PERFORMANCE EFFECT OF INSTITUTIONAL ENVIRONMENT ON ENTREPRENEURIAL PURSUIT IN NIGERIA
Akande,Olusola.O, & Alabi, Ezekiel
Department of Management and Accounting,
Ladoke Akintola University of Technology Ogbomoso, Oyo State, Nigeria
Department of Business Administration and Management,
Faculty of Management Studies, Osun State Polytechnic, Iree.
E-mail: sola2much 4u@yahoo.com
ABSTRACT
This paper investigated the performance effect of institutional environment on the entrepreneurial pursuit in Nigeria with specific focus on the numbers of aspiring entrepreneurs in Ondo State. Both primary and secondary data were used. The primary data were sourced through self-administered structured questionnaire designed for small scale business owners in Ondo State. Secondary data were sourced from the register provided by the national association of small scale businesses, Ondo State chapter containing the name and traceable address of each registered member. A purposive sampling procedure was used to select a sample of one hundred and twenty (120) respondents from a population of 725 registered members. Data collected were analyzed using Simple Regression Analysis through the aid of Statistical Package for Social Sciences (SPSS) in order to examine the effect of independent variable (institutional environment) on dependent variable (entrepreneurial pursuit). The result showed that institutional environment has statistical significant effect on the numbers of entrepreneurs aspiring to establish their own enterprises in the state with a P-Value of 0.0000 which is less than 0.01 level of significance. The result of the Simple Regression Analysis showed an overall P-value of 0.0000 and R2 of 0.488 percent which implied that institutional environment has statistical significant effect on entrepreneurial pursuit in the state. The paper concluded that Weak and corrupt government institution is detrimental to long term sustainable entrepreneurial pursuit and inimical to its development and therefore, recommended thata law is passed to impose death sentence on offences relating to corrupt practices to serve as deterrent to others to learn.
Keywords: Entrepreneurship, Institution, Environment, Entrepreneur, Entrepreneurial Pursuit