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Firm attributes and business obstacles: Insights from probit regression of World Bank Enterprise Survey data

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  • Byrne Kaulu
  • Eskaya Martha Kapilili
  • Paul Kaulu
  • Einstein Kaulu
  • Goodwell Kaulu

Abstract

This study examines the association between firm attributes (growth rate, firm’s age, size, ownership structure, top manager experience) and the major obstacles facing businesses in Zambia. It is important because it informs business policy meant to improve the business environment. The study uses the 2019 World Bank Enterprise Survey data. It first identifies the most common obstacles using descriptive statistics and then uses binary and ordinal probit regression to examine the association of firm attributes with these obstacles. It was found that the seven most common obstacles to business were access to finance, electricity, competition from the informal sector, customs regulations, tax rates, corruption, and political instability. The firm attributes had varying influence on the perceptions of one or more of the obstacles to business. The findings support institutional theory, the resource-based view, and credit rationing theory. The study concludes with policy recommendations and a highlight of the limitations.

Suggested Citation

  • Byrne Kaulu & Eskaya Martha Kapilili & Paul Kaulu & Einstein Kaulu & Goodwell Kaulu, 2026. "Firm attributes and business obstacles: Insights from probit regression of World Bank Enterprise Survey data," Journal of the International Council for Small Business, Taylor & Francis Journals, vol. 7(3), pages 894-906, July.
    • Handle: RePEc:taf:ucsbxx:v:7:y:2026:i:3:p:894-906
    DOI: 10.1080/26437015.2025.2531883
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