Fueling regional economic prosperity: The role of P2P lending in micro‐firms and small businesses

Economic Vulnerabilities and Livelihoods: Impact of <scp>COVID</scp>‐19 in Fiji and Vanuatu

This study examines the Effect of management orientation on digital business and business growth and the Effect of digital business on micro and small business growth. This research belongs to the associative/explanatory category accompanied by hypothesis testing. The unit of analysis in this study was micro and small businesses in East Java, with a population of 358. The sampling technique in this study used purposive sampling with specific criteria and obtained a sample size of 191, which is referred to as respondents. Path analysis results show that management orientation has a positive and significant effect on digital business and business growth, and digital business has a positive and significant effect on the growth of micro and small businesses in East Java. The findings of this study indicate that management orientation based on the principle of change responsively and wisely in utilizing digital platforms in business will undoubtedly encourage the strengthening of digital business operations to be more effective, thereby encouraging the growth of micro and small businesses. Therefore, management orientation and digital business must be managed optimally to maintain sustainable micro and small business growth.

Micro and small enterprises sector in Kenya is characterized by high mortality rate, three out of five fail within the first few months of operation, over 60% fail each year; and most do not survive to their third anniversary. Despite the significance of entrepreneurial competence in small business, it is not clear the influence of entrepreneurial competence on growth micro and small enterprises. Therefore, this study assessed the effect of entrepreneurial competence on growth of micro and small enterprises in Kiambu County. The specific objectives were; to establish the effect of innovation competency, leadership competency, networking competency, and risk-taking competency on the growth of micro and small enterprises. Descriptive research design was used and data collected from 1274 micro and small enterprises owners or managers. Stratified random and simple sampling was used to arrive at 304 micro and small enterprises. The collection of data was done via questions emailed online by the researcher to micro and small enterprises owners. Descriptive measures and regression analysis were used to explain the relationship between variables. It was discovered that the majority of respondents used various innovative technologies in their businesses, including Mshwari and KCB-Mpesa mobile banking technology. The findings also revealed that majority of micro and small enterprises have adopted various leadership competency facets such as results and performance-based traits, listening and engaging with workers, employee engagement (rewarding and facilitating their wellness), avoidance of unethical behavior (drugs and alcohol abuse), and supporting staff teamwork. As part of their network strategies, the majority of the respondents partnered up with other vendors for joint sales, approached former clients, and created multiple revenue streams. Cautious decision-making, taking manageable risks, careful risk analysis, and measured moves all had an effect on a company's growth. The study concluded that innovation, leadership, networking and risk-taking competencies have a positive and significant effect on growth of micro and small enterprises. The recommendation was that micro and small enterprises should embrace innovation competency as a means of enhancing their development, owners should improve their leadership skills, which, according to the results, is a critical component of firm growth and success, entrepreneurs should accept networking as a means of gaining a competitive edge and should follow risk-taking strategies by making calculated moves in their operations and carefully analyzing the available options in order to maximize their chances of landing on the best option.

Objective: This research wants to test the influence of social media on strengthening management and business growth and examine the effect of strengthening management on business growth.&#x0D; Design/methodology/approach: This research is included in the quantitative research category with an associative /explanatory approach and hypothesis testing. The unit of analysis in this research is micro and small business actors with a population of 186. The sample size in the research is 92. While Taking sample members from the population using a purposive sampling technique, the sample members are also referred to as respondents. The distribution of questionnaires was carried out over one month (1 June 2023 - 30 June 2023); 87 questionnaires were answered and filled in completely (94.57%); therefore, the data collected through this questionnaire was representative enough to represent the total population.&#x0D; Findings: Testing with Path analysis shows that social media directly and significantly influences strengthening management and business growth with standardized coefficient values of 0.347 (sig. 0.039) and 0.324 (sig. 0.041), while strengthening management directly and significantly influences the growth of micro-businesses and small with a standardization coefficient value of 0.409 (sig. 0.46). The results of this test show that social media, which is used massively to explore market information and is carried out in a structured manner, will encourage optimal management development to provide an adequate contribution to strengthening management, which leads to the creation of sustainable creative behavior in managing micro and small businesses to be more effective and efficient, both in managing market access, implementing management functions, business processes, and business cycles, so as to leverage the growth of micro and small businesses for the better. Therefore, hypotheses H1, H2, and H3 can be accepted because all the antecedents are tested to have a positive and significant influence with a significance figure below 0.05

The growth of micro and small businesses in Kendari City cannot be separated from the role of business actors who take advantage of the current development of internet technology. The Southeast Sulawesi MSME Forum conducted an initial survey in 2020 covering 45 MSEs, consisting of 42 micro businesses and 3 small businesses and showed that the number of respondents who use the internet to promote and sell their products such as facebook, instagram, whatsapp and youtube websites reached 72%. and 28% of them have not used the internet media. MSMEs can take advantage of digital marketing, but empirically there are still many who have not made maximum use of it due to limited knowledge of the media used. The level of utilization of digital marketing is quite high but sales turnover made through online media is 16 MSEs only able to sell their products below 10% of turnover, 20 MSEs with turnover below 50% and the remaining 9 MSEs with a turnover of 50% and above. Therefore, it is very important to examine the role of digital marketing in improving the performance of micro and small businesses. The purpose of this research is to improve the performance of micro and small businesses. The stages of the research method are (a) Develop instruments as well as test validity and reliability, (b) The data that has been obtained are then tabulated according to the observed variables. Furthermore, it is described, (c) conducting analysis and discussion related to the role of digital marketing in improving the performance of micro and small businesses. (d) examine the appropriate model for improving the performance of micro and small enterprises. (e) Draw conclusions and provide recommendations on improving the performance of micro and small enterprises through the resulting model. The output target is a Sinta accredited national journal. 5. The proposed level of Technology Readiness (TKT) is 2, namely Digital marketing, has been identified, theoretical/empirical studies) allow digital marketing technology to be applied; The theoretical and empirical designs have been identified; The basic elements of the digital marketing technology that will be developed are known; The characterization of the digital marketing technology components that will be used has been mastered and understood; The performance of each of the constituent elements of the technology to be developed has been predicted; Preliminary analysis shows that the main digital marketing functions needed are working well; Models and simulations to test the correctness of the basic principles of digital marketing technology have been created; Analytical research to test the correctness of the basic principles of digital marketing technology has been carried out; The components of digital marketing technology that will be developed separately can work well; The equipment used has been tested for validity and reliability and the stages of using digital marketing are known. The results of the study found that improving the performance of micro and small businesses can be done by implementing digital marketing, namely implementing an increase in business perspective, increasing distribution, increasing goods and services using customer feedback, awareness of business image, building interaction with customers and increasing the number of consumers. To make the application of digital marketing effective, Micro and Small Business actors need to increase their knowledge of digital marketing, increase the level of internet use and use various types of social media. Keywords: Digital Marketing, UKM Performance DOI: 10.7176/EJBM/13-20-09 Publication date: October 31 st 2021

The largest number of business establishments in Malaysia is micro and small businesses. Although micro and small businesses make a great contribution to the country’s economic development, they are vulnerable and easily affected by any changes occurring within the business environment. Therefore, to ensure the survival of micro and small businesses in Malaysia, various business support programmes have been introduced by the government. It is believed that a conducive intervention programme is significant in ensuring the survival, competitiveness and growth of micro and small businesses. However, the effectiveness of business support programmes in facilitating the business survival of micro and small businesses have been debated. With the emergence of the current COVID-19 crisis, the issue of the effectiveness of the programmes become more critical. Based on a literature review, this study explores the issues and challenges concerning the access to, utilisation and delivery of micro and small business support programmes. The reviewed literature shows that the ineffectiveness of business support programmes is related to issues and challenges in the implementation of the programmes.

The need for policy to focus on Gozo in the overall developmental needs of Malta is justified on the basis of the indispensable contribution provided by Gozo to the national economy as well as its positive economic growth and well-educated labour force. This indicates that Gozo is not a region to be abandoned but one that requires policy actions to support the growth of micro and small business, facilitate employment, improve residential attractiveness in the territory and develop innovative approaches towards the sustainable development of the island region. The Gozo success story must be extended further, and there is more in the pipeline to sustain and support the restructuring of existing businesses as well as attract new small and micro business that has a strong strategic fit with Gozo’s development model.

This study examined the nexus between microfinance banks and the growth of micro, small and medium enterprises in Nigeria. Research design method through a self-administered questionnaire to respondents was adopted for the study. The respondents comprise the microfinance banks’ management and staff and micro, small and medium business entrepreneurs, in Lagos State, the commercial hub of Nigeria. The targeted population of this study was 250 with 223 validly responded. The study tested two hypotheses using logit regression analysis. The hypothesis one shows that the null hypothesis is rejected with the acceptance of the alternate that the microfinance banks in Nigeria channelled their resources to the intended target (t-calculated of 8.181 is greater than t-tabulated of 0.000 at 5% level of significance). The findings further showed that a significant positive relationship exists between microfinance banks, proxied by Small Scale Financial Services (SSFS); Financial Sustainability (FST); Absence of Assets-based Collateral (AAC); and Advisory Services (ADS) and the growth of micro, small and medium enterprises in Nigeria. This implies that any upward movement in the services of microfinance banks will enhance the growth of MSMEs. This is further affirmed with the t-calculated of 6.540 &gt; t-tabulated of 0.000 at 5% level of significance. Thus, rejecting the null hypothesis two and accepting that there is significant positive link between microfinance banks and MSMEs in Nigeria. This study then recommended among others, the need for government to put in place, a strong and more effective team comprises of all stakeholders, to ensure that the microfinance banks do not derail from their primary responsibility of sustaining funding for the MSMEs.

There is an ongoing argument that internal locus of control of business owners or managers can be related to the growth and survival of the business. The internal locus of control might be affecting the growth of enterprises as internal locus of control of an entrepreneur differs from the characteristics of a non-entrepreneur Some researchers have tried to define success in terms of turnover, sustainability, and growth. Some researchers have observed that entrepreneurial traits are indicators of success. The general research issue that has to be addressed in this study is the fact that, in addition to financing and markets, there are additional variables impacting the high mortality rate and stunted growth of micro and small firms in Kenya, particularly in Bomet County. So, this study will look at the connection between the development of micro and small businesses in Bomet County and internal locus of control. In this study, the moderating impact of training in entrepreneurial skills will be examined. The target population was micro and small enterprises in Bomet County which were 14,574 in number in 2016. The unit of observation was the managers and owners of these enterprises. The unit of analysis in the micro and small enterprises in Bomet County and their growth over the past five years. The study used a stratified sampling technique to pick the respondents from the manufacturing, trade, and services strata of micro and small enterprises. The sample size was 384 micro and small enterprises. Data was collected using a questionnaire. Data collection was done by administering the instrument to the owners or managers of the enterprises. The data was processed using computer software. The association between the internal locus of control of entrepreneurs and the expansion of businesses was established using a multiple regression model. The main conclusions were that the expansion of businesses in Kenya's Bomet County is influenced by internal locus of control. The study's main advice is that the key participants in the firms should train to develop the traits of owners and managers. This study also suggests that not everyone can succeed as an entrepreneur. Resources and a methodology should be available to find future entrepreneurs. The necessary resources cannot be accessed before identification.

This study aims to analyze the role of Islamic microfinance institutions in developing micro and small businesses in Indonesia through the distribution of funds based on sharia principles. The method used is a literature review to identify how Islamic financing schemes, such as mudharabah and musyarakah, contribute to increasing access to capital for small business actors. The results of the study show that Islamic microfinance institutions provide more inclusive and fair financing and business assistance and management of social funds such as zakat, infaq, and sedekah. This supports the growth of micro and small businesses and improves the community's economic welfare. However, several challenges remain, such as low Islamic financial literacy and limited capital. Therefore, this study recommends the need for innovation in Islamic financial technology and increased public education to expand the reach and effectiveness of Islamic financial services for micro and small businesses.

Micro and Small Enterprises (MSEs) play an important economic role and recognized as an important vehicles of employment creation, income generation and poverty alleviation. The purpose of this article reviews was to reviews the contribution of MSEs and it factors constraining the growth of micro and small business (MSEs) growth in Ethiopia. The reviews were based on the secondary data that are published on the micro and small business in Ethiopia. The several authors argue that employment generation by the small business may be high in quantitative term but very low in quality. Technological up-gradation would enable the small firms to create quality employment improving remuneration, duration and skill. This structural shift may reduce the rate of employment generation in the short run but would ensure high-income employment generation in the long run. Furthermore, It provides employment opportunities, encourages and sustains self-reliance, provides technical inventions and innovations promotes competition in the market which acts as a check in the activities of monopolists, utilize waste product from big firm for further production. Therefore, this article reviews shows that poor government regulation, evaluation, follow, working premises, initial investment, high collateral requirement from financial institutions, lack of clear job description among members, lack of training, poor linkage of MSEs to the market, were some infrastructural, managerial, financial, legal, and marketing challenges as factors affecting the growth of MSEs in Ethiopia. Therefore, the concerned office should support the MSEs to tackle factors hindering its growth. MSEs should tie to the market and members should develop culture of working together for the growth of SMEs. Keywords: Micro business, Economic Growth, Challenge, Employment, Empowerment, Ethiopia DOI: 10.7176/JESD/12-15-05 Publication date: August 31 st 2021

This study investigates the influence of financial behavior, financial technology, and e-commerce adoption on the income growth of micro, small, and medium enterprises (UMKM) participating in the "Baku Timba Fest" in Jayapura City. Using purposive sampling, data were collected from 30 respondents through questionnaires. Employing a quantitative research method, classical assumption tests and multiple linear regression analyses were conducted. The findings reveal that financial behavior significantly impacts income growth. Although financial technology and e-commerce adoption exhibit a positive relationship with income growth, their effects are not statistically significant. Furthermore, collectively, all three variables significantly influence UMKM income growth. These results highlight the need for targeted strategies to enhance financial behavior and effectively leverage technology for sustainable income growth among UMKM.

This paper presents growth of micro- and nanostructured TiO2 layers on Ti6Al4 V by thermal and anodic spark oxidation for photocatalysis. Effects of anodization parameters on surface morphology and photocatalytic behavior were investigated. The photocatalysts divided into two groups consisting of four samples were prepared for growth of micro- and nanostructured TiO2 layer on Ti6Al4 V. The microstructured surfaces were obtained in 1 M H2SO4 electrolyte in 5 min at the anodization voltage in the range of 100–400 V, whilst the nanostructured TiO2 layers were prepared in 1% HF solution in the range of 10–40 V in equal time. Surface morphology, phase structure, band gap and surface roughness values of the micro- and nanostructured TiO2 photocatalysts were analyzed by scanning electron microscope, X-ray diffraction, UV–Vis diffuse reflectance spectroscopy and surface profilometer, respectively. Photocatalytic performances of TiO2 photocatalysts obtained with different anodization parameters were investigated via methylene blue aqueous solution. It was observed that the anodization voltage has a great effect on photocatalytic performances due to the formation of different crystallinity and morphology. Among the samples, the layer prepared at 100 V exhibited the best photocatalytic activity with 91.15% degradation efficiency and 95.5 × 10−4 min−1 kinetic rate constant. Moreover, the further investigation determining active species were carried out using ammonium oxalate, benzoquinone, and isopropyl alcohol. In this process, the photocatalytic mechanism revealed that the superoxide radicals $$(^{ \cdot } {\text{O}}_{ 2}^{ - } )$$ play a very important role during the photodegradation process. The TiO2 layer on Ti6Al4 V anodized at 100 V also showed high activity and stability, suggesting its potential for wastewater treatment.

Introduction Innovations are a key landmark of economic development in the modern economic system. The level of economic activity in economy determines its global competitiveness, as well as possibilities for sustainable development. It should be noted that despite huge possibilities of large business regarding research and creation of innovations, as well as availability of necessary resources for their implementation and possibilities of taking significant risk, large enterprises are usually reluctant to modernize and are characterized by domination of traditions. Small business is inclined to implementation of innovations, as it has not significant reserve of financial strength. Smallest changes in consumer preferences make small business adapt to new economic conditions. Implementation of innovations allows small enterprise to differ from rivals and stay in the market for longer time. Despite the fact that risk of implementation of innovations is huge and in case of failure small enterprise may become a bankrupt, it has to show high innovational activity due to weak market positions. Under the conditions of globalization and integration, favorable possibilities for international movement of investments are created. In view of limited internal investment possibilities, countries of the world compete for attraction of foreign investments. Small business does not have necessary financial resources. That's why one of the most important factors of provision of its innovational activity is still attraction of investments. Thus, actuality of study of problems and perspectives of increase of investment attractiveness of small innovational business under the conditions of globalization and integration grows--which is studied in this work. Peculiarities of functioning and development of small innovational business under the conditions of globalization and integration There are two main approaches to treatment of the notion and sense of small innovational business which suggest using different criteria of assigning enterprise to small business and innovational business. Proprietary classification of these approaches is represented in Table 1. As is seen from Table 1, quantitative approach supposes comparison of factual quantitative data which characterize activities of enterprise with set normative values that are given on the basis of effective laws or the used measurement system. Thus, quantity of personnel is analyzed--it should not exceed certain threshold, for otherwise the enterprise will be medium or large. Also, it is possible to evaluate the volume of profit which should not exceed certain volume for certain enterprises. Quantity of innovations implemented by enterprise should be larger, as well as the share of innovational products in production structure. For example, in modern Russia, an enterprise, in order to be assigned to small innovational business, should have no more than 100 employees, no more than RUB 400 million of profit, and the share of innovational products (products set in manufacture not earlier than three years ago) should exceed 90%. Within qualitative approach, the level of innovativeness of manufactured products and level of novelty of the used technologies of production, management, and marketing are determined. As this data is not reflected in corporate accounting, it is obtained with the help of the expert evaluation method. The possibility of subjectivism predetermined lesser precision of qualitative approach as compared to quantitative approach. However, qualitative approach allows separating enterprises which borrow innovations from other market members and selecting truly innovational enterprises which implement leading technologies into their activities and manufacture innovational products, i.e., products which are new for the global economy on the whole, not just for this sphere or region. This work understands small innovational business as an enterprise with no more than 100 employees that actively implements innovations into its production, managerial, and marketing activities, and manufactures innovational products and/or performs innovational services. …

This study involves a comprehensive survey of about 1500 micro and small businesses across three major cities in one of the smallest states in Nigeria (Ebonyi State). Based on the cross-sectional data generated, a linearized Tobit regression and a robust T-Test statistical technique are applied to comparatively examine how internal firm attributes, market attributes, and socioeconomic and macroeconomic conditions affect the growth of micro and small businesses in a typical small state and small cities. The results reveal a key challenge to be the dominance of the business space in small cities by micro and largely informal enterprises.