WORKING CAPITAL MANAGEMENT PRACTICES REQUIRED BY SMALL AND MEDIUM SCALE ENTERPRISES FOR EFFECTIVE OPERATIONS IN DELTA STATE NIGERIA

ABSTRACT

The main purpose of this study was to determine the working capital management practices  required  by  Small  and  Medium Scale  Enterprises (SMEs)  for  effective operations in Delta State, Nigeria. Six research questions were raised for the study which include; what are the sources of financing working capital required by SMEs for effective operations and six null hypotheses were formulated for the study which include; there is no significant difference between the mean responses of managers and accountants on the cash management practices required by Small and Medium Scale Enterprises for effective operations in Delta State. A descriptive survey design was adopted for this study. The population for the study consisted of 3,627 respondents, made up of 2,012 managers and 1,615 accountants from the 2,012 Small and Medium Scale Enterprises operating in Delta State, as registered with the Ministry of Commerce and Industry. The proportionate stratified and systematic random sampling techniques were employed to select a sample size of 1,110 respondents made up  of 616  managers and  494  accountants, which is  30.6%  of the  population.  A Working Capital Management Practices Questionnaire (WCMPQ) was used as the instrument for the study, which was face validated by five experts; two from the Department of Vocational Teacher Education, University of Nigeria Nsukka, two from the faculty of education, Delta State University, and one professional in the industry. The Cronbach Alpha Reliability Coefficient of 0.81 was obtained for the study. The instrument was administered on personal contact by the help of 18 trained research assistants. Out of the 1110 copies of questionnaire administered, 990 were retrieved and used for the study. The data collected were analyzed using the mean and standard deviation in answering the six research questions while t-test analysis was employed in testing the six null hypotheses at 0.05 level of significance. The findings obtained includes:  (1)  SMEs  in  Delta  State  highly require  both  long-term and  short-term sources in financing their working capital; (2) SMEs in Delta State highly require most cash  management  practices.  Amongst  others,  it  was  recommended that  Business educators, especially accounting educators should be innovative in their instruction by equipping their students with the relevant skills on cash management, accounts receivables management, inventory management, accounts payable management, and investment management; which will enable these students to stand the better chance of succeeding when they establish SMEs.

CHAPTER 1

INTRODUCTION

Background of the Study

Working capital management amongst Small and Medium Scale Enterprises (SMEs) appears to have been relatively neglected despite the fact that a high proportion of failures in businesses, is due to poor decisions concerning the working capital of enterprises (Tewolde, 2002).

Management of working capital is an important component of corporate financial management because it directly affects the profitability of the firms. But what could working capital and working capital management mean? According to Bhattacharya (2009), the concept of working capital was first evolved by Karl Marx in 1914, though in a somewhat different form, and the term he used was “variable capital”. Working capital is the capital required to finance a firm’s day-to-day operational activities. It can be defined as current (short-term) assets  minus  current  (short-term) liabilities.  Adequate  working capital is vital in maintaining a firm’s liquidity.  On the other hand, working capital management is concerned with the management of a firms short-term assets   (stocks,   debtors   and   cash),   short-term   liabilities   (creditors   and borrowing), and short-term cash flows (Park and Gladson, 2003).  McMenamin (2005) noted that the goal of working capital management is to secure the

optimum investment in working capital consistent with the overall financial goal of shareholder wealth maximization.

Working capital management is often denoted by its components. Hence, the Average Collection Period (ACP); the Inventory Conversion Period (ICP) and the Average Payment Period (APP) are various components of working capital  management explained  by  Mathuwa  (2009).  According to  him,  the Average Collection Period (ACP) is the time taken to collect cash from customers. The Inventory Conversion Period (ICP) refers to the time taken to convert inventory held in the firm into sales, the Average Payment Period (APP), is the time taken to pay the firms suppliers. More explicitly, Planware (2011) outlined the components of working capital management to consist of: cash management; accounts payable management; accounts receivable management; investment management; inventory management, marketable security management; and cash equivalent management.

In explaining the components Planware (2011) stated that, Cash management deals on cash planning to ensure there is optimum cash balance to run  the  business  profitably;  accounts  payable  management  deals  on  an enterprise purchases of goods and services from their customers in the form of creditors to meet the operations of the business; accounts receivable management is the extension of credit facilities to customers at the benefit of the  enterprise;  investment  management  denotes  proper  planning  of  the

enterprise  investment  to  ensure  the  required  rate  of  return  is  exceeded; inventory management deals  on  planning of  the  enterprise stocks to  avoid stockout and proper utilization of the firms stock; marketable security management  are  short  term  interest  bearing  money  market  investments  to enable a return to be earned on the temporarily idle money of the enterprise; and cash equivalent management is the organization of near monies like stock, promissory note and cheques for easy conversion into cash to run the enterprise.

Small and  Medium Scale Enterprises  may  have  an  optimal level of working capital that maximizes their value. Raheman & Nasr (2007) posited that large inventory and a generous trade credit policy may lead to high sales. Large inventory reduces the risk of stock out. The credit may stimulate sales because it allows customers to assess product quality before paying. Another component  of  working  capital  is  account  payables.  Delaying payments  to suppliers allows a firm to assess the quality of bought products, and can be an inexpensive and flexible source of financing for the firm. On the other hand, late payment of invoices can be very costly if the firm is offered discount for early payment. A popular measure of working capital management is the cash conversion cycle i.e. the time lag between the expenditure for the purchases of raw materials and the collection of sales of finished goods. The longer this time lag, the larger the investment in working capital (Deloof, 2003). A longer cash conversion cycle might increase profitability because it leads to higher sales.

However, corporate profitability might also decrease with the cash conversion cycle, if the costs of higher investment in working capital rise faster than the benefits of holding more inventories and/or granting more trade credit to customers.

Therefore,  the  management of  these  components of  working capital management discussed above will in no doubt help the success of Small and Medium Scale Enterprises in generating value. Infact, efficiency in managing the working capital of SMEs determine their end results, since one of the major goal of a business is to maximize profits.

However, important the components of working capital management is to Small and Medium Scale Enterprises, the existence of working capital management practices, begins with the sources of financing working capital which forms the bedrock for its existence and continuous survival. There would be no working capital in enterprises without its financing.   Due to the role sources of financing working capital plays in Small and Medium Scale Enterprises gave rise for its consideration amongst the variables of working capital management for this study. Some of the sources of financing working capital are retained earnings, ploughed back profit, bank loan, supplier’s credit, accruals, promoters fund, equity finance, long-term debt, asset-based financing, thrift savings, unsecured financing, and borrowing from friends and family.

In  an  ideal  situation,  working  capital  management  would  not  be necessary because there would be no uncertainty, no transaction costs, and no scheduling costs of production or constraints of technology. The unit costs of producing goods will not change with the amount produced. Businesses will borrow and lend at the same interest rate. Capital, labour and product markets would reflect all available information and would be perfectly competitive.

In such an ideal situation there would be little need to hold any form of inventory other than a limited amount of goods in process during production. But such an ideal business assumes that demand is exactly known in advance, that suppliers keep to their due dates, production can be smoothed and orders executed directly without costs and delays. There would be no need of holding cash for working capital other than for the initial costs, because it could be possible to make the payment from every receipt of sales. There would also be no need for receivables and payables if customers pay cash immediately and the firm would also make its payment promptly. However, problems of working capital exists because these ideal assumptions are never realistic and therefore working capital levels make a significant part of a firms investment in assets and  these  assets  have  to  be  financed  implying that  investments may  have benefits as well as costs.

In line with the premise above, Kaur (2010) stated that the management of working capital is one of the most important and challenging aspect of the

overall financial management. Merely more effective and efficient management of  working capital  can  ensure the  survival  of  a  Small and  Medium Scale Enterprise. In the same vein, Fess (2011) noted that the measure of working capital has long been accepted as a useful tool for financial analysis. Yet a critical review of the structure of this concept, as it is currently applied, raises some very serious questions concerning its validity as a measure of current positions among Small and Medium Enterprises.

The Small and Medium Industries and Equity Investment Schemes (SMIEIS) defined Small and Medium Enterprises (SMEs) as any enterprises with a maximum asset base of N200 million excluding land and working capital and with the number of staff employed not less than 10 or more than 300. Small and medium enterprises have been defined along a broad continuum of size and type. In terms of size measures used to classify SMEs include employment, assets and revenue. According to Akabueze (2002), business activities that meet these  criteria  will  be  considered  as  eligible  Small  and  Medium  Scale Enterprises (SME) and these can partake in Small and Medium Industries and Equity Investment Scheme (SMIEIS).

The ultimate objective of any firm including SMEs is to maximize profit. But, preserving liquidity of the firm is an important objective too. The problem is that increasing profits at the cost of liquidity can bring serious problems to the firm. Therefore, there must be a trade off between these two objectives of

the firms. One objective should not be at the cost of the other because both have their importance. If profit is not cared about, the firm cannot survive for a longer period. On the other hand, if liquidity is not cared about, the firm may face  the  problem of  insolvency or  bankruptcy. For  these  reasons  working capital management should be given proper consideration, as these will ultimately affect the profitability of the firm (Ghosh and Maji, 2003).

Tewolde (2002) noted that working capital investment and related short- term finances originate from three main business operations- purchasing, producing and selling. These can be considered as consequences of business operations. However, as much as the operations affect the balances of working capital investment and finances, the later also determines the cost and flexibility with which the operations are performed. Efficient management of working capital  investments and  related  short-term  debts  can  be  used  to  make  the purchasing, producing and selling operations cheaper and more flexible. In the latter sense, purchasing, producing and selling are used as instruments for the management of business operations, which in the mean time create benefits and costs. Therefore, the relevance of working capital investment and short-term debts originate from these benefits and costs. Beyond doubt efficient management of both items can help the success of firms in generating value. Therefore,  managing  working  capital  investments,  finances  and  operations

internally within firms and the efficiency with which firms co-operate among themselves determine their end result.

The importance of managing working capital is magnified when it refers to  firms  in  developing  economies  like  Nigeria.  These  firms  have  many problems (McComick, 1999), such as being small in size (in terms of volume of investment and sales) and lack of resources. The list of problems is long and includes low levels of product and process technology. Financially, firms in developing countries lack the opportunity of getting the benefit of financial markets. Even if financial markets exist the small firms have less opportunity to go public and benefit from the financial markets as sources of finance. So, because of these reasons proper working capital management is even more important in developing countries than developed countries (Fisha Zion, Von Eije & Lutz, 2001).

Efficient working capital management involves planning and controlling current assets and current liabilities in a manner that eliminates the risk of inability  to  meet  due  short  term  obligations  on  the  one  hand  and  avoid excessive investment in these assets on the other hand. Many surveys have indicated that managers and accountants spend considerable time on day-to-day problems that involves working capital decisions (Deloof, 2003; Eljelly, 2004; Raheman & Nasr, 2007). One reason for this is that current assets are short- lived investments that are continually being converted into other asset types.

With  regard  to  current  liabilities,  the  firm  is  responsible  for  paying these obligations on a timely basis. Working capital management is an essential part of  short-term  finance  of  a  Small  and  Medium  Scale  Enterprise.  With  an efficient working capital management, a business can release capital for more strategic objectives, reduce financial cost and improve profitability. During the recent financial crisis of 2009, characterized by economic meltdown in the United States of America, many companies suffered from the consequences of their poor working capital management and were unable to keep their business moving because of the lack of knowledge by managers and accountants on working capital management (Lind, 2011).

A manager is the person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary in an organization. Managers may direct workers directly or they may direct several supervisors who direct the workers.  The manager must be familiar with the work of all the groups he/she supervises, but does not need to be the best in any or all of the areas. It is more important for the manager to know how to manage the workers than to know how to do their work well. A manager also has the power to hire, fire, promote and motivate employees (Rey,

2012).  In  the  context  of  this  study,  managers  are  those  responsible  for overseeing the daily routine of Small and Medium Scale Enterprises. Therefore, the manager could be the owner of the SME or somebody employed by the

owner to run the activities of the enterprise. The managers function in line with working capital management practices, deals on taking appropriate decisions on the amount to be invested in the working capital of SMEs and how the investment in  working capital is  properly  deployed to  avoid deficiency or neither excess in any of the composition of working capital management practices.

On the other hand, an accountant is a person who observes records, classifies, identifies, summarizes, measures, interprets and communicates financial reports (accounting data) so as to enable the users to make informed decisions  and  judgment  about  a  business  enterprise.  According to  Muabor (2008), an accountant is a person who has passed the accountancy examinations of one of the recognized accountancy bodies and completed the required work experience. In the context of this study, an accountant is a person employed by the owner of a Small and Medium Scale Enterprise, to keep records of all financial transactions and to prepare financial report for decision making. The accountant  prepares  financial  report  on  the  working  capital  of  SMEs  to ascertain the profitability or loss of the enterprise. It behooves on managers and accountants of  SMEs to be  knowledgeable in the  management of working capital for efficiency to be attained in their enterprises.

Kaur (2010) opined that, the inefficient management of working capital not only reduces profitability but ultimately may also lead a concern to financial

crises. On the other hand, proper management of working capital leads to material savings and ensures financial returns of the optimum level even on the minimum level of capital employed. Both excessive and inadequate working capital is harmful for a firm. Excessive working capital leads to unremunerative use of scarce funds. On the other hand, inadequate working capital usually interrupts the normal operations of Small and Medium Scale Enterprises. Without efficient management of working capital the growth of Small and Medium Scale Enterprises would be hampered, resulting in underdevelopment of the industrial sector of the nation.

The future of the industrial development of this nation depends, to a large extent, on the growth and development of the potentials of Small and Medium Scale Enterprises. The basis for this expectations lies in the proven capabilities and time-tested distinct functions and characteristics of SMEs to stimulate growth and general development. Unfortunately, Arebgeyen (1999) noted that the efforts of the Small and Medium Scale Enterprises to grow, modernize and expand rapidly are still being constrained by their inability to mobilize funds for expansion and inaddition for them to appropriately manage their working capital. In order for SMEs in Nigeria particularly Delta State to survive, grow, expand and modernize in the increasingly competitive business sector therefore, it is imperative for them (SMEs) to have a good knowledge of working capital management for effective operations.

According to Delta State Directory in Anyia (2006), the structure of the Delta State Industrial sector is dualistic. It is characterized by a large numbers of small and medium scale enterprises and a few numbers of large scale firms. The  structure  of  the  industrial  sector  size,  the  small  and  medium  scale businesses accounted for 65.5% and 32% respectively, while the large scale businesses accounted for only 2.5%. However, in terms of output the small scale businesses and the medium scale businesses accounted for 10% and 5% respectively, while the large scale businesses accounted for 85% of industrial output. The small scale businesses tend to be rural based, while the medium scale businesses produce in urban areas in competition with numerous micro- businesses. The geographical distribution of Small and Medium Scale Enterprises in Delta State show a heavy concentration of activities in South and North Senatorial districts of the state, probably due to availability of basic infrastructure that is relatively well developed.

In the Delta State Industry Directory (2010), there is a record in the sharp rise of yearly establishments of Small and Medium Scale Enterprises in Delta State by entrepreneurs, which has led to a wide spread and large number of Small and Medium Scale Enterprises operating in the state. Despite the continuous increase of Small and Medium Scale Enterprises in the state, there is also a rise in collapse of SMEs due to so many challenges they face like: environmental constraints, the competitive market for customers, and financial

constraints; which inappropriate working capital management practice is inclusive. The aforementioned reasons made the researcher to consider Delta state most appropriate to carry out the study on working capital management practices required by Small and Medium Scale Enterprises for effective operations.

Given to the above reasons, Small and Medium Scale Enterprises in Delta require a cursory look on the knowledge of working capital which is concerned with the problems that arise in attempting to manage the current assets, the current liabilities and the interrelationship that exist between them in business organization. The term current assets refers to those assets which in the ordinary course of business can be, or will be, converted into cash within one year without undergoing a diminution in value and without disrupting the operations of the SME. The major current assets are cash, marketable securities, accounts receivables and inventory. Current liabilities are those liabilities which are intended, at their inception, to be paid in the ordinary course of business, within a year, out of the current assets or earnings of the concern. The basic current liabilities are accounts payable, bills payable, bank overdraft, and outstanding expenses. The goal of working capital management is to manage the firm’s current assets and liabilities in such a way that a satisfactory level of working capital is maintained. This is because if the firm cannot maintain a satisfactory level of working capital, it is likely to become insolvent and may

even be forced into bankruptcy. The current assets should be large enough to cover its current liabilities in order to ensure a reasonable margin of safety. Each of the current assets must be managed efficiently in order to maintain the liquidity of Small and Medium Scale Enterprises while not keeping too high a level of anyone of them (Mathuwar, 2009).

Amongst the components of working capital management (cash management; accounts payable management; accounts receivable management; investment management; inventory management, marketable security management; and cash equivalent management) discussed in the background of this work, the study only focused on; cash management, accounts receivable management,   inventory management, accounts payable management and investment management. The reason being that, these variables focused on are mostly commonly used among any size of enterprises; whether small, medium or large scale. On the other hand, marketable security management and cash equivalent management were excluded from this study because they are mostly used among large scale enterprises, since  SMEs are not easily involved in money market trading’s (Chen, Wang & Lin, 2009).

On the variables mentioned in the preceding paragraph, researchers have approached working capital management in numerous ways while some studied the impact of proper or  optimal inventory  management; others studied the management of accounts receivables trying to postulate an optimal way policy

that leads to profit maximization (Deloof, 2003; Mayasami, 2009; Gill, Biger & Mathur, 2010). Hence, this study carved out another niche by determining working capital management practices required by Small and Medium Scale Enterprises for effective operations in Delta State, with the view of establishing the focused components of working capital management’s (sources of financing working capital, cash management, account receivables management, inventory management,  accounts  payable  management,  and  investment  management) level of requirement as a practice by Small and Medium Scale Enterprises for effective   operations   (profitability,   optimal   resource   utilization,   retained earnings, and liquidity) in Delta State, Nigeria.

Statement of the Problem

Despite the fact that Small and Medium Scale Enterprises are the engine room behind a nation’s development, yet this sector is bedeviled by several constraints amid poor working capital management practices which continues to mar its laudable objectives. It has been widely accepted that the profitability of a business concern vis-à-vis Small and Medium Scale Enterprises (SMEs) in Delta State largely depends upon the manner in which its working capital is managed(Planware, 2011). Both excessive and inadequate working capital is harmful for a firm. Excessive working capital leads to unremunerative use of

scarce funds. On the other hand, inadequate working capital usually interrupts the normal operations of SMEs.

Small and Medium Scale Enterprises often encounter several problems in their working capital management like: not knowing the required sources of financing working capital; inappropriate management of cash flows; no laid down collection policies of accounts receivables; frequent inventory stock-out; poor controlling of accounts payables; and non-evaluation of risk on investment (Lyytinen, 2009). More so, Tewolde (2002) identified that most firm’s vis-à-vis Small and Medium Scale Enterprises are characterized with both internal and external  problems:  Internally,  firms  hold  inappropriate  levels  of  working capital- resulting to uncontrolled cost of holding the working capital items and externally, the firms lack proper policies and practices of co-operation with their suppliers and customers on financial matters.

Against the background of the foregoing, it therefore became imperative to  determine working capital  management practices required by  Small and Medium Scale Enterprises for effective operations in Delta State, in order to establish the extent SMEs require working capital management practices for effective operations.

Purpose of the Study

The main purpose of this study was to determine the working capital management practices required by Small and Medium Scale Enterprises for effective operations in Delta State, Nigeria. Specifically, the study determined the:

1.        sources of financing working capital required by Small and Medium

Scale Enterprises for effective operations in Delta State

2.        cash management practices required by Small and Medium Scale

Enterprises for effective operations in Delta State

3.        accounts receivable management practices required by  Small and

Medium Scale Enterprises for effective operations in Delta State

4.        inventory  management  practices  required  by  Small  and  Medium

Scale Enterprises for effective operations in Delta State

5.        accounts  payable  management  practices  required  by  Small  and

Medium Scale Enterprises for effective operations in Delta State

6.        investment management practices required by Small and Medium

Scale Enterprises for effective operations in Delta State

Significance of the Study

The findings of this study would be of tremendous benefit to the management of Small and Medium Scale Enterprises (SMEs), on the required

practices  of  the  components  of  working  capital  like:  cash  management practices, accounts receivables management practices, inventory management practices, accounts payable management practices, and investment management practices. The understanding and application of these working capital management components, will in turn lead to the profitability, liquidity, reduction of financial cost, and ease of releasing more capital for the strategic objectives of SMEs.

The findings of this study, would also be useful to agencies and associations of Small and Medium Scale Enterprises like; Small and Medium Scale Enterprise Development Agency of Nigeria (SMEDAN), and Nigerian Association of Small and Medium Scale Enterprises (NASME). It provides updated and relevant information to these agencies and associations on the various sources of financing working capital available to SMEs. Haven been updated on the sources of financing working capital; these agencies and associations would better channel their workshops, seminars, conferences and trainings on various strategies Small and Medium Scale Enterprises in Nigeria vis-à-vis Delta State can engage in, to appropriate these funds and how the funds could be proper utilized to gain efficiency amongst SMEs.

Another benefit of this study would be to the Government. Since 1974, the Small-Scale Industry (SSI) division in the Federal Ministry of industries was established to be the policy making and implementation unit responsible

for the administration of Small and Medium Scale Enterprises development programmes. The findings of this study will aid the Government through this agency to be informed of the various working capital management practices (i.e. cash management practices, accounts receivables management practices, inventory management practices, accounts payable management practices, and investment management practices) and thus, these practices will engender the formulation and implementation of favourable policies that would enhance the working capital management practices of Small and Medium Scale Enterprises in Delta State, Nigeria.

Also, the result of this study will be beneficial to business educators, especially accounting educators on key areas they would focus on in equipping students with the relevant skills on cash  management, accounts receivables management, inventory management, accounts payable management, and investment management; which will enable business education students to stand the better chance of succeeding when they establish Small and Medium Scale Enterprises.

Furthermore, researchers in Business Education and other related disciplines in this area of study, would find this study very useful as a reference material.  Thus,  this  will  help  to  increase  the  data  bank  of  these  future researchers on the specific objectives of: cash management practices, accounts receivables management practices, inventory management practices, accounts

payable management practices, and investment management practices, leading these researchers to adopt or adapt the working capital management practices most suitable in their studies or researches.

Research Questions

The  following  research  questions  were  answered,  in  line  with  the purpose of the study:

1.         What are the sources of financing working capital required by Small and Medium Scale Enterprises for effective operations in Delta State?

2.        What  are  the  cash  management practices  required  by  Small  and

Medium Scale Enterprises for effective operations in Delta State?

3.         What are the accounts receivable management practices required by Small and Medium Scale Enterprises for effective operations in Delta State?

4.        What are the inventory management practices required by Small and

Medium Scale Enterprises for effective operations in Delta State?

5.         What are the accounts payable management practices required by Small and Medium Scale Enterprises for effective operations in Delta State?

6.         What are the investment management practices required by Small and Medium Scale Enterprises for effective operations in Delta State?

Hypotheses

The following null hypotheses formulated for the study, were tested at

0.05 level of significance:

Ho1:  There  is  no  significant  difference  between  the  mean  responses  of managers and accountants on the sources of financing working capital required           by   Small   and   Medium   Scale   Enterprises   for   effective operations in Delta State

Ho2:  There  is  no  significant  difference  between  the  mean  responses  of managers and accountants on the cash management practices required by Small  and  Medium  Scale  Enterprises  for  effective  operations  in Delta State

Ho3:   There  is  no  significant  difference  between  the  mean  responses  of managers and accountants on the accounts receivable management practices    required   by   Small   and   Medium   Scale   Enterprises   for effective operations in Delta State

Ho4:  There  is  no  significant  difference  between  the  mean  responses  of managers  and  accountants  on  the  inventory  management  practices required by Small and Medium Scale Enterprises for    effective operations in Delta State

Ho5:  There  is  no  significant  difference  between  the  mean  responses  of managers  and   accountants  on   the   accounts  payable   management

practices   required   by   Small   and   Medium   Scale   Enterprises   for effective operations in Delta State

Ho6:  There  is  no  significant  difference  between  the  mean  responses  of managers and accountants on the investment management practices required    by   Small   and   Medium   Scale   Enterprises   for   effective operations in Delta State

Delimitation of the Study

There are many factors that affect the effective operations of business organizations from achieving their set objectives. Generally, the study focused on working capital management practices required by Small and Medium Scale Enterprises for effective operations in Delta State, Nigeria. Specifically, the study also focused on the following areas of working capital management: sources of financing working capital, cash management, accounts receivable management, accounts payable management, investment management and inventory  management.  The   study   is   delimited  to   only   managers  and accountants of Small and Medium Scale Enterprises in the three senatorial zones of Delta State, because they are in the managerial level of these enterprises.  The  questionnaire served  as  the  instrument for  gathering data. Though, the results of this study could be generalized to other areas with similar characteristics as those within this study.

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