Risk Attitude, Insurance Patronage and SMEs Performance: Empirical Evidence from Lagos, Nigeria

Ajemunigbohun, Sunday Stephen; Isimoya, Ogorchukwu Augustine; Elegunde, Ayobami Folarin

doi:10.35219/eai15840409108

Cited by 1 publication

(1 citation statement)

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“…However, business risk as the entirety of all risks a business organisation faces in the course of conducting its business activities (Dafikpaku, 2011 as cited Alaka et al, 2022). Earlier submission by Olsson (2002) as cited in Ajemunigbohun et al (2020) gave it as the risk of failing to attain required business targets as a result of inappropriate plans, limited resources or economic/competing situational dynamics. It is also described as the extent to which the consequential effect from organisation's corporate tactics different from those stipulated in its organisational overall financial objectives (Dickinson, 2011 as cited in Obalola & Ajemunigbohun, 2017).…”

Section: Business Risk Financingmentioning

confidence: 99%

RISK FINANCING TECHNIQUES AND SMEs PERFORMANCE: EMPIRICAL EVIDENCE FROM NIGERIA

AJEMUNIGBOHUN,

IPIGANSI

2023

ASHU- ES

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Risk financing is a critical element of a resilient future. Risk management techniques are important metrics in safeguarding the lives and property of mankind. Therefore, this study aimed to assess the effects of financial risk management techniques on business performance, with specific reference to the perceptions of selected SMEs in Lagos, Nigeria. The study adopted a cross-sectional survey research design. The study population consisted of the total number of registered SMEs recorded in Lagos State at 11,666. Thus, single-stage cluster and convenience sampling techniques were employed in the questionnaire distribution and data collection processes. Two hundred and forty-eight (248) respondents were used in the study. The statistical technique employed was simple regression. This study confirms the importance of financial risk management techniques in business performance of selected SMEs operators in Lagos, Nigeria. It is recommended that insurance providers in Nigeria should attempt to tailor insurance products in a lovable and affordable manner to SMEs’ operators/owners in a bid to improve their behavioural risk attitudes. More so, interest should be placed on impressive risk management communication and ideal physical risk control techniques among SMEs’ owners/operators.

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Section: Business Risk Financingmentioning

confidence: 99%