The concept of overconfidence is well understood in the financial market and corporate decision as individual investors and managers of large corporations prone to overconfident bias. This paper is the first to conceptualize overconfidence bias in working capital management and performance of Small and medium enterprises by employing qualitative case study inquiry to gain insight and SME managers overconfident behavior. This paper argues that overconfidence bias can distort working capital investment with the possibility of overinvestment working capital inventory if SME managers have enough internal equity in anticipation of higher performance.

We examine Loss aversion bias in working capital management and performance of Small and medium-sized enterprises (SMEs) in Accra, Ghana. Our study adopts a qualitative case study approach and in-depth interviews to obtain data from thirty-five (35) Owner-managers. This research shows that SME managers(owners) are loss aversion as they evaluate financial outcomes by thinking about loss and profits and use profits in most financial decision thereby prone to fear of loss. Moreover, SMEs managers (owners) subjected to enormous fear tend to be highly loss averse over loss (uncertain gain) and risk averse. While managers(owners) with less fear are low loss averse over profits and risking seeking. By implication, low loss averse SME managers(owners) tend to perform better than highly loss averse managers who underinvest in working capital in inventory, resulting in decreased profit margins. Thus, we conclude SMEs manager's loss aversion matters in working capital management and performance.

Modern Entrepreneurship argument discovered the importance and the positive influence of innovativeness orientation behaviors as one of the Entrepreneurial orientations (EO) towards organizational performance and profitability. However, discussion of innovativeness orientation behaviors in the context of individuals such as entrepreneurs behavioral change influence still silent, specifically ex-juvenile entrepreneurs' context that can give an understanding into the Entrepreneurship framework of knowledge. Therefore, the purposes of the research are to understand the role of innovation orientation as one of the Individual Entrepreneurial Orientations (IEO) towards the delinquent behavioral change of ex-juvenile entrepreneurs. The study employed qualitative methods and in-depth interview to 10 research participants of exjuvenile entrepreneurs that operate entrepreneurial activities in Katsina state, Nigeria. The study used thematic analysis and NVivo 12 Pro to organize and analyze the data. The study found that

Although managerial overconfidence is receiving substantial attention in economic analysis, explanations so far mostly focused on corporate executives and corporate investment and financing decisions. This study investigates SME managers (owners) overconfidence behavioral bias in working capital management and performance. A qualitative case study was employed to explore the perspectives of 35 SMEs managers from trading and manufacturing firms. Data were obtained through Semi-structured interviews. Based on the thematic analysis, the study found superior financial ability, perfect industry knowledge and optimism in business success to be SMEs overconfidence behaviors and their influence on working capital management and performance resulted in aggressive working capital investment and financing and expected higher performance. Specifically, overconfident SME managers is more likely to overinvest in working capital inventory for expected higher profits if they have access to sufficient internal capital. However, they are less likely to invest more in firms with substantial working capital investment in inventories if expected sales revenue are below expectation. We argued that, overconfident matters so it is not enough to study working capital management and performance of SMEs without considering manager's biases.

This paper explored Anchoring and Adjustment in working capital management and performance of small and medium-sized enterprises (SMEs) in Accra, Ghana. We adopted a qualitative case study design and employed in-depth interviews to obtain data from thirty-five (35) managers drawn from trading manufacturing sectors. We found that SME managers(owners) primarily rely on selfgenerated and provided anchor. More specifically, managers anchor on customer's trust, price list and quotation, current and past sales trends which results to overinvestment and underinvestment in working capital and higher or lower performance. Therefore, we conclude that anchoring and adjustment in working capital management and performance matter.