ENTREPRENEURIAL LEARNING ORIENTATION AND STOCK MARKET DEVELOPMENT OF THE NIGERIAN CAPITAL MARKET

Abstract

This study evaluated the impact of entrepreneurial learning orientation on stock market development of the Nigeria capital market. The study employed a cross sectional survey research design. The population of the study was the 506 employees of the Nigerian stock exchange and a sample size of 384 was utilized for the study using stratified sampling method. The study employed both primary and secondary data. The generated data were analyzed with both descriptive and inferential statistics with the aid of the statistical package for social sciences version 25.0. The results of the study revealed that entrepreneurial market orientation has positive and significant causal relationship with stock market development. Entrepreneurial market orientation significantly improves stock market sales, market capitalization and all share index. We therefore conclude that entrepreneurial learning orientation significantly improve stock market development. The study therefore recommends that, the capital market institutional management should adopt learning orientation for all market stakeholders. Market actors should learn, unlearn and relearn evolving market knowledge, technologies and process across all the functional units of the exchange, strategic business units and strategic support systems. This will ensure development of the Nigerian stock market.