{"id":"https://openalex.org/W4390519930","doi":"https://doi.org/10.21776/jiscos.03.2.05","title":"Unveiling Capital Structure Determinants, Business Characteristics and High-Growth Performance of Small and Medium-Sized Enterprises: Evidence from Nigeria","display_name":"Unveiling Capital Structure Determinants, Business Characteristics and High-Growth Performance of Small and Medium-Sized Enterprises: Evidence from Nigeria","publication_year":2023,"publication_date":"2023-12-31","ids":{"openalex":"https://openalex.org/W4390519930","doi":"https://doi.org/10.21776/jiscos.03.2.05"},"language":"en","primary_location":{"id":"doi:10.21776/jiscos.03.2.05","doi":"https://doi.org/10.21776/jiscos.03.2.05","is_oa":true,"landing_page_url":"https://doi.org/10.21776/jiscos.03.2.05","pdf_url":"https://jiscos.ub.ac.id/index.php/jiscos/article/download/126/45","source":{"id":"https://openalex.org/S4210180592","display_name":"Journal of Interdisciplinary Socio-Economic and Community Study","issn_l":"2809-395X","issn":["2809-395X","2809-753X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310314997","host_organization_name":"Brawijaya University","host_organization_lineage":["https://openalex.org/P4310314997"],"host_organization_lineage_names":["Brawijaya University"],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Interdisciplinary Socio-Economic and Community Study","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://jiscos.ub.ac.id/index.php/jiscos/article/download/126/45","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5037602319","display_name":"Olumuyiwa Oluseun Adeoye","orcid":"https://orcid.org/0000-0003-4935-4259","observed_orcids":["https://orcid.org/0000-0003-4935-4259"]},"institutions":[{"id":"https://openalex.org/I2799835767","display_name":"Adeleke University","ror":"https://ror.org/03gnb6c23","country_code":"NG","type":"education","lineage":["https://openalex.org/I2799835767"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Olumuyiwa Oluseun Adeoye","raw_affiliation_strings":["Department of Accounting, Adeleke University, Nigeria"],"raw_orcid":"https://orcid.org/0000-0003-4935-4259","affiliations":[{"raw_affiliation_string":"Department of Accounting, Adeleke University, Nigeria","institution_ids":["https://openalex.org/I2799835767"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5051638710","display_name":"Timilehin Olasoji Olubiyi","orcid":"https://orcid.org/0000-0003-0690-7722","observed_orcids":["https://orcid.org/0000-0003-0690-7722"]},"institutions":[{"id":"https://openalex.org/I52605992","display_name":"National Open University of Nigeria","ror":"https://ror.org/009tveq15","country_code":"NG","type":"education","lineage":["https://openalex.org/I52605992"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Timilehin Olasoji Olubiyi","raw_affiliation_strings":["Department of Business Administration, National Open University of Nigeria, Nigeria"],"raw_orcid":"https://orcid.org/0000-0003-0690-7722","affiliations":[{"raw_affiliation_string":"Department of Business Administration, National Open University of Nigeria, Nigeria","institution_ids":["https://openalex.org/I52605992"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5093641709","display_name":"Waheed Olayemi Ajiteru","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210128877","display_name":"Federal Polytechnic Ede","ror":"https://ror.org/02v07kh10","country_code":"NG","type":"education","lineage":["https://openalex.org/I4210128877"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Waheed Olayemi Ajiteru","raw_affiliation_strings":["Department of Accounting, Federal Polytechnic Ede, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting, Federal Polytechnic Ede, Nigeria","institution_ids":["https://openalex.org/I4210128877"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5070979055","display_name":"Adaranijo Luqman Olatunde","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210128877","display_name":"Federal Polytechnic Ede","ror":"https://ror.org/02v07kh10","country_code":"NG","type":"education","lineage":["https://openalex.org/I4210128877"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Luqman Olatunde Adaranijo","raw_affiliation_strings":["Department of Accounting, Federal Polytechnic Ede, Nigeria"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Accounting, Federal Polytechnic Ede, Nigeria","institution_ids":["https://openalex.org/I4210128877"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":9.3196,"has_fulltext":true,"cited_by_count":16,"citation_normalized_percentile":{"value":0.97724569,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"3","issue":"2","first_page":"86","last_page":"98"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.45579999685287476,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.45579999685287476,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.421099990606308,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0617000013589859,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.796999990940094},{"id":"https://openalex.org/keywords/small-and-medium-sized-enterprises","display_name":"small and medium-sized enterprises","score":0.9940000176429749},{"id":"https://openalex.org/keywords/sme-performance","display_name":"SME performance","score":0.7490000128746033},{"id":"https://openalex.org/keywords/financial-accessibility","display_name":"financial accessibility","score":0.5230000019073486},{"id":"https://openalex.org/keywords/firm-characteristics","display_name":"firm characteristics","score":0.6869999766349792},{"id":"https://openalex.org/keywords/strategic-planning","display_name":"strategic planning","score":0.8529999852180481},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.5220000147819519},{"id":"https://openalex.org/keywords/financial-decision-making","display_name":"financial decision-making","score":0.7300000190734863},{"id":"https://openalex.org/keywords/workplace-relationships","display_name":"workplace relationships","score":0.6359999775886536},{"id":"https://openalex.org/keywords/operating-procedures","display_name":"operating procedures","score":0.7509999871253967},{"id":"https://openalex.org/keywords/nigeria","display_name":"Nigeria","score":0.5199999809265137}],"concepts":[{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.7459684610366821},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6923913955688477},{"id":"https://openalex.org/C48879800","wikidata":"https://www.wikidata.org/wiki/Q622439","display_name":"Small and medium-sized enterprises","level":2,"score":0.6209763288497925},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.5344803333282471},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5180135369300842},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.5046852827072144},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.4904474914073944},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.4553045630455017},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.4388103187084198},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26834917068481445},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.21776/jiscos.03.2.05","doi":"https://doi.org/10.21776/jiscos.03.2.05","is_oa":true,"landing_page_url":"https://doi.org/10.21776/jiscos.03.2.05","pdf_url":"https://jiscos.ub.ac.id/index.php/jiscos/article/download/126/45","source":{"id":"https://openalex.org/S4210180592","display_name":"Journal of Interdisciplinary Socio-Economic and Community Study","issn_l":"2809-395X","issn":["2809-395X","2809-753X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310314997","host_organization_name":"Brawijaya University","host_organization_lineage":["https://openalex.org/P4310314997"],"host_organization_lineage_names":["Brawijaya University"],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Interdisciplinary Socio-Economic and Community Study","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.21776/jiscos.03.2.05","doi":"https://doi.org/10.21776/jiscos.03.2.05","is_oa":true,"landing_page_url":"https://doi.org/10.21776/jiscos.03.2.05","pdf_url":"https://jiscos.ub.ac.id/index.php/jiscos/article/download/126/45","source":{"id":"https://openalex.org/S4210180592","display_name":"Journal of Interdisciplinary Socio-Economic and Community Study","issn_l":"2809-395X","issn":["2809-395X","2809-753X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310314997","host_organization_name":"Brawijaya University","host_organization_lineage":["https://openalex.org/P4310314997"],"host_organization_lineage_names":["Brawijaya University"],"type":"journal"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Interdisciplinary Socio-Economic and Community Study","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.9211000204086304}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4390519930.pdf","grobid_xml":"https://content.openalex.org/works/W4390519930.grobid-xml"},"referenced_works_count":60,"referenced_works":["https://openalex.org/W138792719","https://openalex.org/W593663543","https://openalex.org/W942472789","https://openalex.org/W1965145345","https://openalex.org/W1980053867","https://openalex.org/W1986733644","https://openalex.org/W2017472527","https://openalex.org/W2082506116","https://openalex.org/W2123181736","https://openalex.org/W2129717103","https://openalex.org/W2139727941","https://openalex.org/W2148871451","https://openalex.org/W2177035801","https://openalex.org/W2186049245","https://openalex.org/W2197458951","https://openalex.org/W2239553392","https://openalex.org/W2304978916","https://openalex.org/W2469818835","https://openalex.org/W2478381396","https://openalex.org/W2524133974","https://openalex.org/W2526069958","https://openalex.org/W2590148952","https://openalex.org/W2607126600","https://openalex.org/W2614405229","https://openalex.org/W2781100649","https://openalex.org/W2790793405","https://openalex.org/W2800139377","https://openalex.org/W2886532901","https://openalex.org/W2890911429","https://openalex.org/W2902133670","https://openalex.org/W2903686601","https://openalex.org/W2935496005","https://openalex.org/W2942666911","https://openalex.org/W2943684549","https://openalex.org/W2970537699","https://openalex.org/W2988090049","https://openalex.org/W3004033382","https://openalex.org/W3004639902","https://openalex.org/W3015289224","https://openalex.org/W3035395772","https://openalex.org/W3114608042","https://openalex.org/W3115355931","https://openalex.org/W3129840804","https://openalex.org/W3131792757","https://openalex.org/W3132768230","https://openalex.org/W3142855607","https://openalex.org/W3185008796","https://openalex.org/W3204024866","https://openalex.org/W3211496591","https://openalex.org/W4206983224","https://openalex.org/W4238183346","https://openalex.org/W4281667447","https://openalex.org/W4285804033","https://openalex.org/W4293491424","https://openalex.org/W4360860175","https://openalex.org/W4379229519","https://openalex.org/W4387540525","https://openalex.org/W4388340209","https://openalex.org/W4394553169","https://openalex.org/W4402951240"],"related_works":["https://openalex.org/W2265917885","https://openalex.org/W2255536882","https://openalex.org/W3150566323","https://openalex.org/W4233687392","https://openalex.org/W7095721697","https://openalex.org/W4366313036","https://openalex.org/W4389287298","https://openalex.org/W1987529735","https://openalex.org/W2977381232","https://openalex.org/W7130507855"],"abstract_inverted_index":{"Recent":[0],"interest":[1],"among":[2],"both":[3,98,212],"SME":[4],"operators":[5,106],"and":[6,16,32,49,70,100,105,116,124,133,156,161,178,214,230],"academics/professionals":[7],"in":[8,37,107,130,165],"determining":[9],"what":[10],"factors":[11,45,205],"influence":[12,47],"the":[13,28,44,71,88,108,131,145,157,179,193,204,218],"capital":[14,52,68,74,154,208],"structure":[15,75,155,209],"performance":[17,58,158],"of":[18,73,90,159,181,196,220],"SMEs":[19],"has":[20],"increased.":[21],"Possible":[22],"cause":[23],"includes":[24],"increased":[25],"focus":[26],"on":[27,76,192],"role":[29],"that":[30,46,65],"small":[31,48,99,115,160],"medium-sized":[33,50,101,117,162],"enterprises":[34,118,163],"(SMEs)":[35,119,164],"play":[36],"driving":[38],"economic":[39],"growth.":[40],"This":[41,147],"research":[42],"evaluated":[43],"enterprises'":[51],"structures,":[53,69],"as":[54,56],"well":[55],"their":[57,67],"predictors,":[59],"financial":[60,194],"accessibility":[61],"factors,":[62],"firm":[63],"characteristics":[64],"predict":[66],"impact":[72,191],"SMEs'":[77,207],"profitability.":[78],"It":[79],"was":[80],"decided":[81],"to":[82,135,143,187],"conduct":[83],"a":[84,91,150,189],"survey":[85],"study,":[86],"with":[87],"help":[89],"properly":[92],"designed":[93],"questionnaire.":[94],"The":[95],"population":[96],"included":[97],"enterprise":[102],"(SME)":[103],"owners":[104],"study":[109,148],"area":[110],"(South-West,":[111],"Nigeria).":[112],"Four":[113],"hundred":[114],"purposefully":[120],"chosen":[121],"using":[122],"purposive":[123],"proportionate":[125],"procedure":[126],"from":[127],"each":[128],"state":[129],"region":[132],"asked":[134],"fill":[136],"out":[137],"an":[138],"online":[139],"questionnaire":[140],"(Google":[141],"Form)":[142],"collect":[144],"data.":[146],"found":[149,186],"significant":[151,190],"relationship":[152],"between":[153],"Nigeria's":[166],"Southwest":[167],"region.":[168],"Formal":[169],"strategic":[170,213,222],"plans,":[171],"consistent":[172,224],"operational":[173,225],"procedures,":[174,226],"positive":[175,227],"work":[176,228],"relationships,":[177,229],"presence":[180],"formal":[182,221,231],"business":[183,201,232],"plans":[184],"were":[185],"have":[188],"decisions":[195,210],"SMEs,":[197],"thereby":[198],"improving":[199],"overall":[200],"performance.":[202],"Furthermore,":[203],"influencing":[206],"include":[211],"organisational":[215],"components,":[216],"emphasising":[217],"importance":[219],"planning,":[223],"plans.":[233]},"counts_by_year":[{"year":2026,"cited_by_count":7},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2024-01-03T00:00:00"}