EFFECTS OF STRATEGIC PLANNING ON THE FINANCIAL PERFORMANCE OF SMALL INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) FIRMS IN NAIROBI CITY COUNTY
Keywords:
Strategic Planning, Financial Performance and Small ICT CompaniesAbstract
Purpose: The main objective of the study was to determine the effect of strategic planning on the financial performance of small ICT companies in Nairobi County.
Methodology: The descriptive research design was adopted in the study. A total of 584 small ICT companies based in Nairobi County formed the target population. The researcher grouped the population into strata according to their years in operation. Due to time and resource constraints, it was not possible to study the entire population. A sample of 232 small ICT companies was therefore selected from the target population to participate in the study. Respondents consisted of one member from the top management of each company in the sample. The main data collection instrument was questionnaires. The questionnaires were distributed to the respondents. Respondents were expected to complete the questionnaires within a period of two weeks, after which the researcher personally collected them. Data collected was analyzed using SPSS. To determine the effect of the four independent variables on the dependent variable, multiple regression was applied. Tables and charts were used to present the results of the study.
Results: From the results, strategic planning in the confines of environmental scanning, formality, time horizon and evaluation was found to have a significant effect on financial performance, collectively accounting for 60% for the changes in the financial performance of small ICT companies. An ANOVA test revealed that environmental scanning, formality and evaluation have a significant effect on the financial performance of small ICT companies. Time horizon was however found to have no significant effect on financial performance of small ICT companies. The study therefore concluded that strategic planning has a positive effect on the financial performance of small ICT companies in Nairobi County.
Unique Contribution to Theory, Practice and Policy: The study recommends that there is need for the government, policy makers and regulators to provide regular information and insight into the ICT sector. This information can be beneficial in understanding the contribution of the sector, services on demand, service providers, technologies, the state of competition, compliance requirements and regulations..
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References
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Arasa, R., & K'Obonyo, P. (2012). The relationship between strategic planning and firm performance. International Journal of Humanities and Social Science, 2(22), 201-213. Retrieved from: https://pdfs.semanticscholar.org/b1c1/91205fc8b4b530ef51fc1a7a8e74c6d14bad.pdf
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Babbie, E. R., & Benaquisto, L. (2009). Fundamentals of social research. Cengage Learning.
Baines, A., & Langfield-Smith, K. (2003). Antecedents to management accounting change: a structural equation approach. Accounting, Organizations and Society, 28(7), 675-698.
Baker, M. J. (2007). Marketing strategy and management. Baskingstoke, Hampshire; New York: Palgrave Macmillan.
Bastedo, M. N. (2004). Strategic decoupling: Building legitimacy in educational policy environments. In annual meeting of the American Sociological Association, San Francisco, CA.
Beal, R. M. (2000). Competing effectively: environmental scanning, competitive strategy, and organizational performance in small manufacturing firms. Journal of small business management, 38(1), 27.
Bhandari, A. K. (2010). Total factor productivity growth and its decomposition: an assessment of the Indian banking sector in the 'true' liberalized era.
Blank, S., & Dorf, B. (2012). The startup owner's manual: The step-by-step guide for building a great company. Pescadero, Calif: K & S Ranch Publ.
Boateng, P. A., Yamoah, P., Amponsah, E. B., & Akaffo, V. (2016). Strategic planning process formality: a model. VVU Journal of Business Research, 1(2), 52-64.
Bryson, J. M. (2011). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement (Vol. 1). John Wiley & Sons.
Capon, N., Farley, J. U., & Hulbert, J. M. (2004). Strategic planning and financial
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Davidson III, W. N., Nemec, C., & Worrell, D. L. (2001). Succession planning vs. agency theory: A test of Harris and Helfat's interpretation of plurality announcement market returns. Strategic Management Journal, 179-184.
Dutton, J. E., & Duncan, R. B. (2007). The influence of the strategic planning process on strategic change. Strategic management journal, 8(2), 103-116.
Efendioglu, A. M., & Karabulut, T. (2010). Impact of strategic planning on financial performance of companies in Turkey. International Journal of Business and Management, 5(4), 3.
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Forbes, D. J., & Seena, S. (2006). The value of a mission statement in an association of not-for-profit hospitals. International journal of health care quality assurance, 19(5), 409-419.
French, S. J., Kelly, S. J., & Harrison, J. L. (2004). The role of strategic planning in the performance of small, professional service firms: A research note. Journal of Management Development, 23(8), 765-776.
Gakure, R. & Amurle, G. (2013). Strategic planning practices in ICT SMEs in Kenya: What other SMEs can learn. Prime Journal of Social Science, Vol. 2(6), pp. 336-349.
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Gibson, B., & Cassar, G. (2002).Planning Behaviour Variables in Small Firms. Journal of Small Business Management, 40(3), 171-86. doi:10.1111/1540-627X.00049.
Gibson, B., & Cassar, G. (2005).Longitudinal Analysis of Relationships between Planning and Performance in Small Firms. Small Business Economics, 25(3), 207-222. doi:10.1007/s11187-003-6458-4.
Glaister, K. W., Dincer, O., Tatoglu, E., Demirbag, M., & Zaim, S. (2008). A causal analysis of formal strategic planning and firm performance: Evidence from an emerging country. Management Decision, 46(3), 365-391.
Grant, R. M. (2006). The resource-based theory of competitive advantage: implications for strategy formulation. California management review, 33(3), 114-135.
Hendrick, R., (2010). What Is Wrong with Advice on Strategic Planning? Public Administration Review, 70(1), 222-223.
Hunger, J. D., & Wheelen, T. L. (2013). Essentials of Strategic Management: Pearson New International Edition. Pearson Higher Ed.
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Johnson, Scholes and Whittington (2008). Exploring Corporate Strategy. 6th Ed. New Delhi: Text and Cas-s Pearson Education ltd.
Kasomo, D. (2006). Research methods in humanities and education. Egerton: Egerton University.
Khan, M. W. J., & Khalique, M. (2014). An overview of small and medium enterprises in Malaysia and Pakistan: Past, present and future scenario. Business and Management Horizons, 2(2), 38.
Kraus, S., Reiche, B. S., & Reschke, C. H. (2007). Implications of strategic planning in SMEs for international entrepreneurship research and practice. European Research and Practice, 32(6), 110-127.
Kuratko, D. F., Goodale, J. C., & Hornsby, J. S. (2001). Quality practices for a competitive advantage in smaller firms. Journal of Small Business Management, 39(4), 293-311.
Lawal, F. M., Elizabeth, O. O., & Oludayo, O. (2012). Effect of strategic issue management on organizational performance. Transnational Journal of Science and Technology, 2(10), 17-29. Retrieved from: http://www.tjournal.org/tjst_november_2012/2.pdf
Lawler, E. E., and Worley, C. G. (2011). Management reset: Organizing for sustainable effectiveness. San Francisco, CA: Jossey-Bass.
Levy, D. R. (2008). Chaos Theory and Strategy: Theory, Application, and Managerial Implications.
Majama, N. S. & Magang, T. I. T. (2017). Strategic planning in Small and Medium Enterprises (SMEs): A case study of Botswana SMEs. Journal of Management and Strategy, 8(1),74-103.
Mintzberg, H. (2004). The fall and rise of strategic planning. Harvard business review, 72(1), 107-114.
Mintzberg, H., Ahlstrand, B., & Lampel, J. (2010). Safári de Estratgia: um roteiro pela selva do planejamento estratgico (2a ed.). Porto Alegre: Bookman
Montebello, M. H. (2001). Long-range planning and managerial perceptions of corporate effectiveness. International Studies of Management & Organization, 11(2), 48-68.
Muogbo, U. S. (2013). The Impact of Strategic Management on Organizational Growth and Development (A Study of Selected Manufacturing Firms in Anambra State). IOSR Journal of Business and Management, 7(1), 24-32. Retrieved from: http://www.academia.edu/download/32137844/D0712432.pdf
Ng'ang'a, J. W. (2014). Strategic Responses To Global Financial Crisis And Performance Of Petroleum Multinational Firms In Kenya (Doctoral dissertation, School Of Business, University Of Nairobi).
Opusunju, M. I., & Nkechi, N. B. (2016). Impact of Strategic Intent on the Performance of Daraju Industries Ltd. The International Journal of Business & Management, 4(2), 41.
O'Regan, N., & Ghobadian, A. (2007). Formal strategic planning: annual raindance or wheel of success? Strategic Change, 16(1"2), 11-22.
Otieno, M. (2013). Strategic Issue Management practices By Small and Medium Enterprises in Mombasa County, Kenya.
Pacios, A. R. (2004). Strategic plans and long-range plans: is there a difference? Library Management, 25(6/7), 259-269.
Parker Gates, L. (2010). Strategic planning with critical success factors and future scenarios: An integrated strategic planning framework.
Stonehouse, G. & Pemberton, J. (2002). Strategic Planning in SMEs: Some Empirical Findings. Management Decision, 40(9), 853-861. doi:10.1108/00251740210441072.
Sutton, A.., Hickling, A.,& Friend, J. (2006). The Strategic Choice Approach to Managing Uncertainty. In L.Wilkins, (Ed), The Management of Uncertainty: Approaches, Methods and Applications. Dordrecht., Netherlands: Martinus Nihjoff Publishers.
Tang, M., & Thomas, H. (2002). The concept of strategic groups: Theoretical construct or analytical convenience. Managerial & Decision Economics, 13(4), 323-329. Retrieved January 27, 2008, from Business Source Complete database.
Tegarden, L. F., Sarason, Y., & Banbury, C. (2003). Linking strategy processes to performance outcomes in dynamic environments: The need to target multiple bull's eyes. Journal of Managerial Issues, 133-153.
Thagana, J. N. (2013). Strategic management intensity and competitive advantage of commercial banks in Kenya. Unpublished MBA Research Project, School of Business University of Nairobi, Kenya.
Thompson, A.A., Sktrickland, A. J., & Gamble, J. E. (2007). Crafting and Executing Strategy-The Quest for Competitive Advantage Concepts and Cases. New York: McGraw Hill
Todnem, R, (2005) "˜Organizational Change Management: A Critical Review', Journal of Change Management, 5, 4, pp.369 - 380
Toffler, Barbara Ley. (2003). Final accounting : ambition, greed, and the fall of Arthur Andersen. New York :Broadway Books,
UNCTAD (2015), World Investment Report 2015: Reforming International Investment Governance, United Nations, New York, https://doi.org/10.18356/e1ee3fa4-en.
Van Praag, C. M. (2003). Business survival and success of young small business owners. Small Business Economics, 21(1), 1-17.
Veskaisri, K., Chan, P., & Pollard, D. (2007). Relationship between strategic planning and SME success: empirical evidence from Thailand. Asia and Pacific DSI.
Waihenya, J., & NO, R. (2014). Factors Affecting Adoption of Strategic Planning By SMEs: A Case of Hardware Shops in Nakuru Town. Retrived 9/19/15, from: Irlibrary. KU. ac. ke/handle/123456789/10163.
Wanjiku, L. N. (2009). An investigation into management strategies affecting performance of micro, small and medium enterprises (MSMEs) in Kenya (Doctoral dissertation). Retrieved from: http://uir.unisa.ac.za/handle/10500/3120
Wheelan, T. & Hunger, D. (1992), "A descriptive model of strategic management", in de Wit, B. and Meyer, R. (Eds), Strategy, Process, Content, Context, West Publishing, St Paul, MN, pp. 46"51
Wijetunge, W. A. D. S., & Pushpakumari, M. D. (2014). Entrepreneurial orientation and business performance of small and medium scale enterprises of Western Province in Sri Lanka. Kelaniya Journal of Management, 2(2). Retrieved from: http://kjm.sljol.info/articles/abstract/10.4038/kjm.v2i2.6550/.
Wright, P., Judge, M., and Elenkov, D. S. 2005. Strategic leadership and executive innovation influence: An international multi-cluster comparative study. Strategic Management Journal, 26 (7): 665-682.
Yabs, J. (2007). Strategic Management Practices in Kenya. 1st ed. Nairobi: Lelax Global ltd.
Akinyele, S.T., & Fasogbon, O.I. (2007). Impact of Strategic Planning on Organizational Performance and Survival. Research Journal of Business Management, 1, 62-71. doi:10.3923/rjbm.2007.62.71.
Aldehayyat, J., & Twaissi, N. (2011). Strategic planning and corporate performance relationship in small business firms: Evidence from a Middle East country context. International Journal of Business and Management, 6(8), 255.
Al-Shaikh, F. N. (2001). Strategic planning process in developing countries: The case of United Arab Emirates business firms. Management Research News, 24(12), 7-16.
Arasa, R., & K'Obonyo, P. (2012). The relationship between strategic planning and firm performance. International Journal of Humanities and Social Science, 2(22), 201-213. Retrieved from: https://pdfs.semanticscholar.org/b1c1/91205fc8b4b530ef51fc1a7a8e74c6d14bad.pdf
Awino, Z. B. (2013). Strategic planning and competitive advantage of ICT small and medium enterprises in Kenya. Business and Management Horizons, 1, 191"”202. doi:10.5296/bmh. v1i1.3942
Axelrod, R., & Cohen, M. D. (2002). Harnessing complexity: organizational implications of a scientific frontier. New York: The Free Press.
Babbie, E. R., & Benaquisto, L. (2009). Fundamentals of social research. Cengage Learning.
Baines, A., & Langfield-Smith, K. (2003). Antecedents to management accounting change: a structural equation approach. Accounting, Organizations and Society, 28(7), 675-698.
Baker, M. J. (2007). Marketing strategy and management. Baskingstoke, Hampshire; New York: Palgrave Macmillan.
Bastedo, M. N. (2004). Strategic decoupling: Building legitimacy in educational policy environments. In annual meeting of the American Sociological Association, San Francisco, CA.
Beal, R. M. (2000). Competing effectively: environmental scanning, competitive strategy, and organizational performance in small manufacturing firms. Journal of small business management, 38(1), 27.
Bhandari, A. K. (2010). Total factor productivity growth and its decomposition: an assessment of the Indian banking sector in the 'true' liberalized era.
Blank, S., & Dorf, B. (2012). The startup owner's manual: The step-by-step guide for building a great company. Pescadero, Calif: K & S Ranch Publ.
Boateng, P. A., Yamoah, P., Amponsah, E. B., & Akaffo, V. (2016). Strategic planning process formality: a model. VVU Journal of Business Research, 1(2), 52-64.
Bryson, J. M. (2011). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement (Vol. 1). John Wiley & Sons.
Capon, N., Farley, J. U., & Hulbert, J. M. (2004). Strategic planning and financial
David, F. (2003). Strategic Management Concepts (ed.). Upper Saddle River.
Davidson III, W. N., Nemec, C., & Worrell, D. L. (2001). Succession planning vs. agency theory: A test of Harris and Helfat's interpretation of plurality announcement market returns. Strategic Management Journal, 179-184.
Dutton, J. E., & Duncan, R. B. (2007). The influence of the strategic planning process on strategic change. Strategic management journal, 8(2), 103-116.
Efendioglu, A. M., & Karabulut, T. (2010). Impact of strategic planning on financial performance of companies in Turkey. International Journal of Business and Management, 5(4), 3.
El-Mobayeb, M. G. A. (2006). The relationship between strategic planning and growth in small industrial businesses in Palestine. MBA, Dissertation; the Islamic University-Gaza, Deanery of Graduate Studies; Faculty of Commerce, Business Administration Department.
Forbes, D. J., & Seena, S. (2006). The value of a mission statement in an association of not-for-profit hospitals. International journal of health care quality assurance, 19(5), 409-419.
French, S. J., Kelly, S. J., & Harrison, J. L. (2004). The role of strategic planning in the performance of small, professional service firms: A research note. Journal of Management Development, 23(8), 765-776.
Gakure, R. & Amurle, G. (2013). Strategic planning practices in ICT SMEs in Kenya: What other SMEs can learn. Prime Journal of Social Science, Vol. 2(6), pp. 336-349.
Gall, M. D., Gall, J. P., & Borg, W. R. (2007). Collecting research data with questionnaires and interviews. Educational research: An introduction, 227-261.
Geiss Jr, W. C. (2003). Planning, management, and performance characteristics of small-medium size banks in the mid-Atlantic region. Greenleaf University. Retrieved from: www.greenleaf.edu/pdf/wilbert_geiss.pdf.
Gibson, B., & Cassar, G. (2002).Planning Behaviour Variables in Small Firms. Journal of Small Business Management, 40(3), 171-86. doi:10.1111/1540-627X.00049.
Gibson, B., & Cassar, G. (2005).Longitudinal Analysis of Relationships between Planning and Performance in Small Firms. Small Business Economics, 25(3), 207-222. doi:10.1007/s11187-003-6458-4.
Glaister, K. W., Dincer, O., Tatoglu, E., Demirbag, M., & Zaim, S. (2008). A causal analysis of formal strategic planning and firm performance: Evidence from an emerging country. Management Decision, 46(3), 365-391.
Grant, R. M. (2006). The resource-based theory of competitive advantage: implications for strategy formulation. California management review, 33(3), 114-135.
Hendrick, R., (2010). What Is Wrong with Advice on Strategic Planning? Public Administration Review, 70(1), 222-223.
Hunger, J. D., & Wheelen, T. L. (2013). Essentials of Strategic Management: Pearson New International Edition. Pearson Higher Ed.
International Labour Organisation. (2011). A Skilled Workforce for Strong Sustainable Growth: A G20 Training Strategy. Geneva, Switzerland: International Labour Office. ISBN 978-92-124277-2.
International Telecommunication Union (2016). Measuring the Information Society 2016. Geneva: ITU. Retrieved November 24, 2016 from http://www.itu.int/en/ITU-D/Statistics/Documents/publications/misr2016/MISR2016-w4.pdf
Jocumsen, G. (2004). How do small business managers make strategic marketing decisions?: A model of process. European Journal of Marketing, Vol. 38 Issue: 5/6, pp.659-674. https://doi.org/10.1108/03090560410529277
Johnson, Scholes and Whittington (2008). Exploring Corporate Strategy. 6th Ed. New Delhi: Text and Cas-s Pearson Education ltd.
Kasomo, D. (2006). Research methods in humanities and education. Egerton: Egerton University.
Khan, M. W. J., & Khalique, M. (2014). An overview of small and medium enterprises in Malaysia and Pakistan: Past, present and future scenario. Business and Management Horizons, 2(2), 38.
Kraus, S., Reiche, B. S., & Reschke, C. H. (2007). Implications of strategic planning in SMEs for international entrepreneurship research and practice. European Research and Practice, 32(6), 110-127.
Kuratko, D. F., Goodale, J. C., & Hornsby, J. S. (2001). Quality practices for a competitive advantage in smaller firms. Journal of Small Business Management, 39(4), 293-311.
Lawal, F. M., Elizabeth, O. O., & Oludayo, O. (2012). Effect of strategic issue management on organizational performance. Transnational Journal of Science and Technology, 2(10), 17-29. Retrieved from: http://www.tjournal.org/tjst_november_2012/2.pdf
Lawler, E. E., and Worley, C. G. (2011). Management reset: Organizing for sustainable effectiveness. San Francisco, CA: Jossey-Bass.
Levy, D. R. (2008). Chaos Theory and Strategy: Theory, Application, and Managerial Implications.
Majama, N. S. & Magang, T. I. T. (2017). Strategic planning in Small and Medium Enterprises (SMEs): A case study of Botswana SMEs. Journal of Management and Strategy, 8(1),74-103.
Mintzberg, H. (2004). The fall and rise of strategic planning. Harvard business review, 72(1), 107-114.
Mintzberg, H., Ahlstrand, B., & Lampel, J. (2010). Safári de Estratgia: um roteiro pela selva do planejamento estratgico (2a ed.). Porto Alegre: Bookman
Montebello, M. H. (2001). Long-range planning and managerial perceptions of corporate effectiveness. International Studies of Management & Organization, 11(2), 48-68.
Muogbo, U. S. (2013). The Impact of Strategic Management on Organizational Growth and Development (A Study of Selected Manufacturing Firms in Anambra State). IOSR Journal of Business and Management, 7(1), 24-32. Retrieved from: http://www.academia.edu/download/32137844/D0712432.pdf
Ng'ang'a, J. W. (2014). Strategic Responses To Global Financial Crisis And Performance Of Petroleum Multinational Firms In Kenya (Doctoral dissertation, School Of Business, University Of Nairobi).
Opusunju, M. I., & Nkechi, N. B. (2016). Impact of Strategic Intent on the Performance of Daraju Industries Ltd. The International Journal of Business & Management, 4(2), 41.
O'Regan, N., & Ghobadian, A. (2007). Formal strategic planning: annual raindance or wheel of success? Strategic Change, 16(1"2), 11-22.
Otieno, M. (2013). Strategic Issue Management practices By Small and Medium Enterprises in Mombasa County, Kenya.
Pacios, A. R. (2004). Strategic plans and long-range plans: is there a difference? Library Management, 25(6/7), 259-269.
Parker Gates, L. (2010). Strategic planning with critical success factors and future scenarios: An integrated strategic planning framework.
Stonehouse, G. & Pemberton, J. (2002). Strategic Planning in SMEs: Some Empirical Findings. Management Decision, 40(9), 853-861. doi:10.1108/00251740210441072.
Sutton, A.., Hickling, A.,& Friend, J. (2006). The Strategic Choice Approach to Managing Uncertainty. In L.Wilkins, (Ed), The Management of Uncertainty: Approaches, Methods and Applications. Dordrecht., Netherlands: Martinus Nihjoff Publishers.
Tang, M., & Thomas, H. (2002). The concept of strategic groups: Theoretical construct or analytical convenience. Managerial & Decision Economics, 13(4), 323-329. Retrieved January 27, 2008, from Business Source Complete database.
Tegarden, L. F., Sarason, Y., & Banbury, C. (2003). Linking strategy processes to performance outcomes in dynamic environments: The need to target multiple bull's eyes. Journal of Managerial Issues, 133-153.
Thagana, J. N. (2013). Strategic management intensity and competitive advantage of commercial banks in Kenya. Unpublished MBA Research Project, School of Business University of Nairobi, Kenya.
Thompson, A.A., Sktrickland, A. J., & Gamble, J. E. (2007). Crafting and Executing Strategy-The Quest for Competitive Advantage Concepts and Cases. New York: McGraw Hill
Todnem, R, (2005) "˜Organizational Change Management: A Critical Review', Journal of Change Management, 5, 4, pp.369 - 380
Toffler, Barbara Ley. (2003). Final accounting : ambition, greed, and the fall of Arthur Andersen. New York :Broadway Books,
UNCTAD (2015), World Investment Report 2015: Reforming International Investment Governance, United Nations, New York, https://doi.org/10.18356/e1ee3fa4-en.
Van Praag, C. M. (2003). Business survival and success of young small business owners. Small Business Economics, 21(1), 1-17.
Veskaisri, K., Chan, P., & Pollard, D. (2007). Relationship between strategic planning and SME success: empirical evidence from Thailand. Asia and Pacific DSI.
Waihenya, J., & NO, R. (2014). Factors Affecting Adoption of Strategic Planning By SMEs: A Case of Hardware Shops in Nakuru Town. Retrived 9/19/15, from: Irlibrary. KU. ac. ke/handle/123456789/10163.
Wanjiku, L. N. (2009). An investigation into management strategies affecting performance of micro, small and medium enterprises (MSMEs) in Kenya (Doctoral dissertation). Retrieved from: http://uir.unisa.ac.za/handle/10500/3120
Wheelan, T. & Hunger, D. (1992), "A descriptive model of strategic management", in de Wit, B. and Meyer, R. (Eds), Strategy, Process, Content, Context, West Publishing, St Paul, MN, pp. 46"51
Wijetunge, W. A. D. S., & Pushpakumari, M. D. (2014). Entrepreneurial orientation and business performance of small and medium scale enterprises of Western Province in Sri Lanka. Kelaniya Journal of Management, 2(2). Retrieved from: http://kjm.sljol.info/articles/abstract/10.4038/kjm.v2i2.6550/.
Wright, P., Judge, M., and Elenkov, D. S. 2005. Strategic leadership and executive innovation influence: An international multi-cluster comparative study. Strategic Management Journal, 26 (7): 665-682.
Yabs, J. (2007). Strategic Management Practices in Kenya. 1st ed. Nairobi: Lelax Global ltd.
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2018-11-01
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Midiwo, P. A., & Ombui, D. K. (2018). EFFECTS OF STRATEGIC PLANNING ON THE FINANCIAL PERFORMANCE OF SMALL INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) FIRMS IN NAIROBI CITY COUNTY. European Journal of Business and Strategic Management, 3(7), 74 – 100. Retrieved from https://iprjb.org/journals/index.php/EJBSM/article/view/759
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