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Enterprise Risk Management Practices And Survival Of Small And Medium Scale Enterprises In Nigeria

Author

Listed:
  • IBIWOYE Ade

    (University of Lagos, Nigeria)

  • MOJEKWU Joseph

    (University of Lagos, Nigeria)

  • DANSU Francis

    (Lagos State University, Nigeria)

Abstract

The survival rate of Small and Medium Scale Enterprises (SMEs) have been found to be low despite all the effort made by the government to sustain their existence. This seems to be linked to the poor management of various risk factors confronting the operators of the sector in Nigeria. In view of this, the study is aimed at determining the influence of Enterprise Risk Management (ERM) practices on survival of SMEs in Lagos State. With the application of cross-sectional survey technique, a sample of 400 operators was selected among SMEs across Lagos State. Data which were generated through structured questionnaires were analysed using both descriptive and inferential statistical tools. Results indicate that ERM practices significantly influence the survival of SMEs in Lagos State. Based on the findings, it was recommended that SMEs owners should take ERM practices as a valuable business function that enhances survival. Also, government should continue to sensitise SMEs on the benefits of ERM and put in place mandatory ERM guidelines to compel SMEs to practice it.

Suggested Citation

  • IBIWOYE Ade & MOJEKWU Joseph & DANSU Francis, 2020. "Enterprise Risk Management Practices And Survival Of Small And Medium Scale Enterprises In Nigeria," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(1), pages 68-82, April.
    • Handle: RePEc:blg:journl:v:15:y:2020:i:1:p:68-82
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    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/15107ibiwoye.pdf
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    Cited by:

    1. Omodara Damilola & Ikhile Deborah & Ogundana Oyedele & Akin-Akinyosoye Kehinde, 2020. "Global pandemic and business performance: Impacts and responses," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(6), pages 01-11, October.

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