Family businesses are known to have problems with capital structure decision making, and this is evident within the Nigerian family business context. While other areas in the family business field have been well studied, the factors that influence capital structure decisions have been grossly understudied; particularly from the perspective of family business owners and the administrators that manage their businesses. This dissertation addresses this understudied section in the family business literature while simultaneously addressing a real-world problem through Action Research. This research analyses the family business literature to understand the current theoretical and empirical stance of this issue. Following the creation of action learning sets within my organization, a decision was made to diffuse new knowledge into the firm. Twelve interviews with owners and administrators of family businesses were conducted to explore the research problem and gather primary data on the subject. Research participants were interviewed based on their hierarchical roles within family businesses that met with set research criteria. Following qualitative analysis of the data and continued activities within the learning sets, this research wok produced factors that influence capital structure decisions within medium family businesses in Nigeria. Factors such as fear, control, trust, generational succession, expertise and experience, mind-set, agreement issues, capital structure decision priorities and conflicts were discovered. In addition, new knowledge was diffused into the organization which acted as a game-changer in terms of external financing. These activities, allowed for the problems concerning capital structure decision making in my organization to be addressed. This research work demonstrates how action research can be used to solve real- world problems and may provide guidance for future action researchers working in similar contexts – e.g., family business in developing countries.

The study seeks to examine the different elements that contribute to the success of rural small and medium sized enterprises (SMEs) with an emphasis on firms in the North West of England. There has been growing literature to highlight the importance that SMEs have on the economy (BIS, 2015; Glover, 2012) alongside government initiatives to promote the expansion of rural firms (Love and Roper, 2015; Lord Young, 2013). The ability for SMEs to drive the economy and contribute to wealth creation is one of the many reasons why there has been increasing focus in the area of entrepreneurship and small business management. This research intends to explore and uncover the key issues and elements that enable and affect success in rural SMEs. Examining current literature around SME success revealed a number of factors that were prevalent such as firm growth, longevity, size and innovation. In addition to this, the position of the entrepreneur and their ability to affect success has also examined. These considerations were incorporated into a conceptual framework which aided in the development of the data collection instrument. The study applied a quantitative methodological approach utilising structured questionnaires in the data collection process. An accurate sampling frame of rural SMEs in the North West of England was drawn from the FAME database, where random sampling methods were then applied. Analysis of perceptual data revealed that the issues of growth, longevity, innovation and the entrepreneur are key factors that affect rural SME success. Ultimately, the study contributes to current knowledge by indicating vital areas for consideration in drive towards rural SME success, suggesting that focus should be placed upon SME size, longevity and innovation. Certain characteristics of the entrepreneur such as being from the local area and having parents that had previously owned a business were also found to be linked to rural SME success. Similarly, the research also suggests that financial measures of success should not be considered in singularity but rather in tandem with the direction of the firm. These conclusions provide some vital areas of consideration for rural SMEs as well as signposts where government initiatives and policies could be improved to facilitate their growth.

The main objective of this research was to investigate the extent of access to debt finance and its determinants among SMEs in Uganda using the “Applied and Received” approach (ARa). In addition, supplementary to the main research objective, the thesis had two subsidiary objectives; firstly, to examine the effect of measuring access to debt finance by comparing two approaches, the “Received” (Ra) and “Applied and Received” (ARa), to the extent and determinants of access to debt finance. Secondly, to examine if there are significant differences in the way SMEs and financiers perceive effective lending rates, transaction costs, firm age, firm size, industry, financial transparency, collateral, education, entrepreneurial experience and gender as determinants of access to debt finance. To achieve the main objective and two subsidiary objectives, a survey was conducted based on a population of 128,000 SMEs, out of which a sample of 384 was considered appropriate, according to random tables by Sekaran and Bougie (2013). From the financiers’ side, a population of 25 commercial banks, 22 insurance companies, 50 registered trade credit suppliers and a sample of 10 credit service bureaus, 10 MFIs and 10 SACCOs were used for the purposes of this study. The response rate was 57% from the SMEs and 62% from the financiers. In terms of analysis, the extent of access to debt finance was examined using descriptive statistics. In addition, Pearson’s correlation coefficient was employed to determine the relationship between access to debt finance and its determinants and binary logistic regression analysis was used to determine the strength of the relationships between access to debt finance and the determinants. Overall, the model explained up to 73.3% of the variation in access to debt finance. Finally, the independent samples t-test was used to determine if there were significant variations and consensus between SMEs and financiers with regard to the determinants of access to debt finance. The findings of the study contribute to the literature in a number of ways; first, the conventional measures (“Received”, “Loan size” and “Frequency of acquisition” approaches) have understated the extent of access to debt finance, while the “Applied and Received” approach (ARa) is a superior measure of the extent of this among SMEs in Uganda. This is because the ARa focuses on active borrowers and not discouraged borrowers or those SMEs that have voluntarily excluded themselves from external credit. Second, the study provides empirical evidence of the determinants of access to debt finance for the first time in Uganda where such evidence was previously unknown. Third, the study documents significant differences in the perceptions of the determinants of access to debt from the SMEs and suppliers of debt finance. However, the ARa has limitations; for example, the degree to which discouraged borrowers can be excluded is open to debate. This is because, unlike voluntary excluded borrowers (not seeking funding at all), discouraged borrowers want debt but do not seek it because they think it will not be granted. The most important implication of this research to policy makers and academics is the methodology of operationalising access to debt finance using the ARa. This approach deals with voluntary exclusion and reports higher rates of access to debt finance compared to the Ra, which helps policy makers to estimate the financing gap among SMEs in Uganda. Likewise, the ARa includes additional determinants of access to debt finance variables, which suggests that SMEs seeking finance are aware of the factors that financiers consider in the credit scoring process. Secondly, for SMEs and financiers, the findings concerning the consensus and variations in the determinants of access to debt finance are of great value to educate policy makers on the information gap existing between the demand and supply sides. Knowledge of the determinants of access to debt finance from the financiers’ side will improve access among SMEs in Uganda because financiers play a pivotal role in the issue of this finance.

Creative SMEs face a number of limitations that can hamper their ability to develop and establish original content in digital environments. These limitations include a lack of resources, struggles for visibility, limits of engagement, audience pressures and free culture. The constant pressures from growing competition and fragmented audiences across digital environments amplify these limitations, which means SMEs can struggle in these highly competitive, information rich platforms. Research sought to explore how creative SMEs may circumvent these limitations to strengthen their positioning in digital environments. Two areas of focus are proposed to address these issues; firstly a study and development of audience engagement, and secondly an analysis of the monetisation options available for digital content and their links to engagement. With a focus on audience engagement the theoretical grounding of this work is based within the engagement literature. Through this work a new Dynamic Shaping of Engagement is developed and used as a foundation of analysis, which informs the development of practical work in this study. Findings present insight into the methods and practices that can help creative SMEs circumvent their limitations and strengthen their positioning within digital environments. However, the findings continue to emphasise the difficulties faced by creative SMEs. These companies are hampered by paradoxes that arise due to their resource limitations that limit their ability to gain finances, develop audiences and produce content. It is shown that those with the ‘key’ to audience attention are the ones best positioned to succeed in these environments, often at the expense of the original content creators themselves. Therefore, visions of a democratic environment, which levels the playing field for SMEs to compete, are diminished and it is argued digital environments may act to amplify the positioning of established media. Therefore, greater support is required to aid these companies, which must look beyond short-term solutions that focus on one-off projects, towards broader, more long-term support. This support can then enhance creative SMEs ability to not only deliver, but also establish and potentially monetise content in digital environments, which in turn can make continued production more sustainable.

The literature shows that microenterprises can make a significant contribution to the economies of the developing world but that such firms face considerable challenges, especially during the start-up phase. Microfinance initiatives in the form of micro credit and business development services (BDS) are recognised as helping such firms to address these challenges as the provision of finance and support in the development of key skills can facilitate start-up and foster growth. Given this context, this study investigates how microfinance institutions (MFIs) in Sri Lanka use BDS to support the aspirations of entrepreneurs and employs the lens of co-production to analyse how the parties work together to support microenterprises. For the purposes of this study, co- production is defined as the combined efforts of two parties who jointly determine the output of their collaboration. The multiple case study method was used and data were gathered by conducting 51 in-depth interviews with microfinance officers, owner managers and with an external trainer and a BDS consultant involved in the process. The findings of the study reveal that MFI counsellors and owner managers of microenterprises use BDS to co-produce generating outcomes that help them both improve their performance. The findings also reveal that a number of contextual factors, such as client selection, social mobilisation programmes, planning, performance evaluation and financial sustainability influence co-production in BDS. Moreover, the findings show that aspects of the counsellor/owner manager relationship, such as expertise, readiness, follow up by the counsellor, owner manager willingness, and counsellor-owner manager communication and interpersonal relationships enhance co- production. This study contributes to the BDS literature as there has been a dearth of studies conducted on this area. Moreover, by focusing on how contextual factors influence co- production, the study fills a gap in the co-production literature. The recommendations provide useful information to policymakers (e.g. collaboration between the government and MFIs in catering for poorer people) and practitioners (e.g. use of low cost methods such as mentoring and on the job training for counsellors), which should help inform future strategies in this field.

No description available.

In the summer of 2007, the UK financial market suffered a meltdown that drove many construction companies of all sizes out of business. The large construction companies seem to wither the storm while the small and medium sized companies closed shop in unprecedented numbers. According to the BBC, construction insolvency hit a record high of 6,355 in 2009. The Office of National Statistics (ONS) also reports that, 2009 was the first time business death outnumbered business births since the year 2000. In that year, construction accounted for 15-20% of all insolvencies in the UK. The adverse effect has changed the climate for Construction businesses in the UK. Firms are faced with tough decisions to make in order to secure their own survival. However, it is also true that, though there is an increased interest in reversing decline in construction, there isn’t much rigorous and systematic research done on corporate level turnaround in construction companies. Failure studies in construction have focused more on explaining failure at the project level than on corporate level. This research asks the question ‘how can a small or medium sized, privately owned construction company turnaround?’ The research interest is to find out what happens at the critical stage of a turnaround – the decisions made, the actions taken, how they were taken, why they were taken, to know the strategies that have worked and those that did not work, and then, design an effective turnaround framework. Therefore, using Altman’s Z-score bankruptcy prediction model, 9 successful turnaround companies were identified, and 12 unsuccessful turnaround companies were selected purposively but fit the criteria. Turnaround strategies of the two groups were looked at and compared. The findings showed that the key factors necessary for a construction company to ensure a successful turnaround are: leadership and people; improving working capital; support of stakeholders; a functioning market; selective tendering; business development; use of technology, and access to advice. It was also found that the business model of having the banks as sole providers of leverage was flawed. The findings also revealed that in times of difficulty or recession, two distinct types of construction companies emerge; the Conservative Company and the Progressive Company. As such, it was also revealed that there are two distinct business recovery approaches in construction – the Conservative and the Progressive approach. The Conservative companies, emphasize efficiency, tender for much smaller jobs, and make use of a mixture of, cutback and management turnaround strategies in almost every aspect of the business as they wait for the storm to pass – more like hibernation. On the other hand, the Progressive companies, though efficient, use growth strategy to take advantage of the market – buying other companies, tendering for much bigger jobs, and taking on new and experienced staff that other companies could not afford to keep. Restructuring strategies were seldom used as most companies stuck with the core strategy of their businesses. It was also revealed that most of the recovered companies operated with; no debts, were self funded, had some type of framework contract and multi-phased or repeat projects that kept them afloat, reduced their margins and tried to breakeven in tighter situations. While the unsuccessful turnaround companies were found to have been plagued with a combination of high gearing, bad debt, and cash flow problems, which ultimately caused their demise. Although all sectors of the industry suffered, it was revealed that, companies with operations in the utilities/renewables, and commercial sectors of construction were more likely to recover quicker from a downturn than those with operations in residential development, and industrial sector.

This study explores the relationships of small and medium-sized firms (SMEs) with actors in business to business (B2B) networks settings in order to identify factors influencing the standardisation/adaptation of SMEs’ marketing strategies. A comparative case study method is implemented using data collected from 18 cases. Initially, intra-case analysis is carried out to explore 20 dyadic relationships and 16 triadic relationships across all four primary cases from the sample. Cross-case analysis is then undertaken to triangulate the results across the cases. An open and axial coding method is used to develop themes from the primary data collected through in-depth interviews from owner-managers of SMEs. The results reveals dyadic and triadic relationship factors and interaction between actors and SMEs in business networks, affect international marketing decisions such as the standardisation or adaptation of marketing programmes. Relationship factors such as trust, commitment, power and dependency, and social ties reduce the effects or aggravate the extent of standardisation/ adaptation. It is also revealed that not all actors interacting with a focal firms influence all marketing mix elements. The findings confirm that actor’s interaction with SMEs’ in dyadic and triadic relationships not only influences but also moderates the standardisation or adaptation of marketing mix elements. The result reveals that owing to the nature of relationship between two nodes in the business network, price is the most-influenced strategic marketing decision. It is found that non-relational factors, such as nature of the product and product’s quality or size negatively moderate the relationship factors’ influence on the standardisation or adaptation strategies of SMEs. This research offers a theory which is consistent with the concept of relationships due to interactions in business networks affects the strategic decisions of focal firms such as standardisation/adaptation, making a novel contribution to existing knowledge on the standardization/adaptation of marketing programmes by SMEs.

Small and medium-sized enterprises (SMEs) have long been established as an effective mechanism to generate employment and promote economic growth. However, there is still no unifying theory on SMEs success with knowledge development being more fragmented than cumulative. Even though business literature features a wide range of critical success factors (CSFs), their importance appears to be relative and varies with the business environment, that is the country and industry SMEs operate in. Therefore, developing a better understanding of the factors that contribute to small business success, especially within a specific country and industry context, becomes crucial. Notably, SMEs have a strong presence in the UK chemical distribution industry and play an important role in its overall growth and performance. The chemical distribution sector is a developing, well-established, fragmented, subject to strong consolidation, significant part of the chemical industry and a major contributor to the UK economy and employment. However, there is limited bibliography and research both on an academic and a professional level on this industry and equally on the small businesses operating in it, creating a need for more empirical research. Therefore, identifying and exploring the critical factors underpinning SMEs success in the specific industry becomes of great importance. The aim of this study is to identify the factors critical to the success (CSFs) and sustainable growth of SMEs in the UK chemical distribution industry. Following an in-depth literature review, twenty two (22) factors critical to small business success are identified and their impact is investigated. These are categorised in entrepreneurial (relating to the personal characteristics of the owner/manager), enterprise (relating to the firm) and business environment (external) factors. This research follows a positivistic philosophy, is deductive in its approach, uses a concurrent embedded mixed methodology and utilises a survey strategy involving the use of self-administered questionnaires. The survey is based on the opinions of owners and very senior managers (Managing Directors, Directors, CEOs and CFO’s), an approach extensively used by other researchers. A total of 180 SMEs fulfilling the criteria of this study are identified in the UK chemical distribution industry with 118 owners/managers participating, generating a very satisfactory response rate of 65.5%. This study establishes a positive relationship between eight (8) factors and SMEs success in the UK chemical distribution industry. Regulatory Compliance, Entrepreneurial Orientation, Customer Relations Management, Market and Product development, Prior Work Experience and Management Skills, Human Capital, Economic Environment and Strategic Planning are, in order of importance, the critical success factors for the specific industry. Findings strongly suggest that success is a multidimensional phenomenon, where both firm-internal and firm-external factors need to be optimal simultaneously. Considerable variations between SMEs in this industry based on their size are also found, suggesting that these are not a homogeneous group and as such different strategies are needed for different sized businesses. This research addresses the gap in small business success in the UK chemical distribution industry as it is the first study to provide an integrative perspective of CSFs for SMEs in this sector. The original and significant contribution of this thesis lies with the identification of the factors critical to the success and sustainable growth of UK chemical distribution SMEs. This study does not only fulfil the need for more empirical studies in the specific research area but also contributes to the knowledge and expands the literature on SMEs success and entrepreneurship. It further improves the understanding of the chemical distribution industry and of the small businesses operating in it. This study also provides guidelines and recommendations to various stakeholders so as to improve their strategy formulation and decision-making process in order to support chemical distribution SMEs in being successful, achieving sustainable growth and strengthening them against failure.

The purpose of this research study is to investigate how the strategising of growth-oriented Small Business Owners (SBOs) influences the strategy in their businesses. This thesis describes a ‘Strategy-as-Practice’ (S-as-P) investigation of ten Small Business Owners (SBOs) in Northeast England. Each SBO participated in a confidential ‘one-to-one’ strategy workshop with the author. The workshop format required each SBO to create a strategy map during the videoed session. The research design was intended to be minimally intrusive for members of the small businesses community. The theoretical underpinning in this interpretive study was informed by Structuration Theory (ST). The video data were analysed with CAQDAS software. A template analysis approach was used based upon the symbiotic relationship of agency and structure proposed by ST. Cross-cutting themes were sought across the case companies. The author found that the methodology attracted participation by growth-oriented SBOs. At the meso-level growth-oriented SBOs can be characterised as “strategically aware”, even if their strategy has remained unchanged for a considerable time. This strategic awareness is a manifestation of strategising praxes within the business. SBOs that are not actively changing strategy tend to articulate aspects of their business model which are visible in the firm, the others find difficulty in expressing their strategy in words. The “one-to-one” strategy workshop format used in this study facilitates the articulation of tacit knowledge and hence aids such discussion. This research was focused upon SBOs that had a history of organic-growth, and had been relatively unscathed by the 2008 Banking Crisis aftermath. The participation group were all based in the North East of England. This study contributes to existing S-as-P knowledge by extending the contextual boundary beyond large organisations into the small business domain. The author contrasts, and compares, the S-as-P findings in this study with the extant field that has almost exclusively been devoted to larger scale enterprise. The videoed “one-to-one” strategy workshop design is a methodological contribution that has proven efficacious in both recruiting and studying SBOs with the minimum of intervention disruption for these busy people. The author creates a synthesised model of small business strategising based on findings from this study that may assist future researchers to better engage and understand the strategising of SBOs.