Determinants of SMEs’ financial performance: evidence from an emerging economy

References

• Abor, J., and N. Biekpe. 2006. “SMEs’ Access to Debt Finance: A Comparison of Male-Owned and Female-Owned Businesses in Ghana.” The International Journal of Entrepreneurship and Innovation 7 (2): 105–112.
   Google Scholar
• Adomako, S., and A. Danso. 2014. “Financial Literacy and Firm Performance : The Moderating Role of Financial Capital Availability and Resource Flexibility.” Journal of Management and Organizational Studies 3 (4): 1–15.
   Google Scholar
• Afrifa, G. A., and V. Tauringana. 2015. “Corporate Governance and Performance of the UK Listed Small and Medium Enterprises.” Corporate Governance 15 (5): 719–733.
   Web of Science ®Google Scholar
• Agyire-Tettey, F., G. C. Ackah, and D. Asuman. 2018. “Gender and Returns to Entrepreneurship in Africa.” International Journal of Social Economics 45 (12): 1609–1630.
   Web of Science ®Google Scholar
• Ahinful, G. S. 2012. “An Exploration of the Problems Facing SMEs in Securing Bank Financing in Kumasi, Ghana.” International Journal of Business and Management Cases 1 (50): 1–9.
   Google Scholar
• Ahinful, G. S. 2017. “The Relationship between Environmental Management Practices and Financial Performance of Ghanaian SMEs.” PhD thesis, Bournemouth University, UK.
   Google Scholar
• Ahinful, G. S., V. Tauringana, D. Essuman, J. D. Boakye, and W. B. Sha'ven. 2019. “Stakeholders Pressure, SMEs Characteristics and Environmental Management in Ghana.” Journal of Small Business & Entrepreneurship: 1–28.
   Google Scholar
• Ahuja, G., and S. K. Majumdar. 1998. “An Assessment of the Performance of Indian State-Owned Enterprises.” Journal of Productivity Analysis 9 (2): 113–132.
   Web of Science ®Google Scholar
• Alarussi, S. A., and M. Alhaderi. 2018. “Factors Affecting Profitability in Malaysia.” Journal of Economic Studies 45 (3): 442–458.
   Web of Science ®Google Scholar
• Amit, R., and P. Schoemaker. 1993. “Strategic Assets and Organisational Rent.” Strategic Management Journal 14 (1): 33–46.
   Web of Science ®Google Scholar
• Aragón-Correa, J. A., N. Hurtado-Torres, S. Sharma, and V. J. García-Morales. 2008. “Environmental Strategy and Performance in Small Firms: A Resource-Based Perspective.” Journal of Environmental Management 86 (1): 88–103.
   PubMed Web of Science ®Google Scholar
• Arosa, B., T. Iturralde, and A. Maseda. 2010. “Ownership Structure and Firm Performance in Non-Listed Firms: Evidence from Spain.” Journal of Family Business Strategy (1): (2): 88–96.
   Google Scholar
• Asimakopoulos, I., A. Samitas, and T. Papadogonas. 2009. “Firm-Specific and Economy Wid Determinants of Firm Profitability: Greek Evidence Using Panel Data.” Managerial Finance 35 (11): 930–939.
   Web of Science ®Google Scholar
• Banchuenvijit, W., and N. T. H. Phuong. 2012. “Determinants of Firm Performance of Vietnam.” Accessed 12 November 2018. https://docplayer.net/53649644-Determinants-of-firmperformance-of-Vietnam-listed
   Google Scholar
• Barney, J. 1991. “Firm Resources and Sustained Competitive Advantage.” Journal of Management 17 (1): 99–120.
   Web of Science ®Google Scholar
• Barney, J. B. 2001. “Is the Resource-Based “View” a Useful Perspective for Strategic Management Research?” The Academy of Management Review 26 (1): 41–56.
   Web of Science ®Google Scholar
• Bhutta, N. T., and A. Hasan. 2013. “Impact of Firm-Specific Factors on Profitability of Firms in Food Sector.” Open Journal of Accounting 02 (02): 19–25.
   Google Scholar
• Blažková, I., and O. Dvouletý. 2018. “The Causes of Firm Performance Variation in the Czech Food Processing Industry in the Context of the Outlier Effect.” Management Research Review 41 (8): 968–986.
   Web of Science ®Google Scholar
• Brunning, O., M. Nordqvist, and J. Wiklund. 2007. “Corporate Governance and Strategic Change in SMEs: The Effects of Ownership, Board Composition and Top Management Teams.” Small Business Economics 29 (3): 295–308.
   Web of Science ®Google Scholar
• Claver, E., J. Molina, and J. Tari. 2002. “Firm and Industry Effects on Firm Profitability: A Spanish Empirical Analysis.” European Management Journal 20 (3): 321–328.
   Google Scholar
• Clemens, B. 2006. “Economic Incentives and Small Firms : Does It Pay to Be Green ?” Journal of Business Research 59 (4): 492–500.
   Web of Science ®Google Scholar
• Coad, A., A. Segarra, and M. Teruel. 2013. “Like Milk or Wine: Does Firm Performance Improve with Age?” Structural Change and Economic Dynamics 24: 173–189.
   Web of Science ®Google Scholar
• Coad, A., A. Segarra, and M. Teruel. 2016. “Innovation and Firm Growth: Does Firm Age Play a Role?” Research Policy 45 (2): 387–400.
   Web of Science ®Google Scholar
• Cordeiro, J. J., and J. Sarkis. 1997. “Environmental Proactive and Firm Performance: Evidence from Security Analyst Earnings Forecasts.” Business Strategy and the Environment 6 (2): 104–114.
   Google Scholar
• Downs, A. 1964. Inside Bureaucracy. Chicago: Real Estate Research Corporation.
   Google Scholar
• Earnhart, D., and L. Lizal. 2007. “Effect of Pollution Control on Corporate Financial Performance in a Transition Economy.” European Environment 17 (4): 247–266.
   Google Scholar
• Ezeah, C., and C. L. Roberts. 2012. “Analysis of Barriers and Success Factors Affecting the Adoption of Sustainable Management of Municipal Solid Waste in Nigeria.” Journal of Environmental Management 103: 9–14.
   PubMed Web of Science ®Google Scholar
• Field, A. 2013. Discovering Statistics Using SPSS. 4th ed. Thousand Oaks, CA: SAGE Publications Inc.
   Google Scholar
• Filbeck, G., and R. F. Gorman. 2004. “The Relationship between the Environmental and Financial Performance of Public Utilities.” Environmental and Resource Economics 2 (2): 137–157.
   Google Scholar
• Gadenne, D. L., J. Kennedy, and C. McKeiver. 2009. “An Empirical Study of Environmental Awareness and Practices in SMEs.” Journal of Business Ethics 84 (1): 45–63.
   Web of Science ®Google Scholar
• Galbreath, J., and P. Galvin. 2008. “Firm Factors, Industry Structure and Performance Variation: New Empirical Evidence to a Classic Debate.” Journal of Business Research 61 (2): 109–117.
   Web of Science ®Google Scholar
• Greenwood, R., D. L. Deephouse, and S. X. Li. 2007. “Ownership and Performance of Professional Service Firms.” Organization Studies 28 (2): 219–238.
   Web of Science ®Google Scholar
• Growe, G., M. DeBruine, Y. J. Lee, and J. F. T. Maldonado. 2014. “The Profitability and Performance Measurement of U.S. Regional Banks Using the Predictive Focus of the Fundamental Analysis Research.” Advances in Management Accounting 24: 189–237.
   Google Scholar
• GSS (Ghana Statistical Service). 2015. Integrated Business Establishment Survey, Summary Report. Accra: Ghana Statistical Service.
   Google Scholar
• Hansen, S. G., and B. Wernerfelt. 1989. “Determinants of Firm Performance: The Relative Importance of Economic Factors.” Strategic Management Journal 10 (5): 399–411.
   Google Scholar
• Hart, L., and G. Ahuja. 1996. “Does It Pay to Be Green? An Empirical Examination of the Relationship between Emission Reduction and Firm Performance.” Business Strategy and the Environment 5 (1): 30–37.
   Google Scholar
• Hawawini, G., V. Subramanian, and P. Verdin. 2003. “Is Performance Driven by Industry-or Firm-Specific Factors? A New Look at the Evidence.” Strategic Management Journal 24 (1): 1–16.
   Web of Science ®Google Scholar
• Hitt, M. A., B. W. Keats, and S. M. DeMarie. 1998. “Navigating in the New Competitive Landscape: Building Strategic Flexibility and Competitive Advantage in the 21st Century.” Academy of Management Perspectives 12 (4): 22–42.
   Google Scholar
• Hirsch, S., J. Schiefer, A. Gschwandtner, and M. Hartmann. 2014. “The Determinants of Firm Profitability Differences in EU Food Processing.” Journal of Agricultural Economics 65 (3): 703–721.
   Web of Science ®Google Scholar
• Jensen, M. C., and W. H. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3 (4): 305–360.
   Web of Science ®Google Scholar
• Judge, W. Q. J., and T. J. Douglas. 1998. “Performance Implications of Incorporating Natural Environmental Issues into the Strategic Planning Process: An Empirical Assessment.” Journal of Management Studies 35 (2): 241–262.
   Web of Science ®Google Scholar
• Koralun-Bereznicka, J. 2015. “Does Industrial Classification of Firms Reflect Corporate Performance ? Evidence from the European Union.” European Scientific Journal 11: 153–165.
   Google Scholar
• Lappalainen, J., and M. Niskanen. 2012. “Financial Performance of SMEs: Impact of Ownership Structure and Board Composition.” Management Research Review 35 (11): 1088–1108.
   Google Scholar
• Lauterbach, B., and A. Vaninsky. 1999. “Ownership Structure and Firm Performance: Evidence from Israel.” Journal of Management Governance 3 (2): 189–201.
   Google Scholar
• Loderer, C. F., and U. Waelchli. 2009. “Firm Age and Performance.” MPRA paper No. 26450. Accessed 11 September 2018. http://mpra.ub.uni-muenchen.de/26450/
   Google Scholar
• Mahoney, J. T., and J. R. Pandian. 1992. “The Resource-Based View within the Conversation of Strategic Management.” Strategic Management Journal 13 (5): 363–380.
   Web of Science ®Google Scholar
• Majumdar, S. 1997. “The Impact of Size and Age on Firm-Level Performance: Some Evidence from India.” Review of Industrial Organization 12 (2): 231–241.
   Web of Science ®Google Scholar
• Makhija, M. 2003. “Comparing the Resource-Based and Market-Based Views of the Firm: Empirical Evidence from Czech Privatisation.” Strategic Management Journal 24 (5): 433–451.
   Web of Science ®Google Scholar
• Malik, H. 2011. “Determinants of Insurance Companies Profitability : An Analysis of Insurance Sector of Pakistan.” Academic Research International 1 (3): 315–321.
   Google Scholar
• Marshall, G. 2005. “The Purpose, Design and Administration of a Questionnaire for Data Collection.” Radiography 11 (2): 131–136.
   Google Scholar
• Mauri, A. J., and M. P. Michaels. 1998. “Firm and Industry Effects within Strategic Management: An Empirical Examination.” Strategic Management Journal 19 (3): 211–219.
   Web of Science ®Google Scholar
• McGahan, A. M., and M. E. Porter. 1997. “How Much Does Industry Matter, Really?” Strategic Management Journal 18 (S1): 15–14.
   Google Scholar
• McWilliams, A., and D. L. Smart. 1993. “Efficiency v. Structure-Conduct-Performance: Implications for Strategy Research and Practice.” Journal of Management 19 (1): 63–78.
   Web of Science ®Google Scholar
• Miller, C. C., and L. B. Cardinal. 1994. “Strategic Planning and Firm Performance: A Synthesis of More than Two Decades of Research.” Academy of Management Journal 37: 1649–1665.
   Web of Science ®Google Scholar
• Moneva, J. M., and E. Ortas. 2010. “Corporate Environmental and Financial Performance: A Multivariate Approach.” Industrial Management & Data Systems 110 (2): 193–210.
   Web of Science ®Google Scholar
• Musamali, M. M., and K. D. Tarus. 2013. “Does Firm Profile Influence Financial Access among Small and Medium Enterprises in Kenya ?” Asian Economic and Financial Review 3 (6): 714–723.
   Google Scholar
• Nunes, P. J. M., Z. M. Serrasqueiro, and T. N. Sequeira. 2009. “Profitability in Portuguese Service Industries: A Panel Data Approach.” The Service Industries Journal 29 (5): 693–707.
   Web of Science ®Google Scholar
• O’Donohue, W., and N. (A.) Torugsa. 2016. “The Moderating Effect of “Green” HRM on the Association between Proactive Environmental Management and Financial Performance in Small Firms.” The International Journal of Human Resource Management 27 (2): 239–261.
   Web of Science ®Google Scholar
• Öhman, P., and D. Yazdanfar. 2018. “Organisational-Level Profitability Determinants in Commercial Banks: Swedish Evidence.” Journal of Economic Studies 45 (6): 1175–1191.
   Web of Science ®Google Scholar
• Penrose, E. T. 1959. The Theory of the Growth of the Firm. Oxford: Basil Blackwell.
   Google Scholar
• Porter, M. E. 1980. Competitive Strategy. New York: The Free Press.
   Google Scholar
• Qian, W., and K. Xing. 2018. “Linking Environmental and Financial Performance for Privately Owned Firms : Some Evidence from Australia.” Journal of Small Business Management 56 (2): 330–347.
   Web of Science ®Google Scholar
• Ramanathan, R. 2018. “Understanding Complexity: The Curvilinear Relationship between Environmental Performance and Firm Performance.” Journal of Business Ethics 149 (2): 383–393.
   Web of Science ®Google Scholar
• Ramasamy, B., D. Ong, and M. C. H. Yeung. 2005. “Firm Size, Ownership and Performance in the Malaysian Palm Oil Industry.” Asian Academy of Management Journal of Accounting and Finance 1: 81–104.
   Google Scholar
• Ray, G., J. B. Barney, and W. A. Muhanna. 2004. “Capabilities, Business Processes, and Competitive Advantage: Choosing the Dependent Variable in Empirical Tests of the Resource-Based View.” Strategic Management Journal 25 (1): 23–37.
   Web of Science ®Google Scholar
• Roquebert, J. A., R. L. Phillips, and P. A. Westfall. 1996. “Market Vs. management: what Drives Profitability?” Strategic Management Journal 17 (8): 653–664.
   Web of Science ®Google Scholar
• Rumelt, R. P. 1991. “How Much Does Industry Matter?” Strategic Management Journal 12 (3): 167–185.
   Web of Science ®Google Scholar
• Russo, M. V., and P. A. Fouts. 1997. “A Resource-Based Perspective on Corporate Environmental Performance and Profitability.” Academy of Management Journal 40 (3): 534–559.
   Web of Science ®Google Scholar
• Saeidi, S. P., S. Sofian, P. Saeidi, S. P. Saeidi, and S. A. Saeidi. 2015. “How Does Corporate Social Responsibility Contribute to Firm Financial Performance ? The Mediating Role of Competitive Advantage, Reputation, and Customer Satisfaction.” Journal of Business Research 68 (2): 341–350.
   Web of Science ®Google Scholar
• Salman, A. K., and D. Yazdanfar. 2012. “Profitability in Swedish Micro Firms: A Quantile Regression Approach.” International Business Research 5 (8): 94–106.
   Google Scholar
• Schiefer, J., and M. Hartmann. 2013. “Industry, Firm, Year, and Country Effects on Profitability in EU Food Processing.” Discussion Paper 2013:2. Institute for Food and Resource Economics, University of Bonn, Germany.
   Google Scholar
• Schmalensee, R. 1985. “Do Markets Differ Much.” American Economic Review 75 (3): 341–351.
   Web of Science ®Google Scholar
• Segarra, A., and M. Teruel. 2014. “High-Growth Firms and Innovation: An Empirical Analysis for Spanish Firms.” Small Business Economics 43 (4): 805–821.
   Web of Science ®Google Scholar
• Shepherd, W. G. 1986. “On the Core Concepts of Industrial Economics.” In Mainstreams in Industrial Organisation, edited by H. W. De Jong and W. G. Shepherd. Dordrecht: Martinus Nijhoff Publishers.
   Google Scholar
• Shergill, G., and M. Sarkaria. 1999. “Impact of Industry Type and Firm Characteristics on Firm-Level Financial Performance-Evidence from Indian Industry.” The Journal of Entrepreneurship 8 (1): 25–44.
   Google Scholar
• Steijvers, T., W. Voordeckers, and S. Vandemaele. 2006. “Ownership, Governance and Financial Performance in Small and Medium-Sized Family Firms.” Accessed 3 September 2018. https://doclib.uhasselt.be/dspace/bitstream/1942/7862/2/Ownership.pdf
   Google Scholar
• Stierwald, A. 2010. “Determinants of Profitability : An Analysis of Large Australian Firms.” Melbourne Institute Working Paper No. 3/10, Melbourne, Australia.
   Google Scholar
• Tarziján, J., and C. Ramirez. 2010. “Firm, Industry and Corporation Effects Revisited: A Mixed Multilevel Analysis for Chilean Companies.” Applied Economics Letters 18 (1): 95–100.
   Web of Science ®Google Scholar
• Vijfvinkel, S., N. Bouman, and J. Hessels. 2011. “Environmental Sustainability and Financial Performance of SMEs.” Accessed 12 December 2018 www.entrepreneurship-sme.eu
   Google Scholar
• Wernerfelt, B. 1984. “A Resource-Based View of the Firm.” Strategic Management Journal 5 (2): 171–180.
   Web of Science ®Google Scholar
• Wernerfelt, B., A. Cynthia, and A. C. Montgomery. 1988. “Tobin's q and the Importance of Focus in Firm Performance.” American Economic Review 78 (1): 246–250.
   Web of Science ®Google Scholar
• Xavier, J. P., J. Pereira-Moliner, J. F. Molina-Azorin, J. J. Tari, D. M. Lopez-Gamero, and M. E. Pertusa-Ortega. 2015. “The Holy Grail.” Journal of Contemporary Hospitality Management 27 (5): 714–738.
   Web of Science ®Google Scholar
• Yang, C., and K. Chen. 2009. “Are Small Firms Less Efficient?” Small Business Economics 32 (4): 375–395.
   Web of Science ®Google Scholar
• Yazdanfar, D. 2013. “Profitability Determinants among Micro-Firms: Evidence from Swedish Data.” International Journal of Managerial Finance 9 (2): 151–160.
   Google Scholar
• Zeng, S. X., X. H. Meng, R. C. Zeng, C. M. Tam, Vivian W. Y. Tam, and T. Jin. 2011. “How Environmental Management Driving Forces Affect Environmental and Economic Performance of SMEs: A Study in the Northern China District.” Journal of Cleaner Production 19 (13): 1426–1437.
   Web of Science ®Google Scholar