African entrepreneurs, financial literacy, debt and bankruptcy

Book chapter


Ekanem, I. 2014. African entrepreneurs, financial literacy, debt and bankruptcy. in: Nwankwo, S. and Ibeh, K. (ed.) The Routledge companion to business in Africa London Routledge. pp. 218-233
Chapter titleAfrican entrepreneurs, financial literacy, debt and bankruptcy
AuthorsEkanem, I.
Abstract

This chapter is concerned with the behaviour of African entrepreneurs and individual towards debt and bankruptcy; and to assess the extent to which their attitudes and behaviour towards debt and bankruptcy are influenced by their cultural and religious practices. The study is based on a qualitative research method involving in-depth, semi-structured interviews and, in some cases, direct observation. The findings suggest that among African entrepreneurs and individuals there are compelling cultural and religious reasons to settle debts and this can lead to a strong desire to resist at all costs the bankruptcy process. The study also revealed a high level of ignorance and a lack of understanding among the Africans of the actions they can take when they find themselves in financial difficulties. The implication of these findings is that financial literacy and pre-bankruptcy counselling can empower this group of consumers and influence competent financial decision making.

KeywordsAfrican entrepreneurs; bankruptcy; debt; financial literacy; attitudes and behaviour
Page range218-233
Book titleThe Routledge companion to business in Africa
EditorsNwankwo, S. and Ibeh, K.
PublisherRoutledge
Place of publicationLondon
SeriesRoutledge Companions in Business, Management and Accounting
ISBN
Hardcover9780415635455
Publication dates
Print22 Jun 2014
Online25 Jul 2014
Publication process dates
Deposited15 May 2015
Output statusPublished
Accepted author manuscript
Copyright Statement

This is an Accepted Manuscript of a book chapter published by Routledge in The Routledge Companion to Business in Africa on 22/06/2014, available online: http://www.routledge.com/9780415635455

Web address (URL)https://www.taylorfrancis.com/books/e/9780203093146/chapters/10.4324/9780203093146-20
LanguageEnglish
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