Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 845 Major Barriers to Manufacturing SMEs Growth and Survival: Evidence from Emerging Economy Pakistan Sher Ali a , Hazrat Bilal b , Ashfaq Ahmad c , Jawad Hussain d a PhD Scholar, College of Economics and Management, China Three Gorges University, 443000 Yichang, China E-mail: Sherali9404@gmail.com b Assistant Professor, Centre for Management and Commerce, University of swat, Pakistan E.mail: hbilal@uswat.edu.pk c Assistant Professor, Centre for Management and Commerce, University of swat, Pakistan E.mail: ashfaqahmad79@outlook.com d Associate Professor, Department of Commerce and Management Sciences, University of Malakand, Pakistan E.mail: jawadhussain79@gmail.com ARTICLE DETAILS ABSTRACT History: Accepted 09 Dec 2020 Available Online 31 Dec 2020 SMEs play a tremendous role in increased national economic development and consider the backbone of the economy around the world. It contributes a great share in the GDP of Pakistan and a huge number of the workforce involved. However, despite such great importance, the SMEs growth in Pakistan faces numerous challenges for access to financial resources, market information, and procurement contract. Hence the main aim behind this study is to investigate the influence of these barriers on manufacturing SMEs' growth and survival. A structured questionnaire was distributed among 172 managerial level employees of manufacturing SMEs to explore the influence of financial resources, market information, and procurement contract on the growth of SMEs by incorporating the Structural Equation Model (SEM). The study shows that the lack of access to financial resources, market information, and procurement contract negatively influence the growth and survival of SMEs. Therefore, it needs a certain action to eliminate such barriers for SMEs' sustainable growth and survival. This study suggestion will help to contribute to policymakers and industry players to overcome such barriers. © 2020 The authors. Published by SPCRD Global Publishing. This is an open access article under the Creative Commons Attribution- NonCommercial 4.0 Keywords: Manufacturing SMEs, Financial Resources, Market Information, Procurement JEL Classification: O14, P43 DOI: 10.47067/reads.v6i4.284 Corresponding author’s email address: hbilal@uswat.edu.pk 1. Introduction SMEs has several definitions around the world and even numerous institutions in the same country have a unique definition (Cardoza et al., 2015). In the context of Pakistan SMEs distinct on the Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 846 number of employees up to-250 or paid-up capital of Rs. 25 million (Khan, Qureshi, & Abbas, 2010; Kureshi, Qureshi, & Sajid, 2010). Although SMEs have limited resources and internal house-based knowledge (Brenes, Camacho, Ciravegna, & Pichardo, 2016; Felzensztein, Ciravegna, Robson, & Amorós, 2015; Viljamaa, 2011). In this era of globalization, national economies renovate into a single economy (Ali, Bilal, & Ullah) hence for survival and growth SMEs need effectively deploy resources (Brouthers, Nakos, & Dimitratos, 2015). Over the last decades, research on SMEs has gained a tremendous increase. Numerous scholars concentrated on various factors that influence SME growth (Audretsch, 2004; Constantinides, 2010; Wiklund, Patzelt, & Shepherd, 2009). Although literature indicated that most of the SMEs thought out the world faces same problems in survival and growth like a) lace access to financial resources b) insufficient market information and c) procurement of contract (Cardoza, Fornes, Farber, Duarte, & Gutierrez, 2016; Hollender, 2017; Zhou & de Wit, 2009) In the case of the emerging economy, Pakistan SMEs constitute about 90% of overall enterprises and approximately 40% share in GDP. SMEs have a great contribution to Pakistan's economic development and a large work-force involvement. But SMEs face abundant challenges for their survival and growth. Hence this study will focus on the major barriers to manufacturing SMEs growth in the context of Pakistan. 2. Literature Review Manufacturing SMEs have been considering one of the most important sectors for the development of economies around the world (Halabí & Lussier, 2014; Hessels & Parker, 2013; Makhmadshoev, Ibeh, & Crone, 2015; Oparaocha, 2015). Many scholars were cited that almost in many developed as well in developing countries of the world SMEs responsible for more than 60% of the economic growth (Alonso & Bressan, 2015; Brouthers et al., 2015; Timm, 2012; Viljamaa, 2011). SMEs are limited house-base knowledge and resource-constrained (Prange & Pinho, 2017)and have faced a lot of challenges for their growth and market survival. Several authors have carried out substantial research on numerous barriers that influence the growth of SMEs (Fillis, Johannson, & Wagner, 2004). These scholars analyze the major barriers in contrast to developed as well from emerging economies(Buzavaite & Korsakiene, 2019). The literature indicates that most of the barriers from the developed and emerging economy are similar to scholars cited earlier(Tschetschonig, 2012). Although the major barriers that SMEs faced for their growth are market information (Child & Hsieh, 2014; Kmieciak & Michna, 2018) and an unfavorable regulatory environment (Mogos et al., 2010) lack of access to financial resources(Lee, 2014; Virglerová, Homolka, Smrčka, Lazányi, & Klieštik, 2017) procurement contract and unfavorable regulatory environment(Williams & Horodnic, 2016). In the case of the emerging economy, many scholars recognized lack of access to financial resources, lack of access to market information, and procurement of contracts are the major barriers to the growth and survival of SMEs (Huett, Baum, Schwens, & Kabst, 2014). In fact, literature clarifying that these major barriers hider the capability of SMEs growth and survival. (Cardoza et al., 2016) cited that besides the financial barriers market information and procurement of contracts influence the SMEs' growth. Consequently, it needs to design and implement the strategies, policies, and programs that turn enhance sustainable SMEs' growth, survival, and competitiveness in developed as well in emerging economics(Cardoza et al., 2016). It has been identified that numerous countries have developed and implements varied policies and programs to ensure the growth and survival of SMEs(Cenamor, Parida, & Wincent, 2019; Taschner, 2012) and to overcome the major barriers and challenges. The causes are likely to originate from the numerous barriers which persist the SMEs' growth (Halabí & Lussier, 2014) the major barriers are the financial resources access, lack of market information, internal limited house-base knowledge, and procurement of contract (Bianchi & Wickramasekera, 2016). Hence this paper will empirically explore the nature of the major barriers such as a) lack of access to financial Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 847 resources b) lack of enough market information and c) procurement contract. In the context of this research, the SMEs' growth was measured by the increase of sales and innovation in existence and new products(Mathews, Bianchi, Perks, Healy, & Wickramasekera, 2016). SMEs' growth has a positive influence on short as well on long-term sustainability (Coad et al., 2012). Although, the SMEs growth can be attained by the innovation of new product or expanding into the new geographic market at local and/or abroad (Eggers, O’Dwyer, Kraus, Vallaster, & Güldenberg, 2013)also the introduction of new services. Besides that, the growth of SMEs can also be indicated both in terms of employment or sales of goods and providing services(Hessels & Parker, 2013). SMEs' growth can ensure the product quality, increase the market share, competitive edge over others, long-run sustainable benefit, and increase in socioeconomic and poverty alleviation (Javalgi & Todd, 2011). Initially, the growth rate of SMEs is faster because it is uncertain about their cost and less market efficient scale and managerial cost. However, SMEs are less flexible to the adaptability of new market trends and technology for innovation, growth, and market survival. This implies that to overcome such difficulties SMEs need an energetic enterprise policy mechanism to get out of such with easier access to financial resources, market information, and procurement contract. It argues, that to ensure the SMEs' growth and survival in industrial policy the SMEs should be a central plank of the private and government sector (Kolodko, 2000)But in an emerging economy, especially in Pakistan the growth and survival of SMEs are not satisfactory. While manufacturing SMEs has a huge portion in the national GDP of Pakistan and mitigation a remarkable number of unemployment. 3. Research Model and Hypothesis Development This study will determine the influence of major barriers on SMEs' growth and survival like a) financial barriers b) market information barrier c) procurement of contract barriers. Pakistan is a densely populated country of about 212.2 million (2018) and SMEs have 90% of overall enterprises and approximately 40% share in GDP. Due to the financial crisis and high unemployment rate in manufacturing SMEs, survival and growth are very important to overcome such a worse economic situation. But the growth and survival of SMEs face major barriers of financial resources, market information, and procurement of contracts. Therefore, this study will empirically identify the influence of these barriers on SMEs growth in the context of Pakistan. H1: Lack of access to financial resources negatively influence the SMEs growth and survival. Lack access of financial resources is one of the major barriers to SMEs growth and survival. It has been cited by many scholars from developed and emerging economies that financial barriers are the most significant obstacle to SMEs' growth and survival(Arora & Ceccagnoli, 2006; Zhu, Wittmann, & Peng, 2012). Financial access is the most controversial issue in the SME sector. Most of the studies identified that access to financial resources is a major barrier for new as well for already functional SMEs(Krasniqi, 2007).The lack of financial resources especially in the case of emerging economies is a significant barrier which many constraints the growth and survival of SMEs(Lee, Sameen, & Cowling, 2015). Many studies identify that after globalization, worldwide financial crises and economic disabilities have increased the importance of financial resources for their growth and survival of SMEs(Daskalakis, Jarvis, & Schizas, 2013). Access to financial resources significantly increases the internal and external capability of SMEs, like invest in production units, R&D initiatives, entrance to the local and international market, and increase in house-based knowledge (Lee & Drever, 2014). Financial barriers are the lack of financial resources like credit constraints, subsidies, and loans, lack of external debts, and equity capital to SMEs' growth(Coad & Tamvada, 2012; Huett et al., 2014). The most substantial reason for SMEs access to financial resources includes the high-interest rate, information asymmetry, poor and complex application process government and private sectors mechanisms, high Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 848 fee, and poor performance of SMEs (Doh & Kim, 2014). Furthermore see (Fredriksson, Maresch, & Moro, 2017; Hanedar & Hanedar, 2016). H2: Lack of access to procurement or supplier development negatively influence the SMEs growth and survival. Lack of access to procurement or supplier development is a significant barrier(Cardoza, Fornes, Farber, Gonzalez Duarte, & Ruiz-Gutierrez, 2015) and it negatively influences the growth and survival of SMEs in emerging as well in developed economies (Cardoza et al., 2016). The procurement contract provides a favorable and potential competitive edge in national as well beyond the boundaries (Bianchi & Saleh, 2020)The procurement of contract significantly promote commercial relationship among suppliers, promote the sale, employment, and their ability to growth and survival(Sibiya & Kele, 2019b).The lack of procurement contract in SMEs growth and survival is debatable and gains the marvelous attention of scholars since research indicates mixed evidence(Blattman, Dercon, & Franklin, 2019; Sibiya & Kele, 2019b). Supplier development or procurement contracts influence more positively the SMEs performance is a value chain process. The access to procurement contract benefits SMEs in terms of access to resources such as human skills, technology access, competencies gain, and reduce the risk and cost of doing business. Recently research highlighted the significance of the procurement contract and identified is a major barrier to the growth and survival of SMEs' expansion. Hence it needs for SMEs to create flexibility in their structure and adopted public/private procurement contracts in their policies and practices for sustainable growth and market survival(Bartlett & Bukvič, 2002). Therefore, the government and private sector would be required to design policies and regulations, where different players encourage to take initiatives for the development of SMEs procurement contracts. Consequently, such initiatives will make SMEs capable of sustainable growth and overcome procurement barriers(Sibiya & Kele, 2019a). H3: Lack of access to market information negatively influence the SMEs growth and survival. Lack of access to market information negatively influences SMEs' growth and survival (Hamisi, 2011; Huett et al., 2014; Siringoringo, Prihandoko, & Kowanda, 2009; Tambunan, 2009). Market information reduces the risks and can significantly improve the capabilities of SMEs to cope with challenges(Joensuu-Salo, Sorama, Viljamaa, & Varamäki, 2018; Sibiya & Kele, 2019a). Many scholars are cited that the lack of information is a major barrier to SMEs' growth and survival(Irjayanti & Azis, 2012; Sibiya & Kele, 2019a). Weak or lack of market information decreased the chance of SMEs to exploit the growth and survival opportunities more favorable (Al-Mubarak, 2016). SMEs have a constrained house- base knowledge and limited resources thus the lack of market information is a major barrier to SMEs' growth and survival. The lack of access to market information negatively impacts knowledge limitation about the business in local and well beyond the boundaries and caused poor product standard and quality. Several scholars identify the lack of market information as one of the major barriers to SMEs' growth and survival(Child & Hsieh, 2014) and from social and business networks (Mogos Descotes & Walliser, 2013). But the market information depends on the quality of the information source. However, SMEs need domestic and foreign alliances, formal and informal networks, and cooperation with export intermediaries to overwhelmed the barriers of market information (Cardoza & Fornes, 2011; Jin & Jung, 2016) 4. Research Methodology In these study quantities method has been used and data were collected through a structured questionnaire from 172 managerial level employees of the manufacturing SMEs from the Malakand Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 849 region of KPK, Pakistan by random sampling method. The data was incorporated by the Structural equation model (SEM). The independent variable of the study is consisting of three major barriers a). lack access to financial barriers b). lack access to market information c). lack access to procurement contract while on other hand dependent variable is the SMEs growth and survival. Bartlett, Kotrilk and Higgins (2001) formula was used to obtain the required sample size of the study and the sample size was 172 managerial level employees of the manufacturing SMEs. 4. Results and Analysis of the study 4.1 Demographic picture of the respondent The table 1 below shows the demographic characteristics of the respondent by age, family income and education status Table: 1 Demographic Characteristic of the Respondent The evidence from below table 2 shows that there is strong negative relationship between the growth and survival of SMEs and major barriers (lack access to financial resources, lack access to market information, lack access to procurement contract). The proposed hypothesis of the study was that there is a negative relationship between SMEs financial barriers (r = 0.294 ** ) at significant level of p< 0.05, thus support the first hypothesis of the study. The negative relationship between market information (r = 0.355 ** ) and SMEs growth is significant (p< 0.05) which support the second hypothesis of the study. The result of the study also supports the third hypothesis that procurement contract (.404 ** ) negatively and significantly affect the growth and survival of SMEs Age Frequency Percent 18-30 40 23.3% 31-40 55 32.0% 41-50 47 27.3% >50 30 17.4% Total 172 100.0% Family income 30000andless 1 .6% 31000-60000 21 12.2% 61000-80000 62 36.0% >91000 88 51.2% Total 172 100.0% Education Illiterate 3 1.7% primary 37 21.5% secondary 93 54.1% Diploma or higher 39 22.7% Total 172 100.0% Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 850 Table: 2 Correlations The below table: 3 shows the variation characteristic between the lack of financial resources on the SMEs growth and survival. The R square for the give relation between lack of financial resources and SMEs growth and survival is .086 which mean 8.6% variation in SMEs growth and survival occur due to lack of financial resources ( p<0.001 with F= 16.043). Hence support the first hypothesis of the study that lack access of financial resources is negatively association with firm growth and survival. Table: 3 Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics R Square Change F Change df1 df2 Sig. F Change 1 .294 a .086 .081 .84947 .086 16.043 1 170 .000 a. Predictors: (Constant), financial barriers Below table 4 explore the strength of the negative relationships revealed by the value of slope and intercept for SMEs growth and survival. The constant value in table 3 for the given relationship is 2.037 and a slop of 0.502 regression line shows that one-unit change in lack of financial barriers can significantly predict 0.502 units change in SMEs growth and survival Table 4: Coefficients a Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 2.037 .453 4.495 .000 Financial barriers .502 .125 .294 4.005 .000 a. Dependent Variable: growth The table 5 explores the variation characteristic between the lack of market information on the SMEs growth and survival. The R square value for the relationship between lack access to market information SMEs growth and survival is 0.126 which mean 12.6% of variation in SMEs growth and survival occur due to lack of market information (p<0.001 with F= 24.5564). Thus, support the second hypothesis of the study that lack access to market information resource is negatively associate with the growth and market survival. Growth Financial Market Procurement Growth and Survival 1 . Financial Barriers .294 ** 1 Market information Barriers .355 ** .556 ** 1 Procurement contract Barriers .404 ** .674 ** .692 ** 1 **. Correlation is significant at the 0.01 level (2-tailed). Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 851 Table: 5 Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics R Square Change F Change df1 df2 Sig. F Change 1 .355 a .126 .121 .83066 .126 24.564 1 170 .000 a. Predictors: (Constant), market information The table 6 below shows the strength of the negative relation revealed by the value of slope and intercept for the growth and survival of SMEs. In table 5 the constant value of give relationships is 2.037 and slop of 0.481 on regression line which indicate that one unite change in lack access of market information significant predict 0.481 unite change in the growth and survival of SMEs. Table: 6 Coefficients a Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 2.073 .361 5.747 .000 Market information .481 .097 .355 4.956 .000 a. Dependent Variable: growth Table 7 below shows the variation characteristic between the lack access to procurement contract on the SMEs growth and survival. The R square value for the given relationships between lack access to procurement contract and SMEs growth and survival is 0.163 which mean 16.3% of variation in SMEs growth and survival occur due to the lack access of procurement contract (p<0.001 with F= 33.170). Therefore, support the third hypothesis of the study that lack access to procurement contract negatively influences the growth and survival of SMEs. Table: 7 Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate Change Statistics R Square Change F Change df1 df2 Sig. F Change 1 .404 a .163 .158 .81287 .163 33.170 1 170 .000 a. Predictors: (Constant), procurement barriers The below table 8 explore the strength of the negative relationships revealed by the value of slop and intercept for the growth and survival of SMEs. In table 7 the constant value of the relationship is 2.073 and the slop of 0.48 on regression line which shows that one unite change in lack access to procurement contract significant predict 0.481 unite change in the growth and survival of SMEs Review of Economics and Development Studies, Vol. 6 (4) 2020, 845 - 856 852 Table: 8 Coefficients a Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta 1 (Constant) 2.073 .361 5.747 .000 Market information .481 .097 .355 4.956 .000 a. Dependent Variable: growth 5. Discussion and Conclusion The current study was carried to determine the influence of major barriers a) lack access to financial resources b) lack access to market information and c) lack access to procurement contracts on the growth of SMEs in the context of the emerging economy of Pakistan. The results of the analysis suggest that SMEs in Pakistan are still facing challenges for their growth and survival regarding the lack of financial resources, lack of access to market information, and procurement contracts. As from the previous finding of the researcher from developed as well developing economies the lack access to financial resources, lack of market information and lack access to procurement contract negatively influence the SMEs growth and survival Acs, Carlsson, &Karlsson, 1999; OECD, 2008; Arora, 2009 Zhou, and Wit, 2009; Arráiz et al., 2012; Cardoza et al., 2015; Tambunan 2009; Siringoringo et al., 2009; Hamisi., 2011; Huett et al., 2014). The result also identified that in the context of the emerging economy of Pakistan for manufacturing SMEs is critical to growth and survival with these barriers. Hence, given these fact government need to design and implement policies and framework for the growth and survival of SMEs. Its need to facilitate and ensure the SMEs access to market information sufficient financial resources and procurement of contract with governmental organizations and as well as a private organization. Furthermore, the government can establish a favorable environment with market players of all necessary legislation which encouraged SMEs' growth and survival. The result indicates that lack of access to financial resources, lack of procurement contract, and lack of market information are the most significant barriers in the context of the emerging economy of Pakistan. therefore, it needs to do more for SMEs to make it easier and decreased the high collateral requirements, high-interest rate of return, high banks charges, bureaucracy ignorance of proposal, and a huge and short period of financial installment return. 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