ENTREPRENEURIAL ORIENTATION AND STOCK MARKET DEVELOPMENT OF THE NIGERIAN CAPITAL MARKET

Abstract

This study examined the impact of entrepreneurial 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 orientation significantly enhance stock market development. The study therefore recommend that management of the Nigerian stock exchange should operationalize entrepreneurial orientations of proactiveness, innovativeness, risk management and resource leveraging. This will improve stock market sales, market capitalization and all share index and significantly ensure the development of the stock market.