The role of financial management training in developing skills and financial self-efficacy
| dc.contributor.author | Kirsten, Corrinna L. | en_ZA |
| dc.date.accessioned | 2018-11-05T12:00:38Z | |
| dc.date.available | 2018-11-05T12:00:38Z | |
| dc.date.issued | 2018-10-25 | |
| dc.description | CITATION: 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.description | The original publication is available at https://sajesbm.co.za | |
| dc.description | Publication of this article was funded by the Stellenbosch University Open Access Fund. | |
| dc.description.abstract | Background: 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.uri | https://sajesbm.co.za/index.php/sajesbm/article/view/211 | |
| dc.description.version | Publisher's version | |
| dc.format.extent | 8 pages | |
| dc.identifier.citation | 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.identifier.issn | 2071-3185 (online) | |
| dc.identifier.issn | 1015-3977 (print) | |
| dc.identifier.other | doi:10.4102/sajesbm.v10i1.211 | |
| dc.identifier.uri | http://hdl.handle.net/10019.1/104644 | |
| dc.language.iso | en_ZA | en_ZA |
| dc.publisher | AOSIS Publishing | |
| dc.rights.holder | Author retains copyright | |
| dc.subject | Small business -- South Africa | en_ZA |
| dc.subject | Business enterprises -- Finance -- Training -- South Africa | en_ZA |
| dc.subject | Financial literacy -- South Africa | en_ZA |
| dc.title | The role of financial management training in developing skills and financial self-efficacy | en_ZA |
| dc.type | Article | en_ZA |