testing alternative measures of microenterprise profits and net worth

16
Journal of International Development J. Int. Dev. 13, 599±614 2001) DOI: 10.1002/jid.781 TESTING ALTERNATIVE MEASURES OF MICROENTERPRISE PROFITS AND NET WORTH LISA DANIELS 1 * 1 Department of Economics, Washington College, Chestertown MD, U. S. A. Abstract: Using data from 448 microenterprises in Zimbabwe, this paper examines ®ve alternative measures of pro®ts and ®ve alternative measures of net worth. The results show that the single-question proxies are too dif®cult for proprietors to answer, whereas the most complex pro®t measures generate many negative estimates. The best measure of pro®ts, based on three questions, could be answered by all proprietors and it avoids recall problems associated with sales and expenses. Among the net worth proxies, all of the measures are positively correlated. Nonetheless, the proxy based on ®xed assets, accounts receivable, debt, and inventory, showed the highest correlation with the full measure of net worth. Copyright # 2001 John Wiley & Sons, Ltd. 1 INTRODUCTION Government and donor agencies have acknowledged that information on microenterprise pro®ts and net worth is essential for several reasons. First, it can help to assess the contribution of microenterprises to the national economy. For example, recent studies in Kenya and Laos showed that the microenterprise sector contributed 12 to 14 per cent to Gross Domestic Product Daniels and Mead, 1998; Minot 1996). This information led to increased attention on the sector as a means of poverty alleviation and as a dynamic force in the economy. Second, information on microenterprise pro®ts and net worth is critical to evaluating the impact of microenterprise support programmes. Since all support pro- grammes make the assumption that pro®ts or net worth will increase following assistance to the enterprise, measuring the increase in pro®ts and net worth is necessary to justify support programmes. Finally, government and donor policies towards microenterprises may be guided by information on pro®ts and net worth. For example, the types of assistance provided to enterprises may vary depending on the potential of the enterprise to grow. Despite the importance of enterprise pro®ts and net worth, these two variables are often excluded from microenterprise studies due to measurement dif®culties. Lack of written Copyright # 2001 John Wiley & Sons, Ltd. Correspondence to: Lisa Daniels, Washington College, 300 Washington Avenue, Chestertown, MD 21620, USA.

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