Entrepreneurial Orientation, Economic Factors and Performance of Selected Quoted Consumer Goods Manufacturing Companies in Nigeria: A Combined Effect

Edward Babalola ,Prajakta Alase ,A.o Okusanya

doi:10.7176/ejbm/13-22-03

Abstract

Performance does take central position in terms of business considering its role in assisting organisations to accomplishing goals and achieving successes. Consumer goods manufacturing industry in Nigeria are experiencing decline in performance these days due to poor entrepreneurial orientation and poor management of economic policies. This study examined entrepreneurial orientation, economic factors and performance of selected quoted consumer goods companies in Nigeria. Cross sectional survey design was employed and the population of the study was 1,551 of twelve (12) quoted consumer goods manufacturing companies in Nigeria. A structured questionnaire was used for data collection. The Cronbach’s alpha ranges between 0.721 and 0.892. The response rate was 90.5%. Data were analyzed using descriptive and inferential statistics. The results revealed that entrepreneurial orientation (β = 0.420, t = 7.288, p = 0.000) and economic factors (β = 0.671, t = 11.098, p = 0.000) have positive and significant effects on performance of the selected quoted consumer goods companies in Nigeria. This implies that entrepreneurial orientation and economic factor are significant predictors of performance of selected quoted consumer goods companies in the study area. The study concluded that entrepreneurial orientation and economic factors had significant effects on performance of selected consumer goods companies in Nigeria and recommended that managers of selected consumer goods companies should be strategic and proactive enough to improve on performance of consumer goods manufacturing companies in Nigeria. Keywords: Entrepreneurial orientation, Economic factors, Consumer goods companies, Nigeria. DOI: 10.7176/EJBM/13-22-03 Publication date: November 30 th 2021

Highlights

Manufacturing companies, most especially, consumer goods manufacturing industry around the globe are experiencing continuous challenges of maintaining stable performance indicators across different years of operations due to their inability to stem difficulties arising from the consequences of their inability to incorporate entrepreneurial orientation techniques and manage unstable economic policies indicators and resulting in decline in performance
The results revealed that entrepreneurial orientation (β = 0.420, t = 7.288, p = 0.000) and economic factors (β = 0.671, t = 11.098, p = 0.000) have positive and significant effects on performance of the selected quoted consumer goods companies in Nigeria
The study concluded that entrepreneurial orientation and economic factors had significant effects on performance of selected consumer goods companies in Nigeria and recommended that managers of selected consumer goods companies should be strategic and proactive enough to improve on performance of consumer goods manufacturing companies in Nigeria

Summary

Introduction

Manufacturing companies, most especially, consumer goods manufacturing industry around the globe are experiencing continuous challenges of maintaining stable performance indicators across different years of operations due to their inability to stem difficulties arising from the consequences of their inability to incorporate entrepreneurial orientation techniques and manage unstable economic policies indicators and resulting in decline in performance. This trend has captured the interests of scholars and professionals in strategic and entrepreneurship management to investigate the causes of unfavourable volatility and deterioration in consumer goods industry performance indicators. The consumer goods manufacturing companies in Nigeria are yet to fully apply corporate entrepreneurial orientation techniques in managing unstable economic policies like importation policy, exchange and inflation rate, infrastructural facility and interest rate so as to achieve profitability, market share, sales growth, competitive advantage and productivityfirm performance (Egbunike & Okerekeoti, 2018)

Methods

Results

Discussion

Conclusion