Corporate Disclosure: German Evidence. Business Research, 4(1), 48-72. https://doi.org/10.1007/BF03342726 Abanis, Turyahebwa, Sunday Arthur, Burani, Aluonzi and Eliabu Byamukama (2013), “Financial Management Practices In Small and Medium Enterprises in Selected Districts in Western Uganda”, Research Journal of Finance and Accounting, Vol. 4(2), pp. 29-42. Turyahebwa, A., Arthur, S., Aluonzi, B., & Byamukama, E. (2013). Financial management practices in small and medium enterprises in selected districts in Western Uganda. Research Journal of Finance and Accounting, 4(2), 29-42 Agyei and Kofi Nicholas (2014), “Small Scale Businesses Practice of Basic Financial Management with regards to liquidity”, International Journal of Research in Social Sciences, Vol.4 (5), pp.77-85. Okoli, B.E (2011), “Evaluation of the Accounting Systems Used by Small Scale Enterprises in Nigeria: The Case of Enugu- southeast Nigeria”, Asian Journal of Business Management, Vol.3 (4), pp. 235240. Kofi, Mintah Emmanuel, Adjei, Hayford, Collins, Mintahoffeh, and Christian, Anokye Okofo A (2014), “Assessing Financial Detail Practices among Small Scale Enterprises in Kumasi Metropolitan Assembly”, European Journal of Business and Social Sciences, Vol.2(10), pp.81-96. Amoako, Kwame Oduro, Emmanuel, Opoku Marfo, Gyabaah, EricNsiah and Gyamfi, Oduro(2014), “Accounting records keeping practices of SMEs in Ghana: Evidence from Sunyani Municipality”, British Journal of Economics, Finance and Management Sciences, Vol.9 (1), pp.120-132 McMahon, Richard P.G and Davies, Leslie.G (1994), “Financial Detail and analysis practices in Small Enterprises: Their association with growth rate and financial performance”, Journal of Small Business Management, USA Vol.32 (1) Balkan and Near Eastern Journal of Social Sciences Balkan vs Yak?n Do?u Sosyal Bilimler Dergisi Parkes, R. (2002). Social responsible Investment: a Global Revolution. Hoboken. New York: John Wiley & Sons Suklev B. (2006). Management of SMEs. Faculty of Economics, Skopje. Central Bank of Nigeria CBN, (2009) Prudential Guidelines for licensed banks, Lagos. Chiappetta, B., Shaw, K., Wild, J. (2009). Principles of Financial Accounting (19th Ed.). McGraw-Hill/Irwin. Ferguson, M. J., Lam, K.C.K. and Lee, G.M. (2002). “Voluntary disclosure by state-owned Enterprises listed on the stock exchange of Hong Kong”, Journal of International Financial Management and Accounting, 13 (2), 125-152 (Osiorenoya, 2017). Ferdy, V.B, Geert, B & Suzanne, B (2009) Quality of Financial Detail: measuring qualitative characteristics. NiCE Working Paper 09-108 Healy, P.M., &Palepu, K.G. (2001).Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 405?440 Hoggarth, Jackson &Nier(2003), An Empirical Investigation Of The Financial Detail Practices And Banks? Stability In Nigeria. Kuwait Chapter of Arabian Journal of Business and Management Review 2, (5), 2 IASB (2007).Presentation of Financial Statement.standards 1, International Accounting Standards Board. Retrieved from:http://www.iasplus.com/standard/ias01.htm ACCA (2012). Financial Detail. Paper F7 (International) Course Notes. BPP Media Ltd. London. Adetula, D.T., Owolabi, F.and Onyinye, O. I. (2013). International Financial Detail Standards (Ifrs) For SMEs Adoption Process in Nigeria. European Journal of Accounting Auditing and Finance Research 2(4), pp.33-38, June 2014 The Journal of Applied Business Research – March/April 2018 Volume 34, Number 2 Influence OF INTERNATIONAL FINANCIAL Detail STANDARDS (IFRS) ON SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA Presentation of Financial Statements Standard IAS 1,International Accounting Standards Board. Accessed 24 June 2007. Investment definition by James Chen Chavali, K., & Mohanraj, M. P. (2016). Influence of Demographic variables and Risk Tolerance on Investment Decisions-An Empirical Analysis. International Journal of Economics and Financial Issues, 6(1). Analysis of financial statement module 6 IASC Foundation: Training Material for the IFRS® for SMEs (version 2010-02)

More Articles from INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT

Bridging Legal, Financial, and Data Governance in Enterprise AI: Emerging Trends

Author: Funmilayo Ashore-Onisemo, Ebehiremen Faith Iziduh, Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa

Macroeconomic Policies and Economic Stability in Nigeria

Author: Abel-Tariah Emmanuel Onate, Okon, Ekanem Nsikhe, Nwenyi Francis Onwe

Determinants of Bank Liquidity in Nigeria

Author: Nelson Johnny Ebifemo-ere Stephen