Women leadership, financial literacy and performance of small and medium scale enterprises in Nigeria
1 Clinton School of Public Service, University of Arkansas Little Rock, Arkansas, United States.
2 School of Data Intelligence and Technology, Robert Morris University, Pittsburgh, Philadelphia, United States.
Research Article
World Journal of Advanced Research and Reviews, 2024, 22(02), 2239–2253
Article DOI: 10.30574/wjarr.2024.22.2.2182
Publication history:
Received on 11 April 2024; revised on 14 May 2024; accepted on 20 May 2024
Abstract:
This study explores the influence of women’s leadership and financial literacy on the performance of small and medium-sized firms (SMEs) in Lagos State, Nigeria. Employing both cross-sectional and survey research techniques. Data from 1,341 female SME owners/managers from 1,600 questionnaires were distributed using a random sampling technique throughout the state's twenty Local Government Areas across four main subsectors: service, retail/wholesale, manufacturing, and agricultural. Lagos State was selected as the study's region of emphasis because it is the heart of SME activity in Nigeria. The findings indicate the strong favourable benefits of both women's leadership and performance, mirroring the Resource Dependence Theory's focus on sound resource management and external dependencies. These findings underline the need to foster gender diversity and strengthen financial literacy initiatives to assist the development and sustainability of SMEs in Nigeria. The study recommended investment in financial literacy training and educational activities for SME owners and managers. These programmes should concentrate on developing important financial management skills, including budgeting, investment analysis, and risk management.
Keywords:
Leadership; Financial literacy; SME performance; Resource Dependence Theory
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0