Abstract
Globally, oil and gas service industry is one of the major contributors to the economic development of many nations. However, the industry is faced with problems of poor entrepreneurial orientation, inflexible planning and poor management of external environmental challenges. These problems have negatively affected their overall performance. This study therefore examined the effect of strategic entrepreneurship on overall performance. The study adopted cross-sectional survey research design with a target population of 9,324 owners and managers of oil and gas service companies operating in Lagos and Rivers States, Nigeria. A multi-stage sampling technique was adopted to select the sample size of 733 using the Cochran (1997) formula. The data was analyzed using descriptive statistics and multiple and hierarchical regression methods of analyses. Findings revealed that strategic entrepreneurship components (entrepreneurial orientation and planning flexibility) had significant effect on firm performance (R2 = .216, F-stat = 34.743, p<0.05). Strategic entrepreneurship components significantly affected sales growth (Adj. R2 = .582, F-stat = 98.422, p<0.05); market share (Adj. R2 = .511, F-stat = 58.132, p<0.05); and profitability (Adj. R2 = .410, F-stat = 42.982, p<0.05). External environment significantly moderated the relationship between strategic entrepreneurship and firm performance (ΔR2 = .593, ΔF = 19.256; F-stat = 67.765, p<0.05) all at 5% level of significance. Implications of the findings and recommendations were made.
Highlights
Achievement of overall organisational performance in different industries has become a major challenge faced by industry managers and scholars across the globe
A major concern in developing economies like Nigeria is the mis-match of strategic entrepreneurship (SE) with business environment which was triggered by the unpredictable external environmental factors which caused speedy decline in sales volume, market share, and profitability (Asikhia & Arokodare, 2019)
Population and sampling The total population of oil and gas service firms in Nigeria was 14,038 as at 31st December, 2018 and both Lagos and Rivers States controlled 66.42% (9,324) of these firms, which was the major reason this study focused on both States
Summary
Achievement of overall organisational performance in different industries has become a major challenge faced by industry managers and scholars across the globe. Asikhia and Arokodare (2019) argued that oil and gas service companies in Nigeria must embrace SE measures of entrepreneurial orientation and planning flexibility in order to increase their entrepreneurial activity in the direction of new strategic action patterns This will enhance the performance and competitive advantage of these oil and gas service firms among their competitors in the industry especially in today’s external business environment. A major concern in developing economies like Nigeria is the mis-match of SE with business environment which was triggered by the unpredictable external environmental factors which caused speedy decline in sales volume, market share, and profitability (Asikhia & Arokodare, 2019) They further pointed that ineffective planning flexibility and poor implementation of SE initiatives towards unstable external environment negatively affected overall performance of oil and gas service companies in Nigeria. The paper makes some concluding remarks, outlines recommendations to management, highlights the limitations and gives direction for further research
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