Title: Financial problems faced by micro, small and medium enterprises in the small island states: a case study of the manufacturing sector of the Fiji Islands
Authors: Suwastika Naidu; Anand Chand
Addresses: Faculty of Business and Economics, School of Management and Public Administration, The University of the South Pacific, Private Mail Bag, Suva, Fiji Islands. ' Faculty of Business and Economics, School of Management and Public Administration, The University of the South Pacific, Private Mail Bag, Suva, Fiji Islands
Abstract: Under the current paradigm in small business finance research, the micro, small and medium enterprises (MSMEs) play a pivotal role in generating employment, contributing to GDP, earning foreign exchange and contributing to revenues and taxes for the government. The aftermath of the global financial crisis has been very adverse for the Pacific Island economies. The Pacific Island economies do not have the resources to cushion the impact of the financial crisis. Hence, the government of many of the Pacific Island countries are looking at the MSMEs to provide sustainable development for the growth of the Pacific Island economies. The financial problems faced by the MSMEs are universal and the Fiji Islands are not an exception to this. In this light, this paper will investigate the financial problems faced by the MSMEs in the manufacturing sector of the Fiji Islands. This research will further demonstrate the severity of the impact of the financial obstacles on the growth and survival of the MSMEs. The paper will also provide policy directions for the government policy makers.
Keywords: developmental financing; MSMEs; small and medium-sized enterprises; micro-sized enterprises; finance; financial obstacles; public policy; development banks; regulatory policies; financial problems; small island states; manufacturing sector; Fiji; employment generation; GDP; gross domestic product; foreign exchange; taxes; taxation; government revenues; global crises; financial crises; Pacific Island economies; Pacific Islands; Melanesia; Micronesia; Polynesia; policy directions; policy makers; Viti Levu; Vanua Levu; Taveuni; Kadavu; Gau; Koro; business excellence.
International Journal of Business Excellence, 2013 Vol.6 No.1, pp.1 - 21
Received: 08 May 2021
Accepted: 12 May 2021
Published online: 13 Nov 2012 *