Evaluation of Owners’ Characteristics and Succession Practice among Small and Medium Size Manufacturing Enterprises in Ekiti State, Nigeria
Keywords:
Family Internal Transfer, Medium Enterprises, Small Enterprises, Succeeding Owner, Succession Practice.
Abstract
This study evaluated owners’ characteristics and succession practice among manufacturing Small and Medium Enterprises (SMEs) in Ekiti State, Nigeria. It assessed the correlation between achieved characteristics (educational level and experience) of owners of manufacturing enterprises and choice of succession practice; and the extent to which owners’ situational characteristics (health, spouse, children’s readiness) influenced the choice of succession practice. The study employed descriptive design and the population comprised of 136 founders and succeeding owners of registered manufacturing SMEs in Ekiti State. To obtain a sample of 100 participants, stratified sampling techniques were used and Descriptive statistics were also used to profile the respondent’s demography. Pearson Product Moment Correlation (PPMC) was employed to determine the association between the demographic and achieved characteristics of owners and succession practice. While multiple regressions were used to analyze learnable and situational characteristics and succession practice the study’s findings revealed that owners’ characteristics, expressed as: demographic characteristics, being female (r=0.315, p=0.012); achieved characteristics, higher education (r=0.300. p=0.017) and average experience (r=0.272, p=0.031); learnable characteristics, need for achievement (β=0.334, p=0.007) and leadership (β=0.288,p=0.035); and situational characteristics of wife (β=-0.256,p=0.04) and children (β=0.284, p=0.018), were significant variables that influenced succession practice among SMEs’ owners. It concluded that practice and belief in succession practices among SMEs owners is strongly influenced by education, experience, and the desire to leave a legacy. Recommendations include that government should encourage graduates to establish SMEs and managers should strive for organized and dependable families and train their children, to ensure successful succession.
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References
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Abor, J. & Quartey, P. (2010). Issues in SME development in Ghana and South Africa. Research Journal of Finance and Economics, 39(6), 215-228.
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Akinbode, J. O. & Imhonopi, D. (2014). An assessment of micro, small and medium enterprises contribution to employment generation in Kwara state, Nigeria. Crawford University Journal of Business and Social Sciences, 5(2), 103-120.
Akoja, R. A. & Hasret, B. (2010). Financing industrial development in Nigeria: A case study of the small and medium enterprises in Kwara state. Global Journal of Management and Business Research, 10(3), 46-58.
Attahur, Y. & Saffu, K. (2005). Planning and performance of small and medium enterprise operators in a country in transition. Journal of Small Business Management, 48(4), 480-497.
Augustine, O. & Asiedu E. (2017). Monetary versus Fiscal Effects on SMEs Growth in Africa: Evidence from Ghana. International Research Journal of Finance and Economics.
Bachkaniwala, D., Wright, M. & Ram, M. (2001). Succession in South Asian family businesses in the United Kingdom. International Small Business Journal, 19(4), 15-27.
Barach, J. & Gantisky, J. (1995). Successful succession in family. Business Review, 8(2), 131–155.
Berns, K. D. & Klarner, P. (2017). A review of the CEO succession literature and a future research program. Academic of Management Perspectives, 31(2), 83-108.
Beyene, A. (2002). Enhancing competitiveness of productivity in small and medium enterprises. Business Strategy, 6, 67–75.
Blackburn, R. A. & Hart, M. (2013). Small business performance: Business, strategy and owner-manager characteristics. Journal of Small Business and Enterprise Development, 20(1), 8–27.
Bowen, M., Morara, M. & Mureithi, S. (2009). Management of business challenges among small and micro enterprises in Nairobi-Kenya. KCA Journal of Business Management, 2(1), 16-18.
Bocatto, E., Gispert, C. & Rialp, J. (2010). Family-owned business succession: The influence of pre-performance in the nomination of family and nonfamily members: Evidence from Spanish firms. Journal of Small Business Management, 48, 497-523.
Bruce, D. & Picard, D. (2006). Making succession a success: Perspectives from Canadian small and medium-sized enterprises. Journal of Small Business Management, 44(2), 306.
Journal of Economics and Behavioral Studies (ISSN: 2220-6140)
Vol. 11, No. 3, pp. 84-96, June 2019
94
Bushe, B. (2019). The causes and impact of business failure among small to micro and medium enterprises. African Public Service Delivery and performance review, 7(1), 26.
Casrud, A. L. (1994). Meanderings of a resurrected psychologist or lessons learnt in creating a family business program. Entrepreneurship Theory and Practice, 19(1), 39-48.
Cabrera-Suarez, K. (2005). Leadership transfer and the successor’s development in the family firm. The Leadership Quarterly, 16(1), 71-96
Cowling, M., Liu, W. & Zhang, N. (2018). Did firm age, experience, and access to finance count? SME performance after the global financial crisis. Journal of Evolutionary Economics, 28(1), 77-100.
Cox, E., Murray, C. & Round, A. (2017). Forgotten Opportunities, Institute for Public Policy Research, 2017.
Dasanayaka, S. (2008). Small and medium enterprises in the Pacific Rim: The case of Sri Lanka SMEs. Small Business Journal, 4(2), 16-22.
Dasanayaka, S. & Sardana, G. (2007). The SMEs in India and Pakistan. Productivity Journal, 3(48), 235-250.
Daspit, J. J., Holt, D. T., Chrisman, J. J. & Long, R. G. (2016). Examine family firm succession from a social exchange perspective: A Multiphase, Multi-Stakeholder review. Sage Journal, family business review, 29(1), 44-64.
Degryse, H., Matthews, K. & Zhao, T. (2015). SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK, CESIfo Working Paper No. 5424.
DeTienne, D. R. & Cardon, M. S. (2012). Impact of founder experience on exit intention. Small Business Economics, 38(4), 351-374.
DÃaz-GarcÃa, M. C. & Jiménez-Moreno, J. (2010). Entrepreneurial intention: The role of gender. International Entrepreneurship and Management Journal, 6(3), 261-283.
Dobbs, M. & Hamilton, R. (2007). Small business growth: Recent evidence and new directions. International Journal of Entrepreneurial Behavior & Research, 12(5), 296-322.
Eniola, A. A. (2018). Entrepreneurship-SME manager Traits and sources of financing. In V. Ratten, L. P. Dana, and B Honyenuga (Eds), African Entrepreneurship: challenges and Opportunities for doing business (1st Ed), Switzerland Springer International Publishing.
Everaert, P., Sarens, G. & Rommel, J. (2006). Sourcing of accounting: Evidence from Belgian SMEs Working. 204/403 Gent: Universiteit Gento
Fatoki, O. O. (2011). The impact of human, social and financial capital on the performance of small and medium-sized enterprises (SMEs) in South Africa Journal of Social Science, 29(3), 193-204.
Ganu, J. & Boateng, P. A. (2013). Developing entrepreneurial ventures in Ghana through succession planning. European Journal of Business and Management, 5(6), 52-58.
Garg, A. K. & Weelee, E. V. (2012). Succession planning and its impact on the performance of small micro medium enterprises within the manufacturing sector in Johannesburg. International Journal of Business and Management, (9), 96-107.
Garman, A. N. & Glawe, J. (2004). Succession planning. Consulting Psychology Journal: Practice & Research, 56(2), 119- 128.
Hair, J. F., Sarstedt, M., Pieper, T. M. & Ringle, C. M. (2012). The use of partial least square structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5-6), 320-340.
Hankinson, A. (2000). The key factors in the profiles of small firm owner-managers that influence business performance: The South Coast Small Firms Survey, 1997-2000. Industrial and Commercial Training, 32(3), 94-98.
Hashim, K., Wafa, S. K. & Suliman, M. (1999). Entrepreneurial characteristics strategy types and performance of small and medium sized enterprises in the Malaysian manufacturing sector. International conference on small and medium enterprises, University Sains Malaysian, Penang.
Igwe, P. A., Onjewu, A. E. & Nwibo, S. U. (2018). Entrepreneurship and SMEs’ productivity challenges in the sub-Saharan African entrepreneurship: challenges and opportunities for doing business, 272. Palgrave Macmillan. ISBN 9783319736990.
Ikävalko, M., Pihkala, T. & Jussila, I. (2008). A family dimension in SME owner-managers ownership profiles: A psychological ownership perspective. Electronic Journal of Family Business Studies (EJFBS), 2(1), 18-29.
Israel, G. D. (2009). Determining sample size: Institute of Food and Agricultural Sciences (IFAD), University of Florida. Document PEOD6. Retrieved from: http/edis.ifas.ufl.edu.
Jain, M. K. & Gandhi, S. K. (2016). Defining Indian SMEs: A critical analysis. International Journal of Arts, Humanities and Management Studies, 2(6), 2395-0692.
Joshi, M., Sinha, A. K., Dixit, S. & Shukla, B. (2018). Transition dilemma in a closely held family business: A case of Excel Transporter. European Journal of Family Business, 8(1), 17-32.
Kartz, J. P. (2006). CEO Succession: A window on how boards can get it right when choosing a new chief executive. Academy of Management Executive, 14(2), 130-131.
Khurrum, S., Bhutta, M., Rana, A. I. & Asad, U. (2008). Owner characteristics and health of SMEs in Pakistan. Journal of Small Business and Enterprise Development, 15(1), 130-149
Kot, S. & Brzezinski, S. (2018). Market orientation factors in sustainable development and corporate social responsibility. Asian Journal. Applied, 8, 101–112.
Lianjuan, W. & Steven, S. (2011). Factors influencing successor selection in China: an empirical analysis. Problems and Perspectives in Management, 9(3).
Lucky, E. O., Minai, M. S. & Isaiah, M. A. (2011). A conceptual framework of family business succession: Bane of family business continuity. International Journal of Business and Social Science, 2(18), 106–113.
Ofoegbu, E. O., Akanbi, P. A. & Joseph, A. I. (2013). Effects of contextual factors on the performance of small and medium scale enterprises in Nigeria: A case study of Ilorin Metropolis. Advance in Management and Applied Economics, 3(1), 95–114.
Pallant, J. (2010). SPSS-survival manual, 4th Edition. Australia: Allen and Unwin.
Palliam, R., Cader, H. A. & Chiemeke, C. (2011). Succession issues among family entrepreneurs in countries of the gulf. International Journal of Business Administration, 2(2), 25-34.
MacWhirter, M., Smith, D. & Zerbinati, S. (2004). An exploration analysis of the decision-making process pursued by entrepreneurs in selecting their exit strategy. Paper presented to RENT XVIII Conference, Copenhagen, 25–6.
Maco, C. S., Csizmadia, P. & Heidrich, B. (2015). Recommendation to policy makers, Erasmus + Project, Budapest: Budapest Business School, Faculty of Finance and Accounting.
Martin, C., Martin L. & Mabbet, A. (2002). SME ownership succession–business support and policy implications. SBS Research and Evaluation. Sheffield, United Kingdom.
Mensah, J. (2012). Succession Planning in Small and Medium Enterprises in the Takoradi Metropolis of Ghana. Unpublished Master’s Thesis, Kwame Nkrumah University of Science and Technology.
Mini, K. G., Kumaran, M. & Jayasankar, J. (2009). Use of post-stratification for estimating the marine fish landings. Indian Journal of Marine Science, 38(4), 464-469.
Motwani, J., Levenburg, N. M., Schwarz, T. V. & Blankson, C. (2006). Succession planning in small and medium enterprises: An empirical analysis. International Small Business Journal, 24(5), 471–495.
Nielsen, J. A. (2011). Co-opting science: a preliminary study of how students invoke science in value-laden discussions. International Journal of Science Education, 34(2), 275-299.
Nishi, L. H., Anne, G. & Jana, L. R. (2007). Upper Echelons Theory Revisited: The relationship between Upper Echelons Diversity, Adoption of Diversity practices and Organisation performance, CAHRS Working Paper Series. Cornel University ILR School.
Ngugi, J. K. (2013). Influence of intellectual capital on the growth of small and medium enterprises in Kenya. Unpublished PhD Thesis, Jomo Kenyatta University of Agriculture and Technology.
Olorunshola, F. E. (2004). Building workplace of choice: Using the weak environment to attract and retain top talent. Journal of Faculty Management, 2(3), 244-257.
Onwumere, J. (2000). The nature and relevance of SMEs in economic development. The Nigerian banker-Journal of the Chartered Institute of Bankers of Nigeria, 25, 12-22.
Onugu, B. A. N. (2005). Small and Medium Enterprises (SMEs) in Nigeria: Problems and prospect. Published Thesis, St’ Clements University.
Ortiz, R. (2007). Challenges of a family-owned business. Lagos Organization Review, 5(9), 71–74. Quartey, P., Turkson, E., Abor, J. Y. & Iddrisu, A. M. (2017). Financing the growth of SMEs in Africa: what are the constraints to SME financing within ECOWAS. Rev Develop Finance, 7, 18–28.
Scharmer, C. O. (2007). Theory U: Leading the future as it emerges. Cambridge, MA: The Society for Organizational Learning, Inc.
Scholes, L., Mike, W., Paul, W., Andrew, B. & Hans, B. (2007). Information sharing, price negotiation and management buy-outs of private-owned firms. Small Business Economics, 29, 329-349.
Scholes, L., Westhead, P. & Burrows, A. (2008). Family firm succession: The management buy-out and buy-in routes. Journal of Small Business and Enterprise Development, 15(1), 8-30.
Sekaran, R. B. (2013). Research method for business. 6the Edition, UK: Wiley and Sons Ltd.
Sawers, D. & Whiting, R. H. (2009). Chartered accountants: Key players in business succession planning? A paper presented at the SEAANZ Conference, Wellington, New Zealand, September 2nd 2009.
Sten, J. (2004). Succession and business transfers; Two different processes – two different outcomes. Paper presented to EFMD 34th EISB conference, Turku, Finland, 8–10 September.
Survey Report on Micro, Small, and Medium Enterprises in Nigeria. (2012). A Collaboration between national bureau of statistics (NBS) and the small and medium enterprise development agency of Nigeria (SMEDAN)
Timmons, J. A. & Sinnelli, S. (Jr) (2008). New venture creation- Entrepreneurship for the 21st Century, 9th Ed. McGraw-Hill International
Udechukwu, F. N. (2003). Survey of small and medium scale industries and their potentials in Nigeria. Proc. Seminar on small and medium industries. Equity Investment Scheme (SMIEIS), Central Bank of Nigeria (CBN) Training centre, Lagos, Nigeria, 6-18. Technical Report.
Verdolini, E., Bak, C., Ruet, J. & Venkatachalam, A. (2018). Innovative green-technology SNEs as an opportunity to promote financial de-risking.
Westhead, P. & Wright, M. (2000). Introduction, in Westhead, P. and Wright, M. (Eds), Advances in entrepreneurship. I, Edward Elgar, Cheltenham.
Zoysa, A. D. & Herath, S. K. (2007). The impact of owner/managers’ mentality on financial performance of SMEs in Japan: An empirical investigation. Journal of Management Development, 26(7), 652–666.
Abor, J. & Quartey, P. (2010). Issues in SME development in Ghana and South Africa. Research Journal of Finance and Economics, 39(6), 215-228.
Acs, Z. J., Auretsch, D. B., Lehmann, E. E. & Licht, G. (2016). National System of Entrepreneurship, Small Business Economics, 46(4), 527-535.
Akinbode, J. O. & Imhonopi, D. (2014). An assessment of micro, small and medium enterprises contribution to employment generation in Kwara state, Nigeria. Crawford University Journal of Business and Social Sciences, 5(2), 103-120.
Akoja, R. A. & Hasret, B. (2010). Financing industrial development in Nigeria: A case study of the small and medium enterprises in Kwara state. Global Journal of Management and Business Research, 10(3), 46-58.
Attahur, Y. & Saffu, K. (2005). Planning and performance of small and medium enterprise operators in a country in transition. Journal of Small Business Management, 48(4), 480-497.
Augustine, O. & Asiedu E. (2017). Monetary versus Fiscal Effects on SMEs Growth in Africa: Evidence from Ghana. International Research Journal of Finance and Economics.
Bachkaniwala, D., Wright, M. & Ram, M. (2001). Succession in South Asian family businesses in the United Kingdom. International Small Business Journal, 19(4), 15-27.
Barach, J. & Gantisky, J. (1995). Successful succession in family. Business Review, 8(2), 131–155.
Berns, K. D. & Klarner, P. (2017). A review of the CEO succession literature and a future research program. Academic of Management Perspectives, 31(2), 83-108.
Beyene, A. (2002). Enhancing competitiveness of productivity in small and medium enterprises. Business Strategy, 6, 67–75.
Blackburn, R. A. & Hart, M. (2013). Small business performance: Business, strategy and owner-manager characteristics. Journal of Small Business and Enterprise Development, 20(1), 8–27.
Bowen, M., Morara, M. & Mureithi, S. (2009). Management of business challenges among small and micro enterprises in Nairobi-Kenya. KCA Journal of Business Management, 2(1), 16-18.
Bocatto, E., Gispert, C. & Rialp, J. (2010). Family-owned business succession: The influence of pre-performance in the nomination of family and nonfamily members: Evidence from Spanish firms. Journal of Small Business Management, 48, 497-523.
Bruce, D. & Picard, D. (2006). Making succession a success: Perspectives from Canadian small and medium-sized enterprises. Journal of Small Business Management, 44(2), 306.
Journal of Economics and Behavioral Studies (ISSN: 2220-6140)
Vol. 11, No. 3, pp. 84-96, June 2019
94
Bushe, B. (2019). The causes and impact of business failure among small to micro and medium enterprises. African Public Service Delivery and performance review, 7(1), 26.
Casrud, A. L. (1994). Meanderings of a resurrected psychologist or lessons learnt in creating a family business program. Entrepreneurship Theory and Practice, 19(1), 39-48.
Cabrera-Suarez, K. (2005). Leadership transfer and the successor’s development in the family firm. The Leadership Quarterly, 16(1), 71-96
Cowling, M., Liu, W. & Zhang, N. (2018). Did firm age, experience, and access to finance count? SME performance after the global financial crisis. Journal of Evolutionary Economics, 28(1), 77-100.
Cox, E., Murray, C. & Round, A. (2017). Forgotten Opportunities, Institute for Public Policy Research, 2017.
Dasanayaka, S. (2008). Small and medium enterprises in the Pacific Rim: The case of Sri Lanka SMEs. Small Business Journal, 4(2), 16-22.
Dasanayaka, S. & Sardana, G. (2007). The SMEs in India and Pakistan. Productivity Journal, 3(48), 235-250.
Daspit, J. J., Holt, D. T., Chrisman, J. J. & Long, R. G. (2016). Examine family firm succession from a social exchange perspective: A Multiphase, Multi-Stakeholder review. Sage Journal, family business review, 29(1), 44-64.
Degryse, H., Matthews, K. & Zhao, T. (2015). SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK, CESIfo Working Paper No. 5424.
DeTienne, D. R. & Cardon, M. S. (2012). Impact of founder experience on exit intention. Small Business Economics, 38(4), 351-374.
DÃaz-GarcÃa, M. C. & Jiménez-Moreno, J. (2010). Entrepreneurial intention: The role of gender. International Entrepreneurship and Management Journal, 6(3), 261-283.
Dobbs, M. & Hamilton, R. (2007). Small business growth: Recent evidence and new directions. International Journal of Entrepreneurial Behavior & Research, 12(5), 296-322.
Eniola, A. A. (2018). Entrepreneurship-SME manager Traits and sources of financing. In V. Ratten, L. P. Dana, and B Honyenuga (Eds), African Entrepreneurship: challenges and Opportunities for doing business (1st Ed), Switzerland Springer International Publishing.
Everaert, P., Sarens, G. & Rommel, J. (2006). Sourcing of accounting: Evidence from Belgian SMEs Working. 204/403 Gent: Universiteit Gento
Fatoki, O. O. (2011). The impact of human, social and financial capital on the performance of small and medium-sized enterprises (SMEs) in South Africa Journal of Social Science, 29(3), 193-204.
Ganu, J. & Boateng, P. A. (2013). Developing entrepreneurial ventures in Ghana through succession planning. European Journal of Business and Management, 5(6), 52-58.
Garg, A. K. & Weelee, E. V. (2012). Succession planning and its impact on the performance of small micro medium enterprises within the manufacturing sector in Johannesburg. International Journal of Business and Management, (9), 96-107.
Garman, A. N. & Glawe, J. (2004). Succession planning. Consulting Psychology Journal: Practice & Research, 56(2), 119- 128.
Hair, J. F., Sarstedt, M., Pieper, T. M. & Ringle, C. M. (2012). The use of partial least square structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5-6), 320-340.
Hankinson, A. (2000). The key factors in the profiles of small firm owner-managers that influence business performance: The South Coast Small Firms Survey, 1997-2000. Industrial and Commercial Training, 32(3), 94-98.
Hashim, K., Wafa, S. K. & Suliman, M. (1999). Entrepreneurial characteristics strategy types and performance of small and medium sized enterprises in the Malaysian manufacturing sector. International conference on small and medium enterprises, University Sains Malaysian, Penang.
Igwe, P. A., Onjewu, A. E. & Nwibo, S. U. (2018). Entrepreneurship and SMEs’ productivity challenges in the sub-Saharan African entrepreneurship: challenges and opportunities for doing business, 272. Palgrave Macmillan. ISBN 9783319736990.
Ikävalko, M., Pihkala, T. & Jussila, I. (2008). A family dimension in SME owner-managers ownership profiles: A psychological ownership perspective. Electronic Journal of Family Business Studies (EJFBS), 2(1), 18-29.
Israel, G. D. (2009). Determining sample size: Institute of Food and Agricultural Sciences (IFAD), University of Florida. Document PEOD6. Retrieved from: http/edis.ifas.ufl.edu.
Jain, M. K. & Gandhi, S. K. (2016). Defining Indian SMEs: A critical analysis. International Journal of Arts, Humanities and Management Studies, 2(6), 2395-0692.
Joshi, M., Sinha, A. K., Dixit, S. & Shukla, B. (2018). Transition dilemma in a closely held family business: A case of Excel Transporter. European Journal of Family Business, 8(1), 17-32.
Kartz, J. P. (2006). CEO Succession: A window on how boards can get it right when choosing a new chief executive. Academy of Management Executive, 14(2), 130-131.
Khurrum, S., Bhutta, M., Rana, A. I. & Asad, U. (2008). Owner characteristics and health of SMEs in Pakistan. Journal of Small Business and Enterprise Development, 15(1), 130-149
Kot, S. & Brzezinski, S. (2018). Market orientation factors in sustainable development and corporate social responsibility. Asian Journal. Applied, 8, 101–112.
Lianjuan, W. & Steven, S. (2011). Factors influencing successor selection in China: an empirical analysis. Problems and Perspectives in Management, 9(3).
Lucky, E. O., Minai, M. S. & Isaiah, M. A. (2011). A conceptual framework of family business succession: Bane of family business continuity. International Journal of Business and Social Science, 2(18), 106–113.
Ofoegbu, E. O., Akanbi, P. A. & Joseph, A. I. (2013). Effects of contextual factors on the performance of small and medium scale enterprises in Nigeria: A case study of Ilorin Metropolis. Advance in Management and Applied Economics, 3(1), 95–114.
Pallant, J. (2010). SPSS-survival manual, 4th Edition. Australia: Allen and Unwin.
Palliam, R., Cader, H. A. & Chiemeke, C. (2011). Succession issues among family entrepreneurs in countries of the gulf. International Journal of Business Administration, 2(2), 25-34.
MacWhirter, M., Smith, D. & Zerbinati, S. (2004). An exploration analysis of the decision-making process pursued by entrepreneurs in selecting their exit strategy. Paper presented to RENT XVIII Conference, Copenhagen, 25–6.
Maco, C. S., Csizmadia, P. & Heidrich, B. (2015). Recommendation to policy makers, Erasmus + Project, Budapest: Budapest Business School, Faculty of Finance and Accounting.
Martin, C., Martin L. & Mabbet, A. (2002). SME ownership succession–business support and policy implications. SBS Research and Evaluation. Sheffield, United Kingdom.
Mensah, J. (2012). Succession Planning in Small and Medium Enterprises in the Takoradi Metropolis of Ghana. Unpublished Master’s Thesis, Kwame Nkrumah University of Science and Technology.
Mini, K. G., Kumaran, M. & Jayasankar, J. (2009). Use of post-stratification for estimating the marine fish landings. Indian Journal of Marine Science, 38(4), 464-469.
Motwani, J., Levenburg, N. M., Schwarz, T. V. & Blankson, C. (2006). Succession planning in small and medium enterprises: An empirical analysis. International Small Business Journal, 24(5), 471–495.
Nielsen, J. A. (2011). Co-opting science: a preliminary study of how students invoke science in value-laden discussions. International Journal of Science Education, 34(2), 275-299.
Nishi, L. H., Anne, G. & Jana, L. R. (2007). Upper Echelons Theory Revisited: The relationship between Upper Echelons Diversity, Adoption of Diversity practices and Organisation performance, CAHRS Working Paper Series. Cornel University ILR School.
Ngugi, J. K. (2013). Influence of intellectual capital on the growth of small and medium enterprises in Kenya. Unpublished PhD Thesis, Jomo Kenyatta University of Agriculture and Technology.
Olorunshola, F. E. (2004). Building workplace of choice: Using the weak environment to attract and retain top talent. Journal of Faculty Management, 2(3), 244-257.
Onwumere, J. (2000). The nature and relevance of SMEs in economic development. The Nigerian banker-Journal of the Chartered Institute of Bankers of Nigeria, 25, 12-22.
Onugu, B. A. N. (2005). Small and Medium Enterprises (SMEs) in Nigeria: Problems and prospect. Published Thesis, St’ Clements University.
Ortiz, R. (2007). Challenges of a family-owned business. Lagos Organization Review, 5(9), 71–74. Quartey, P., Turkson, E., Abor, J. Y. & Iddrisu, A. M. (2017). Financing the growth of SMEs in Africa: what are the constraints to SME financing within ECOWAS. Rev Develop Finance, 7, 18–28.
Scharmer, C. O. (2007). Theory U: Leading the future as it emerges. Cambridge, MA: The Society for Organizational Learning, Inc.
Scholes, L., Mike, W., Paul, W., Andrew, B. & Hans, B. (2007). Information sharing, price negotiation and management buy-outs of private-owned firms. Small Business Economics, 29, 329-349.
Scholes, L., Westhead, P. & Burrows, A. (2008). Family firm succession: The management buy-out and buy-in routes. Journal of Small Business and Enterprise Development, 15(1), 8-30.
Sekaran, R. B. (2013). Research method for business. 6the Edition, UK: Wiley and Sons Ltd.
Sawers, D. & Whiting, R. H. (2009). Chartered accountants: Key players in business succession planning? A paper presented at the SEAANZ Conference, Wellington, New Zealand, September 2nd 2009.
Sten, J. (2004). Succession and business transfers; Two different processes – two different outcomes. Paper presented to EFMD 34th EISB conference, Turku, Finland, 8–10 September.
Survey Report on Micro, Small, and Medium Enterprises in Nigeria. (2012). A Collaboration between national bureau of statistics (NBS) and the small and medium enterprise development agency of Nigeria (SMEDAN)
Timmons, J. A. & Sinnelli, S. (Jr) (2008). New venture creation- Entrepreneurship for the 21st Century, 9th Ed. McGraw-Hill International
Udechukwu, F. N. (2003). Survey of small and medium scale industries and their potentials in Nigeria. Proc. Seminar on small and medium industries. Equity Investment Scheme (SMIEIS), Central Bank of Nigeria (CBN) Training centre, Lagos, Nigeria, 6-18. Technical Report.
Verdolini, E., Bak, C., Ruet, J. & Venkatachalam, A. (2018). Innovative green-technology SNEs as an opportunity to promote financial de-risking.
Westhead, P. & Wright, M. (2000). Introduction, in Westhead, P. and Wright, M. (Eds), Advances in entrepreneurship. I, Edward Elgar, Cheltenham.
Zoysa, A. D. & Herath, S. K. (2007). The impact of owner/managers’ mentality on financial performance of SMEs in Japan: An empirical investigation. Journal of Management Development, 26(7), 652–666.
Published
2019-07-18
How to Cite
Fayomi, E. J., Fields, Z., Arogundade, K. K., Awotunde, O. M., Ijamusan, O. C., & Onileowo, T. T. (2019). Evaluation of Owners’ Characteristics and Succession Practice among Small and Medium Size Manufacturing Enterprises in Ekiti State, Nigeria. Journal of Economics and Behavioral Studies, 11(3(J), 84-96. https://doi.org/10.22610/jebs.v11i3(J).2871
Issue
Section
Research Paper
Copyright (c) 2019 Ezekiel Jide, Fayomi, Ziska Fields, Kayode Kingsley Arogundade, Olusegun Matthew Awotunde, Olubunmi, Christianah Ijamusan, Temitope Teniola, Onileowo
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