Entrepreneurial Orientation and Financial Growth of Quoted Pharmaceutical Companies in Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2023, Vol 6, Issue 05
Abstract
Pharmaceutical companies have a critical role in ensuring that people have access to high-quality and affordable medical services. They provide a wide range of healthcare offerings, including preventive care and emergency interventions. The pharmaceutical industry is complex and ever-evolving, requiring an entrepreneurial mindset and continuous value creation to maintain high levels of performance. While pharmaceutical companies contribute significantly to the social and economic well- being of individuals in both developed and developing countries, there are instances where their performance may not meet expectations, evident in declining financial growth. The study adopted a survey research design. The population of the study was 308 executive manager, directors and marketing department official in these quoted pharmaceutical companies in Nigeria. Data was collected using a valid and reliable questionnaire with a Cronbach alpha value greater than 0.7. Data were analysed using both descriptive and inferential tools. Multiple and Hierarchical Regression Analysis were used to determine the effect of the variables using Statistical Package for Social Science (SPSS). The results revealed that entrepreneurial orientation had significant effect on financial growth of quoted pharmaceutical companies in Nigeria (Adj. R2 = 0.200; F (5, 296) = 16.093, p < 0.05). The study concluded that entrepreneurial orientation had significant influence on financial growth of quoted pharmaceutical companies in Nigeria. The study recommended that management of pharmaceutical companies should adopt strategies that would enable them to identify and capitalize on emerging market opportunities, as well as improving their organizational performance. Moreover, the companies should also focus on creating a culture that encourages innovation, risk-taking and pro-activeness, as well as improving their organizational agility and flexibility to enhance financial growth.
Authors and Affiliations
Ibikunle, T. D. , Akpa, V. O. , Nwankwere, I. A.
Keywords
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