An Evaluation of Board Structure and Its Effect on SME Growth in Nigeria: A Study of SMEs in Ekiti State
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Background of the Study
The board structure of an organization plays a pivotal role in the strategic decision-making process and overall growth. For SMEs in Nigeria, effective board structures can provide the necessary guidance and oversight to enhance performance and growth. In Ekiti State, where SMEs contribute significantly to the local economy, the effectiveness of board structures remains under-researched, despite its potential to drive growth through better management, strategic direction, and access to resources (Ogunleye & Emefiele, 2023).
A well-structured board, consisting of diverse and competent members, can improve decision-making, foster innovation, and enable better management of risks. However, many SMEs in Ekiti State lack robust board structures, resulting in weak governance and poor performance. This study will examine the relationship between board structure and SME growth, identifying the key elements of board structure that contribute to SME success in Ekiti State.
Statement of the Problem
Despite the importance of board structure in enhancing SME growth, many businesses in Ekiti State lack well-defined board structures or fail to leverage the potential of their boards effectively. This study will address the gap in knowledge about how different board structures influence SME growth, providing insights into how SMEs can improve governance and achieve sustainable growth.
Objectives of the Study
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To evaluate the impact of board structure on SME growth in Ekiti State.
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To identify the key elements of board structure that influence SME growth.
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To propose recommendations for improving board structures in SMEs in Ekiti State.
Research Questions
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How does board structure affect SME growth in Ekiti State?
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What key elements of board structure contribute to the growth of SMEs?
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What recommendations can improve the effectiveness of board structures in SMEs in Ekiti State?
Research Hypotheses
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H₀: Board structure does not significantly affect SME growth in Ekiti State.
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H₀: Key elements of board structure do not significantly influence the growth of SMEs.
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H₀: Recommendations to improve board structures do not significantly enhance SME growth.
Scope and Limitations of the Study
This study will focus on SMEs in Ekiti State and their board structures, excluding large businesses and those outside the state. Limitations include potential biases in the self-reported board structures and growth performance, as well as the difficulty in measuring the direct impact of board structures on SME growth.
Definitions of Terms
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Board Structure: The composition and arrangement of board members and their roles in decision-making and governance.
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SME Growth: The increase in the size, profitability, and market share of small and medium-sized enterprises.
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Ekiti State: A state in southwestern Nigeria, known for its strong agricultural base and growing SME sector.
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