The Effect of Board Composition on the Sustainability of SMEs in Nasarawa State
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Background of the Study
Board composition, including the diversity, expertise, and independence of board members, plays a pivotal role in shaping the strategic direction and sustainability of businesses. For Small and Medium Enterprises (SMEs), which are significant contributors to Nigeria’s economy, effective board composition is essential to navigate challenges such as resource limitations, market competition, and regulatory compliance.
Nasarawa State, with its growing SME sector, provides a fertile ground to examine the influence of board composition on business sustainability. The study delves into how the makeup of boards in SMEs affects their ability to achieve long-term operational success, growth, and resilience.
Statement of the Problem
Despite the critical role of SMEs in fostering economic development, many struggle with sustainability due to inadequate governance structures, including poorly composed boards. Factors such as lack of expertise, limited diversity, and absence of independent directors can hinder decision-making, innovation, and strategic growth.
Existing research has primarily focused on large organizations, leaving a gap in understanding how board composition affects SME sustainability in specific contexts, such as Nasarawa State. This study aims to bridge this gap by investigating the relationship between board composition and the sustainability of SMEs.
Objectives of the Study
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To analyze the current composition of SME boards in Nasarawa State.
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To evaluate the effect of board composition on the sustainability of SMEs.
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To propose strategies for improving board composition to enhance SME sustainability.
Research Questions
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What is the current composition of SME boards in Nasarawa State?
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How does board composition affect the sustainability of SMEs?
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What strategies can improve board composition for SME sustainability?
Research Hypotheses
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Board composition significantly affects the sustainability of SMEs.
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SMEs with diverse and skilled boards have higher sustainability rates.
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Poorly composed boards negatively impact the long-term sustainability of SMEs.
Scope and Limitations of the Study
The study focuses on SMEs in Nasarawa State, examining how their board composition influences sustainability. The findings may not be generalizable to SMEs in other regions or industries. Data collection challenges, such as limited board records or reluctance to share internal information, may pose constraints.
Definitions of Terms
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Board Composition: The structure and characteristics of a board, including diversity, expertise, and independence of its members.
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Sustainability: The ability of an organization to operate effectively over the long term while adapting to changing environments.
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SMEs: Small and Medium Enterprises, typically characterized by their size, revenue, and employee count.
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