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 RISK AND FINANCIAL PLANNING PRACTICES IN SMALL AND MICRO ENTERPRISES – ANEMPIRICAL STUDY


    Author(s):  MRS. SYEDA IKRAMA, PROF. BADIUDDIN AHMED  
Abstract

Entrepreneurship is all about risk-bearing and innovation, but above all the managerial practices summarized into following three broad functions of management – Planning; organizing and staffing & directing and coordinating are crucial to for the success of the enterprise. Financial Planning is an important aspect of planning function of management that directly effects the performance, hence this study. Financial management practices contribute to the improvement of the economic status of the enterprises.This primary study covered three important aspects: Demographic profile; Risk Aversion and Financial Planning and it was studied in 30 enterprises. Chi square test was used to find the relationship between performance of the enterprises and the financial planning practices.It can be concluded in this study that the financial management practices has significant yet moderate relationship with the performance of the enterprises. The determinants include Accounting management practices, risk aversion, qualified staff to handle finance function of the firm, financial management practices, cash management, inventory management, and credit risk management.


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