Effects Of External Business Environment On Performance Of Small And Medium Enterprises In Oyo State

📄 Project Abstract

The business environment is turbulent and laced with uncertainty which is continuously changing and is full of opportunities and challenges. However, studies that assess economic, socio-cultural and technology environment on performance of SMEs in Oyo State are insufficient. As a result, this study investigated the effect of external business environment (economic, socio-cultural and technology) on SMEs performance in Oyo State. Questionnaire was distributed using cluster sampling. 424 copies of the questionnaire were used for analysis with a population of 7,987 registered SMEs operating within the state. Partial Least Square - Structural Equation Model (PLS-SEM) path modelling was employed to process the data. Finding revealed that economic and socio-cultural environment have positive significant effect on performance of SMEs at 1 and 5 % significant level respectively, while technology environment have negative effect on SMEs performance at 10% significant level. The study concluded ...