SHANLAX

International Journal of Management

Determinants for the Growth of Small

OPEN ACCESS and Medium Enterprises in Ethiopia:
Manuscript ID: A Case of Derash Woreda, Gidole
MGT-2022-09034560 Town, Southern Ethiopia
Volume: 9
Negalign Nigatu
Assistant Professor, Department of Accounting and Finance
Issue: 3 College of Business and Economics, Wolaita Sodo University, Wolaita Sodo, Ethiopia

Month: January Frew Moges

Ph.D. Research Scholar in Rural Development
Year: 2022 Department of Rural Development and Agricultural Extension
College of Agriculture, Wolaita Sodo University, Ethiopia
P-ISSN: 2321-4643
Senapathy Marisennayya
Associate Professor, Department of Rural Development
E-ISSN: 2581-9402 College of Agriculture, Wolaita Sodo University, Ethiopia
https://orcid.org/0000-0002-8371-3035
Received: 18.10.2021
Abstract
Accepted: 15.12.2021 This study aims to identify the determinants for the growth of Small and medium enterprises
(SMEs) in Derash Woreda, Gidole Town. To achieve the “general and specific objectives”, this
study was investigated external and internal factors affecting the growth of SMEs. This study
Published: 01.01.2022
was used a descriptive research design and a quantitative research approach. The primary
data sources were collected from SMEs engaged in service, manufacturing, trade, construction,
Citation: and urban agriculture. The sampling techniques used for this study are the stratified sampling
Moges, Frew, et al. technique. However, the sample size used for this study is 50 SMEs. For data analysis, multiple
“Determinants for the linear regression models were used. The finding for this study indicated that the external
factors such as education, training, experience, and social network are positively or significant
Growth of Small and
relationship with the growth of SMEs; on the other hand, the internal factors such as management
Medium Enterprises in capacity, marketing skill, accounting record-keeping, firm age and firm size are positively or
Ethiopia: A Case of Derash significant relationship with the growth of SMEs. Hence, to increase the growth of SMEs, it is
Woreda, Gidole Town, suggested that SMEs stockholders, SMEs owners, and government bodies improve the knowledge
Southern Ethiopia.” Shanlax and awareness of SMEs related to external and internal factors. The concerned bodies to solve
the problem provide access to finance, technology, skilled workforce, marketing and business
International Journal of
communication and facilitating necessary infrastructure.
Managemant, vol. 9, no. 3, Keywords: Growth of Small and Medium Enterprises, Internal Factors, External Factors.
2022, pp. 45–58.
Introduction
DOI:
Background of the Study
https://doi.org/10.34293/
management.v9i3.4560
The SMEs sector everywhere is characterised by highly diversified
activities that can create employment opportunities for a substantial
population segment. This implies that the sector is a quick remedy for the
unemployment and poverty problem. However, realising a modest standard
of living through curbing unemployment and facilitating the environment for
new job seekers and self-employment requires direct intervention and support
This work is licensed of the government and other concerned stakeholders (Mulugeta, 2010).
under a Creative Commons Visser (2013) argued that SMEs form the backbone of emerging
Attribution-ShareAlike 4.0 economies and are a vital source of income for most people in urban and rural
International License. communities.

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The rapid growth of SMEs in any economy training, financing, and the network relationship
indicates positive progress for a nation especially has a significant relationship with the firm’s growth.
indicated by profitability, market share, asset value, However, other variables such as education and
and even sales turnover. Furthermore, Hamel and a firm’s age do not significantly affect the firm’s
Sapienza (2014) reveal that in current business growth.
conditions, where product and business model Demisew G. Degefu (2018) researched title
life cycles have a short lifespan, such qualities with “Factors That Determine the Growth of Micro
are emphatically positively connected with better and Small Enterprises: In the Case of Hawassa
development and growth of enterprises. According City, Ethiopia”; the finding shows that based on the
to Rose, Kumar, and Yen (2013), a small business is regression analysis, capital change is significantly
a business that is privately owned and operated, with determined by explanatory variables like age
a small number of employees and a low volume of of respondent, sex of respondent, government
sales. motivation, educational level, financial access, and
Small businesses are typical in many countries, adequate infrastructure which are factors for the
depending on the economic system in operation. growth of Micro and Small Enterprises (MSEs).
Typical examples include convenience stores, bakery Amaradiwakara and Gunatilake (2017)
shops, hairdressers, merchants, lawyers, accountants, conducted “Factors Affecting Growth of Small and
restaurants, photographers, etc. A standard definition Medium Enterprises in Sri Lanka”; the study revealed
provided by the Small and Medium Industries that the growth of SMEs is constrained by financial
Development Corporation (SMIDEC) defines SMEs inadequacy, the lack of access to new technology,
according to two main factors, annual sales turnover and regulations imposed by the government.
and the number of full-time workers (SMIDEC, Moreover, it was revealed that the level of education
2014). SMEs mostly consolidate the businesses from of the owner of the enterprise has a direct impact on
the informal sector into the formalised economy, the growth of SMEs.
hence a driving force for economic growth and Geleta and Talegeta (2019) conducted
poverty reduction through job creation (Wolfenson, “Determinants of Micro and Small Enterprises
2013). Growth in Selected Towns of West Shoa Zone,
The SMEs in each country have their Oromia Regional State, Ethiopia”; the result of
characteristics based on the type of business and the study revealed entrepreneurial competency,
its environment that affect its growth. According managerial skills, market access, innovation,
to Asma Benzazoua, Diabate Ardjouman, and high initial investment size, access to finance, and
Othman Abada (2015) researched title with “Factors manufacturing sector variables were identified as
Affecting the Growth of SMEs in Algeria”; the a significant determinant of growth of the MSEs
finding reveals that the growth of SMEs in Algeria in the study area. On the other hand, MSEs owner/
is hampered by several interrelated factors, which manager characteristics such as gender and age were
include business environmental factors that are found not to influence the growth of the enterprises
beyond the SMEs’ control and internal factors of as the descriptive result showed. The probability
the SMEs. The external factors include the legal and of growth of MSEs was positively influenced by
regulatory framework, access to external financing, entrepreneurship competency, management skill,
and human resources capacities. The internal market access, initial investment size, and sector in
factors comprise entrepreneurial characteristics, manufacturing; however, getting access to finance
management capacities, marketing skills, and and engaging in innovation activity hurts the growth
technological capacities. probability of MSEs based on the binary logit model
Ahmad Rafiki (2019) conducted with the result. The variables included in the model explain
“Determinants of SMEsGrowth: An Empirical about 73.38% of the influences on the MSEs growth
Study in Saudi Arabia”; the finding shows that so that the model is fit.
size of the firm, the experience of the manager,

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BerhanuTereda (2019) conducted “Determinants Town. Therefore, this research intends to identify the
of Micro and Small Business Enterprises Growth: internal and external factors that affect the growth
The Case of Three SelectedWoreda, Gurage Zone, of SMEs were engaging in services, manufacturing,
Ethiopia”; based on the findings, an unfulfillment construction, trade, and urban agricultural activities
of infrastructural facilities, shortage of working in Gidole Town. Therefore, this study seeks to fill
premises, and shortage of finances for start-up and the existing research gap by answering the research
expansion purposes are the topmost factors that question:
affect the growth of MSEs activities at the study • What are the external factors affecting the growth
area. Furthermore, the findings indicate a positive, of SMEs?
strong significant relationship between independent • What are the internal factors affecting the growth
and dependent variables. Finally, the selected of SMEs?
independent variables may significantly test the Research Objective
variations from the dependent variable at a 1% level The general objective of this study is to identify
of significance. factors affecting the growth of SMEs in Ethiopia:
Solomon, Tadele, Shiferaw, and Behailu (2016) a case of DerashWoredaGidole Town, Southern
conducted “Determinants of Growth of Micro and Region Ethiopia.
Small Enterprises (MSEs): Empirical Evidence Based on the above general objective, the
From Ethiopia”; the findings of the study reveal following specific objectives are drawn:
that MSEs suffer from a host of internal problems • To investigate the external factors affecting the
(e.g., weak human resources and other assets) and growth of SMEs.
of external factors including lack of access to credit, • To examine the internal factors affecting the
limited market facilities, policy and regulatory growth of SMEs.
bottlenecks. For small enterprises, access to credit
appears to be a binding constraint for their growth Research Hypothesis
as they are “too big” for microfinance institutions. In order to reply to the questions of the research,
However, they are “too small” for formal banks in the following hypothesis was developed.
terms of the loan size, reflecting the “missing middle 1. H0: There is no significant relationship
financial intermediaries” that serve small enterprises. between education and the growth of SMEs.
Endi Sarwoko and Christeav Frisdiantara H1: There is a positive and significant relationship
(2016) conducted “Growth Determinants of SMEs between education and the growth of SMEs.
in Indonesia”; the results showed that individual 2. H0: There is no significant relationship between
factors directly affect the growth of the business, training and the growth of SMEs.
as well as an indirect effect through organisational H2: There is a positive and significant relationship
factors. So the individual factors are a determinant between training and the growth of SMEs.
of the growth of SMEs, due to individual factors 3. H0: There is no significant relationship
which reflect the business experience and the between experience and growth of SMEs.
motivation of the owners/managers will be able to H3: There is a positive and significant relationship
manage the organisation to become more effective between experience and growth of SMEs.
to compete. The effects are on the achievement of 4. H0: There is no significant relationship between
business growth. Environmental factors provide the social networks and the growth of SMEs.
most significant impact in achieving the growth of H4: There is a positive and significant relationship
SMEs; it means the ability of owner/managers to between social networks and the growth of SMEs.
produce competitive products, leverage technology, 5. H0: There is no significant relationship between
and diversity of products will determine the growth management capacity and the growth of SMEs.
of SMEs. H5: There is a positive and significant relationship
Finally, there is very little literature on SMEs between management capacity and the growth of
in Ethiopia, especially in DerashWoreda, Gidole SMEs.

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6. H0: There is no significant relationship between Growth of SMEs in Algeria”, the finding reveals
marketing skills and the growth of SMEs. that the growth of SMEs in Algeria is hampered by
H6: There is a positive and significant relationship several interrelated factors, which include business
between marketing skills and the growth of environmental factors that are beyond the SMEs’
SMEs. control and internal factors of the SMEs. The
7. H0: There is no significant relationship between external factors include the legal and regulatory
accounting record-keeping and the growth of SMEs. framework, access to external financing, and human
H7: There is a positive and significant relationship resources capacities. The internal factors comprise
between accounting record-keeping and the entrepreneurial characteristics, management
growth of SMEs. capacities, marketing skills, and technological
8. H0: There is no significant relationship capacities.
between firm age and the growth of SMEs. Ahmad Rafiki (2019) conducted with the
H8: There is a positive and significant relationship “Determinants of SMEsGrowth: An Empirical
between firm age and the growth of SMEs. Study in Saudi Arabia”; the finding shows that
9. H0: There is no significant relationship size of the firm, the experience of the manager,
between firm size and the growth of SMEs. training, financing, and the network relationship
H9: There is a positive and significant relationship has a significant relationship with the firm’s growth.
between firm size and the growth of SMEs. However, other variables such as education and firm
age do not significantly affect the firm’s growth.
Literature Review
Empirical studies on factors affecting the growth
The Growth of the SMEs
of SMEs can be roughly divided into two factors:
SMEs’ growth is often closely associated with
internal factors and external factors affecting the
the firm’s overall success and survival. Growth is
growth of SMEs.
the most appropriate indicator for achieving other
External factors. Researchers have used
business financial goals. According to Phelps,
external factors affecting the growth of SMEs.
Adams, and Bessant (2007) and Gilbert, McDougall,
Some of them have considered environmental and
and Audretsch (2006), those indicted the growth
external factors to have a significant impact on the
has different implications that it is an increase in
performance and growth of small firms (Benzazoua
the amount such as growth in output, exports, and
et al., 2015). We can summarise the external factors
sales or an increase in size or a quality improvement.
affecting the growth of SMEs as follows:
Growth, however, can be measured in different
Education. Souitaris, Zerbinati, and Al-
possible indicators such as market share, assets,
Lahan (2007), Hall and Wahab (2007), Ucbasaran,
profits, physical outputs, employment, firms’
Westhead, and Wright (2008) indicated that human
resources and sales. The factors associated with
resources capacities have the most positive and
SMEs’ growth are derived from the owner/manager
significant factors for the development of small firms,
and the firms’ strategy. There are predicted variables
which increase employee skills and motivation, and
of the firm’s growth that were adopted by authors
eventually result in improving the productivity and
that include: motivation, education, experience,
long term sustainability of small firms. According
firm age and size, location, ownership, technology,
to firms with a skilled and well-educated workforce,
marketing activities and policy, human resource,
they are probably learning and innovative abilities.
economic conditions, competition, strategic and
However, low human resource capabilities are a
financial management, infrastructure and external
significant challenge for the development of SMEs
relationships.
in developing countries. Therefore, education is the
most vital of all resources. It is widely recognised that
Empirical Evidence on the Determinants of the
formal education positively impacts entrepreneurs’
Growth of SMEs
decisions to increase business growth opportunities.
According to Asma Benzazoua et al.(2015),
Owner managers who possess education may cope
who researched title with “Factors Affecting the
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with problems and consequently be more successful employees are adequately equipped with skills and
or foster business growth. This has been shown motivation.
that years of schooling or university studies have Experience. Syed (2011) shows that experience
impacted business growth. In addition, education is another relevant dimension of human capital that
provides knowledge that may help overcome may impact a firm’s growth. Work experience gives
financial constraints. entrepreneurs specific knowledge and managerial
Moreover, the firms’ owners/managers with capabilities, which can help develop more successful
better education levels are more efficient and will strategies leading to higher growth rates. In addition,
build their character and enhance their skills. Formal the experience is the best teacher in learning
education may provide entrepreneurs with a greater processes; thus, with sufficient previous experiences,
capacity to learn individual capabilities to process entrepreneurs would not repeat any mistakes
new information, new production and product they had committed before. Moreover, the main
designs, specific technical knowledge related to reason behind the business failure is the absence of
firm expansion and increase owners’ flexibility. experience, especially in the managerial aspect.
Additionally, more educated entrepreneurs have the Other studies by Raduan, Kumar, and Lim
necessary dedication, discipline, motivation, and (2006) and Muhammad (2012) found that work
self-confidence to attain higher growth rates in their experience has a positive relationship between
businesses. managers’ business experience and a firm’s growth.
Training. Kessy and Temu (2010) indicated that These indicate that the experience is needed in driving
training is considered as a sub-division of education; business into a success. Some authors disagreed and
when managers undergo training, the business stated that the previous labour market experience
could potentially have more significant assets and negatively correlates to firms’ growth. However, the
sales revenue whereby in the training sessions, the managerial experience is more comprehensive and
managers add specific or new skills and become complex than labour market experience, and many
more efficient in those skills, which they already authors agreed with its positive relationship.
have. Social network relationships. Nichter and
Singh and Belwal (2008) and Roomi, Harrison, Goldmark (2009) defined social capital as friends,
and Beaumont-Kerridge (2009) revealed that colleagues, and more general contacts through which
training has positive impacts of training such as the you receive an opportunity to use your financial and
capability of completing challenging tasks, having human capital. The social capital concept is based
control over one’s own job, moving upwards in on the principle that “Goodwill that others have
terms of the enterprise activities; creating more toward us is a valuable resource”. Social capital
opportunities for enterprises, acquiring knowledge leads to positive effects to any firms such as building
on better management techniques; and developing trust, increasing efficiency in actions and supporting
business network commercial activities. However, cooperative behaviour, carrying a set of valuable
the lack of training was a significant factor impeding resources such as norms, shared values and destiny,
the growth of SMEs in developing countries. favourable reputation, and generating structural
Singh and Belwal (2008), Shariff and Peaou effects such as wide-ranging networks. Moreover, it
(2008), and Taiwo, Ayodeji, and Yusuf (2012) confers some forms of advantage to a firm through
indicated that most training is formal. However, social interactions on trade opportunities and some
the training differs slightly from education in terms degrees of protection against the risks associated
of the duration and specialised skills acquisition. with foreignness, newness, and smallness. Extant
Training is also related to the motivational factors literature on small firm social capital and firm
of employees for growth, encouragement, and it growth revealed some evidence of positive statistical
can change their behaviours in their working places association. Small firms that have established suitable
which may affect the earnings and productivity of contacts and can develop unique relationships create
firms. Any business process will only succeed if a competitive advantage in their marketplace.

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Kontinen and Ojala (2010) stated that networks with their managerial capacities. A shortage of core
are a vital element of social capital and affirm the competence and a skilled top management team is
strong relationship between social capital building SMEs’ main challenges.
and successful economic development. Networks are Marketing skills. Marketing skills have been
often a proxy for resource access. Strong networks considered one of the most influential factors for
have been identified as one of the fundamental firm survival and growth. According to Van Scheers
concepts in the entrepreneurship discipline, and (2011), the lack of marketing skills hurts the success
the nature and sources of networks used have of small businesses. Pandya (2012) noted that the
been associated with small firm growth. Sequeira, marketing limitations of SMEs resemble other
Mueller, and McGee (2007) posited that networks limited resources such as financial and human
carry a motivation factor for the entrepreneurs at resources.
the early stages with various relationships. This Accounting record keeping. According to
motivation facilitates long-term relationships with Ferreira et al. (2011), Abdul-Rahamon et al.(2014),
the increasing likelihood of further interactions such and Nyathi and Benedict (2017), concluded that the
as increased frequency of contacts, raised awareness main problem of the business owner and managers
and growth in tacit knowledge/information of micro-enterprises to have an adequate record of
exchange where each party develops some informal business transactions; inadequate financial control
control over the others. According to Ekanem and and lack of correct accounting, neglect on the
Smallbone (2007), numerous pieces of evidence financial planning, control, analysis and appraisal
found network relationships’ contributions to the that led to the high failure rate of their businesses,
success of the owner-managers; commonly used the risk of hitting cash flow crisis, wasting money,
diversified networks from stakeholders such as and losing opportunities to expand their businesses,
universities, suppliers, customers, business services, inadequate accounting records, their inability to keep
business support institutions, and venture capitalists sufficient records, do not maintain proper books of
to facilitate their learning on market and business accounts because owners do not appreciate the
operations. When the firm is a member of an active need to keep accounting records, lack accounting
network, the owner/managers could receive critical knowledge, and find the cost of hiring professionals
knowledge on new market characteristics, thereby too expensive. This is because most SMEs operators
reducing the transaction costs than getting knowledge do not know how to maintain such records simply
through independent sources or consultants. and easily. As a result, many operators find it difficult
Internal factors were affecting SMEs growth. to give information on their income and expenditure
The success and failure of SMEs are not only related and ultimately do not know whether they have lost
to external factors but also depends on the firm or profited from their business activities. Indeed,
internal factors affecting the growth of SMEs, which according to Onaolapo and Adegbite (2014), the
can be determined as follows: variation in Small and Medium Enterprises (SMEs)
Management capacity. According to Olawale can largely be explained by the level of accounting
and Garwe (2010), management capacities are sets record keeping.
of knowledge, skills, and competencies that make Regionally, studies indicate that record keeping
the small firm more efficient. Singh and Belwal has been embraced as a driving factor for most
(2008) emphasise that management skills are African countries’ financial performance. Financial
necessary for SMEs to survive and achieve growth. record-keeping has become the foundation for
Aylin, Garango, Cocca, and Bititchi (2013) state modern businesses’ growth and sustainability.
that management skills are a crucial factor for the According to Ademola et al.(2012), businesses are
growth of SMEs and that the lack of management highly dependent on financial records kept in the
skills is a barrier to growth and is one of the factors books of accounts indicating different transactions
that can lead to failure. Pasanen (2007) suggests such as sales, purchases, income, and payments
that the growth pattern of small firms is associated by an individual or organisation. According to

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Dawudaand Azeko (2015), good financial records can differences in a firm size would reflect different
significantly improve many management decisions positions along the critical growth path, and the
a business owner and or manager takes, including more prominent firm may enjoy the advantages of
marketing, personnel, borrowing, pricing, inventory, having more considerable resources that may give
and product development. According to Bowen, et the optimum combination for optimum production.
al (2009), it is widely believed that record-keeping Based on the RBV perspective, the larger firms must
has a significant impact on the financial performance have more internal resources and better access to
of a given business. For instance, Onaolapo (2014) external resources. Thus a firm’s size has a positive
asserts that record-keeping gives factual information relationship with growth. On the other hand, there is
about an enterprise’s financial strength and current a positive relationship between the firm’s size and
performance, and therefore managers find those the firms’ growth. However, small firms grow more
records useful in making decisions. In addition, rapidly than larger ones; both are negatively related.
Bowen, et al (2009) emphasises that good record
keeping will make any business partner or investor Conceptual Framework
more aware of what is going on in their businesses This study aims to identify factors affecting
and save them money. the growth of SMEs in DerashWoreda, Gidole
Age of the firm. According to Psillaki and Town. Based on the literature review and the
Daskalakis (2009), Abor and Biekpe (2009), current research undertaken in the area, the study
Benkraiem and Gurau (2013), Abdulsaleh and developed the conceptual model related to external
Worthington (2013), and Kumar and Rao (2015), factors, which includes the “education, training,
this regarding the relationship of the firm’s age and experience and social network” and related with the
growth has been persistent in most of the research. internal factors affecting the growth of SMEs such as
The younger firms have more difficulties acquiring “marketing skill, management capacity, accounting
external finances due to the lack of an established record-keeping, firm age, and size”. This conceptual
track record, less creditworthiness, and knowledge model is used while conducting the research analysis.
acquisition to succeed. Thus, younger SMEs rely
more on internal sources of funding. Compared to Education

younger SMEs established under five years, older

Training External Factors
Experience
Social Network

SMEs are much more successful in their credit

Independent
applications. The obstacle of financing due to age has Variable Growth
of SMEs

inhibited SMEs from growing. The old small firms Management Capacity
Marketing Skill
are likely to fail, while young small firms have the Accounting Practice
Firm Age
Internal Factors

Firm Size
highest growth rates. Among the reasons is that the
small, older firms cannot adapt to the environmental Source: Developed by the researcher 2020.
changes compared to younger firms. This was Figure 1: Conceptual model.
consistent with the findings that the younger firms
Research Methodology
experienced significantly higher short-term growth
A descriptive research design and a quantitative
rates than older firms (Carr, Haggard, Hmieleski, &
research approach were used to achieve the study’s
Zahra, 2010).
objective. The study’s target population was 58
Firm size. Abdulsaleh and Worthington (2013)
Small and Medium Enterprises in Gidole Town.
found that firm size is the most widely studied and
The SMEs were licensed and operated under the
significant factor in SME growth. There is almost an
legal framework of doing business in Ethiopia.
agreement that size is associated with SMEs growth.
The sampling technique adopted for this study is
However, there is no agreement regarding the
stratified sampling techniques because the sample
relationship between firm size and growth. Federico
was selected from different stratum operating at
et al. (2012), Almeida and Campello (2007), and
SMEs’ manufacturing, service, trade, construction,
Rafiki and Abdul-Wahab (2013) mentioned that
and urban agriculture level. The sample size used for
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this study was 50 SMEs. To determine sample size Method of Data Analysis
Yamane (1967) simplified formula was used: In this study the multiple linear regression
𝑁𝑁
n= models were used for data analysis. The regression
1+𝑁𝑁(𝑒𝑒)2
model was:
where “n” is the sample size, “N” is the population GSME = β0 + β1EDU+ β2TR+ β3EX + β4SNW+
size, and “e” is the level of precision, β5MC+ β6MS+ β7ARK+ β8FA + β9FS +ε
58 where,
= 50.
1 + 58(0.05)2
GSME= Growth of SME, EDU= Education,
TR= Training, EX= Experience, SNW= Social
Table 1: Sample Size Distribution of SMEs Network, MC = Management Capacity, MS =
Categories of Total Population Sample Marketing Skill, ARK = Accounting Record
Sectors Population ratio size Keeping, FA = Firm Age, FS = Firm Size, and ε=
Service 15 50 (15/58) 13 Error Term.
Manufacturing 21 50 (21/58) 18
Trade 15 50 (15/58) 13
Regression Analysis
Correlation Analysis Between Independent and
Construction 2 50 (2/58) 2
Dependent Variable
Urban
5 50 (5/58) 4 Correlation Matrix for the Growth of SMEs
agriculture
(GSME), Education (ED), Training (TR), Experience
Total 58 50(58/58) 50
(EX), Social Network (SNW), Management Capacity
Source: Secondary Data 2020
(MC), Marketing Skill (MS), Accounting Record-
Keeping (ARK), Firm Age (FA), Firm Size (FS).
Table 2: Correlation Matrix for SACCO Financial Performance
Correlation
GSME ED TR EX SNW MC MS ARK FA FS
GSME 1.000
ED 0.859** 1.000
Pearson Correlation

TR 0.823** 0.726*** 1.000

EX 0.544** 0.370** 0.559** 1.000
SNW 0.647** 0.698** 0.514** 0.509** 1.000
MC 0.868** 0.849** 0.730** 0.495** 0.856** 1.000
MS 0.679** 0.398** 0.385** 0.461** 0.521** 0.602** 1.000
ARK 0.572** 0.591** 0.436** 0.378** 0.459** 0.394** 0.506** 1.000
FA 0.635** 0.497** 0.563** 0.608** 0.403** 0.357** 0.386** 0.541** 1.000
FS 0.594** 0.374** 0.402** 0.523** 0.411** 0.393** 0.507** 0.437** 0.546** 1.000
Note. **Correlation is significant at the 0.01 level (2-tailed), *N= sample size of 50.
Source: SPSS result of the own survey 2020.
Correlation analysis of external factors and finding stated that the external factors due to lack
growth of SMEs. According to Table 2 above, of education, training, experience, and poor social
Pearson Correlation external factors are such as network significantly affect the growth of SMEs.
education (0.859), training (0.823), experience Thus, the null hypothesis (H0) can be rejected, and
(0.544), and social network (0.647). It suggested alternative hypotheses (H1, H2, H3, and H4) have to
a positive and significant relationship between be accepted due to the significant relationship with
education, training, experience, social network, the growth of SMEs.
and growth of SMEs. The correlation coefficient is
0.000, statistically at 1% of the significant level. The
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Correlation analysis of internal factors and is 0.000, statistically at 1% of the significant level.
growth of SMEs.The Pearson Correlation internal Therefore, the finding stated that the internal factors
factors are such as management capacity (0.868), due to poor management capacity, lack of marketing
marketing skill (0.679), accounting record keeping skill, poor accounting record-keeping, firm age,
(0.572), firm age (0.635), and firm size (0.594). It and size significantly affect the growth of SMEs.
suggested a positive and significant relationship Thus, the null hypothesis (H0) can be rejected,
between management capacity, marketing skill, and alternative hypotheses (H5, H6, H7, H8, and
accounting record-keeping, firm age, and firm size H9) have to be accepted because the variables are
with the growth of SMEs. The correlation coefficient a significant relationship with the growth of SMEs.
Regression Model Summary
Table 3: Multiple Regressions of Independent Variables and Dependent Variable (GSME)
Model Summary
Std. Change statistics
R Adjusted error R
Mode R Sig. F Durbin-
square R square of the square F change df1 df2
change Watson
estimate change
1 0.938a 0.880 0.877 0.14180 0.880 313.118 5 44 0.000 1.842
Notes.Predictors: (Constant), ED, TR, EX, SNW, MC, MS, ARK, FA, FS; Dependent Variable: GSME.
Source: SPSS result of the own survey 2020.
In Table 3, the coefficient of correlation (R) of The next column gives us a value of R2(Coefficient
the variables as a whole, the fitness of the model of determination) or fitness of the model, which
(R2), adjusted R Square(adj.R2), and standard error measures how much the variability in the outcome
of the estimate was computed using SPSS 20.0 was accounted for by the predictors or the
software. In the column labelled R (correlation percentage of the dependent variable explained by
coefficient), there were the values of the multiple the independent variables. Therefore, the value was
correlation coefficients between the predictor and 0.880, which means that ED, TR, EX, SNW, MC,
the outcome. When the nine predictor variables MS, ARK, FA, and FS are for 88% of the variance in
were used at once, the correlation between the the growth of SMEs.
independent and dependent variables will be 0.938. The Durbin Watson test statistics was 1.842, as
The correlation coefficient lies with a value between shown in Table 3; this indicates that all alternative
-1(perfect negative correlation) to +1(perfect positive hypotheses are accepted; there was a positive
correlation); this shows a strong correlation between correlation as the value was smaller than 2. Field
the dependent and the independent variables. (2009) generally shows a positive correlation as the
value was less than 2.
Analysis of Variance
Table 4: Significant of Independent Variables on Dependent Variable (Growth of SME)
ANOVA
Model Sum of squares Df Mean square F Sig.
Regression 31.479 5 6.296 313.118 0.000b
1 Residual 4.303 44 0.020
Total 35.782 49
Note. Dependent Variable: SFP. Source: SPSS result of the own survey 2020.
Based on Table 4, by looking at the F-statistics significance. In this model, F-value is 313.118, and
and corresponding probability (P) value, it can the corresponding probability value is 0.000, which
be used as a proxy for checking overall model is less than a 5% level of significance as indicated by
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sign <0.000. Therefore, the study models significantly Model Parameters for the Growth of SMEs
more variance for the growth of SMEs. The study The result of multiple regression analysis on the
has established ED, TR, EX, SNW, MC, MS, ADK, relationship between ED, TR, EX, SNW, MC, MS,
FA, and FS, which influence SMEs’ growth. The ARK, FA, FS, and the growth of SMEs in Derash
significance of the study means that the regression Woreda, Gidole Town.
model was also significant and therefore fit for the study.
Table 5: T-Test and Beta Coefficients of the Independent Variables
Coefficients
Unstandardized coefficients Standardized coefficients
Model T Sig.
B Std. Error Beta Tolerance VIF
(Constant) 0.628 0.048 7.142 0.000
ED 0.228 0.030 0.365 7.552 0.000 0.241 1.156
TR 0.392 0.021 0.484 6.275 0.000 0.305 1.282
EX 0.209 0.024 0.362 5.132 0.000 0.564 1.773
SNW 0.361 0.028 0.497 7.807 0.000 0.214 1.664
1
MC 0.282 0.032 0.599 6.702 0.000 0.119 1.423
MS 0.241 0.041 0.416 5.501 0.000 0.907 1.102
ARK 0.387 0.022 0.494 6.714 0.000 0.884 1.133
FA 0.261 0.031 0.214 5.984 0.000 0.642 1.108
FS 0.206 0.35 0.441 7.003 0.000 0.816 1.385
Note. a. Dependent Variable: SFP. Source: SPSS result of the own survey 2020.
Model summary. The regression model was as Hypothesis Testing and Interpretation of the
follows: Results
𝑮𝑮𝑮𝑮𝑮𝑮𝑮𝑮 = 0.628 + 0.228𝑮𝑮𝑬𝑬 + 0.392𝑻𝑻𝑻𝑻 + 0.209𝑮𝑮𝑬𝑬 + 0.361𝑮𝑮𝑺𝑺𝑺𝑺 + 0.282𝑮𝑮𝑴𝑴 This section of the study aims to determine the
+ 0.241𝑮𝑮𝑮𝑮 + 0.387𝑨𝑨𝑻𝑻𝑨𝑨 + 0.261𝑭𝑭𝑨𝑨 + 0.206𝑭𝑭𝑮𝑮 + 0.048.
factors affecting SMEs’ growth in DerashWoreda,
According to Table 5 above, the coefficient Gidole Town. This particular section presents
test for the variables involved is presented. The the results of the study indicated by statistics,
table depicts how each independent variable using regression analysis, and the effect of each
influences the dependent variable. The standardised independent variable test is discussed and analysed.
Beta coefficient explains the factors affecting the The results show significant relationships between
independent variables in contributing to the variance independent variables (such as education, training,
of the growth of SMEs (dependent variable).The Beta experience, social network, management capacity,
value for education is (Beta= 0.365, P<0.05), training marketing skill, accounting record-keeping, firm
(Beta= 0.484,P<0.01), experience (Beta= 0.362, age, and firm size) and dependent variables (growth
P<0.01), social network (Beta= 0.497, P<0.05), of SMEs). Even though most of the hypotheses are
management capacity (Beta= 0.599, P<0.01), supported, the study found a strong relationship
marketing skill (Beta= 0.416, P<0.01), accounting between the independent variables and the growth of
record-keeping (Beta= 0.494, P<0.01), firm age SMEs. The hypotheses testing based on regression
(Beta= 0.214, P<0.05), and firm size (Beta= 0.441, model output is discussed below.
P<0.05). The result reveals a significant relationship Hypothesis. The regression result shows a
between independent variables (education, training, significant positive relationship between education,
experience, social network, management capacity, training, experience, social network, management
marketing skill, accounting record-keeping, firm age, capacity, marketing skill, accounting record-keeping,
and firm size) and the dependent variable (growth of firm age, and firm size and the growth of SMEs:
SMEs). standardized Beta coefficient of ED (Beta= 0.365,

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International Journal of Management

t-statistic of 7.556), TR (Beta = 0.484,t-statistic of have a significant relationship with the firm’s growth
6.275), EX (Beta = 0.362, t-statistic of 5.132), SNW in Saudi Arabiya. Although Almeida and Campello
(Beta = 0.497, t-statistic of 7.807), MC (Beta = 0.599, (2007) argued that small firms grow more rapidly
t-statistic of 6.702), MS (Beta = 0.416, t-statistic of than larger ones, both are negatively related.
5.501), ARK (Beta = 0.494, t-statistic of 6.714), FA
(Beta = 0.214, t-statistic of 5.984), and FS (Beta Conclusion and Recommendations
= 0.441, t-statistic of 7.003) and P-value of 0.000. Based on the above findings and conclusions of
When the percentages of Beta coefficient value the research, this study has recommended specific
will increase, one unit increases in the independent points that the researcher thought to be critical
variable, the growth of SMEs. Thus, the regression if accordingly and appropriately considered and
results show that all independent variables are implemented by the responsible SMEs stakeholders,
statistically significant at 1% because the P-value owners of SMEs, government bodies, and future
was 0.000, less than 1%. Therefore, the alternative researchers. Accordingly, based on the study
hypotheses (H1, H2, H3, H4, H5, H6, H7, H8, and H9). findings, the following recommendations were
forwarded.
The implication of this finding is lack of
education, lack of well trained and experienced
SMEs Stakeholders
workforce, lack of social communication and business
This study has implications for the SMEs’
network, poor management capacity due to “lack of
stakeholders. Through this study, the stakeholders
a strategic business plan, inefficient utilisation of
should get the contacts and understandings of how
financial resource and poor management decision”
the firms grow. They can learn theoretically and
lack of marketing skills due to”weak marketing
practically the important things to be adopted to
research, inadequate market segmentation, lack of
achieve growth. They should gain more experience
assessing potential customers”, poor accounting
to guide better and supervise subordinates, and they
record keeping due to “lack accounting knowledge,
need to attend work or business-related training to
lack of correct accounting record, inability to keep
upgrade and enhance their competitive skills. For
sufficient business transactions, bad financial
instance, the stakeholders should assess the external
planning, control and analysis, inadequate books
access to finance, market segment and facilitate
keeping”, firm age and size due to “unable to adapt
business communication using social networks
to the environmental changes and lack of access to
among internal and external bodies.
land, external financing, inefficient for reinforcing
the competitiveness” which have a strong influence
SMEs Owners or Managers
on the growth of SMEs in DerashWoreda, Gidole
This study recommended that the owner of
Town. The finding of this study was consistent with
SMEs should be upgraded management capacities
the conclusions forwarded by Singh and Belwal
by sets of knowledge, skills, and competencies that
(2008), Roomi et al.(2009), Ferreira et al. (2011),
can make the SMEs more efficient. In addition to
Federico et al. (2012), Abdulsaleh and Worthington
this, they should pay attention to improving their
(2013), Rafiki and Abdul-Wahab (2013), Abdul-
enterprises’ recordkeeping and accounting systems.
Rahamon et al. (2014), Benzazoua et al. (2015),
Nyathi and Benedict (2017), and Rafiki (2019) who
For Government Bodies
indicted that education, training, experience, social
According to this study result, SMEs are weak
network, management capacity, marketing skill,
regarding the overall activity. Even though the
accounting record-keeping, firm age, and firm size
Ethiopian government tried to solve external factors
are positive and significant factors for the growth
by providing chances to access finance, technology,
and development of SMEs in developing countries.
marketing areas, and necessary infrastructure as
On the other hand, the current study contradicted the
much as possible, most SMEs failed to upgrade
conclusions forwarded by Ahmad Rafiki (2019); the
themselves to be large companies. This implies
finding shows that education and firm size do not
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 SHANLAX
International Journal of Management

that governments and other potential donors are Saharan Africa? Evidence from Ghana.” Journal
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Author Details
Negalign Nigatu, Assistant Professor, Department of Accounting and Finance, College of Business and Economics,
Wolaita Sodo University, WolaitaSodo, Ethiopia. Email ID: [email protected].

Frew Moges, Ph.D. Research Scholar in Rural Development, Department of Rural Development and Agricultural
Extension, College of Agriculture, Wolaita Sodo University, Ethiopia. Email ID: [email protected].

Senapathy Marisennayya, Associate Professor, Department of Rural Development, College of Agriculture, Wolaita
Sodo University, Ethiopia, Email ID: [email protected].

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