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A lack of owner financial literacy is closely linked to major challenges faced by small and micro-enterprises. Although financial education is widely promoted as a solution, its effectiveness is questioned. This sequential exploratory mixed-methods study, grounded in transformative learning and behavioural finance theory, sought to identify success factors for financial education aimed at small and micro-enterprise owners. An inductive thematic analysis of 63 SLR sources identified 10 success factors. These were tested through a financial education intervention involving South African enterprise owners. Quantitative analysis of questionnaire data revealed improvements of 74% in financial awareness and 57% in financial behaviour, alongside a reduction of over 20% in behavioural biases. However, basic calculation skills improved by only 16%. Focus group interviews explored participants’ perceptions of factors influencing the intervention’s success or limitations. Triangulation of quantitative and qualitative findings revealed 13 success factors. Participants identified a relevant curriculum, high-quality content, and a competent facilitator as the most critical factors, while delivery method was viewed as least important. This study presents a consolidated framework of success factors for financial education, providing policymakers and stakeholders with practical guidance on designing, evaluating, and tailoring financial education initiatives. Continuous financial education is recommended to enhance skills retention.

BackgroundThe economic development of South Africa heavily relies on small, medium and micro-enterprises (SMMEs), which face significant difficulties in meeting tax obligations because of their perceived complexity of regulations and a decline in trust towards government institutions.AimThis study seeks to identify the fundamental motivations behind both adherence and resistance to tax regulations by SMME owners and managing directors in the North West Province of South Africa.SettingThe research concentrated on owners and managing directors of SMMEs located in the North West province of South Africa.MethodsThis study adopts a qualitative phenomenological lens, utilising semi-structured interviews to highlight the lived experiences of eight stakeholders within the SMME sector. Data analysis employed thematic analysis techniques to identify recurring patterns and themes.ResultsFive primary themes emerged from the analysis: compliance motivators and strategies, systemic challenges stemming from knowledge gaps and communication deficits, government perception, resource limitations and compliance costs and enforcement effectiveness. The findings revealed that deterrence factors, such as penalties and imprisonment, rather than moral obligations, primarily drove tax compliance. The complexity of tax systems, inadequate communication from authorities and perceived governmental inefficiencies significantly impacted compliance behaviours.ConclusionFostering voluntary tax compliance among SMMEs necessitates the enhancement of tax education, the improvement of communication with authorities and the resolution of perceived inefficiencies within government operations.ContributionThe research enhances the understanding of elements influencing tax compliance among SMMEs in the North West province of South Africa, offering practical recommendations for policymakers and tax authorities to improve compliance strategies while supporting small business development.

Towards improving the socio-economic condition of low-income households, development organizations offer a repertoire of initiatives. This study focused on the impacts of access to working capital and enterprise development training programs, on the performance and sustainability of micro-enterprises owned and managed by low-income households, in the state of Kelantan, Peninsular Malaysia. The data of 450 micro-entrepreneurs, was randomly selected from the participants’ list of three development organizations servicing Kelantan: Amanah Ikhtiar Malaysia (AIM); National Entrepreneurs Economic Group Fund (TEKUN); and Malaysia Fisheries Development Board (LKIM). This study revealed several participation indicators (i.e., years of participation, total number of trainings, total number of training hours received, and number of center meetings or discussions attended, etc.), which have a positive effect on micro-enterprise performance and sustainability. However, the findings were inconclusive as one of the key participation indicators, ‘total amount of economic loans received’, showed a negative (not statistically significant) effect on micro-enterprise performance and sustainability. This study expanded the limited literature on micro-enterprise performance and sustainability, and the role of working capital and enterprise development training programs; thus providing a clearer understanding of the effectiveness of current development initiatives.

BackgroundEntrepreneurs in Gauteng, South Africa’s economic hub, face growing pressure to integrate sustainability into their business models. As responsible operations become essential, the need for supportive frameworks has intensified. Developing a robust framework for sustainable entrepreneurial businesses in Gauteng province can maximise business opportunities and sustainable operations.AimThis paper presents a developed framework for sustainable entrepreneurial businesses in Gauteng, with an objective of identifying key factors for the success and resilience of SMMEs.SettingThe setting for the study was across the central, eastern, western, northern, and southern regions of Gauteng province, South Africa.MethodsThe study applied quantitative approach based on exploratory and descriptive research design. Using stratified random sampling, the study sampled 450 SMMEs in Gauteng and 445 (98.88%) responses were received.ResultsThe study revealed that most businesses were initiated either through the purchase of existing businesses (27.19%) or through entrepreneurs’ own initiatives (25.62%), with family-owned businesses playing a notable role (24.27%). Factors identified with a significant relationship to organisational capabilities were: business performance, entrepreneurial skills and competence, competitive scope, considering factors contributing to success and profitability and challenges faced by SMMEs (p < 0.0001).ConclusionThe findings suggest that SMMEs in Gauteng province benefit from a multidimensional approach that integrates factors, such as entrepreneurial skills and competence, competitive scope, considering factors contributing to success and profitability with organisational capabilities to ensure long-term business sustainability.ContributionThis framework provides essential knowledge for policymakers, entrepreneurs and researchers aiming to foster a thriving and resilient entrepreneurial ecosystem in Gauteng and similar emerging markets.

Purpose – The present paper aims to propose a viable alternative model for human capital development (HCD), termed as the integrated cash waqf micro enterprises investment (ICWME-I) model, which is expected to contribute to the development of micro enterprises in Malaysia. Design/methodology/approach – This is a conceptual paper for the development of the ICWME-I model. It is purely qualitative in nature, using content analysis. It comprehensively reviews the literature related to HCD issues faced by micro enterprises and existing studies related to cash waqf (Islamic endowment) to construct the ICWME-I model. Findings – The proposed ICWME-I model is specially designed for HCD of micro enterprises. It is an appropriate initiative to upgrade micro enterprises through HCD programmes by ensuring proper utilization of cash waqf funds to build modern training centres at subsidized costs with state-of-the-art facilities. The training centres would subsidize the participation fees of micro enterprises and provide them with facilities to undertake education and training programmes, as well as other kinds of activities for upgrading, improving and enhancing human capital capacity and skills of micro enterprises. The potential challenges of the ICWME-I model are also highlighted in this study. Research limitations/implications – This paper attempts to construct the ICWME-I model based on an extensive review of literature related to micro enterprises, cash waqf and HCD. Among its major limitations is the fact that the ICWME-I model is not empirically validated and tested in this research. This can be carried out in future studies. Practical implications – The present study could have an enormous impact on micro entrepreneurs via HCD programmes. The most important impact would be on government budgets, as this ICWME-I model is expected to generate its own funds from cash waqf for micro enterprises’ HCD. Originality/value – This paper brings forward an original and viable model to develop human capital for micro enterprises development. This model involves the building of training centres using cash waqf raised from donors.

Purpose This paper aims to attempt to offer a viable alternative model of source of financing which is known as integrated cash waqf micro enterprises investment (ICWME-I) model for micro enterprises in Malaysia. Design/methodology/approach The literature on the issues of accessing to finance faced by micro enterprises and cash waqf are reviewed critically and used in the attempt of proposing an alternative model. Findings The paper has developed ICWME-I model as a source of financing for micro enterprises. This model is expected to provide financial services by using cash waqf fund and involved the participatory contract between non-profit organization and micro enterprises. In addition, with the proposed model, there will be no collateral requirement, interest rate and other stringent requirements which usually imposed by existing conventional financial institutions. Research limitations/implications The paper is based on conceptual explorations of literature in the area of micro enterprises and cash waqf. This is a conceptual paper, so it did not use any empirical analysis. Practical implications The findings of this paper will provide micro enterprises with an alternative source of financing to start-up or expand their business by using cash waqf fund. The present study also has implications for government and policy makers. With the involvement of non-profit organization that is proposed in this model, it helps the government to reduce its expenses for the development of micro enterprises. Originality/value This paper offers an additional literature on cash waqf especially from the Malaysian context. Furthermore, this paper adds to the literature on waqf and cash waqf. The paper proposes a viable alternative model for micro enterprises as a source of financing by using cash waqf fund. This model incorporates Musharakah Mutanaqisah (diminishing partnership) as a financial arrangement between non-profit organization and micro enterprises.

This paper uses an event study methodology to empirically examine the impact of migration announcements on the share prices of the firms that migrate from the Alternative Exchange (AltX) to the Johannesburg Stock Exchange (JSE) main board. The employed dataset consists of daily closing share prices and dividends of the sample firms over seven years. Significant abnormal returns were observed three weeks before the migration announcement. Moreover, the significant average abnormal returns observed two days after the migration announcement suggest that the market is not information-efficient.

Background: While the proliferation of social media is hailed for increasing corporate business networking and competitiveness, this claim has not been sufficiently tested in tourism small, medium and micro enterprises (SMMEs) in African emerging economies where traditional communication modes tend to dominate. Setting: This study investigates the use of social media in tourism SMMEs to widen their business networks to increase competitiveness. Aim: This study contributes to the debate on business networking among stakeholders within the tourism sector. Methods: To close the research gap, the current study employed stakeholder theory and survey data of 123 hospitality SMMEs to explore the influence of social media utilisation for business networking with stakeholders and its effect on business competitiveness. Results: Findings showed that the majority of tourism SMMEs used social media technologies to retain their customer base, solicit feedback from customers, assert their dominance in the market, maintain contact between their co-workers and share information. Moreover, the findings indicate that there is a significant positive relationship between social media business networking and competitiveness of these firms. The study recommended that tourism SMMEs should create a policy framework for comprehensive stakeholder engagement that serves the interests of all individuals. Conclusion: To increase the competitiveness of such firms, SMMEs should incorporate social media into their formal internal and external information strategy.

Micro-enterprises play a critical role in the Indonesian economy, in which they supply 99.8% of the country's employment and account for more than 95% of all enterprises in Indonesia. However, these firms experience many impediments, including a lack of capital, skills, and technology, which creates poor competitiveness. Although the Indonesian government has implemented many policies to deal with these problems, none have been adequate in improving the capacity and productivity of micro, small, and medium enterprises (SMEs). The empowerment program \"Iptekda LIPI-Penerapan dan Pemanfaatan Ilmu Pengetahuan dan Teknologi di Daerah Lembaga Ilmu Pengetahuan Indonesia (LIPI)-The Technology for Region Program of the Indonesian Institute of Sciences\" proposed a new approach using a social enterprise to solve this issue. This paper analyses the social-enterprise approach of Iptekda LIPI which incorporates market and social welfare to determine the problems experienced by SMEs. The researchers conducted in-depth interviews with the owners of SMEs in West and East Java to explore how this approach may contribute to their businesses and to analyze the challenges of the social enterprise approach in empowering SMEs.

This study investigates the effect of microcredit on the growth of microenterprises in the Asante-Akim Central Municipal Area of Ghana. The analysis reveals that while larger loan amounts positively influence business growth, high interest rates and rigid repayment terms impede these benefits. Entrepreneurs with higher education levels report better growth outcomes, emphasizing the significance of financial literacy and management skills. However, the evidence indicates that microcredit alone is insufficient to consistently drive sustainable growth for microenterprises, as structural challenges persist. Practical implications suggest that microfinance institutions (MFIs) should revise loan structures to include lower interest rates, extended grace periods, and flexible repayment options. Additionally, integrating financial literacy programs into microfinance services could enhance loan utilization and business outcomes. These findings challenge the universal applicability of microcredit as a growth catalyst, advocating for tailored approaches to better align financial products with the needs of microenterprises in emerging markets.