Impact of Corporate Entrepreneurship and Market Orientation on the Performance of Small Medium-Sized Enterprises in Ibadan Nigeria

Abstract

The performance of Small and Medium-Sized Enterprises (SMEs) is pivotal to economic development, particularly in emerging economies like Nigeria. This paper explores the intersection of Corporate Entrepreneurship (CE) and Market Orientation (MO) and their collective impact on the performance of SMEs in Ibadan, Nigeria. Two research questions were raised, and two hypotheses were tested. The study employed the survey research design with five hundred and forty-six (546) respondents as subjects. Representative SMEs were purposively selected from each of the 11 local government areas in Ibadan Metropolis. Primary data was employed using the questionnaire to elicit information from the respondents. Data collected were analysed using Canonical Correlation and Multiple Regression. Findings indicated a combined impact of CE and MO on the performance of SMEs with a Canonical Correlation of 0.510 at p < 0.0. The results also showed that corporate innovation, corporate pro-activeness, risk taking, entrepreneurial culture, intelligence generation, intelligence dissemination and responsiveness using Multiple Regression jointly predicted SMEs performance at F = 19.501; R= .450, R² = 202, Adj. R² = .192; P < 000. Based on these results, it is recommended that SMEs should emphasise the practices of CE and put more effort into market research specifically to make confident, progressive business decisions based on market development and market entry opportunities that can lead to sustainable competitive advantage and superior organisational performance.