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Financial Behavior and Entrepreneurial Success: An Empirical Analysis of Informal Markets in Zambia

Author

Listed:
  • Kampamba Chibesa

    (The University of Zambia, Institute of Distance Education, Lusaka, Zambia)

  • Austin Mwange

    (The University of Zambia)

Abstract

Small enterprises' success is much influenced by financial behavior, especially in the informal sector where financial knowledge and access to financial resources are few. Using data gathered from 350 traders in Lusaka's informal markets, this study examines the influence of financial behavior on entrepreneurial performance among Zambian informal traders. Using a mixed-methods approach, the study aggregates surveys, interviews, and regression analysis to assess how financial behavior relates to indices of corporate performance including profitability, growth, and sustainability. Results show a notable positive correlation (β = 0.62, p

Suggested Citation

  • Kampamba Chibesa & Austin Mwange, 2025. "Financial Behavior and Entrepreneurial Success: An Empirical Analysis of Informal Markets in Zambia," African Journal of Commercial Studies, African Journal of Commercial Studies, vol. 6(1).
    • Handle: RePEc:cwk:ajocsk:2025-30
    DOI: 10.59413/ajocs/v6.i.1.14
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    Keywords

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    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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