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OECD. The OECD innovation strategy: Getting a head start on tomorrow. 2010. OECD Publishing.

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Entrepreneurship Innovation and Finance

1School of Management, Northwestern Polytechnical University, Xi’an, China


Journal of Behavioural Economics, Finance, Entrepreneurship, Accounting and Transport. 2021, Vol. 9 No. 1, 16-35
DOI: 10.12691/jbe-9-1-3
Copyright © 2021 Science and Education Publishing

Cite this paper:
Igbonaju Johnpaul Ogochukwu. Entrepreneurship Innovation and Finance. Journal of Behavioural Economics, Finance, Entrepreneurship, Accounting and Transport. 2021; 9(1):16-35. doi: 10.12691/jbe-9-1-3.

Correspondence to: Igbonaju  Johnpaul Ogochukwu, School of Management, Northwestern Polytechnical University, Xi’an, China. Email: igbonajujohnpaul@ymail.com

Abstract

The study on entrepreneurship innovation and finance was to investigate the relationship that exists between entrepreneurship innovation and finance in Nigeria, and to understand the effect of finance on the failure of entrepreneurship innovation in Nigeria SMEs, the study tends to contribute to the literature on entrepreneurship innovation in Nigeria. The study explored data obtained from 119 enterprises and financial institutions in Nigeria. The population sample was selected through non-probability sampling method to obtain data from SMEs/MSMEs and financial institutions in Nigeria and accessed using google form. Pearson product correlation and standard multilinear regression from SPSS were used to explore the data to determine the relationship between the defined variables and to predict the impact of the independent variables on the dependent variables. The study findings indicated that there is a low positive significant relationship between finance and entrepreneurship innovation in Nigerian SMEs. Further analysis indicated that major entrepreneurship innovation deficiency in Nigeria SMEs could be attributed to education, which emphasizes the important role of adequate finance and education in entrepreneurship innovation, and performance of entrepreneurial firms in any economy. Furthermore; the study found that there is a positive significant relationship between education and entrepreneurship and negative non-significant relationship between education and innovation in Nigeria. The negative non-significant relationship between education and innovation is an implication of non-productive education, that needs to be addressed to offset the defect/deficit and position Nigeria on the path of general economic growth. The data further showed that finance and long-term credit have the highest impact on entrepreneurship performance in Nigeria. The conclusion of the study will help ease the majority of the challenges often encountered by entrepreneurial firms in Nigeria, mostly at the start-up stage of the enterprises that often lead to failures and inability to compete with other global enterprises.

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