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The role of financial management training in developing skills and financial self-efficacy

dc.contributor.authorKirsten, Corrinna L.en_ZA
dc.date.accessioned2018-11-05T12:00:38Z
dc.date.available2018-11-05T12:00:38Z
dc.date.issued2018-10-25
dc.identifier.citationKirsten, C. L. 2018. The role of financial management training in developing skills and financial self-efficacy. Southern African Journal of Entrepreneurship and Small Business Management, 10(1):a211, doi:10.4102/sajesbm.v10i1.211
dc.identifier.issn2071-3185 (online)
dc.identifier.issn1015-3977 (print)
dc.identifier.otherdoi:10.4102/sajesbm.v10i1.211
dc.identifier.urihttp://hdl.handle.net/10019.1/104644
dc.descriptionCITATION: Kirsten, C. L. 2018. The role of financial management training in developing skills and financial self-efficacy. Southern African Journal of Entrepreneurship and Small Business Management, 10(1):a211, doi:10.4102/sajesbm.v10i1.211.
dc.descriptionThe original publication is available at https://sajesbm.co.za
dc.descriptionPublication of this article was funded by the Stellenbosch University Open Access Fund.
dc.description.abstractBackground: Financial management is an essential management function for any small business. Short-term financial management is especially crucial for start-ups and established businesses. Owners of small businesses in South Africa often need to perform this function themselves; however, many do not possess the skills and practices required to perform this function effectively. Financial self-efficacy acts as an important motivating factor in managing the finances of a business. Focused training is important in developing financial management skills, but little research has been conducted to determine whether this type of training improves financial management skills and financial self-efficacy. Aim: To determine whether a tailor-made financial management training course improves the development of short-term financial management skills and financial self-efficacy of small business owners in South Africa. Setting: This study sampled small business owners who attended a tailor-made financial management training course that focused on short-term financial management principles. Method: A quasi-experimental study using a pre-test–post-test single-group design was applied using self-administered questionnaires. Results: The results from a one-tailed paired-sample t-test show that the training course significantly improved both the development of short-term financial management skills and the financial self-efficacy of participants. Conclusion: Tailor-made financial management training courses enhance the short-term financial management skills of owners of small businesses and also improve their financial self-efficacy. By improving both their skills and self-efficacy, small business owners are likely to make better financial decisions and be more motivated to implement financial management practices.
dc.description.urihttps://sajesbm.co.za/index.php/sajesbm/article/view/211
dc.format.extent8 pages
dc.language.isoen_ZAen_ZA
dc.publisherAOSIS Publishing
dc.subjectSmall business -- South Africaen_ZA
dc.subjectBusiness enterprises -- Finance -- Training -- South Africaen_ZA
dc.subjectFinancial literacy -- South Africaen_ZA
dc.titleThe role of financial management training in developing skills and financial self-efficacyen_ZA
dc.typeArticleen_ZA
dc.description.versionPublisher's version
dc.rights.holderAuthor retains copyright


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