0

FINANCIAL DECISION-MAKING: THROUGH THE LENS OF

MICROENTERPRISE OWNERS

A Thesis
Presented To
The Thesis Committee
of the Department of Accounting Education
UM Tagum College
Tagum City

In Partial Fulfilment
Of the Requirements for the degree
Bachelor of Science in Accounting Technology

LAYLA T. DAMPAS
DEXTER E. MORAN
CHARLIE A. OPPURA

October 2019
 1

Chapter 1

INTRODUCTION

Rationale

Financial statements are prepared so that financial information can be used by

stakeholders to better understand and manage the firm. Proprietors of small firms, be

that as it may, are over and over again not completely prepared to viably utilize fiscal

summaries when settling on choice. The utilization of financial reports can empower

proprietors to settle on better choices. The utilization of financial summaries ought to

likewise be firmly connected to and steady of the company's vital objectives since

choices made regardless of budgetary effect on the association's objectives can

prompt a confounded organization center and money related dilemmas.

In Sri Lanka, the government budget 2011 has likewise proposed to give help

to SMEs that were unfavorably influenced during the worldwide monetary emergency

(Annual report 2011). As needs be, noteworthy duty exclusions and concessions were

conceded (PWC 2012). Despite the fact that SMEs job in the economy is

considerable, a significant number of them are plaque by the executive’s issues. These

administration issues incorporate monetary administration, human asset the

executives, advertising the board, tasks the board, key administration and so forth.

Given that money related administration is one of the key parts of the prosperity and

endurance of a business and it is an administrative movement worried about the

arranging and controlling of the association's budgetary assets (Pandey, 2004).

 2

In Philippines, the Cebu City residents are associated with different

microenterprises; one gathering occupied with such exercises is the Pasil Fish

Vendors. As an underestimated segment of society, they severely need assistance to

empower them to improve their living conditions. In view of the data accumulated

from the National Economic Development Authority (NEDA) and the Department of

Trade and Industry (DTI), very little is thought about them. However, it is regular

learning that the absence of budgetary administration abilities is one of the serious

issues that the merchants need to deliver to run their endeavors well (Hashim and

Wafa, 2002).

In Tagum City, some businesses have gone to failure in a sense of lacking the

literacy about financial records. The ability to manage asses and utilize the use of

financial statements plays crucial part to those who own business and since one of the

indicators for a successful business is having knowledge of financial records and how

to use them. There are some cases that some businesses suddenly closing up because

of having no literacy of financial statements and no realization on how it can develop

their entity, with this reason in simply implies the urgency of this study.

As well as in Davao del Norte, there is no study about what is the use of

financial statements and decision-making in microenterprises. That is why the

researchers conducted this study to entice those business establishments on how they

can manage their financial statements and decision-making.

Moreover, as presented in review of related literature (RRL) there is no

research that has been found related to this study in the local setting this study

motivates the researcher to gather information on what are the factors and knowledge

in making financial decisions.

 3

Purpose of the Study

The purpose of this study is to explore the field of micro-enterprise owners in

making financial decision and to know the strategies used by micro-enterprise owners

to cope up the difficulties and challenges of micro entrepreneur dealing financial

decisions dilemmas effect of financial decision making particularly in Tagum City.

This study is to find out what the solutions are and how to manage a micro enterprise

in the area of operational performance in order to survive in a competitive market.

Research Questions

The main purpose of this study is to find out what the result is and how micro

enterprise owners manage and assess their financial making decisions.

1. What are the bases that guide owners in making decisions?

2. How do they make analysis before making financial decisions?

3. What are their insights in making sound financial decisions?

Theoretical Lens

This study is anchored on the study of Van Praag (2003). Accordingly,

financial statements are comprised of significant information that make available

exact data that needed to perform reliable analysis which is equally important for

owners and other stakeholders. Their significance is especially manifest in relation to

probable impacts of weak financial decisions, poor management of small firms and

the higher rate of their failure.

It is supported by the concept of Shields (2010). The concept stated that

financial statements give data to SMEs to deal with their business utilizing definite

and monetarily applicable data that is expected to work a business productively and

adequately. The utilization and elucidation of the data contained in budget summaries

can be affected by a proprietor's impression of their company's potential.

 4

In connection, worthy decisions by small and medium enterprises essentially

rely upon the entrance to right, solid, and steady budgetary information which make

accessible instincts about the impacts of various circumstances. Numerous

examinations put accentuation on SMEs that they have to get reliable, exact data for

settling on precise choices Business proprietors ailing in learning about the

conceivable effect of the choices made by them, may lead them to the dangerous

decisions and reduce the business inflows (Van Auken 2013; Shields &Shelleman,

2011).

Moreover, Mitchell, et. al., (2007) argued that business proprietors who need

know-how roughly the issues related with the money related effect in their choices

may likewise cause pointless endeavor and budgetary threats, extra than the related

prizes. This records or data hole is specifically antagonistic if little organizations don't

utilize their monetary explanations to settle on decisions. The lack of monetary

measurements, inaccurate records, or wrong utilization of insights can likewise bring

about illiquidity, money related trouble, and disappointment.

Significance of the Study

This study will provide a better understanding on how micro enterprise

succeed and can draw from those that have recorded a marked success as far as

sustainability is concerned. It will be interesting for Tagumenyos micro enterprise

business minded to know how factors responsible for failure and success of a business

and managed businesses can be avoided or curbed during the running of a business.

Lastly, apart from contributing to the existing literature on financial decision making,

this study builds on actual practices and experiences, such that it can be linked to

action and their insights contribute to changing practice in the field of managing

micro enterprise. Apart from providing useful information for the cities current and
 5

future achievements, this work would also likely arouse the interest of other research

students to conduct more research in this field of study.

Definition of Terms

To provide clarity of this study, the following terms used in the problem are

hereby conceptually and operationally defined:

Financial Decision-Making. As used in this study, this refers to the outcome

decisions that the entrepreneurs made base on the financial statements and other

statistical facts reported to them.

Microenterprise.. A business involving one to five persons (typical of a

sole trader). Its character would be such that its activities are simple enough to be

managed directly on a person-to-person basis and the scale of the operations means

it is unlikely to need or be able to afford to devote significant staff time to

accounting. Its operations are likely to concern a single product, service or type of

operations. Only basic accounting is needed to record turnover, control expenses

and profitability and if necessary, compute profits for tax purposes. It is unlikely to

have extensive credit transactions".

Limitations and Delimitations

The scope of this study is only among owners of microenterprises in Tagum

City. The participants are owners of the micro enterprises. Hence, this study is limited

only for enterprises of Tagum City since Tagum City is one of the influencing and

improving cities nowadays.

The data collect in this study will only mobilized around the owners of the

micro enterprises of Tagum City. Accordingly, this study excludes the managers of

micro enterprises who are not a business establishment of Tagum City.

 6

This study however does not mean that there were no weaknesses and

limitations. Some of the answers of participants were rejected because they are not

important anymore in designing the result. However, to produce good results, the

researchers started with the assumptions and used theoretical lens that would fit to the

natural setting in capturing the social or human problem (Denzin& Lincoln, 2011)

such as managing a micro enterprise.

However, I acknowledge the weaknesses which may not allow this research to

achieve the expected generalizability of this study. I cannot guarantee the perfect

recollection of all the experiences of the participants due to the fact that the real

stories shared are past events and are subject for human error in terms of memory.

Qualitative research has its own weakness it is because the data as a whole

cannot be conclude due to the number of informants are less. At times, there are

ethical issues that the researcher has to think likely such as acknowledging the culture,

customs, and traditions of the participants and the venue of the research (Creswell,

2012). With this, it is very important to gain consent and respect from the participants

(Creswell, 2012).

Organization of the Study

This study is focused on financial decision making done by owners of micro-

enterprises.

Chapter 1. Introduces the very nature of the financial decision-making done

by micro enterprises owners. The purpose of the study is to solve the consequences

between managing a micro enterprise at the same assessing the financial decision

making of owners. The significance of the study is help the micro enterprises of

Tagum City on how they can manage their business without having a lack of

attention to their financial decision making. The purpose of this study aims to know

the ways on how dilemmas on financial decision making would be less elevated.
 7

Chapter 2. This chapter encompasses concepts, different related readings

gathered from various studies written and published from several materials such as

books, journals, internet resources, magazines and school papers that are associated to

contents of this manuscript.

Chapter 3. This chapter deals with the research design of the study, the role of

the researcher to the interviewees as no bias will bore from the researchers. The data

in this study are by interview and focused group discussion. Data analysis will be

done by software or manually. Credibility and trustworthiness shows that the

researcher will seek the factual details and assessments about the participants’ views

on the problem.

Chapter 4. This chapter discusses the results of the study based from research

questions conducted to the participants. The outcomes are used to lessen respective

financial dilemmas and improve existing effective financial management.

Chapter 5. This chapter shows the basis of findings of the theory presented by

various authors. This also presents the justifications of its implications in the situation

and further research to be steered alongside its concluding statements.

 8

Chapter 2

REVIEW OF RELATED LITERATURE

To obtain the objectives of this investigation, we reviewed some related

literatures and studies with significant bearing on this study. We will discuss about the

literatures about tax compliance challenges, dealings with these challenges and

valuable perspective of taxpayers towards tax compliance. This literature was written

by persons in authority to back up this study. Literature include were gathered from

books, public documents and internet reports.

The importance of financial decision-making is clear from the higher

disappointment rate among little firms on account of their feeble monetary

administration. Proprietors of SMEs frequently don't have powerful money aptitude

and therefore they may not totally grasp the impact of their choices on the firm.

Budgetary proficiency of proprietors for the development of firms appears to be

extremely urgent. Awful choices undermine the organizations maintainability and

leaves the wide spread operational issues. As an option, firms ought to send budget

report certainties to survey the impacts of their choice addition monetary data and

adapt to their organizations well. The productive utilize and successful translation of

fiscal summaries is fundamental as driving reason for disappointment and budgetary

 9

misery is just the poor monetary administration of business (Adomako et al., 2015;

Shields, 2010).

Financial statements help managers and other stakeholders evaluate financial

information and thus gain a better understanding of many financial aspects and risk attributes

of their firm. Although the use of financial statements can lead to better decision-making

capacity, owners of small firms often do not have the needed expertise to interpret and use

their financial statements effectively. Even reliable and timely financial statements are

insufficient if owners do not know how to evaluate the information (Van Auken, 2005).

Financial statements are sources the of affecting and amazingly material data.

The budget reports are involved noteworthy data that make accessible accurate

information that expected to perform dependable examination which is similarly

significant for proprietors and different partners. Their hugeness is particularly show

in connection to likely effects of frail money related choices, poor administration of

little firms and the higher pace of their disappointment. SME proprietors for the most

part don't have solid abilities and have poor comprehension about planning and

deciphering the budget summaries with regards to settling on significant business

choices. In addition, SMEs consistently settle on choice in the questionable condition,

denied of complete data, which is an unreasonable extreme for them(Carraher& Van

Auken, 2013).

Few published studies have tried the utilization of budget reports by utilizing

little associations. Supervisors need better records for settling on choices and that the

incredible of data influences the viability of their decisions. Indeed, even as ordinary

account hypothesis expects discerning basic leadership, conduct money perceives the

ability position of arrogance and hopefulness (or absence of) on choices (or lack of)

on selections (Ritter, 2003; Barberis & Thaler, 2002).

 10

In addition, proprietors may impact in a manner while translating the fiscal

reports by their recognitions about company's budgetary circumstance and potential.

Exact and legitimate appraisal is compulsory to accomplish budgetary objectives

alongside solid and auspicious data. Business visionaries due to their idealistic

reasoning maybe excessively so-about their business money related condition which

can highway out examination, off base estimations, wrong appraisal and likelihood of

disappointment. Be that as it may, by outside help, better and suitable utilization of

fiscal summaries could help proprietors in growing right recognitions and as needs be

progressively exact and well-informed choices. Proprietors of SMEs slant not to

search out outer money related help (Smith, 2011).

Business owners who lack knowledge about the issues related to the financial

impact of their decisions may incur unnecessary business and financial risks, greater

than the associated rewards. This information or knowledge gap is especially

detrimental if small firms do not use their financial statements to make decisions. The

lack of financial information, incorrect information, or incorrect use of information

may result in illiquidity, financial distress, and failure (Van Auken, 2005)

Worthy decisions by small and medium enterprises greatly dependent on the

access to correct, reliable, and consistent financial data which make available

intuitions about the effects of different situations. Entrepreneurs ailing in learning

about the conceivable effect of the choices made by them, may lead them to the

unsafe decisions and decrease the business inflows. The greatness of the readiness of

the fiscal summaries, likewise the importance of ensuing assessment both characterize

handiness of choices by SME's (Carraher& Van Auken, 2013; Shields&Shelleman,

2011).
 11

Firm owners in this way by and large experience information hole, as they are

very little alarm of or well-educated about the monetary impact of their choice. This

hole especially can be harming to the private ventures that are not utilizing the budget

reports, for the explanation that they need budgetary information, unseemly

information, or ill-advised practices of the information unquestionably lead to

monetary pain and disappointment. Comprehensive, SMEs may absurdly support

business and the budgetary dangers which are greater than related increases. It was

contended that conventional account hypothesis accepts that the data, together with

the monetary insights, is effectively and comprehensively available, accurately and

immediately moved in a conspicuous route to the partners (Brigham &Ehrhardt,

2013).

Many studies put emphasis on SMEs that they have to get trustworthy, exact

data for settling on precise choices. In any case, the data stream among SMEs grades

to be restricted by certain choking influences that ascent from the powerless nature of

data, absence of motivation, constrained involvement of proprietors, deficient assets

and the higher office cost. Enormous firms henceforth are progressively likely to tie

suppositions of the hypothesis of money than are private, little SMEs (Van Auken

2013; Shields & Shelleman, 2011).

Accordingly, financial statements are consisted of vital information that make

accessible accurate information that expected to perform dependable investigation

which is similarly significant for proprietors and different partners. Their

essentialness is particularly show in connection to plausible effects of feeble

budgetary choices, poor administration of little firms and the higher pace of their

disappointment (Van Praag, 2003).

Business proprietors who need know-how roughly the issues related with the

money related effect in their choices may likewise cause pointless endeavor and
 12

budgetary threats, extra than the related prizes. This records or data hole is

specifically antagonistic if little organizations don't utilize their monetary

explanations to settle on decisions. The lack of monetary measurements, inaccurate

records, or wrong utilization of insights can likewise bring about illiquidity, money

related trouble, and disappointment (Mitchell, et. al., 2007).

Financial statements provide information for SMEs to manage their

business using detailed and economically relevant information that is needed

to operate a business efficiently and effectively.The use and interpretation of

the information contained in financial statements can be influenced by an

owner’s perceptions of their firm’s potential. Because entrepreneurs are

commonly optimistic, perhaps over-optimistic, about their firm’s financial

potential, their optimism can lead to inaccurately assessing the probability of

failure, ineffective decisions, and financial distress (Smith, 2011; Landier and

Thesmar, 2009). This idea is supported by Bruns and McKinnon (1993)

reported that managers want better information for making decisions and that

the quality of information impacts the effectivenessof their decisions.

Moreover, small corporations may not be monetarily best in class of their

utilization of fiscal summaries. Budget summaries had been never again widely

utilized by little organizations while making decisions. Proprietor data of money

related articulations differs broadly and they are as often as possible compelled by

utilizing the insights. Because of their unpredictability, most extreme SME owners do

not find their money related proclamations to be exceptionally helpful and ought to

rely upon their bookkeepers to clarify the measurements contained in them.

Confirmed that the recurrence of money related statement training various with
 13

utilization of outside financing and assignment size. Rebate of vulnerability,

particularly in focused conditions, is straightforwardly connected with the recurrence

of direction of financial proclamations. The sort of money related declaration

arranged transformed into situated to differ with organization qualities. Utilizing these

announcements to settle on choices might be affected by the guidance given through

outer obligations. Simultaneously as most extreme proprietors of SMEs are not

prepared to catch fiscal explanations, proprietors with a more grounded fund and

bookkeeping chronicled past are considerably more prone to utilize outer obligations

for proposal since they perceive the significance of exact proclamations (Cassar,

2009; Sian & Roberts, 2009).

On the other hand, listening to your intuition about a decision you is about to

make has its benefits. Going with what you think and feel dependent on your

insight and related knowledge is a lot speedier approach to settle on a choice than

going through hours, days, or significantly longer examining the specific upsides

and downsides of a subject. Teacher Henry Mintzberg – an exceptionally regarded

Canadian creator and scholarly at the Desautels Faculty of Management of McGill

University in Montreal, Canada accepts that business colleges, the board projects,

and business pioneers are excessively fixated on numbers, information, and making

the procedure of the executives a science (versus a craftsmanship). As an advocate

of activity learning and settling on choices dependent on bits of knowledge

obtained from one's own difficulties and experience, Mintzberg accepts there are

esteem business pioneers likewise settling on natural motivated choices (Koop,

2019).

Intuition uses experience; decisions are not solely based on formal evidence

found in peer-reviewed articles, referenced white papers, or scholarly studies.

 14

Evidence that relies on whatever the available body of facts or information the

decision-maker takes the time to locate, internalize, and understand. The ideal

decision-making strategy is a combination of the two – embracing both evidence-

based and experience-based initiatives. When a decision needs to be made, rather

than relying on one’s intuition, a good manager will supplement with applicable

and meaningful data. The data can then analyzed and turned into relevant insights

that can form the foundation for the outcomes required. The facts found in the

research, combined with one’s intuition and experience, can create a result that is

an effective, relevant combination of the two strategies (Koop, 2019).

Nevertheless, financial literacy is the mastery of a set of knowledge, attitudes

and behaviours. It was characterized as the capacity of a person to settle on educated

judgment and take viable choices with respect to the utilization and the board of cash.

They included that such individual additionally has an encouraging mentality to the

successful and mindful administration of money related issues. That is the capacity to

peruse examinations, oversee and convey individual monetary conditions that

influence prosperity and the capacity to recognize budgetary decisions, talk about

cash and money related issues without uneasiness. It has accepted the job in enabling

individuals to settle on dependable choices as they endeavour to accomplish money

related prosperity (Ani et al., 2016; Nkundabanyanga&Kasozi, 2014).

In connection, financial literacy has turned out to be basic in the running of

organizations and tasks of associations in the intricate and dynamic condition today.

Furthermore, governments around the globe are keen on discovering powerful

methodologies of improving money related proficiency of their populaces through

creating systems for monetary instruction with the primary point of giving different

learning openings. Money related instruction is a procedure of creating capacities of

 15

individuals to encourage settling on choices that are right and to oversee funds

effectively. Therefore, it is right to conclude that financial education is knowledge,

which is among other factors involved in financial literacy (Ani et al., 2016; Atkinson

& Messy, 2012).

The importance of the decisions is evident from the high discontinuance/failure

rate among small firms (Van Praag, 2003). Owners of small firms often lack strong

finance skills and thus may not fully understand the impact of their decisions on their

firm. Inappropriate decisions can threaten a small firm's viability and create problems

associated with all areas of operations (Timmons and Spinelli, 2004). Financial

statements provide information for SMEs to manage their business using detailed and

economically relevant information that is needed to operate a business efficiently and

effectively (Shields, 2011).

Alternatively, tracking financial performance over numerous years enables

business pioneers to guide their association the correct way. Specifically, observing

key segments of the monetary record and pay proclamation, among other money

related reports, guarantees a business remains monetarily suitable and fit for gathering

its working targets. Something else, an organization may come up short on money,

default on advances or become over-utilized (DeBenedetti, 2017).

Some of the reasons to compare previous and present financial statements are

for trend analysis and performance evaluation. For trend analysis, perhaps the

greatest favourable position of looking at budget summaries after some time is finding

patterns and investigating. As to performance evaluation, budget reports enable

administrators to measure execution on an authoritative and departmental level. By

assessing the rate increment or reduction of costs and deals, business pioneers can

quantify working execution and modify their methodologies. On the off chance that
 16

there are particular sorts of costs lessening working salary, the board can examine

singular divisions to recognize the main driver. Comparing numerous years'

announcements enables all partners to decide whether execution is improving or

deteriorating (DeBenedetti, 2017).

Further, maintaining a business is an occupied and some of the time

troublesome method for bringing home the bacon. There are various things you have

to do, for example, making a decent item or administration, selling it, promoting it

and considerably more. Nevertheless, one of the most significant is to consistently

guarantee you comprehend what is going on inside your business and can respond as

needs be. Perhaps the ideal approaches to consistently be “up to date” encompassing

your business and activities are to use checking business (Richard, 2018).

Monitoring business is done to help settle on significant business choices.

When maintaining a business, settling on choices is among the most significant things

you should do. You have to choose what items to concentrate on, who to market to,

what materials to buy, and what promoting channels to utilize thus significantly more.

Additionally, observing is likewise unimaginably imperative to follow how your

business is performing. Without observing and following, you would not generally

have any kind of genuine knowledge on how your business is performing. You

probably will not know whether it is developing, contracting or staying dormant. Of

course, you will have the option to see things like deals and clients; however, without

top to bottom observing of measurements and examination, you would not have as a

lot of helpful information to reference to pass judgment on the wellbeing and

practicality of your business (Richard, 2018).

 17

Furthermore, budgeting is a crucial ingredient in the victory of any business.

Through financial preparation, a business settles on choices on the best way to push

ahead. Planning should be possible by people or groups, contingent upon the size and

character of the association. By gauging reserves, organizing ventures and allotting

cash to various sources, a financial limit is the foundation of any great marketable

strategy (Ray, 2017).

The first thing that a budget gives to a management team is broader

perspective. Before pushing ahead, an evaluation must be made about where your

business stands. The initial phase in building up a spending limit is to look at your

business' present monetary standing. Deciding accessible subsidizes means assessing

where the majority of your assets are presently being utilized. A few assets might be

tied up in essential consumptions, while others may be free or debatable for use in

new improvements. Besides, the heartbeat of a business is its everyday operational

costs. Planning can enable you to area off assets for day-by-day costs so your business

can remain above water during harsh occasions. Planning will likewise enable you to

locate the least expensive approach to back your everyday business. For instance,

there is no motivation to be tied up in advances and enthusiasm to meet essential costs

on the off chance that you can pay for them, premium free, out of your profit (Ray,

2017).

On the other hand, finance or money is the lifeblood of business firms. It

needs to meet the necessity of the business concern. Every single business concern

must keep up sufficient measure of account for their smooth running of the business

concern and furthermore keep up the business cautiously to accomplish the objective

of the business concern. The business objective can be accomplished distinctly with

the assistance of powerful administration of money. We cannot disregard the

 18

significance of fund whenever at and at any circumstance. There is a great deal of

reasons why cash the executives is significant, for example, budgetary arranging,

procurement of assets, legitimate utilization of assets, money related choices, improve

productivity, increment estimation of the firm and advancing reserve funds (Kileo,

2016).

Owners of small firms often lack the finance skills needed to use their financial

statements or fully understand the impact of their decisions on firm operations, profitability,

and survival (Timmons and Spinelli, 2004). In contrast, owners who can use their financial

statements can evaluate the impact of their decisions and assess the available financial

information to manage their business (Breen, Sciulli, and Calvert, 2004; Shields, 2010). In

addition, the usage and interpretation of financial statements can be influenced by owners’

perceptions of their firms’ financial position and potential. Entrepreneurs generally are

optimistic about their firm’s financial potential, which can lead to inaccurate assessments of

their potential profitability, liquidity, and financial distress (Landier and Thesmar, 2009;

Smith, 2011). However, if they achieve better interpretations and make appropriate uses of

the information contained in financial statements, owners could develop more accurate

perceptions of the situation and thereby make more informed decisions (Breen, Sciulli, and

Calvert, 2004).

Alternatively, having the ability to make a quick, yet good decision is imperative in

all life situations. To be an effective manager, decision-making skills are crucial. Managers

are busy people—they supervise the workload of their entire department, if not company, by

delegating, overseeing and leading by example. Most leaders will tell you that they can do

their job better if they had more time in the day. One of the most useful benefits of being an

excellent decision maker is saving time. The ability to make educated, yet fast decisions will

free up your time from over-thinking. Further, working professionals can attest to the
 19

frustration of a stalled task that cannot get approval from the management. This slows down

work and creates inefficiency. However, when a boss can weigh the pros and cons of a task

and provide a quick decision, it allows the employees to start working on it faster, thus

increasing productivity (Williams, 2018).

Instead, accurate financial information needs to provide the foundation for

making good decisions; it also can ensure some degree of consistency and reliability

in predictions about the impacts of alternative scenarios (Timmons and Spinelli,

2009). The appropriate analysis of financial information often determines the quality

of the decisions made by SMEs (Busenitz et al., 2003), which are especially

vulnerable to the impact of poor decisions, because of their limited access to

resources.( Mitchell et al. 2007) also report that entrepreneurs often use biases or

heuristics to make decisions, because doing so can simplify situations and enable

decisions in situations in which owners lack all of the necessary information

(Busenitz and Barney, 1997). However, such reliance on heuristics can lead to

decision errors that harm the business.

Lastly, keeping the records ordered and organized guarantees that you can

retrieve information when it is needed the most. Despite the fact that you do not

frequently elude back to solicitations from quite a long while prior, circumstances

may come up that require referencing to the deskwork? It very well may be a wreck to

deal with the data on the off chance that you do not have a decent framework set up.

Thus, you could be confronting fines or punishments since you cannot indicate

documentation for the assessment filings. Moreover, these subtleties are basic with

the goal that you can comprehend the development and progress of your organization.
 20

On the off chance that you do not quantify the monetary advancement, at that point it

very well may be difficult to decide the methodical changes that need to happen to

enable your business to arrive at more significant levels of achievement (Rebecca,

2018).

In connection, good records will enable you to assess the manner in which the

monetary picture is evolving. You can see whether the budgetary wellbeing of the

organization is declining or improving, bringing about bits of knowledge that can be

utilized to modify your outcomes going ahead. At the point when you have great

records, you can see which items are selling superior to anything others with the goal

that you can realize where to put your business advancement assets later on. Likewise,

on the off chance that you do not have great records, at that point it tends to be

difficult to plan exact fiscal summaries. These subtleties will help with the choices

that are made for business the executives purposes. Assembling and recording the

continuous data of your business exercises will guarantee that you have the subtleties

that help the choices that are made throughout the years (Rebecca, 2018).

Overall, owners of small and big businesses have bases to in order to make good

decisions. They have records where financial data of businesses written and kept.

Aside from that, many literatures also argued that business experiences and financial

literacy are some of the bases that guide business managers on making financial

decisions. These are utilized in order to aid comparison of business performances,

monitoring business operations and for budgeting. In financial decision-making,

 21

importance of money management, wise decisions and proper recording were

emphasized to achieve business success.

 22

Chapter 3
 23

METHODOLOGY

This study employed a qualitative approach to obtain data intended to provide

significant information of how owners of microenterprises perceived the decision-

making on financial aspects of business operations. Moved towards this aim, the

researchers developed methods to conduct data acquisition engulfed in this chapter.

Research Design

This qualitative method introduced the investigation with the objective of

perceiving the perceptions and insights of owners of microenterprises as to the

financial decision making. There are various issues and challenges that every

microenterprise owners come across with, of which we are to bring these to light. The

approach to this study is in qualitative form. The present study applied the

phenomenological method of research.

A phenomenological study portrays the significance for a few people depicting

what all members share for all intents and purpose when they experience a marvel

(Creswell, 1998). Research problems tend to be framed as open-ended questions that

will facilitate the discovery of new information in which it is perfectly matched to the

study the researchers are undertaking.

The objective of qualitative phenomenological research is to portray a "lived

experience" of a wonder (Waters, 2016). As indicated by Christiensen, Johnson and

Turner (2010), the fundamental reason for a phenomenological study is to explain the

importance, structure and quintessence of the lived encounters of the individual, or a

 24

gathering of individuals around a particular marvel. Phenomenology does not start

with a hypothesis however rather starts with a wonder under thought.

This manner of study tries to comprehend persons’insights, viewpoints and

understandings of a specific condition and focuses to some sensation and how they

construe those experiences (Van Manen, 1990). A phenomenological approach will

suit be better suited to our study, because it focuses on the perspectives, opinions and

personal experience of participants.

This structure would take a gander at the different viewpoint of the

circumstance and make speculations of what is something resembles. In this plan, it

depends only on long meets with deliberately chosen test members. Merriam (2009)

included that in the phenomenological study, it tends to the normal inquiries of

ordinary encounters, as significant sociological or mental wonders in the regular

gathering of individuals wherein it centered in portraying the episodes from the

perspective on the individuals who have encountered it (Raagas, 2010).

Since we will be into studying the experiences and challenges on financial

decision-making of microenterprise owners, this will fit to phenomenological

approach. Then, an interesting phenomenon to study is identified. In the study, the

microenterprise owners will be delved deeper into the discussion on the financial

decision-making in which the phenomenological study is the most effective method.

This is followed by recognizing the broad philosophical assumptions of

phenomenology. Creswell (1998) explains the different philosophical hypothesis.

First is the ontological or the nature of the reality. Seeing things as what they really

are will open up the minds of the researchers. As this intrigues them, they will find
 25

evidence of this reality through the perspectives and experiences of those who were

living the phenomenon.

Second is the epistemological or how the researchers know what they know.

In this case, the researcher will involve the participants with data concerning the

problem being deliberated.

The third one is axiological or the role of values in research. The researcher’s

evaluation will be recognized as well as their prejudices concerning the collected

information. Lastly, the methodology in which the research process used will be put

in place.

This study focused on how the participants adjust and adapt regarding the

financial operations within the household. Participants’ remarks and behaviour

throughout the progression of the exploration supplement the facts provided by the

participants. The participants will have successions of focus group consultations that

will be organized on the research questions. Below is a clarification and depiction of

the approach, starting with participants. The data collection processes and data

analysis are also defined.

Role of the Researcher

In this paper, we, the researchers, play different roles such as moderator,

person recording and transcribes. As per Dornyei (2007) in focus group interviews,

the questioner is normally alluded to as the 'mediator', and these uncommon name

mirrors the way that the scientist's job varies from that in one-on-one meetings. He

included that in spite of the fact that despite everything they have to pose inquiries,

during the session, they should work more as facilitators of the exchange than as

questioners in the customary sense. Since, one of the one of a kind attributes of this
 26

strategy is the dynamic of the center gathering, the scientist's job unavoidably infers

certain gathering initiative capacities, for example, guaranteeing that nobody rules the

discussion and that even the shyer members have the chance to express their

suppositions. The researchers are accountable to the preparation and the

confidentiality of the gathered information from the participants. They safeguard the

integrity, veracity and professional image of participants as they conduct this research

and conform to it to make it a positive result.

Research Participants

In this phenomenological study, conferring to Dornyei (2007), the scope of a

focus cluster is between 6 and 10 (sometimes I2) people. Less than six people would

bound the probable of the 'collective wisdom' while too large a size creates it tough

for everyone to participate. When designing a focus cluster study, the two key

technical issues to consider are (a) whether members of a group should be

homogeneous or heterogeneous; and (b) how many groups to have.

There will be fourteen (14) participants in the study. Preferably, they are

business owners or managers that operate microenterprises and the business must be

operating at least 6 months. In addition, these participants are residents and the

business is located at Tagum City. This is to assure a reasonable assessment to

achieve the purpose of the study. There will be seven (7) participants for the focused

group discussion and another seven (7) informants for the in-depth interview. They

will be equitably gathered to be part of the study.

These informants and participants are chosen using the non-probability

sampling technique in which the samples or participants are designated based on the

personal decision of the researchers. According to Lund Research (2012), this

 27

sampling technique gives researchers autonomy to choose a population they wish

studying. When sticking a qualitative investigation method, non-probability sampling

procedures such as reasoned sampling, can provide the researchers with strong

theoretical reasons including their subjects in the sample. This method requires the

authors to use their subjective judgments, drawing on theory, practice, and dig in the

intricacies of the problem being studied.

Data Collection

The technique that will be used in gathering to collect the data will be

conducted using two methods, which are Focused Group Discussion (FGD) and In-

Depth Interview (IDI). Materials of other researchers and dissertations related in our

study will also be used for the basis of this study. Data collection methods helped the

researchers to gather more information and conduct first hand interviews as well.

According Freitas, ET. al. (1998), focus group discussion (FGD) allows interaction

within the group, generates qualitative data and impact each other by their thoughts,

replies and imparts during the conversation.

The following steps will be used in gathering the data:

Firstly, using purposive sampling method, to achieve the number of

participants in the study, there will be a diffusion of information to the participants

and allow them, not enforce, to attend the discussion. Targeted participants will

receive an invitation, and it is on their free will to grant it or not. They will be

requested to sign an informed content to agree with the conditions specified that their

involvement is voluntary and they are willing to participate in the study. The

objectives of the said interview will be presented so as not to confuse the participants.
 28

Secondly, during the interview, a moderator, who is one of the researchers,

stimulates the conversation regarding the subject. Researchers will throw questions

and some follow up on the queries, to enter the conversation in a clearer and deeper

way. Focus group provide productivity and litheness in the gathering of facts that are

not usually realized when utilizing an individually tool and at the same time allowing

impulsiveness of communication among the participants. It also enables to explore

topics and generate a hypothesis.

Thirdly, topics discussed during interviews will be transcribed and recorded as

the information, to be told by the interviewees, will be documented in detail. A full

evidence about aim individual’s views and behaviours regarding a topic or to enable

to discover issues in-depth are some of the benefits of in-depth interviews (IDI). This

involves the intensive one-on-one interviews, to discover perspectives on an idea,

particularly the insights of the informants, on the financial functioning of the

accountants in the family. Its primary advantage is the collection of more detailed

information and the provision of a more relaxed atmosphere to the interviewee (Boyce

&Neale, 2006).

There will also be a sharing of thoughts with the researchers and triangulation

is achieved. We will encourage them to fully cooperate and participate actively as

well as their active involvement, while encouraging them to share their experiences

relevant to the topic. It is vital to highlight that the conversation is about individual

understandings and encounters and thus there are no accurate or erroneous responses

(Dornyei, 2007). Lastly, when the interviewers finally meet the information needed,

the discussion will then be closed and will keep the confidential details.
 29

Data Analysis

After transcribing the focus group interview, statements that relate to the topic

were divided into essential ideas reflecting definite thinking. The participant’s

answers were clustered into major themes depicting the several features of the

phenomenon. The data on the focus group interview were analyzed based on their

discernment on the query.

Once the data are collected from the participant’s experience in the

phenomenon through focus group discussion and in depth interviews, and then will be

the phenomenological data analysis: talking with, featuring noteworthy articulations,

seeing how the members encountered the marvel and creating bunches of importance

from these huge explanations into topics. The noteworthy articulations and subjects

are then used to compose a portrayal of what the members experienced or the textural

depiction.

The first principle of phenomenological data analysis is to utilize a developing

approach, to let the technique of examination to trail the nature of the facts itself

(Waters, 2016). As stated by Kleiman (2004), phenomenological research data

analysis involves processes such as coding, categorizing and understanding of the

essential meanings of the phenomenon. The researchers must not be biased in

translating the record. Reading and listening to the transcript in its entirety must be

done to get the holistic interpretation.

In Moustakas’ study (1994), data analysis involves the art of reading the text

or interpreting it in such a way that the intention and meaning behind the appearances

are understood. The researcher must describe the structure of the experiences,
 30

founded on understanding of the research participant’s story, which intends to define

what the experience means and originate the general meanings of testimonials.

Lastly, the organizational and textural definitions of the scholars are then

written to a compound description, which presents the core of the incidence, called

the essential invariant structure.

Trustworthiness

Researchers must pay attention to the problems encountered by their

participants, in a phenomenological study. The need to ensure criteria for good

research practices is essential conducting such qualitative research. Trustworthiness

and Credibility are the values that must be kept in mind for the whole duration of the

dissertation. To ensure the trustworthiness of a qualitative study, four criteria were

suggested to be applied in this paper. These criteria are: Credibility, Transferability,

Dependability, and Confirmability (Shenton, 2004). Many qualitative researchers

strongly believe that simply using strategies does not establish trustworthiness, and

many strategies have boundaries. Moreover, there is a lot of discussion, about what

establishes such things, as legitimacy and unwavering quality, in subjective research.

Despite the sort of subjective strategy utilized, a subjective report ought to have a

"ring of truth" that is all around grounded and upheld by instances of the information.

Truth be told, delivering discoveries that are viewed as appropriate and significant by

peruses and experts is viewed as maybe the most valuable marker of the believability

of any subjective investigation (Pitney, 2004).

 31

Credibility

This implies trust in 'reality' of the discoveries (Guba& Lincoln, 1985).

One of the key criteria, tended to by positivist specialists, is that of interior

legitimacy, wherein they look for, to guarantee that their investigation measures or

tests, what is really proposed and guaranteeing validity is one of most significant

factors in building up dependability.

Triangulation includes the utilization of numerous information sources, in an

examination to create a comprehension. Subjective analysts ordinarily utilize this

system to guarantee that a record is rich, powerful, thorough and well created.

Triangulation of sources includes looking at the consistency of various information

sources from inside a similar strategy. Triangulation is utilized for corroborative and

for fulfilment purposes (Patton, 1990).

Triangulation may include the utilization of various techniques, particularly

perception, center gatherings and individual meetings, which structure the significant

information accumulation systems for much subjective research. While center

gatherings and individual meetings experience the ill effects of some normal

methodological deficiencies and shortcomings, since both are meetings of a sort, their

particular attributes likewise lead to singular qualities. As needs be, the utilization of

various techniques in show, counterbalances their individual impediments and

endeavours their separate points of interest. Where conceivable, supporting

information might be gotten from archives, to give a foundation to and help clarify the

frames of mind and conduct, of those in the gathering under investigation, just as, to

confirm specific subtleties, given by the members. Openings ought to likewise be

seized to look at any archives referenced by witnesses during the genuine meetings or
 32

center gatherings themselves, where these can reveal more insight into the conduct of

the individuals being referred to.

Triangulation causes the specialist to decrease predisposition and it interviews

the uprightness of members' reactions (Anney, 2014). It can likewise be accomplished

by utilizing diverse research methods. Triangulated procedures are useful for

crosschecking and used to give affirmation and culmination, which brings 'balance'

between at least two distinct kinds of research. The object is to build the believability

and legitimacy of the outcomes. Regularly this target, in explicit settings, is to get

affirmation of results through intermingling of alternate points of view

(Rahman&Yeasmin, 2012)

For completeness purposes, specialists use 'triangulation' to expand their,

inside and out and comprehension of the marvel under scrutiny by joining a few

strategies and speculations. The utilization of 'triangulation' for fulfilmentpurposes

has continuously developed in the writing and it is significant in directing looks into

since it takes into consideration acknowledgment of numerous substances.

'Triangulation', for fulfilment reasons for existing, is utilized for the most part in

examining the less investigated or unexplored research issues. One of the points of

interest, of subjective research worldview, is creating the rich measure of information,

which further can help scientists in creating theories; for quantitative examinations.

Transferability

It refers to the idea that the findings have applicability in other contexts.

Merriam (2009) writes that it “is concerned with the extent to which the findings of

one study can be applied to other situations”. In positivist work, the worry frequently

lies in illustrating, that the consequences of the, current work, can be connected to a
 33

more extensive populace. Since the discoveries of a subjective undertaking are

explicit, too few specific conditions and people, it is difficult to illustrate, that the

discoveries and ends are appropriate, to different circumstances and populaces.

According to William (2006), it alludes to the degree, to which the

consequences of subjective research, can be summed up or moved to different settings

or settings. From a subjective viewpoint, transferability is principally the obligation of

the summing up client. The subjective specialist can improve transferability by

making an exhaustive showing of portraying the exploration setting and the

suppositions that were integral to the examination. The individual who wishes to

"move" the outcomes to an alternate setting is then in charge of the basic leadership

and how reasonable the exchange is.

Transferability implies that results, of the exploration study, can be relevant to

comparative circumstances or people. The information, which was gotten in this

unique situation, will be important in another and agents, who do investigate in

another specific circumstance, will have the option to use certain ideas, which were at

first created. Lincoln and Gubastate that “as the naturalist can’t specify the external

validity of an enquiry, he can only give a tick description essential, to enable someone

interested in making a transfer to reach a conclusion about whether a transfer can be

contemplated as a possibility”.

Transferability in research is used by the peruses of study. Despite the fact that

generalizability commonly is appropriate, just too specific types of quantitative

techniques, transferability may apply, to shifting degrees, to numerous sorts of

research. Transferability welcomes peruses of research to make relationship, on the

components of research and their own involvement.

 34

Dependability

This is the third standard for making a decision about subjective investigations

and alludes to the soundness or consistency of the overview procedures utilized after

some time. To check the constancy of a subjective report, one hopes to check whether

the scientist was careless or made botches in conceptualizing the examination,

gathering the information, deciphering the discoveries and detailing results. The

rationale utilized for choosing individuals and occasions to be watched, met, and

incorporated into the investigation must be obviously displayed. The more reliable the

scientist has been in an exploration procedure, the more trustworthy the outcomes are

(William, 2006).

In tending to the issue of unwavering quality, the specialists utilize procedures

to demonstrate that if the work were rehashed in a similar setting, with similar

strategies and with similar members, comparable outcomes would be gotten. Lincoln

and Guba underscore the nearby interface among believability and steadfastness,

contending that an exhibition of the previous goes some separation in guaranteeing

the last mentioned. This might be accomplished using covering strategies, for

example, the centergathering, inside, and out meeting.

To address the constancy, issue all the more legitimately, the procedures

inside the investigation ought to be accounted for in detail. Such inside and out

inclusion likewise enables the peruser to survey the degree to which appropriate

research practices have been pursued. To empower perusers of the exploration

develop an exhaustive comprehension of the techniques and their adequacy, the

examination ought to incorporate portions committed to the exploration structure and

its usage, which depicts what was arranged and executed on a key level; the

operational detail of information assembling that tends to the complexities of what has
 35

been done in the field; and astute assessment of the task which evaluates the viability

of the procedure of request set out on.

Confirmability

This important characteristic in research pertains to the extent of neutrality or

the level in which the results of a study are ascertained by the participants and not via

the researcher prejudice, enthusiasm, or concern (Guba& Lincoln, 1985).

The idea of corroborative limit is a similar worry for the subjective objectivity

of scientists. Steps must be taken to help guarantee, beyond what many would

consider possible, that the finishes of the work result from the witnesses' encounters

and thoughts, as opposed to tendencies and inclinations of the analysts. The job of

triangulation in advancing this limit with respect to affirmation must be firmly

stressed to diminish the impact of one-sided scientists. To this end, convictions

supporting choices made and strategies grasped ought to be recognized inside the

examination report, clarify the explanations behind favoring one frame of mind when

others could have been taken and furthermore shortcomings in the procedures really

utilized conceded. As far as results, primer hypotheses, which at last have not been

affirmed by the information, additionally should be talked about.

Confirmability alludes to the degree to which the aftereffects of a request

could be affirmed or checked by different specialists. Confirmability is worried about

setting up that information and understandings of the discoveries are not manufactures

of the specialists' minds, yet are obviously coming about because of the information

gathered. A few examinations recommend that affirm capacity of subjective

investigation is accomplished through a review trail, reflexive diary and triangulation

(Bowen, 2009; Guba& Lincoln, 1985; Koch, 2006).

 36

As per Bowen (2009), a review trail gives noticeable proof that the specialist

has not just found or focused on what the person in question is embarked to discover

and just by what they need. It is a straightforward clarification of the examination

steps taken from the beginning of an exploration undertaking to the advancement and

revealing of decisions. These minutes are continued, with respect to what was done in

an investigation. It is imperative to have an unmistakable depiction, of the

examination procedure. This ought to incorporate research plan, information

gathering choices and the means taken to oversee, break down and report information.

This ought to incorporate data about testing, explanation of the job of various research

colleagues just as the job of various information sources (Cohen &Crabtree, 2008).

These qualitative research methods and standards will be used to effectively

implement and correlate trustworthiness and credibility throughout our whole study.

Ethical Consideration

The participants and informants, who are involved in this study, are highly

protected and respected since they were the key contributors to our research and have

enabled us to conduct this research to a successful one. Establishing and respecting

ethical consideration in conducting this study is essential to ensure complete

neutrality and avoid conflict in the process. Making sure, that these subjects are not

forced but are encouraged to participate. They are informed about the study and have

requested permission thru an invitation to participate on this. In undertaking this

study, ensuring the ethical issues in conducting research is greatly attended.

Informed consent. This implies an individual purposely, deliberately and

astutely, and in an unmistakable and show way, gives his assent. Educated assent is

one of the methods by which a members' entitlement to self-governance is ensured.

 37

Beauchamp and Childress (2001) to characterize self-sufficiency, as the capacity for

self-assurance in real life, as indicated by an individual arrangement. Educated agree

tries to join the privileges of independent people through self-assurance. It likewise

tries to avoid strikes on the honesty of the patient and ensure individual freedom and

veracity.

Beneficence. The ethical principle of beneficence refers to the Hippocratic

oath "be of benefit, do not harm". Beauchamp and Childress, propose that the

guideline of usefulness incorporates the expert command, to do powerful and critical

research, to even more likely serve and advance the welfare of our constituents. Value

is now and then hard to anticipate, when making a theory, particularly in subjective

research. At the point when a specialist attempts to learn, personal subtleties of the

member’s lives, he needs to manage opening old injuries. A scientist must consider

every conceivable outcome of the exploration and equalization the dangers, with

proportionate advantage.

Respect for anonymity and confidentiality. The issue of privacy and secrecy is

firmly associated with the privileges of advantage, regard for the respect and loyalty.

Levine (1976) advocates that privacy implies, that people are allowed to give and

retain as much data as they wish, to the individual they pick. The scientist is mindful

to look after secrecy that goes past standard dependability.

Respect for Privacy. Treece and Treece (1982) recommend that at whatever

point subjects will not report individual data, as they respect it an attack of security,

the specialist should regard their perspectives.

 38

During the interview, we made sure also, that they are not enforced to share

and give details, to their experiences and these ethical considerations are taken into

attention. They are, instead to be cheered and motivated; to tell what is ought to be

said, for the fulfilment of our research.

 39

Chapter 4
 40

RESULTS

This phenomenological study is purposely made as an inquiry of what could

be the challenges and difficulties that the microenterprise owners have been facing

about financial decision-making. This would also enable us to understand the

perceptions or insights of microenterprise owners on decision-making when it comes

to financial concerns.

In the conduct of this study, the following questions were being raised:

1. What are the bases that guide owners in making decisions?

2. How do they make analysis before making financial decisions?

3. What are their insights in making sound financial decisions?

The interviews were composed for a total of 14 participants; 7 for the in-depth

interview (IDI) and 7 for the focus group discussion (FGD). The chosen participants

are business owners or managers that operate microenterprises. The business must be

operating at least 6 months. In addition, the participants are residents and the business

is located at Tagum City.

Moreover, Purposive Sampling method was used where the group or the

participants are represented by different kinds of people and the selection relies on the

judgment of the researchers and was randomly chosen. It focuses on the

characteristics of the potential interviewees according to the phenomenon studied and

investigated (Lund Research, 2012).

On the other hand, the gathering of the participants was arranged in

accordance to their comfort. Prior to the interview dates, an invitation letter was sent

to each target and it was set agreeing with their free and available time. An informed
 41

consent was also distributed to regard ethical considerations essential in conducting

this study.

In line, the in-depth interview that was compliment scheduled on their vacant

periods, composing 7 participants, was individually discussed with the researchers. It

was a heartily and serious talk where there were sincere sharing of thoughts and

insights according to the questions raised. Honest and genuine answers were given,

thus, giving us great ideas that aided our dissertation. On the other hand, the focus

group discussion was a lot more exciting and fun since the throwing of substantial and

hefty statements by various personalities were provided that somehow became an

avenue of learning to them and even to us, the researchers.

Further, the different batches of interviews were all done with the

collaboration of the whole team. Each was introduced well and oriented on the voice

recording and transcription that will be done during the process. Their answers were

also given without force and were all voluntarily delivered by the participants.

Categorization of Data

After conducting the in-depth interview and focus group discussion, the

analysis of data was made from the audio file recorded and transcriptions made by the

researcher. Steps were taken during the analysis, which included data reduction, data

interpretation and data representation. These steps help the research team scrutinize

and evaluate the data collected.

First, data reduction involves getting holistic data by reading and listening to

the records several times. It classifies and categorize into groupings of the

information. Second, data interpretation is creating meaning for those groups with

labels. Themes are created from those clusters from the data reduction and interpret
 42

the themes that answer the research questions. Lastly, the data representations are

where there is re-reading of the data, categorizing and coding the data and inductively

develop a thematic analysis. The themes analyzed become the story or the narrative

found in the tables (Kleiman, 2004).

Nevertheless, responsiveness to ensure criteria for good research practices is a

vital prerequisite to conduct a qualitative research. In achieving this trustworthy

study, the four criteria namely credibility, transferability, dependability and

confirmability, were used. There is indeed truth-telling and sincerity in the facts

gathered in which it represents the credibility of the study. Triangulation is also

evident since the use of in-depth interviews and focus group discussion, which forms

the major data collection for our qualitative research, is observed. Transferability is

also shown as this study can be of good use to further research activities and is richly

applicable to similar situations or individuals. Dependability is also used as we have

carefully collected the data and interpreted the findings and the results. Lastly,

confirmability is where we as researchers did not allow any prejudice and bias,

personal interest and any other partiality to be applied. A dissertation becomes

worthwhile when the process of the study has undergone honest and dignified ways

and following the right criterion in completing it.

Research Question No. 1: What are the bases of owners in making decisions?

During in the in-depth interviews and focus group discussion, the following

sub questions were asked in order to generate the main question above. What are the

resources you usually need to make decisions? What are the aspects you consider in

makingfinancial decisions? What are your priorities when having financial decisions?
 43

How do you experiences contribute on your financial decisions? How do results of

past decision affect your financial decisions right now and for later operation?

From the data collected using the above questions, three essential themes came

out namely: Records, Experiences on Handling Business and Financial Knowledge.

Table 1

Participants' Information

Assumed Gender Location Study Group Business

Name

I1 Female Tagum City In-Depth Interview Sari-sari Store

I2 Female Tagum City In-Depth Interview Sari-sari Store

I3 Male Tagum City In-Depth Interview Sari-sari Store

I4 Male Tagum City In-Depth Interview Sari-sari Store

I5 Male Tagum City In-Depth Interview Vegetable and Fruit

Vendor

I6 Female Tagum City In-Depth Interview Fish Retailer

I7 Male Tagum City In-Depth Interview Sari-sari Store

F1 Male Tagum City Focus Group Rice Retailer

Discussion

F2 Male Tagum City Focus Group Fish Ball Vendor

Discussion
 44

F3 Female Tagum City Focus Group Sari-sari Store

Discussion

F4 Female Tagum City Focus Group Sari-sari Store

Discussion

F5 Female Tagum City Focus Group Sari-sari Store

Discussion

F6 Female Tagum City Focus Group Sari-sari Store

Discussion

F7 Female Tagum City Focus Group Barbeque Vendor

Discussion

Table 2. Essential Themes and Core Ideas of Bases on Financial Decision Making

of Microenterprise Owner’s

Essential Themes Core Ideas

Records  Records as my bases. There, my income is list on.

Also my payables and collectibles

 Records about payables, collectibles, how much I gain

this week or month or if incurred losses.Keeping

 45

records on important transactions such as payables,

collectibles, how much I earn.

 All businesspersons would really have records of their

money flows. I base my decisions on my records. I

usually use the lists of sales and payables.

Experiences on

handling business
 Experiences on business, that is also I base my

decisions to know the possibilities if ever do this or not

for the business.

 Experience is that best teacher. It helps on what things

should be done next. If you committed right or wrong

decisions, the results will guide us for the later

operations of the business.

 Experiences bring good things. It serves as guidance

or as a teacher, considering things if it is either right or

wrong. It gives very important details that help in

making good decisions in running a business.

 You know what to do or how to decide concerning

Financial Knowledge
money. In other words, it is proven and tested”.

 I handle business better this time and perhaps for the

next days. It serves as guide in our decisions

nowadays. You know better on what to do.

 It gives big help. It corrects you for the things that

 46

should be corrected. Of course, when you give good

decision, business would operate well. In the past, I

incur more debts frequently whereas now, I set limit

for it because it is too costly. Sometimes, earnings

income is not that stables.

Records

Financial data about business are integral in managing the operations in short

and long run basis. Microenterprise owners had stated that they do listing of those

important transactions, if not all. Collectibles, payables and earnings are among of the

financial data duly recorded. The records are the common bases when microenterprise

owners make financial decisions.

One participant in the FGD expressed:

“Naako updated ngalistahan pod. Angmga nay

listahankaykanangmgaimportantengatransaksyonparehasa

nangutang, kolektahonon, pilaangnahalin,

maonasila.”(FGD-F6 )

I have also updated lists. I keep records on important

transactions such as payables, collectibles, how much I

earn, that’s all.

 47

An informant from the IDI stated:

“Sa listahankogabase. Nakalista man

didtokungpilaangnabaligya o nahalin. Naa poy

mahitungodsautangugkolektahononsamganakautang.”(IDI

-I6)

I use my records as my bases. There, my income is listed

on. I listed also my payables and collectibles.

Experiences on Handling Business

Truly, experience is such a best teacher to everyone most especially for

microenterprise owners. They had generally emphasized that in handling their

respective businesses, their experiences guide them towards on the right track- right

decisions and right actions. As well, wrong decisions committed in the past help them

to avoid such, as much as possible, and make better decisions in later operations.

A participant in FGD said:

“Pinakanindotnga teacher angkasinatian. Mao man nay

magtudlokungunsaangmgadapatbuhatonsunod. Mamali

man imodesisyonkaron o dili, kana

 48

ngaresultamaggiyakanatosaumaabot pa

ngamgapanahonparasanegosyo.”(FGD-F4)

Experience is the best teacher. It helps on what things

should be done next. If you committed right or wrong

decisions, the results will guide us for the later operations

of the business.

An informant in IDI stated:

“Aside salistahan, kanangmgakaaginanimosapagpaninda.

Kabalonakaunsaangdapatpadayononngadesisyon o

aksyonugunsa pod

angmgadilingapwedemakadaotsapanginabuhi.” (IDI-I3)

Aside for the lists, I also consider my experiences on

business. You know what to do on decisions or actions and

what things not to do that can affect business.

Financial Knowledge

It is advantageous to have enough knowledge about financial aspects. Having

financial knowledge aids wiser business decisions. That is why; many microenterprise

owners did rely on their financial knowledge in order to handle business operation

efficiently and effectively.

 49

An FGD participant stated:

“Dako to ugtabang.Makorek man god

nakoronangmgadapatikorek. Siyempre,

pagtarongnaimongmgadesisyon,

hapsayangdagansanegosyo. Kung sauna, utangdiri,

utangdidto, karon limit

nagyudkaydililalimangsigeugbayaduginteres. Dilibiya pod

nindotangpangitaugkwartausahay.”(FGD-F3)

It gives big help. It corrects you for the things that should be

corrected. Of course, when you give good decision, business would

operate well. In the past, I incur more debts frequently whereas

now, I set limit for it because it is too costly. Sometimes, earnings

income is not that stable.

Another informant of IDI voiced out:

“Mas okay akopagdalasa business ronugsigurosaumaabot

pa ngapanahon. Magsilbing guide man god

imoniagingdesisyonsakarongngapanahona. Mas

kabalokaunsaimodapatbuhaton.” (IDI-I2)
 50

I handle business better this time and perhaps for the next days. It

serves as guide in our decisions nowadays. You know better on

what to do.

Research question No. 2: How do they make analysis before making financial

decisions?

During in the in-depth interviews and focus group discussion, the following

sub questions were asked in order to generate the main question above. What are the

analytical techniques you utilize when making financial decisions? What are

techniques you most frequently used when having analysis? How do you prepare

before making financial decisions? How do you convert financial data into useful

financial information for decision-making purposes? Why do you choose such

analytical techniques before making decisions?

From the data collected using the above questions, three essential themes came

out namely: Comparing Past and Present Earnings, Monitoring and Budgeting.
 51

Table 3.Essential Themes and Core Ideas of the Analytical Schemes on Financial

Decision Making of Microenterprise Owners

Essential Themes Core Ideas

Comparing past and present

Earnings
 Compare my income, payables and cash on

hand. I ascertain if my income increasing

or decreasing. As to payables, if these are

getting bigger or I can still incur debts.

Lastly, about cash on hand, I analyze it for

retail decisions.

 Comparing the transactions, and set goal on

making my income bigger or decreasing

my expenses.

 Comparing the past expenditures against

my current expenses. Analyse those on

what are the right things to do.

Monitoring  It is necessary to monitor always the

business operations in order to know

problems to solve or trace it about the

happening of the business.

 Monitoring how much money left for the

business so that I could make decisions

relative to it. Also, focus only on important

 52

matters of the business.

 It needed to have lists to keep avoiding

forgetting matters that concerned about the

business. In addition, it helps to have easier

access on remembering where money spent

on.

Budgeting  Listing of the past transaction to know how

business is running is it spending not too much.

Also budgeting to allocate the money for me to

have enough time to think properly about my

decision.

 Always think about the current situation of my

business. Like my payables collectibles of the

store and other things, these really matter on

the business.

 It is better to have proper or critical thinking on

making decisions. It is not that easy to handle

business. It requires lists of important

transaction to avoid forgetting most especially

payables and collectibles.

Comparing Past and Present Earnings

 53

Most businesses, whether big or small, would really compare their past and

present performances. This is to see whether the business is doing well or not through

the variances in figures. It is very prevalent among microenterprise owners to

compare their income from past and present. As they cited, this is their way to know

where and why and what appropriate decisions and actions to be done to get up back

when the business is losing and to further enhance business performance if it is

already earning.

A disclosure of information from an FGD participant stated:

“Gakomparalang pod ko. Labawnasahalin,

utangugkwartanganabilin. Kasagaran,

kinensinakogadesisyonbahinsapinansyal sa anegosyo.”

(FGD-F5)

I also compare, most especially with income, payables and

money on hand. Usually, I do financial decisions every 15th

day of the month.

An informant in the in-depth interview also shared:

“Akoginabuhatkaygikomparanakaoangmgatransakyonsamg

aniagingasimana o bulan kung nakahalinbako o wala. Para

Makita nako did to kung aha ko or nganongnalugi o

nakahalinko.” (IDI-I1)
 54

What I do is to compare transactions from past weeks or

months to see if I have income or none. There, I can see if I

incur loss or income.

Monitoring

Business is a profit-oriented endeavor and it takes time to earn profit. Many

factors need to be considered in order to handle the business well. Hence,

microenterprise owners had argued that monitoring their business is necessary in

order to solve existing problems and prevent such from happening again.

One of the participants in FGD said:

“Dapatgyudngapirmentibantayanangdagansa business

parakabaloka unsay problemangadapatsulbaron. Kay kung

wanamao, dilimasulbadangproblema, pwede pa

ngamulala.” (FGD-F6)

It is a must to monitor always the business operations in

order to know problems to be solved. If it is not done,

problems couldn’t be solved and yet worsen.

An IDI informant also expressed:

 55

“Kinahanglan gyudnaa ta listahankayparadili ta

kalimotlabaw nag konektadosa business. Ug di pod ta

mabuangsige’ghuna-huna aha napadulongkwarta.” (IDI-I4)

It is needed to have lists to keep to avoid forgetting matters

that concerned about the business. Also, it helps to have

easier access on remembering where money was spent on.

Budgeting

Budgeting is the most common and one of the effective techniques in

managing finances in personal and business finance. Budgeting helps to put finances

on the right track for its efficient utilization. Microenterprise owners have doing

budgeting for their business. It is their way to know properly where, what and when

the money be spent on that leads them to wise spending.

One of the participants in FGD said:

“Galistakosaniagingmgatransaksyonparamakabalo ko

kung okay raba angdagan, kung

dilibakaayogastora.Unyagabudgetkokayparakabaloko aha

dapatipadulongangkwarta, paranaapako tama

ngaorasparamakatarongughunahunasamgadesisyon.”

(FGD-F7)
 56

I do listing of the past transaction to know how business is

running, is it spending not too much. I do also budgeting to

allocate the money for me to have enough time to think properly

about my decision.

An IDI informant also expressed:

“Mas maayo man gyudnanghuna-

hunaonnimougtarongangmgadesisyon.Dilibiyalalimangmag

dalaugnegosyo.Kinahanglan nay

giandamngalistahanparasamgaimportantengatransaksyonp

aradilijodmakalimotlabawnangutangugmganakautang.”

(IDI-I5)

It is better to have proper or critical thinking on making

decisions. It is not that easy to handle business. It requires lists of

important transaction to avoid forgetting most especially

payables and collectibles.

Research question No. 3: What are their insights in making financial decisions?

During in the in-depth interviews and focus group discussion, the following

sub questions were asked in order to generate the main question above. How does this

financial decision making change your perspective in managing business? What are
 57

the improvements you observed through the help of sound financial decisions? How

do sound financial decisions contribute to the growth and development of the

business? What are the most significant learning you gained in making sound

financial decisions? What are the things you are thankful about brought by sound

financial decisions?

From the data collected using the above questions, three essential themes came

out namely: Proper Handling of Money, Wise Decision Making and Proper

Recording.

Table 4. EssentialThemes and Core Ideas of Insights on Financial Decision

Making among Microenterprise Managers

Essential Themes Core Ideas

Proper Handling of  Properly handle the money. Don’t incur too much
Money money, don’t let lend too much and to retail

inefficiently. Use the records or lists to monitor

business.

 All of us know how important the money is.It is

good to properly decided. We can or we should use

our records for those have all the details we need on

deciding properly the money business.

 58

 It is not easy to decide about money. Most

especially, when it is limited.

Wise Decision Making  There should be proper decision making because it

is not easy to earn money. That is what I always

think. I sometimes depend on my store.”

 What I believe since then is that if you want to have

good goal, bigger income, you need to decide

properly about money. Do not practice improper

decision making because if you do so, store will not

last.

 It is better to strive hard and handle with care for we

only depend on its income. In addition, there should

be enough money to keep the business running. As

well, not to use money of the business for personal

concerns for ease monitoring.

Proper Recording  Perhaps, lists are big thing for these have updates

about how the business is going most especially

about money. If there is no recording, the business

will be disorganized.

 Records have big help on deciding about money

because those have all the details. You know what to

 59

do for the business.

 Money keeps the business running. That is why,

decide well about this. Same with them, use, analyze

well the details listed on the records.

Proper Handling of Money

Business success lies on proper management. Microenterprise owners had

realized that appropriate money management would really help them in achieving

business goals such good earnings. As well, proper handling of money is manifested

by good decisions made. That is why, they have to make good and polished decisions

not to put money into waste.

One of the participants in FGD said:

“Tarongongyudpagdalaangkwarta.Dilisigegpangutang,

pautangugpatakaugkompra.Gamitonang record o

listahanparamamonitorang business.” (FGD-F6)

Properly handle the money. Don’t incur too much money,

don’t let lend too much and to retail inefficiently. Use the

records or lists to monitor business.

An IDI informant also expressed:

 60

“Importante kayo ngamagtarongugdesisyonbahinsakwarta.

Gamitonjodanglistahanparatarongangdesisyon.Kay kung

tarongangdesisyon, dako tag mahalin.” (IDI-I2)

It is very important to decide with regard to money. Use the

lists to decide well. If it is properly decided, we can earn

bigger.

Wise Decision Making

Decision-making really matters. Microenterprise owners had internalized that

decisions should be taken seriously. In making wise decisions, they have to be smart,

competent and matured.

A participant in FGD has stated from her experience:

“Mas mayo

gyudngapaningkamotanugtarongonkaydirirabiya mi

gasalig.Unya, rolling-rolling ra pod angkwarta.Unya, dili

pod

gamitonangkwartasakaugalingongpanginahanglanparamamo

nitorangdagan.” (FGD-F3)

It is better to strive hard and handle with care for we only

depend on its income. Also, there should be enough money to

 61

keep the business running. As well, not to use money of the

business for personal concerns for ease monitoring.

An informant in IDI also said:

“Tarongonugdesisyonjudmahitungodsakwarta.Gamitonang

pwedegamitonsapag-analisa. Naa man taylistahan.

Patiatokaagigamiton kayang desisyonsakwarta,

dapatseryosohon.” (IDI-I4)

There should be proper decision –making about money. Use

the lists on analyzing since we have records. Experiences will

help about handling; it should be taken seriously.

Proper Recording

Correct and complete information about business lead to accurate decision-

making. Records are the language of business. Microenterprise owners have to keep

records properly in order to handle their business operations effectively and

efficiently.

A participant in FGD has stated from her experience:

“Dakougtabanganglistahanmahitungodsapagdesisyonkabah

insakwartakaynaadidtoangdetalyetanan.Kabalokaunsadapat

buhatonparasanegosyo.” (FGD-F5)
 62

Records have big help on deciding about money because

those have all the details. You know what to do for the

business.

An informant in IDI also said:

“Siguro, dakougtabangang listahannimokaynaaka update

kungnaunsanaang business labawnasa kwarta. Kung

walasiguroningmgalistahanmagkatibulaagjodningdagansan

egosyo.” (IDI-I7)

Perhaps, lists are big thing for these have updates about

how the business is going most especially with regards to

money. If there is no recording, the business will be

disorganize
 63

Chapter 5

DISCUSSIONS AND CONCLUSION

This chapter deals with the discussions of the results and conclusion of the

major themes and analysis, which were drawn from the research questions of the

study. It also presents the impact in the practice for future research aid anchored on

the developed themes during data analysis. The undertakings along financial decision-

making of microenterprise owners are the focus of this qualitative investigation.

The goal of this study is to highlight, expound, define, and understand the

experiences and insights of microenterprise owners on financial decision-making they

have been dealing with. Certainly, this study ascertained the different challenges and

bases on financial decision-making. Also, analytical schemes on financial decision-

making revealed by microenterprise owners were significantly accounted. Lastly,

valuable perspectives from such experiences of mixed income earners were divulged.

Overall, this paper aims to study or discover unique or distinct and important concept

and application on financial literatures most certainly on financial decision-making

thatmicroenterprise ownershave been dealing with.

The approach used, phenomenological study, underscores what the people

experienced and how they have undergone those occurrences. Phenomenological

inquiry describes the similarities between the participants as they are involved in a
 64

certain phenomenon. In this paper, the viewpoints of microenterprise owners on their

financial decision-making endeavors were being studied. The basic purpose of

phenomenology is to extract the exact soul and essence of the common experience. In

an interview, the researcher becomes the learner and the participants were reflected as

the expert and knowledgeable on their financial decision-making. During the

discussion, the participants have the most important part in the conversation

(Creswell, 1998).

This motivates us, the researchers, to conduct a study on this phenomenal

experience, to find out how microenterprise owners make financial decisions for

business operations. Endeavors of financial decision-making are quite challenging

since it is one of the major obligations that needs to be met regularly and diligently.

Experiences of microenterprise owners on financial decision-making unleash

significant lore that could greatly impact theories and applications of tax system for

better regulation and administration. Hence, it is really an interesting undertaking for

us since the results of this study will be implicating on the field of our professional

study and later on, to our future practice.

Bases on Financial Decision-Making of Microenterprise Owners

Making decisions for the finances and operations of business is not that easy.

There should be complete and accurate data and other possible information to help

and guide owners on making decisions to solve and prevent business problems most

especially when it comes to finances. With this study, microenterprise owners had

revealed bases when they are making financial decisions for the business, namely,

records, experiences on handling business and financial knowledge.

 65

The first theme reveals records. Records are the most common basis for

business managers and owners to be used when making financial decisions. Whether

it is written and kept in any forms of papers, records consisting organized and

important financial data are vital in managing business operations. For

microenterprise owners, financial data and information are recorded generally in

notebooks. For managers of established and big business companies, financial

statement is the term for records of microenterprise owners. Whether, financial data

are recorded formal or informal, these are significant when making decisions about

financial handling and financial directions of the business.

It is in line with the study of Carraher& Van Auken (2013) cited that financial

statements are the sources of influencing and extremely applicable information. The

financial statements are comprised of significant information that make available

exact data that needed to perform reliable analysis which is equally important for

owners and other stakeholders. Furthermore, Ritter (2003) andBarberisandThaler

(2002), the use of financial statements by using small organizations, managers want

better records for making decisions and that the great of information affects the

effectiveness of their choices. Even as conventional finance theory assumes rational

decision making, behavioral finance recognizes the capability position of

overconfidence and optimism (or lack of) on selections.

The second theme pertains to experiences on handling business.

Microenterprise owners do not rely solely on financial date recorded in notebook or

the likes. Yes, updated records about earnings, collectibles and payables in respective

periods are very essential in making business decisions. Yet, targeting business goals

is best achieved with the insights gained from experiences in handling business. With
 66

the presence of reliable financial data and relevant business experiences,

microenterprise owners could make good financial decisions.

It is in consonance with the study of Koop (2019). The ideal decision-making

strategy is a combination of the two – embracing both evidence-based and

experience-based initiatives. When a decision needs to be made, rather than relying

on one’s intuition, a good manager will supplement with applicable and meaningful

data. The data can then analyzed and turned into relevant insights that can form the

foundation for the outcomes required. The facts found in the research, combined

with one’s intuition and experience, can create a result that is an effective, relevant

combination of the two strategies.

The third theme refers to financial knowledge. Sufficient and appropriate

knowledge about finances facilitate better decision-making. Microenterprise owners

are good in applying their financial knowledge in managing business and deciding

about finances. They consider what are the possible financial consequences when they

decide and do an action most especially when it comes to payables and collectibles.

They know well basic technical learning about business finances.

In parallel, financial literacy has become essential in the running of businesses

and operations of organizations in the complex and dynamic environment. Financial

literacy is the mastery of a set of knowledge, attitudes and behaviors. It was defined

as the ability of an individual to make informed judgement and take effective

decisions regarding the use and management of money. Financial education is a

process of developing abilities of people to facilitate making decisions that are correct

and to manage finances successfully. Therefore, it is right to conclude that financial

education is knowledge which is among other factors involved in financial literacy

(Ani et al., 2016; Atkinson & Messy, 2012; Nkundabanyanga&Kasozi, 2014).

 67

Analytical Schemes on Financial Decision-Making of Microenterprise Owners

Business owners have to be equipped and proficient in making business

decisions. Effective decisions lead the business to success. That is why, owners have

to initiate and employ techniques that can assist them in making competent and better

decisions. In this study, microenterprise owners do have analytical schemes in order

to have effective financial decisions, namely, comparing past and present earnings,

monitoring and budgeting.

The first theme is about comparing past and present earnings. It is one of

the most effective and efficient way when analyzing for financial decision-making.

Microenterprise owners are usually comparing their earnings and other financial data

of different periods to know if the business is still financially well or financially

growing or financially distress. This technique is efficient for them for it helps to

strike immediately what financial aspect needs the most concern and time. Eventually,

microenterprise owners could make appropriate actions and tactics to address such

financial concern.

Same with the argumentDeBenedetti (2017), tracking financial performance

over multiple years allows business leaders to steer their organization in the right

direction. In particular, monitoring key sections of the balance sheet and income

statement, among other financial reports, helps to ensure a business remains

financially viable and capable of meeting its operating objectives. Specifically, it aids

to evaluate performance. Financial statements allow managers to gauge performance

on an organizational and departmental level. By evaluating the percentage increase or

decrease of expenses and sales, business leaders can measure operating performance

and adjust their strategies. If there are certain types of expenses reducing operating

income, management can analyze individual departments to identify the root cause.
 68

Comparing multiple years’ statements allows all stakeholders to determine if

performance is improving or getting worse.

On the other hand, the second theme refers to monitoring. Running business

is a rough cycle. Every phase of business cycle must be taken care considerably and

critically. Contributing factors must be carefully dealt with. Microenterprise owners

really keep their eyes on running a business most apparently with the financial

aspects. Monitoring the business is a big thing as it contributes timely and relevant

information in making financial decisions for the business specifically in performance

evaluation.

This is in consonance with the argument ofRichard (2018). One of the most

important is to always ensure you know what is happening within business and can

react accordingly. One of the best ways to always be in-the-know surrounding

business and operations is to utilize monitoring. Accordingly, monitoring business is

done to help make important business decisions. Also, monitoring is also incredibly

important to track how business is performing. Without monitoring and tracking,

managers would not really have any sort of real insight on how business is

performing. Business managers or owners might not know if it is growing, shrinking

or remaining stagnant.

The third one is budgeting. Budgeting is a vital scheme when making

financial decisions for the business. Budgeting is the most common technique used

but still effective when managing business’ finances. When making financial

decisions, microenterprise owners have always utilized the concept of budgeting.

With this, they can assess fund availability and where it should be allocated among
 69

the priorities of the business. As well, budgeting helps them to efficiently spent

money for day-to-day operations.

In connection with this, Ray (2017) stated that a budget is the backbone of any

good business plan. The first step in developing a budget is to examine your

business's current financial standing. Determining available funds means taking

account of where all of your resources are currently being used. Some resources may

be tied up in necessary expenditures, while others might be free or negotiable for use

in new developments. Moreover, the heartbeat of a business is its day-to-day

operational expenses. Budgeting can help you section off funds for daily expenses so

that your business can stay afloat during rough times. Budgeting will also help you

find the cheapest way to finance your day-to-day business.

Insights on Financial Decision-Making of Microenterprise Owners

Along the challenges and experiences of microenterprise owners on dealing

financial decision-making, they have gained a lot and valuable insights in making

financial decisions of the business. Financial decision-making is a tough duty because

business success majorly depends on the effectiveness of decisions. Good financial

decisions definitely pave the way of business toward triumph most especially in

financial standing and performances. In this study, microenterprise owners acquired

insights such as proper handling of money, wise decision-making and proper

recording.

The first pertains to proper handling of money. Money is what fuels in order

to keep the business operating and to lead the business in achieving financial goals

such as favorable liquidity and productivity. In order to have sufficient fund in the

business, available money must be managed well. That is why, microenterprise

 70

owners have to handle properly the money of the business. They have to spend and

invest the money intelligently.

In line with this, money is the lifeblood of business organization. It needs to

meet the requirement of the business concern. Each and every business concern must

maintain adequate amount of finance for their smooth running of the business concern

and also maintain the business carefully to achieve the goal of the business concern.

The business goal can be achieved only with the help of effective management of

finance. We cannot neglect the importance of finance at any time at and at any

situation. There are many reasons why money management is important such as

financial planning, acquisition of funds, proper use of funds, financial decisions,

improve profitability, increase value of the firm and promoting savings (Kileo, 2016).

The second theme pertains to wise decision-making. Skilled decision-making

is a wise decision-making. It encompasses knowledgeable, competent and matured

financial decisions. As well, wise decision-making is all about efficiencies for

microenterprise owners. Being wise decision makers save their time due to effective

and fast decisions made. Lastly, having wise decisions on finances enhance their

business productivity and profitability.

In line with this, being an effective manager, decision-making skills are

challenge. One of the most useful benefits of being wise in decision-making is saving

time. The ability to make educated, yet fast decisions will free up time from over-

thinking. Further, in established companies, all working professionals can attest to the

frustration of a stalled task that cannot get approval from the management. This slows

down work and creates inefficiency. However, when a boss can weigh the pros and

cons of a task and provide a quick decision, it allows the employees to start working

on it faster, thus increasing productivity (Williams, 2018).

 71

The third theme refers to proper recording. Business is a systematic

undertaking. Financial data and information that feed in business premises need to be

recorded, organized and analyzed for generating excellent business decisions.

Inappropriate recording might direct managers to misleading information and in

result, provide inaccurate financial decisions. Hence, microenterprise owners ensure

proper recording that leads them in the right track of management, specifically in

financial decision-making, and eventually obtain business stability and progress.

This is very true according to the argument of Rebecca (2018). Keeping the

records organized and sorted ensures that you can retrieve information when it is

needed the most. These details are essential so that you can understand the growth and

progress of your company. Good records will help you evaluate the way the financial

picture is changing. When you have good records, you can see which products are

selling better than others so that you can know where to place your business

development resources in the future. These details will help with the decisions that are

made for business management purposes. Gathering and recording the ongoing

information of your business activities will ensure that you have the details that

support the decisions that are made over the years

Implications for Practice

Running a business is a tough undertaking. Most especially when aiming

desired goals, the way towards business success have many different challenges. Big

and established business companies are coupled with big and much challenging

endeavors. That is why, business professionals and managers have to assess the

situations, study and analyze economic and other affective variables, and initiate and

employ appropriate actions to address business concerns. One aspect that begs much

attention in business management is the finances. Finances are the lifeblood of the
 72

companies. Without enough finance, business existence might put at risk. That is why,

many business owners, professionals and managers are very careful in making

financial decisions.

Challenges and insights on financial decision-making among microenterprises

may not differ from big businesses. When talking about finances, the concept,

application and concerns are the same with small ones. It may differ from the level or

extent of possible effect to the business when funds are managed or mismanaged. The

results of this study will surely benefit all business professionals. This will serve as

valuable learning and significant guide in making better performances and become

more competent as business professionals.

Implications on Further Research

Financial decision-making in businesses is widely studied from past

generations up to these days. Decision-making about finances is a serious endeavor

because it dictates where the business must go. Poor financial decisions by managers

or owners might lead the business to bankruptcy; otherwise, good financial decisions

will lead business to prosperity. Hence, several business and financial literatures have

been emphasizing the great importance of understanding and internalizing financial

decision-making in managing businesses.

Financial decision-making is still a challenge to any form and size of business

entities. The results of this study will significantly help current researches in

addressing and solving financial problems. As well, this paper will serve as guide and

additional insights in achieving other researches’ goals relevant to finances. In

addition, the results will contribute in strengthening the foundation and emphasis of

significance about business and financial management context and literatures.

 73

Lastly, the study outcome may serve as an instrument for discovery. Further

researches could discover and subsequently explore possible alarming matters and

issues in the tax compliance context that could exist through the help of this study. In

this way, future researchers will not just able to resolve existing problems but also,

they could prevent those from happening in the future.

Concluding Remarks

Every day, we make decisions. What we are going to eat and to wear, where

we are going to wind up and how much time and money we will consume for our

daily activities are some of the short-term decisions we made. These are not life-

changing decisions. However, there are circumstances that require serious and critical

decision-making. When we come at this point, making such kind of decision is like

choosing a road that would totally change the direction of one’s life. That is why,

decision-making is like visioning out what life would look like in the future- it could

be bright or dim.

Decision making about finances is a crucial challenge. May it be personal or

business, financial decision making directs the future of one’s financial status or

business financial standing. In business perspective, microenterprise owners have to

avoid poor financial decisions. Unsure and unintelligent financial decisions will lead

business entity to unfavorable financial performances such as low earnings, losses,

unable to meet debts regularly, very tight collectibles and many more. Hence,

microenterprise owners strive hard to be competent and knowledgeable enough in

making financial decisions. Financial decision-making is not just all about

achievement of short-term financial goals but also, to realize long-term financial

objectives such as business viability and growth.

 74

On the other hand, most of the microenterprise owners established businesses

as livelihood. This is one of sources of their living therefore; they have to handle the

business right. Appropriate business management includes good financial decision-

making. In decision-making, financial data and information areessentially needed.

Microenterprise ownersdo keep and organized records on updated and reliable

financial data and information in order to assist them in making financial decisions.

As well, many microenterprise owners use their experiences on handling business as

relevant basis in making more accurate and precise financial decisions. In addition,

financial knowledge of microenterprise owners contributes significantly through

facilitating in making competent and smart financial decisions.

In connection, microenterprise owners employ equipped analytical techniques

in order to have effective financial decision-making. Microenterprise owners have

already concrete and reliable bases of financial decision-making such as records,

business experiences and financial knowledge. To use these resources valuably,

tested-and-proven-effective decision-making schemes are utilized by many

microenterprise owners.Generally, they compare past and present earnings to analyze

and address immediately unfavorable variances in figures. As well, they are also

monitoring how the business is going on to evaluate financial performances and

implement corrective actions. Further, they do budgeting to allocate and track well

financial expenditures and investments of the business. All of these are

unquestionably aiding microenterprise owners in sound financial decision-making.

Along the challenges and experiences dealt with by microenterprise

owner’swhen it comes to financial decision making, they had realized and acquired

vital learning. Applying these learning will definitely pave way of businesses towards

success. Microenterprise owners have perceived that money is the lifeblood of

business entity, thus, proper handling of money is a must. Additionally, they also
 75

realized that they have to be wise in making financial decisions. Business financial

status heavily relies on how competent or not financial decisions are made. Further,

microenterprise owners are committed on proper recording. Duly updated, accurate,

complete, and relevant records will definitely lead microenterprise ownersto excellent

financial decisions for the business.

Overall, any type of business cannot afford to accept big amount of losses and

the likes that would threaten business existence. Financial decision-making is very

crucial and serious task for all business managers and owners for they are shaping the

business future, as a whole. That is why, sound financial decision-making is very vital

when managing any form of businesses.

 76

REFERENCES

Adomako, S., Danso, A., &Damoah, J. O. (2015). The moderating influence of

financial literacy on the relationship between access to finance and firm

growth in Ghana,Venture Capital. An International Journal of Entreprenurial

Finance, 18(1), 43-61.

Anney, V. N. (2014). Ensuring the Quality of the Findings of Qualitative Research:

Looking at Trustworthiness Criteria.Scholarlink Research Institute Journals.

Retrieved from: http://jeteraps.scholarlinkresearch.com/

Ani, C. G. P., Kelmara, M. V., & Wesley, M.-D.-S. (2016). Articleinformation :

Management Research Review, 39(3), 356–376.

Annual report (2011).Central Bank of Sri Lanka, Sri Lanka.

Atkinson, A., & Messy, F. (2012). Measuring Financial Literacy (Insurance and

private pensions No. 15).

Barberis, N., Thaler, & R. (2002).A Survey of behavioral finance.Working Paper

#922, National Bureau of Economic Research, Cambridge, MA.

Beauchamp, T. L., Childress, J. F. (2001). Principles of Biomedical Ethics, 5th

edn.Oxford University Press. United Kingdom.

Brigham, E. &Ehrhardt, M. (2013). Financial Management: Theory & Practice, 14th

ed., South Western Publishing, Mason, Ohio.

Bowen, G. A. (2009). Document Analysis as a Qualitative Research Method. Emerald

Group Publishing Limited. Bradford, United Kingdom.

 77

Boyce, C., Neale, P. (2006). Conducting In-Depth Interviews: A Guide for Designing

and Conducting In-Depth Interviews for Evaluation Input.Pathfinder

International. Watertown, MA, U.S.A. Retrieved from:

http://www2.pathfinder.org

Carraher, S. & Van Auken, H. (2013). The use of financial statements for decision

making by small firms.Journal of Small Business & Entrepreneurship, 26(3),

323-336, DOI:10.1080/08276331.2013.803676.

Cassar, G. (2009). Financial statement and projection preparation in start-up ventures.

Accounting Review, 84(1), 27-51.

Christiensen, L. B., Johnson, R. B., Turner, L. A. (2010). Research Methods, Design

and Analysis. Pearson. U.S.A. Retrieved from:http://dissertationrecipes.com/

Cohen D., Crabtree B. (2008) Qualitative Research Guidelines Project. Princeton,

New Jersey. Retrieved from: http://www.qualres.org/HomeSemi-3629.html

Creswell, J. W. (1998). Qualitative Inquiry and research design: Choosing among five

traditions. Sage Publications. London. Retrieved from:

https://keithrkenney.files.wordpress.com

Creswell, J. W. (2012). Educational research: Planning, conducting, and evaluating

quantitative and qualitative research (4th ed.). Boston, MA: Pearson.

DeBenedetti, J. (2017). Why Is It Important for a Business to Compare Its Previous

Years' Financial Statements? Retrieved from

https://smallbusiness.chron.com/important-business-compare-its-previous-

years-financial-statements-80717.html
 78

Dornyei, Z. (2007).Research methods in applied linguistics quantitative, qualitative,

and mixed methodologies. Oxford: Oxford Publishing

Frietas, H., Oliveira, M., Jenkins, M., Popjoy, O. (1998). The Focus Group, A

Qualitative Research Method. Reviewing the Theory and Providing

Guidelines to its Planning. Merrick School of Business, University of

Baltimore. Maryland. U.S.A. Retrieved from: http://www.ufrgs.br

Guba, E. G., Lincoln, Y. S. (1985). Naturalistic Inquiry.Sage Publications. Newbury

park, CA. Retrieved from: http://www.qualres.org/HomeLinc-3684.html

Hashim, M. K., and Wafa, S. A. 2002. Small & medium sized enterprises in Malaysia:

Development issues. Petaling Jaya, Malaysia: Prentice Hall

Kileo, H. (2016). Importance of Financial Management Cycle. Retrieved from

https://www.linkedin.com/pulse/importance-financial-management-hamza-

kileo

Kleiman, S. (2004) Phenomenology: to wonder and search for meanings. Nurse

Researcher 11(4): 7-19. Retrieved from: http://www.health.herts.ac.uk

Koch, T. (2006).Establishing rigour in qualitative research: the decision trail. Journal

of Advanced Nursing53 (1), 91–100. John Wiley & Sons, Inc. New Jersey,

USA

Koop, D. (2019). Analysis and evidence-based decision making VERSUS intuition

and experience. Retrieved from https://impm.org/analysis-and-evidence-

based-decision-making-versus-intuition-and-experience/

Levine, R. S. (1976). Child Protection Records: Issues of Confidentiality. USA.

 79

Lund, T. (2012). Combining qualitative and quantitative approaches: Somearguments

for mixed methods research. Scandinavian Journal of Educational Research,

56(2), 155- 165.doi: 10.1080/00313831.2011.568674

Merriam, S. B. (2009). Qualitative Research: A Guide to Design and Implementation.

John Wiley & Sons, Inc. Market Street, San Francisco, CA, U.S.A.

Mitchell, R., Busenitz, L. B., Bird, C., Gaglio, J., McMullen, J., Morse, E., & J. Smith

(2007).The central question in entrepreneurial cognition research.

Entrepreneurship Theory and Practice, 31(1), 1-27.

Moustakas, C. (1994). Phenomenological Research Methods.Sage Publications.

Thousand Oaks California. Retrieved from: http://www.psyking.net/Non-

Probability Sampling.

Nkundabanyanga, S. K., &Kasozi, D. (2014). Lending terms , financial literacy and

formal credit accessibility. International Journal of Social Economics, 41(5),

342–361.

Pandey, I. (2004). Financial Management , 8th edn, Vikas publishing house Pvt Ltd,

Delhi.

Patton, M. Q. (1990). Qualitative Evaluation and Research Methods, 2nd Edition.

Sage Publications, Inc. Newbury Park, CA. Retrieved from:

http://www.qualres.org/HomeLinc-3684.html

Pitney, W. A. (2004). Strategies for Establishing Trustworthiness in Qualitative

Research.ResearchDigest.Northern Illinois Univesity.DeKalb. Retrieved

from: http://www.americankinesiology.org/
 80

PWC (2012).Sri Lanka budget proposal, Price Waterhouse Coopers.

Raagas, E. L. (2010). Understanding research basic concepts (with computer

approaches to basic data analysis).Iwag Printing Publication. Cagayan de

Oro, Philippines

Rahman, K. F.&Yeasmin, S. (2012). 'Triangulation' Research Method as the Tool of

Social Science Research.Dhaka International University. Bangladesh.

Retrieved from: http://www.bup.edu.bd/journal/154-163.pdf

Ray, L. (2017). How Does a Budget Help Management Make Good Decisions?.

Retrieved from https://yourbusiness.azcentral.com/budget-management-

make-good-decisions-20823.html

Rebecca, A. (2018). Why Good Financial Record Keeping is Essential for Business

Success? Retrieved from https://easieraccounting.com/good-financial-record-

keeping-essential-business-success/

Richard. (2018). The Importance of Monitoring For Business. Retrieved from

https://www.connectioncafe.com/the-importance-of-monitoring-for-

business/

Ritter, J. (2003). Behavioral finance. Pacific-Basin Finance Journal, 11(4), 429-437.

Shenton, A. K. (2004). Strategies for ensuring trustworthiness in qualitative research

projects.IOS Press. Netherlands. Retrieved from:

http://www.crec.co.uk/docs/Trustworthypaper.pdf

Shields, J. (2010). Paper presented at the Small Business Institute Annual Conference,

St Petersburg, Florida: Small business use of management accounting reports.

 81

Shields, J. &Shelleman, J. (2011). Management accounting reports in small

businesses: Frequency of use and influence of owner locus of control and

goals. Small Business Institute Journal, 7(1), 29-51.

Sian, S. & Roberts, C. (2009). UK small owner-managed businesses: Accounting and

financial reporting needs. Journal of Small Business and Enterprise

Development, 16(2), 289–305.

Smith, S. (2011). Beg, borrow, and deal? Entrepreneurs' choice of financing and new

firm innovation. Available at http://ssrn.com/abstract=1573685

Treece, E. M. W., Treece, J. W. (1982). Elements of Research in Nursing. Mosby.

Missouri, USA. www.dummies.com/

Van Auken, H. (2013). Influences on frequency of preparation of financial statements

among SMEs. International Journal on Multidisciplinary Approaches on

Innovation, 1(1), 143-157.

Van Manen, M. (1990). Researching Lived Experience: Human science for an action

sensitive pedagogy. Althouse. London, Ontario. Retrieved from:

http://www.maxvanmanen.com/

VanPraag, C. (2003). Business survival and success of young small business owners,

Small Business Economics, 21(1), 1-17

 82

Waters, J. (2016). Phenomenological Research Guidelines.Capilano University. North

Vancouver. Retrieved from: https://www.capilanou.ca

Williams, M. (2018).5 Reasons Why Decision Making Skills Are So Important In

Management. Retrieved from https://www.mtdtraining.com/blog/5-reasons-

why-decision-making-skills-are-so-important-in-management.html

William, M. K. (2006). Qualitative Validity.Social Research Methods. Retrieved

from: http;//www.socialresearchmethods.net/kb/qualval.php
 83

Appendices

Appendix A
 84

Permission to Conduct the Study

Appendix B
Letter to the Participants of the Study

_________________

_________________________
_________________________
_________________________

Dear Participant:
 85

Good Day!
The undersigned are students of UM Tagum College and are currently taking up
Bachelor of Science in Accounting Technology. We are conducting a research entitled
“Financial Decision-Making: Through the Lens of Microenterprise Owners” in
partial fulfillment of the said course.
In line with this, we are humbly asking for your support and cooperation as you are
being chosen as one of the participants. We are giving you the assurance that any
information given will be kept confidential.
We do acknowledge your cooperation for the attainment of this undertaking.
Thank you very much and God bless.

Respectfully Yours,

LAYLA T. DAMPAS

DEXTER E. MORAN

CHARLIE A. OPPURA

Appendix C

QUESTIONAIRE ON “FINANCIAL DECISION-MAKING: THROUGH THE

LENS OF MICROENTERPRISE OWNERS”

Name (Optional):

TO THE PARTICIPANT

The accounting profession has been widely recognized with its great
contribution in business industry through its accounting and financial expertise. As we
currently work on out thesis entitled “Financial Decision-Making: Through the
Lens of Microenterprise Owners,”these questions will help out study to attain its
objectives to know what are the insights and experiences faced by microenterprise
owner’s regarding financial decisions-making.
 86

As researchers, we are expecting for your honest answers on our validated

questions as sure bases of thoughts that will give impact on the readers seeing this as a
social and ethical issue relevant to the profession and the community and can
contribute to the future researchers as a link to their study. Moreover, it is out great
responsibility to keep your identity concealed and your answers safe as a mark of
respect and protection to your profession and individuality.

QUESTIONS:

1. What are the bases that guide owners in making financial decisions?

1.1 What the resources you usually need to make decisions?

1.2 What are the aspects you consider in making financial decisions?

1.3 What are your priorities when having financial decisions?

1.4 How do you experiences contribute on your financial decisions?

1.5 How do results of past decision affect your financial decisions right now

and for later operation?

2. How do they make analysis before making financial decisions?

2.1 What are the analytical techniques you utilize when making financial

decisions?

2.2 What are techniques you most frequently used when having analysis?

2.3 How do you prepare before making financial decisions?

2.4 How do you convert financial data into useful financial information

for decision-making purposes?

2.5 Why do you choose such analytical techniques before making

decisions?
 87

3. What are their insights in making sound financial decisions?

3.1 How do this financial decision making change your perspective in

managing business?

3.2 What are the improvements you observed through the help of sound

financial decisions?

3.3 How do sound financial decisions contribute to the growth and

development of the business?

3.4 What are the most significant learning you gained in making sound

financial decisions?

3.5 What are the things you are thankful about brought by sound financial

decisions?

Appendix D

Audit Trail

Quotation Page Participant Transcriber

I use my records as my bases. There, my 38; 39 I6 Charlie A.
income is listed on. I listed also my payables Oppura
and collectibles
I have lists for my business. I use my records as 38 I7 Dexter E.
bases for what to do. Moran
I also use my records. I list about payables, 38 F3 Layla T.
collectibles, how much I gain this week or Dampas
 88

month or if ever I have incurred losses.

I have also updated lists. I keep records on 38; 39 F6 Dexter E.
important transactions such as payables, Moran
collectibles, how much I earn, that’s all.
I have notebook where I record payables and 38 I1 Charlie A.
notes about retails. Oppura
For me, usually, all businessmen would really 38 I5 Layla T.
have records of their money flows. I base my Dampas
decisions on my records. I usually use the lists
of sales and payables.
Aside for the lists, I also consider my 38; 40 I3 Charlie A.
experiences on business. You know what to do Oppura
on decisions or actions and what things not to
do that can affect business.
My experiences on business, that is also I base 38 F6 Dexter A.
my decisions to know the possibilities if ever I Moran
do this or not for the business.
Experiences are really big help. It serves as 38 F1 Layla T.
guide to have good better decisions. Because of Dampas
that, business operation is smoother.
Experience is the best teacher. It helps on what 38; 40 F4 Dexter E.
things should be done next. If you committed Moran
right or wrong decisions, the results will guide
us for the later operations of the business.
Our experiences bring good things. It serves as 38 I2 Layla T.
guidance or as a teacher considering things if it Dampas
is either right or wrong. It gives very important
details that help in making good decisions in
running a business.
You know what to do or how to decide concerning 38 F3 Layla T.
money. In other words, it is proven and tested. Dampas
I handle business better this time and perharps for 38; 41 I2 Layla T.
the next days. It serves as guide in our decisions Dampas
nowadays. You know better on what to do.
It gives big help. It corrects you for the things that 38; 41 F3 Layla T.
should be corrected. Of course, when you give Dampas
good decision ,business would operate well. In the
past, I incur more debts frequently whereas now, I
set limit for it because it is too costly. Sometimes,
earnings income is not that stables.
I have incurred losses but these teach me for the 39 I7 Dexter E.
later operations on what I should do next. Moran
What I do is to compare transactions from past 42; 43 I1 Charlie A.
weeks or months to see if I have income or Oppura
none. There, I can see if I incur loss or income.
I compare my income, payables and cash on 42 I6 Charlie A.
hand. I ascertain if my income increasing or Oppura
decreasing. As to payables, if these are getting
bigger or I can still incur debts. Lastly, about
cash on hand, I analyze it for retail decisions.
After I compare my transactions, I set goal on 42 I2 Layla T.
 89

making my income bigger or decreasing my Dampas

expenses. That is it.
I also compare, most especially with income, 42;43 F5 Charlie A.
payables and money on hand. Usually, I do Oppura
financial decisions every 15th day of the month.
We have same answers. In addition to 42 F3 Layla T.
comparison, there should be goal on analysis to Dampas
be more effective.
I compare my past expenditures against my 42 F5 Charlie A.
current expenses. I do analyze those on what Oppura
are the right things to do. It is really good to
monitor the business
It is a must to monitor always the business 42; 44 F6 Dexter A.
operations in order to know problems to solved. Moran
If it is not done, problems couldn’t be solved
and yet worsen.
That is what should be done in order to have it 42 I5 Layla T.
properly and to monitor or trace it about the Dampas
happening of the business.
42 I1 Charlie A.
I see first how much money is left for the Oppura
business so that I could make decisions relative
to it. Also, focus only on important matters of
the business.
I think first on what decision I am going to 42 I2 Layla T.
make so that I am able to know what specific Dampas
information I need.
42;44 I4 Layla T.
It is needed to have lists to keep to avoid Dampas
forgetting matters that concerned about the
business. Also, it helps to have easier access on
remembering where money was spent on.
I think first for what would possible to happen 43 F1 Layla T.
for my decisions. If I do this, what are the Dampas
possible effects on the business.
I always think about the current situation of my 43 I3 Charlie A.
business. Like my payables collectibles of the store Oppura
and other things,these really matter on the business.
I do listingof the past transaction to know how 43;45 F7 Charlie A.
business is running, is it spending not too much.I do Oppura
also budgeting to allocate the money for me to have
enough time to think properly about my decision.
It is better to have proper or critical thinking on 43; 45 I5 Layla T.
making decisions. It is not that easy to handle Dampas
business. It requires lists of important transaction to
avoid forgetting most especially payables and
collectibles.
Properly handle the money. Don’t incur too 46;47 F6 Dexter E.
much money, don’t let lend too much and to Moran
retail inefficiently. Use the records or lists to
monitor business.
 90

When talking about money, decide properly. 46 F5 Charlie A.

This fuels the business operations. Oppura
It is very important to decide with regard to 46;48 I2 Layla T.
money. Use the lists to decide well. If it is Dampas
properly decided, we can earn bigger.
All of us know how important the money is.It is 46 I1 Charlie A.
good to properly decided.We can or we should Oppura
use our records for those have all the details we
need on deciding properly the money business.
It is not easy to decide about money. Most 46 F6 Dexter E.
especially, when it is limited. Moran

There should be proper decision making 46; 48 I4 Layla T.

because it is not easy to earn money . That is Dampas
what I always think. I sometimes depend on my
store.
There should be proper decision –making about 46 F1 Layla T.
money.Use the lists on analyzing since we have Dampas
records.Experiences will help about handling; it
should be taken seriously.
What I believe since then is that if you want to 46 I3 Charlie A.
have good goal, bigger income, you need to Oppura
decide properly with regards to money. Do not
practice improper decision making because if
you do so, store will not last.
It is better to strive hard and handle with care 46; 48 F3 Layla T.
for we only depend on its income. Also, there Dampas
should be enough money to keep the business
running. As well, not to use money of the
business for personal concerns for ease
monitoring.
Perhaps, lists are big thing for these have 47; 49 I7 Dexter E.
updates about how the business is going most Moran
especially with regards to money. If there is no
recording, the business will be disorganized.
Records have big help on deciding about money 47;49 F5 Charlie A.
because those have all the details. You know Oppura
what to do for the business.
Money keeps the business running. That is why, 47 I4 Layla T.
decide well about this. Same with them, use, Dampas
analyze well the details listed on the records.
I was in difficult then but when I use it, it is 47 F1 Layla T.
easy for me this time. Dampas
It needs to be alert in listing to avoid wasting 47 I1 Charlie A.
capital most especially those collectibles. Oppura
We list those sold. In the past, we did not list 47 I3 Charlie A.
those who are not yet paid that is why we can’t Oppura
demand them to pay. Now, we do list it this
time.
91
 92

Appendix E
Verification Form
 93

Appendix F

Consent Form
 94

Appendix G-I
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: FGD001
Name of file: Focus Group Discussion

Data Type Date Conducted Participants

Focus Group Interview August 8, 2019 Owner

Data in this Staff Name Date

envelope

Video File (CD) X Data Collector Researcher 8/08/2019

Audiotape File(CD) Transcriber Researcher 8/08/2019

FG Notes Typist Researcher 8/08/2019

Simulation Notes

Handwritten Field X
Notes

Transcription X
(Hardcopy)

Transcription
(Softcopy)
 95

Appendix G-II
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI001
Name of file: In Depth Interview 1

Data Type Date Conducted Participant

In Depth Interview August 6, 2019 Owner

Data in this Staff Name Date

envelope
Video File (CD) X Data Collector Researcher 08/6/2019
Audiotape File(CD) Transcriber Researcher 08/6/2019

FG Notes Typist Researcher 08/6/2019

Simulation Notes

Handwritten Field X
Notes
Transcription X
(Hardcopy)
Transcription
(Softcopy)
 96

Appendix G-III
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI002
Name of file: In Depth Interview 2

Data Type Date Conducted Participant

In Depth Interview August 6, 2019 Owner

Data in this Staff Name Date

envelope
Video File (CD) X Data Collector Researcher 08/06/2019
Audiotape File(CD) Transcriber Researcher 08/06/2019

FG Notes Typist Researcher 08/06/2019

Simulation Notes

Handwritten Field X
Notes
Transcription X
(Hardcopy)
Transcription
(Softcopy)
 97

Appendix G-IV
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI003
Name of file: In Depth Interview 3

Data Type Date Conducted Participant

In Depth Interview August 6, 2018 Owner

Data in this Staff Name Date

envelope

Video File (CD) X Data Collector Researcher 08/06/2019

Audiotape File(CD) Transcriber Researcher 08/06/2019

FG Notes Typist Researcher 08/06/2019

Simulation Notes

Handwritten Field X
Notes

Transcription X
(Hardcopy)

Transcription
(Softcopy)
 98

Appendix G-V
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI004
Name of file: In Depth Interview 4

Data Type Date Conducted Participant

In Depth Interview August 6, 2018 Owner

Data in this Staff Name Date

envelope

Video File (CD) X Data Collector Researcher 08/06/2019

Audiotape File(CD) Transcriber Researcher 08/06/2019

FG Notes Typist Researcher 08/06/2019

Simulation Notes

Handwritten Field X
Notes

Transcription X
(Hardcopy)

Transcription
(Softcopy)
 99

Appendix G-VI
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI005
Name of file: In Depth Interview 5

Data Type Date Conducted Participant

In Depth Interview August 7, 2019 Owner

Data in this Staff Name Date

envelope

Video File (CD) X Data Collector Researcher 08/7/2019

Audiotape File(CD) Transcriber Researcher 08/7/2019

FG Notes Typist Researcher 08/7/2019

Simulation Notes

Handwritten Field X
Notes

Transcription X
(Hardcopy)

Transcription
(Softcopy)
 100

Appendix G-VII
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI006
Name of file: In Depth Interview 6

Data Type Date Conducted Participant

In Depth Interview August 7, 2019 Owner

Data in this Staff Name Date

envelope

Video File (CD) X Data Collector Researcher 08/7/2019

Audiotape File(CD) Transcriber Researcher 08/7/2019

FG Notes Typist Researcher 08/7/2019

Simulation Notes

Handwritten Field X
Notes

Transcription X
(Hardcopy)

Transcription
(Softcopy)
 101

Appendix G-VIII
Archival Information Sheet

Study: Financial Decision Making: Through the Lens of Microenterprise Owners

Owner
Archival no: IDI007
Name of file: In Depth Interview 7

Data Type Date Conducted Participant

In Depth Interview August 7, 2018 Owner

Data in this Staff Name Date

envelope

Video File (CD) X Data Collector Researcher 08/7/2019

Audiotape File(CD) Transcriber Researcher 08/7/2019

FG Notes Typist Researcher 08/7/2019

Simulation Notes

Handwritten Field X
Notes

Transcription X
(Hardcopy)

Transcription
(Softcopy)
 102

Appendix H-I
Note Taker Form with Field Note

Focus Group Discussion

Archival no: FGD001 Site: Tagum City
Date: August 8, 2019 Focus group: Microenterprise Managers
Start Time: 4:25 pm Moderators: Layla T. Dampas
Charlie A. Oppura
End Time: 5:55 pm Audio Recorder: Dexter E. Moran

Dexter Charlie

Layla

FGD FGD
PARTICIPANT 1 PARTICIPANT 7

FGD FGD
PARTICIPANT 2 PARTICIPANT 6

FGD FGD
FGD
PARTICIPANT 3 PARTICIPANT 5
PARTICIPANT 4
 103

Appendix H-II
Note Taker Form with Field Note

In Depth Interview Site: Tagum City

Archival No: IDI001 In-Depth Interview: Wife
Date: August 6, 2019 Moderators: Layla T. Dampas
Start Time: 10:00am Charlie A. Oppura

End Time: 10:25 am Audio Recorder: Dexter E.

Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 104

Appendix H-III
Note Taker Form with Field Note

In Depth Interview
Archival No: IDI002 Site: Tagum City
Date: August 6, 2019 In-Depth Interview: Manager
Start Time: 2:15 pm Moderators: Layla T. Dampas
Charlie A. Oppura
End Time: 2:40 pm Audio Recorder: Dexter E. Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 105

Appendix H-IV
Note Taker Form with Field Note

In Depth Interview
Archival No: IDI003 Site: Tagum City
Date: August 6, 2019 In-Depth Interview: Husband
Start Time: 3:40 pmModerators: Layla T. Dampas
Charlie A. Oppura
End Time: 4:15 pm Audio Recorder: Dexter E. Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 106

Appendix H-V
Note Taker Form with Field Note

In Depth Interview
Archival No: IDI004 Site: Tagum City
Date: August 6, 2019 In-Depth Interview: Manager
Start Time: 4:30amModerators: Layla T. Dampas
Charlie A. Oppura
End Time: 4:55 pm Audio Recorder: Dexter E. Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 107

Appendix H-VI
Note Taker Form with Field Note

In Depth Interview
Archival No: IDI005 Site: Tagum City
Date: August 7, 2019 In-Depth Interview: Husband
Start Time: 1:30 pm Moderators: Layla T. Dampas
Charlie A. Oppura
End Time: 1:50 pm Audio Recorder: Dexter E. Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 108

Appendix H-VII
Note Taker Form with Field Note

In Depth Interview
Archival No: IDI006 Site: Tagum City
Date: August 7, 2019 In-Depth Interview: Manager
Start Time: 2:45pmModerators: Layla T. Dampas
Charlie A. Oppura
End Time: 3:10 pm Audio Recorder: Dexter E. Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 109

Appendix H-VIII
Note Taker Form with Field Note

In Depth Interview
Archival No: IDI007 Site: Tagum City
Date: August 7, 2019 In-Depth Interview: Manager
Start Time: 3:20 pm Moderators: Layla T. Dampas
Charlie A. Oppura
End Time: 3:50 pm Audio Recorder: Dexter E. Moran

IDI

PARTICIPANT 1

Dexter Layla Charlie

 110

Appendix I

Certificate of Appearance
 111

Appendix J

Editor’s Certification
 112

Appendix K

Turn-it-in (Plagiarism Checker) Result

 113

CURRICULUM VITAE

PERSONAL BACKGROUND
Name : Layla T.Dampas
Age : 32 years old
Date of Birth : November 19, 1987
Religion : Roman Catholic
Name of Father : Abdulrakman B. Dampas.
Name of Mother : Maria Aileen T. Dampas

EDUCATIONAL BACKGROUND
Elementary : Rojas Elementary School, 1999-2000
Secondary : Tagum City National High School, 2005-2006
College : University Of Mindanao Tagum College
Degree : Bachelor of Science in Accounting Technology

TRAININGS AND SEMINARS ATTENDED:

 How to Invest in Stock Market and Tax Updates on TRAIN 2

February 16, 2019, at UM Tagum College, Tagum City
 Accounting Horizon: What Lies Ahead?
July 15, 2018, at Robinson Place Atrium, Tagum City
 Mental Health Issues (Depression) and Tax Update
February 25, 2018, at Robinson Place Tagum, Tagum City
 114

CURRICULUM VITAE

PERSONAL BACKGROUND
Name : Dexter E. Moran
Age : 24 years old
Date of Birth : November 12, 1994
Religion : Roman Catholic
Name of Father : Dominador S. Moran
Name of Mother : Imelda E. Moran

EDUCATIONAL BACKGROUND
Elementary : Malinawon Elementary School II, 2006 -2007
Secondary : Lorenzo S. Sarmiento Sr. National High School,
2010 -2011
College : University of Mindanao Tagum College
Degree : Bachelor of Science in Accounting Technology

TRAININGS AND SEMINARS ATTENDED:

*Train Law, Tax Update and Mental Health Seminar
* Accounting Horizon : What Lies Ahead?
* Works Values and Attitudes
* Pre-Employment Seminar (PESLA)
 115

CURRICULUM VITAE

PERSONAL BACKGROUND
Name : Charlie A. Oppura
Age : 30 years old
Date of Birth : August 16, 1989
Religion : Jehovah’s Witnesses
Name of Father : Eugenio M. Oppura
Name of Mother : Victoria C. Acma

EDUCATIONAL BACKGROUND
Elementary : Rizal Elementary School II, 2001 -2002
Secondary : Laureta National High School, 2007 -2008
College : University of Mindanao Tagum College
Degree : Bachelor of Science in Accounting Technology

TRAININGS AND SEMINARS ATTENDED:

*Train Law, Tax Update and Mental Health Seminar
* Accounting Horizon : What Lies Ahead?
* Works Values and Attitudes
* Pre-Employment Seminar (PESLA)