ENTREPRENEURIAL MARKET ORIENTATION AND STOCK MARKET DEVELOPMENT OF THE NIGERIAN CAPITAL MARKET
Keywords:Entrepreneurial, market, orientation, stock market, development, Nigeria, capital market.
This study investigated the causal relationship between entrepreneurial market orientation and stock market development of the Nigerian capital market. The study employed an explanatory 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 conclude that entrepreneurial market orientation significantly improves stock market development. The study recommend that the Nigerian capital market should invest more on market oriented activities; business development, capital market intermediation through domestic private investment, employee development and market innovation.