IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v9y2025i14p161-173.html
   My bibliography  Save this article

A Multivariate Analysis of Variance Approach to Business Success Factors of SMEs in Nigeria

Author

Listed:
  • Olamide Ebenezer G

    (Department of Banking and Finance, Osun State Polytechnic, Iree, Osun State, Nigeria)

  • Daisi, F.T.

    (Department of Banking and Finance, Osun State Polytechnic, Iree, Osun State, Nigeria)

Abstract

This study examined the success factors affecting the activities of SMEs in Nigeria, using the Multivariate Analysis of Variance (MANOVA) approach. The outcome variable of the study is business factors with marketing strategy, business plan, financial resources, and skill acquisition as the explanatory variables. With the exception of business plan with mixed response, all the variables suggest positive effects on SMEs activities in Nigeria. It was suggested that governments at all levels should continue to give priority attention to these variables in policy formulation. This is to sustain the positive contributions of SMEs to the developmental aspirations of the governments, especially in the areas of job creation and poverty reduction.

Suggested Citation

  • Olamide Ebenezer G & Daisi, F.T., 2025. "A Multivariate Analysis of Variance Approach to Business Success Factors of SMEs in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(14), pages 161-173, January.
    • Handle: RePEc:bcp:journl:v:9:y:2025:i:14:p:161-173
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-9-issue-14/161-173.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/a-multivariate-analysis-of-variance-approach-to-business-success-factors-of-smes-in-nigeria/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ko, Eun-Jeong & McKelvie, Alexander, 2018. "Signaling for more money: The roles of founders' human capital and investor prominence in resource acquisition across different stages of firm development," Journal of Business Venturing, Elsevier, vol. 33(4), pages 438-454.
    2. Gholamhossein Hosseininia & Ali Ramezani, 2016. "Factors Influencing Sustainable Entrepreneurship in Small and Medium-Sized Enterprises in Iran: A Case Study of Food Industry," Sustainability, MDPI, vol. 8(10), pages 1-20, October.
    3. World Bank, 2022. "Global Economic Prospects, June 2022," World Bank Publications - Books, The World Bank Group, number 37224, April.
    4. World Bank, 2022. "Global Economic Prospects, January 2022," World Bank Publications - Books, The World Bank Group, number 36519, April.
    5. repec:aoj:ajeaer:v:7:y:2020:i:2:p:153-158:id:1831 is not listed on IDEAS
    6. Cosenz, Federico & Bivona, Enzo, 2021. "Fostering growth patterns of SMEs through business model innovation. A tailored dynamic business modelling approach," Journal of Business Research, Elsevier, vol. 130(C), pages 658-669.
    7. Morales-Solis, Juan Carlos & Barker III, Vincent L. & Cordero, Arkangel M., 2023. "CEO's industry experience and emerging market SME performance: The effects of corruption and political uncertainty," Journal of Business Venturing Insights, Elsevier, vol. 20(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Andree,Bo Pieter Johannes & Pape,Utz Johann, 2023. "Machine Learning Imputation of High Frequency Price Surveys in Papua New Guinea," Policy Research Working Paper Series 10559, The World Bank.
    2. Arroyo Marioli,Francisco & Vegh,Carlos A., 2023. "Fiscal Procyclicality in Commodity Exporting Countries : How Much Does It Pour andWhy ?," Policy Research Working Paper Series 10428, The World Bank.
    3. Jonathan D Moyer & Willem Verhagen & Brendan Mapes & David K Bohl & Yutang Xiong & Vivian Yang & Kaylin McNeil & José Solórzano & Mohammod Irfan & Cade Carter & Barry B Hughes, 2022. "How many people is the COVID-19 pandemic pushing into poverty? A long-term forecast to 2050 with alternative scenarios," PLOS ONE, Public Library of Science, vol. 17(7), pages 1-21, July.
    4. Kim, Won Joong & Ko, Juyoung & Kwon, Won Soon & Piao, Chunyan, 2025. "Time-varying sources of fluctuations in global inflation," Economic Modelling, Elsevier, vol. 143(C).
    5. repec:ocp:ppaper:pb18-22 is not listed on IDEAS
    6. Mark Shevlin & Enya Redican & Philip Hyland & Sarah Butter & Orla McBride & Todd K Hartman & Jamie Murphy & Frédérique Vallières & Richard P Bentall, 2022. "Perceived manageability of debt and mental health during the COVID-19 pandemic: A UK population analysis," PLOS ONE, Public Library of Science, vol. 17(9), pages 1-13, September.
    7. Mataigne, Virginie & Meoli, Michele & Vanacker, Tom & Vismara, Silvio, 2025. "False signaling by platform team members and post-campaign venture outcomes: Evidence from an equity crowdfunding platform," Journal of Business Venturing, Elsevier, vol. 40(1).
    8. Simon Kleinert & Kazem Mochkabadi, 2022. "Gender stereotypes in equity crowdfunding: the effect of gender bias on the interpretation of quality signals," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1640-1661, December.
    9. Zhao, Ran & He, Pinglin, 2024. "Government spending efficiency, fiscal decentralization and regional innovation capability: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 693-706.
    10. Alberto Michele Felicetti & Vincenzo Corvello & Salvatore Ammirato, 2024. "Digital innovation in entrepreneurial firms: a systematic literature review," Review of Managerial Science, Springer, vol. 18(2), pages 315-362, February.
    11. Ubeda, Fernando & Mendez, Alvaro & Forcadell, Francisco Javier & López, Belén, 2024. "How socially sustainable multinational banks promote financial inclusion in developing countries," Research in International Business and Finance, Elsevier, vol. 71(C).
    12. Ozgen, Sibel & Lapeira, Maria & Pissaris, Seema, 2021. "I got this! resource bundles and adversity: A situated entrepreneurial optimism perspective," Journal of Business Research, Elsevier, vol. 136(C), pages 127-136.
    13. Mojca Svetek, 2023. "The Role of Entrepreneurs’ Perceived Competence and Cooperativeness in Early-Stage Financing," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2047-2076, November.
    14. Wang, Fengquan & Jiang, Jihai & Cosenz, Federico, 2025. "Understanding data-driven business model innovation in complexity: A system dynamics approach," Journal of Business Research, Elsevier, vol. 186(C).
    15. Schmidt, Corinna Vera Hedwig & Gaßmann, Patrick Sven & McElvany, Nele & Flatten, Tessa Christina, 2025. "Angel funding and entrepreneurs' well-being: The mediating role of autonomy, competence, and relatedness," Journal of Business Venturing, Elsevier, vol. 40(2).
    16. Agnieszka Konys, 2019. "Towards Sustainable Entrepreneurship Holistic Construct," Sustainability, MDPI, vol. 11(23), pages 1-33, November.
    17. Shouheng Sun & Shengjie Dong & Qi Wu & Xuejiao Tian, 2023. "How to Survive in the Shadow of Sharing Economy Giants: Business Model Innovation for Small and Medium-Sized Platforms," SAGE Open, , vol. 13(3), pages 21582440231, September.
    18. Huang, Ying Sophie & Wu, Jiajia & Guo, Feng, 2022. "Venture capital staging under economic policy uncertainty," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 572-596.
    19. Alberto Michele Felicetti & Antonio Palmiro Volpentesta & Roberto Linzalone & Salvatore Ammirato, 2023. "Information Behaviour of Food Consumers: A Systematic Literature Review and a Future Research Agenda," Sustainability, MDPI, vol. 15(4), pages 1-20, February.
    20. Shengli Dai & Hongyan Xue & Yuan Jiang & Wei Zhang & Xin Zhang, 2018. "Sustainable Entrepreneurship Team Scale Development: A Complex Systems Perspective," Sustainability, MDPI, vol. 10(11), pages 1-20, November.
    21. Berger, Marius & Gottschalk, Sandra, 2021. "Financing and advising early stage startups: The effect of angel investor subsidies," ZEW Discussion Papers 21-069, ZEW - Leibniz Centre for European Economic Research.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:9:y:2025:i:14:p:161-173. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.