Culture, financial literacy, and SME performance in Ghana

Figures & data

Table 1. Descriptive statistics

	N	Minimum	Maximum	Mean	Std. dev.
FINLIT	300	.20	1.00	.6607	.16085
FINANCIAL LITERACY 1	300	.00	1.00	.5633	.49680
FINANCIAL LITERACY 2	300	.00	1.00	.0767	.26651
FINANCIAL LITERACY 3	300	.00	1.00	.9967	.05774
FINANCIAL LITERACY 4	300	.00	1.00	.8700	.33687
FINANCIAL LITERACY 5	300	.00	1.00	.7967	.40315
GRO-PA	300	.00	1.00	.7267	.44642
PROS	300	.00	1.00	.3067	.46188
CATH	300	.00	1.00	.0800	.27175
PENT	300	.00	1.00	.4400	.49722
GENDER_M	300	.00	1.00	.4333	.49636
GENDER_F	300	.00	1.00	.5667	.49636
SAVPACT	300	.00	1.00	.9133	.28182
AGE	300	1.00	6.00	3.6100	1.03026
Valid N (listwise)	300

Table 2. ANOVA

		Sum of squares	df	Mean square	F	Sig.
Within Groups	69.875	295	.237
Total	73.667	299
GENDER	Between Groups	3.792	4	.948	4.002	.004
	Within Groups	69.875	295	.237
	Total	73.667	299
RELIGION	Between Groups	3.038	4	.760	4.101	.003
	Within Groups	54.629	295	.185
	Total	57.667	299
MARITAL STATUS	Between Groups	.333	4	.083	.615	.653
	Within Groups	39.987	295	.136
	Total	40.320	299
LEVELOF EDUCATION	Between Groups	89.036	4	22.259	6.019	.000
	Within Groups	1,072.476	290	3.698
	Total	1,161.512	294
AREA OF STUDY	Between Groups	3.608	4	.902	.526	.717
	Within Groups	320.887	187	1.716
	Total	324.495	191
AGE	Between Groups	9.815	4	2.454	2.354	.054
	Within Groups	307.555	295	1.043
	Total	317.370	299

Table 3. Culture and other demographic determinants of financial literacy among SMEs in Ghana

	Unstandardized	Standardized	ANOVA	Adj R^2	Durbin Watson
Culture
PROS	−.168***	−.484
PENT	−136***	−.421
	(.024)
CATH	−.251***	−.423
	(.033)
CONS	.792***
	(.020)
			21.198***	.169	1.181
Gender
GEN_M	.002
	(.019)	.005
CONS	.660***
	(.012)		.007	.000^	.968
Age
AGEBELOW20	−.315**	−.113
	(.155)
AGE20TO29	−.040	−.081
	(.030)
AGE40TO49	.064***	.190
	(.021)
AGE50TO59	−0.003	−.006
	(.031)
AGE60ANDABOVE	−.122***	−.176
	(0.040)
CONS	.651***
	(.015)
			6.546***	.085	1.103
Educational background
EDUSEC	.038	.091
	(.024)
EDUDIP	.140***	.308
	(.026)
EDUDEG	.148***	.313
	(.027)
EDUPOSTGRA	.186***	.252
	(.040)
EDUPROFESS	.213***	.345
	(.034)
EDUVOCATIONAL	.013	.023
	(.031)
CONS	.587***
	(.015)
			12.127***	.207	1.366
Course studied
CSBUS	.125***	.353
	(.021)
CSSCI	.086***	.175
	(.029)
CSECONS	.073**	.114
	(.036)
CSGARTS	.123***	.314
	(.023)
CSOTHERS	.012	.004
	(.151)
CONS	.588***
	(.014)
			9.612***	.126	1.282

** Denote significance at 5%.

*** Denote significance at 1%.

^{^} is the R².

Table 4. Correlation matrix

	FINLIT	PROS	CATH	GEN_M	SAVPACT	AGE	PROSFIN	CATHFIN
FINLIT	1.000
PROS	−.152**	1.000
CATH	−.219**	−.196**	1.000
GEN_M	.005**	.235**	−.233**	1.000
SAVPACT	.205**	−.078	.091	.054	1.000
AGE	.010**	−.247	.243**	−.192**	.91	1.000
PROSFIN	.036	.951**	−.186**	.198**	−.040	−.223**	1.000
CATHFIN	−.175**	−.192**	.979**	−.217**	.089	.226**	−.183**	1.000
GRO-PA	.204	−.014**	.098**	.084	.236**	.226**	.007	.097**

** Denotes significance at 1% (2 – tailed).

Table 5. Logit regression results (dependent variable – growth)

Variables	Model 1		Model 2
	B	Exp(B)	B	Exp(B)
FinLit	3.900***	49.425	5.740***	310.942
	(.966)		(1.291)
Pros	.145	1.156	2.919**	18.528
	(.329)		(1.279)
Cath	1.067	2.906	3.053	21.183
	(.691)		(3.302)
GenM	.827***	2.285	.814**	2.257
	(.316)		(.319)
SavPact	1.252***	3.498	1.265***	3.543
	(.477)		(0.484)
Age	.643***	14.993	.721***	2.056
	(.166)		(.174)
ProsFin			−4.416**	.012
			(1.947)
CathFin			−3.411	.033
			(5.967)
Cons	−4.762***	.009	−6.200***	.002
	(.982)		(1.214)
Correct classification		77.7%		77.70%
−2 Log likelihood		303.833		298.555
Cox & Snell R^2		.148		.163
Nagelkerke R^2		.214		.236
χ^2		48.095		53.373
Prob.		.000		0.000
No.		300		300

** Denote significance at 5%.

*** Denote significance at 1%.