EFFECT OF ECONOMIC HARDSHIP ON ENTREPRENEURIAL STRESS: A STUDY ENTREPRENEURS IN SOUTH-EAST NIGERIA

Main Article Content

Chika Nwanonyere

Abstract

Entrepreneurs have contributed significantly to the development and growth of many nations and have assumed a ubiquitous part of the business ecosystem. It contributes positively to employment generations and has been broadly considered the primary driver of socio-economic development and wealth creation. However, there are indications that the increasing economic downturns have been unfavorable to entrepreneurs. Thus, the purpose of the present paper was to examine the economic hardship as a factor that could explain the variation in entrepreneurial stress. A convenience sample of two hundred and thirteen entrepreneurs pooled from different business hubs in the Enugu and Anambra state of Nigeria participated in the study. The simple regression analysis conducted to test the hypothesis revealed that economic hardship statistically significantly predicted entrepreneurial stress F (1,211), 32.61, P<.000. Thus, the result affirmed the assumption that economic hardship would significantly predict entrepreneurial stress. In addition, the R2 showed that economic hardship explained about 46.3% of the variance in entrepreneurial stress. The paper concluded that economic hardship is an essential factor in entrepreneurial stress

Article Details

How to Cite
Nwanonyere, C. . (2022). EFFECT OF ECONOMIC HARDSHIP ON ENTREPRENEURIAL STRESS: A STUDY ENTREPRENEURS IN SOUTH-EAST NIGERIA. Journal of Advance Research in Business Management and Accounting, 8(3), 23–27. https://doi.org/10.53555/nnbma.v8i3.1244
Section
Articles

References

Adefunke, A., Adekunle, O., Adesoga, D., & Olalekan, U. (2020). Social innovation and graduate entrepreneurship in Nigeria. IOSR Journal of Business and Management, 22(2).

Akinlo, O. O. (2014). Oil price and stock market: empirical evidence from Nigeria. European Journal of Sustainable Development, 3(2). https://doi.org/10.14207/ejsd.2014.v3n2p33

Al-Fadly, A. (2020). Impact of covid-19 on SMEs and employment. Entrepreneurship and Sustainability Issues, 8(2). https://doi.org/10.9770/jesi.2020.8.2(38)

Antonescu, D. (2020). Supporting small and medium-size enterprises through the covid-19 crisis in Romania. Central European Journal of Geography and Sustainable Development, 2(1). https://doi.org/10.47246/cejgsd.2020.2.1.4

Ayala-Nunes, L., Jiménez, L., Jesus, S., & Hidalgo, V. (2018). Social support, economic hardship, and psychological distress in Spanish and Portuguese At-Risk Families. Journal of Child and Family Studies, 27(1). https://doi.org/10.1007/s10826-017-0863-9

Barisitz, S., & Breitenfellner, A. (2017). How do resource-driven economies cope with the oil price slump? A comparative survey of ten major oil-exporting countries. Focus on European Economic Integration.

Beglaryan, M., & Shakhmuradyan, G. (2020). The impact of COVID-19 on small and medium-sized enterprises in Armenia: Evidence from a labor force survey. Small Business International Review, 4(2). https://doi.org/10.26784/sbir.v4i2.298

Bosma, N., Content, J., Sanders, M., & Stam, E. (2018). Institutions, entrepreneurship, and economic growth in Europe. Small Business Economics, 51(2). https://doi.org/10.1007/s11187-018-0012-x

Brown, R. (2020). The impact of COVID-19 on Scottish small and medium-sized enterprises (SMEs): Prognosis and policy prescription. Economic Commentary, 44.

Chirume, E., & Kaseke, N. (2020). Impact of covid-19 on small and medium-sized enterprises (SMEs) in Chinhoyi, Zimbabwe. International Journal of Business, Economics, and Law, 23(1).

Akinlo, O. O. (2014). Oil price and stock market: empirical evidence from Nigeria. European Journal of Sustainable Development, 3(2). https://doi.org/10.14207/ejsd.2014.v3n2p33

Al-Fadly, A. (2020). Impact of covid-19 on SMEs and employment. Entrepreneurship and Sustainability Issues, 8(2). https://doi.org/10.9770/jesi.2020.8.2(38)

Antonescu, D. (2020). Supporting small and medium-size enterprises through the covid-19 crisis in Romania. Central European Journal of Geography and Sustainable Development, 2(1). https://doi.org/10.47246/cejgsd.2020.2.1.4

Ayala-Nunes, L., Jiménez, L., Jesus, S., & Hidalgo, V. (2018). Social support, economic hardship, and psychological distress in Spanish and Portuguese At-Risk Families. Journal of Child and Family Studies, 27(1). https://doi.org/10.1007/s10826-017-0863-9

Barisitz, S., & Breitenfellner, A. (2017). How do resource-driven economies cope with the oil price slump? A comparative survey of ten major oil-exporting countries. Focus on European Economic Integration.

Beglaryan, M., & Shakhmuradyan, G. (2020). The impact of COVID-19 on small and medium-sized enterprises in Armenia: Evidence from a labor force survey. Small Business International Review, 4(2). https://doi.org/10.26784/sbir.v4i2.298

Bosma, N., Content, J., Sanders, M., & Stam, E. (2018). Institutions, entrepreneurship, and economic growth in Europe. Small Business Economics, 51(2). https://doi.org/10.1007/s11187-018-0012-x

Brown, R. (2020). The impact of COVID-19 on Scottish small and medium-sized enterprises (SMEs): Prognosis and policy prescription. Economic Commentary, 44.

Chirume, E., & Kaseke, N. (2020). Impact of covid-19 on small and medium-sized enterprises (SMEs) in Chinhoyi, Zimbabwe. International Journal of Business, Economics, and Law, 23(1).

Dias, Á. L., Manuel, E. C., Dutschke, G., Pereira, R., & Pereira, L. (2021). Economic crisis affects SME dynamic capabilities. International Journal of Learning and Change, 13(1). https://doi.org/10.1504/IJLC.2021.111662

Doran, J., McCarthy, N., & O'Connor, M. (2018). The role of entrepreneurship in stimulating economic growth in developed and developing countries. Cogent Economics and Finance, 6(1). https://doi.org/10.1080/23322039.2018.1442093

Eze Benneth, U., Agbi, B., & Adenuga Ademolu, O. (2021). COVID-19 pandemic: a qualitative evaluation of MSMEs survival strategies in Nigeria. Harvard Deusto Business Research, 10(2). https://doi.org/10.48132/hdbr.331

Fiksenbaum, L., Marjanovic, Z., & Greenglass, E. (2017). Financial threat and individuals' willingness to change financial behavior. Review of Behavioral Finance, 9(2). https://doi.org/10.1108/RBF-09-2016-0056

Galindo-Martín, M. A., Méndez-Picazo, M. T., & Castaño-Martínez, M. S. (2020). The role of innovation and institutions in entrepreneurship and economic growth in two groups of countries. International Journal of Entrepreneurial Behaviour and Research, 26(3). https://doi.org/10.1108/IJEBR-06-2019-0336

Hamdan, A. M., Khamis, R., Al Hawaj, A. A., & Barone, E. (2020). The mediation role of public governance in the relationship between entrepreneurship and economic growth. International Journal of Managerial Finance, 16(3). https://doi.org/10.1108/IJMF-04-2018-0111

Huang, X., & Chen, Y. (2021). The Impact of Entrepreneurship on Economic Growth within a City. Businesses, 1(3). https://doi.org/10.3390/businesses1030011

Iceland, J., & Bauman, K. J. (2007). Income poverty and material hardship: How strong is the association? Journal of Socio-Economics, 36(3). https://doi.org/10.1016/j.socec.2006.12.003

Isa, K., & Razak, N. A. (2021). The Impact of COVID-19 Outbreak on SMEs in Malaysia. International Journal on Lifelong Education and Leadership, 7(1). https://doi.org/10.25233/ijlel.786867

Isah, A. (2015). Modeling the Impact of Crude Oil Price Shocks on Some Macroeconomic Variables in Nigeria Using Garch and VAR Models. American Journal of Theoretical and Applied Statistics, 4(5). https://doi.org/10.11648/j.ajtas.20150405.16

Iwuoha, V. C., Aniche, E. T., Obiora, C. A., & Umeifekwem, U. T. (2021). Citizens lack access to healthcare facilities: How COVID-19 lockdown and social distancing policies boost roadside chemist businesses in South-Eastern Nigeria. International Journal of Health Planning and Management, 36(6). https://doi.org/10.1002/hpm.3316

Kalemli-Ozcan, S., Gourinchas, P.-O., Penciakova, V., & Sander, N. (2020). COVID-19 and SME Failures. IMF Working Papers, 20(207). https://doi.org/10.5089/9781513557748.001

Karadag, D. H. (2016). The Role of SMEs and Entrepreneurship on Economic Growth in Emerging Economies within the Post-Crisis Era: an Analysis from Turkey. Journal of Small Business and Entrepreneurship Development, 4(1). https://doi.org/10.15640/jsbed.v4n1a3

Koltai, J., & Stuckler, D. (2020). Recession hardships, personal control, and the amplification of psychological distress: Differential responses to cumulative stress exposure during the U.S. Great Recession. SSM - Population Health, 10. https://doi.org/10.1016/j.ssmph.2019.100521

Marshal, I., Nkwadochi, C. K., & Emmanuel, A. (2020). COVID-19 pandemic, global trade wars, and impact on the Nigerian economy. Academic Journal of Current Research, 7(5).

Melnyk, S. A., Schoenherr, T., Verter, V., Evans, C., & Shanley, C. (2021). The pandemic and SME supply chains: Learning from early experiences of SME suppliers in the U.S. defense industry. Journal of Purchasing and Supply Management, 27(4). https://doi.org/10.1016/j.pursup.2021.100714

Mohammadi Khyareh, M. (2020). Entrepreneurship and economic growth: The mediation role of access to finance. Janus.Net, 11(1). https://doi.org/10.26619/1647-7251.11.1.7

Muhhammad Shafiu, A., Abdul Manaf, H., & Muslim, S. (2020). Utilization Entrepreneurship for Job Creation, Poverty Reduction and National Development. The Journal of Social Sciences Research, 61. https://doi.org/10.32861/jssr.61.97.102

Nwanna, I. O., & Eyedayi, A. M. (2016). Impact of crude oil price volatility on economic growth in Nigeria (1980-2014). Journal of Business and Management, 18(6).

Oyelami, L. O., & Olomola, P. A. (2016). External shocks and macroeconomic responses in Nigeria: A global VAR approach. Cogent Economics and Finance, 4(1). https://doi.org/10.1080/23322039.2016.1239317

Pratama, V., Santoso, I., & Mustaniroh, S. A. (2021). Development strategy of SMEs in the new normal era of coronavirus disease 2019 (COVID-19): A literature review. IOP Conference Series: Earth and Environmental Science, 733(1). https://doi.org/10.1088/1755-1315/733/1/012058

Rahmina Suryani, K., Rizka Zulfikar, & Aida Vitria. (2021). The SME condition during covid 19 pandemic: Financial and business overview. International Journal of Science, Technology & Management, 2(3). https://doi.org/10.46729/ijstm.v2i3.211

Rasaq Adejumobi, A., & Olatunde Julius, O. (2017). Oil price shocks and foreign direct investment (FDI): Implications for economic growth in Nigeria (1980-2014). Journal of Economics and Sustainable Development, 8(4).

Rios, R., & Zautra, A. J. (2011). Socio-economic disparities in pain: The role of economic hardship and daily financial worry. Health Psychology, 30(1). https://doi.org/10.1037/a0022025

Sambo, W. (2016). Factors affecting youth entrepreneurship development within Kibera, Kenya: The perspective of entrepreneurship education. Problems and Perspectives in Management, 14(2). https://doi.org/10.21511/ppm.14(2-2).2016.09

Siahaan, E. (2018). Investigating the Source of Employees' Intention to Leave: A Case on Outsourced Employees. https://doi.org/10.2991/ebic-17.2018.67

Simón-Moya, V., Revuelto-Taboada, L., & Ribeiro-Soriano, D. (2016). Influence of the economic crisis on new SME survival: reality or fiction? Entrepreneurship and Regional Development, 28(1–2). https://doi.org/10.1080/08985626.2015.1118560

Soycmi, K. A., Akingunola, R. O. O., & Ogcbc, J. (2019). Effects of oil price shock on stock returns of energy firms in Nigeria. Kasetsart Journal of Social Sciences, 40(1). https://doi.org/10.1016/j.kjss.2017.09.004

Stoica, O., Roman, A., & Rusu, V. D. (2020). The nexus between entrepreneurship and economic growth: A comparative analysis on groups of countries. Sustainability (Switzerland), 12(3). https://doi.org/10.3390/su12031186

Syed Riyadul Mahi, & Jalila Khalaf Nasser Awlad Thani. (2020). The strategies used by SMEs to survive during the economic crisis in the Sultanate of Oman. Journal of Student Research. https://doi.org/10.47611/jsr.vi.909

Urbano, D., Aparicio, S., & Audretsch, D. (2019). Twenty-five years of research on institutions, entrepreneurship, and economic growth: what has been learned? Small Business Economics, 53(1). https://doi.org/10.1007/s11187-018-0038-0

Uzo-Peters, A., Laniran, T., & Adenikinju, A. (2018). Brent prices and oil stock behaviors: evidence from Nigerian listed oil stocks. Financial Innovation, 4(1). https://doi.org/10.1186/s40854-018-0092-2

Zouita, M. S. (2021). The impact of entrepreneurship on economic growth in 95 developing and emerging countries. Scientific Annals of Economics and Business, 68(2). https://doi.org/10.47743/saeb-2021-0014