Addressing Unemployment challenge through micro and small enterprises (MSEs): Evidence from Nigeria

Managing capital structure is an imperative decision made by all firms. The manner in which financing is organized is a strategic financial decision and managers must settle on the amount of debt in relation to equity that it requires to maintain. Despite many empirical studies investigating the choice of capital structure for large corporates, minimal research has been conducted on capital structure decisions in small, medium, and micro enterprises (SMMEs). This study identifies major factors influencing the capital structure of SMMEs in a developing economy and enlightens owners/managers on the importance thereof. This investigation used a quantitative research approach, which was cross-sectional. A convenience sampling method was adopted, and data were collected from 136 respondents, only confined to the retail and whole sector, which is the second largest sector in KwaZulu-Natal, South Africa. The partial least squares structural equation modelling was utilized to determine the statistical results. It was discovered that managerial factors such as individual goals and financing preference of the owner/manager, network ties, attitude to debt, maintaining control and asymmetric information; and firm-level factors such as size of the firm, profitability and firm age are major factors that influence the capital structure of SMMEs. Therefore, capital structure decisions are made motivated by the attitudes of the owners/managers.

This article provides a new perspective on sustainable marketing strategies in the context of a globalized clothing and textile (C&T) sector in Zimbabwe by linking two diverse streams of literature, namely, globalization and marketing strategy. A quantitative approach was adopted to obtain data from 127 respondents using a two-stage cluster sample. Structural Equation Modeling (SEM) confirmed three of four hypothesized relationships, namely that integrated co-alliances, modern technology and national policy impact the sustainability of clothing and textile sector in Zimbabwe. The adoption of a standardized marketing strategy characterized by uniform application of the marketing mix elements with minor modifications will have a significant impact on the capacity of the C&T sector to withstand the adverse effects of globalization. The research extends the body of existing knowledge on marketing strategy in the context of globalization of Zimbabwe’s C&T sector, and argues empirically for a new approach to developing and implementing competitive marketing strategies. The research findings will enable companies in the C&T sector of a developing economy to craft competitive marketing strategies, which incorporate internal company capabilities and technology, and also recognize the role of national policy in the globalization discourse.

This review aims at assessing the economic evaluation of public programmes such as the expanded public works programmes (EPWP) in South Africa. The South African government earmarked the EPWP for departments and municipalities to implement projects that are meaningful for economic transformation and inclusive growth. This study argues that economic evaluation of public programmes must consider the interplay of complex decisions making on resource allocations and take into account consequences thereafter in a systematic way. This review paper adopted a qualitative document analysis, where data is drawn from research reports on programme evaluation, policy documents, EPWP evaluation reports, books and articles drawn from accredited journals. Key findings from this study draw attention to unfulfilled great expectations to sustain job creation in an emerging economy in South Africa. Results also revealed that although the M&E design was suitable for the evaluation, it was not compared to any other alternative cost-effective measurement strategy to assess the economic value of the EPWP in South African public service. Based on the lessons from EPWP, this study recommends an integrative approach to evaluate job creation programmes in order to settle on the economic value of EPWP.