UNILAG Journal of Business

ENTREPRENEURSHIP FINANCING: A SHIFT TO CROWDFUNDING AS ENABLER OF STARTUP AND BUSINESS SUSTAINABILITY

2026-07-10T16:36:20+00:00

Entrepreneurship remains one of the most studied topics in the literature because of its assumed impact on generating employment, poverty alleviation and contribution to economic growth worldwide. Despite the assumed benefits, access to financial resources continues to be a major factor hampering startups, connectivity of entrepreneurial firms to global networks and competitiveness. The objective of this paper is to explore the role of the crowdfunding financing model, generally viewed as a modern financing option, in startups and venture sustainability. It critically examines whether crowdfunding is a viable alternative to the traditional methods of financing entrepreneurial businesses and its effect on business sustainability. A literature review approach was adopted to identify the effect of two crowdfunding options, crowd-equity and peer-to-peer, on startups and entrepreneurial firms’ sustainability. Findings reveal a positive influence of crowdfunding on financing startups, and on entrepreneurial sustainability as it covers the financing gap of traditional sources such as bank loans, business angels and venture capitalists. The study suggests that there is a need for more emphasis on crowdfunding as a strategic option for promoting and sustaining entrepreneurship. The introduction of regulatory framework aimed at protecting crowd-funders from losing their investments will enhance crowdfunding outcome.

CORPORATE GOVERNANCE AND ITS EFFECT ON THE FINANCIAL PERFORMANCE OF FINTECH ENTERPRISES IN NIGERIA

2026-07-10T16:36:20+00:00

It is important secure the confidence of all stakeholders in any business in order to guarantee the performance and sustainability of enterprises within the context of globalisation and internationalization. These objectives can only be achieved within an organisational culture and environment founded on honesty, transparency, and accountability. A firm whose behaviors are grounded in ethical ideals. This research aims to determine the relationship between corporate governance and sustainable performance in the context of Fintech businesses in Nigeria. A sample of 30 respondents from the Nigerian fintech startup Unified Payments (UP) was selected through a multi-stage sampling technique. The data was examined utilizing descriptive statistics. This study's findings provide novel insights into corporate governance and performance, grounded in the corporate governance architecture of Unified Payments Services Limited. The findings of this study reveal that Board Structure has statistically significant effect on the Financial Performance of fintech firms in Nigeria, since at the overall level, board structure can bring significant effect to the financial performance. Specifically, the major finding show that for Nigeria Fintech companies to be above board, Corporate Governance framework elements like Transparency and Disclosure, Ethics and Compliance as well as Regulatory Framework and Compliance are required to entrench strong ethical practice for all licensed fintech companies.

THE ROLE OF EMOTIONAL INTELLIGENCE IN DECISION MAKING: A STUDY OF FIRST BANK OF NIGERIA

2026-07-10T16:36:20+00:00

Emotional intelligence (EI) significantly influences decision-making by allowing individuals to understand and manage their own emotions as well as those of others. This emotional awareness enhances judgment, strengthens interpersonal relationships, and leads to more effective and empathetic decisions in both personal and professional contexts. The objectives of this study are to investigate the impact of emotional intelligence among management on the quality of decisions, strategic decision-making, team performance, and leadership practices. Data for the study were collected using a self-designed questionnaire, developed through an extensive literature review. The questionnaire underwent validation and a pilot test to ensure reliability, which was confirmed to be consistent. Both descriptive and inferential statistical methods were employed to analyze the collected data. The findings demonstrated a positive and significant relationship between emotional intelligence and the quality of decision-making by managers (r=0.760, p=0.00<0.05). Similarly, a positive and significant relationship was found between emotional intelligence and strategic decision-making by managers (r=0.658, p=0.00<0.05), as well as between emotional intelligence and team performance (r=0.541, p=0.00<0.05). The study recommends that management within the bank prioritize the development of an effective emotional resilience program. This initiative aims to cultivate a healthier and more emotionally intelligent leadership team, ultimately enhancing overall organizational performance.

ENTREPRENEURSHIP DEVELOPMENT PEDAGOGY, EMOTIONAL INTELLIGENCE: COROLLARY ON GRADUATES ENTREPRENEURIAL INTENTIONS

2026-07-10T16:36:20+00:00

The widening gap between the poor and the non-poor, sharp decline in living standards, slow pace of job creation, and the seemingly intractable unemployment problems which have characterized the development process in Nigeria, provide some perspectives on the development challenges facing social and economic progress of the nation, despite the introduction of entrepreneurship development course into the Nigerian higher institutions curriculum 25 years ago, in other to enhance skills acquisition and reduce unemployment. Based on this fact, this study explored the corollary of entrepreneurship development pedagogy and emotional intelligence on entrepreneurial intentions of graduate students that served in three selected states (Lagos, Ogun and Ondo) in south-west Nigeria. The descriptive survey research design was adopted. The participants were 403 corp members selected via convenient sampling technique. Data were collected through standardised questionnaires. The hypothesis proposed was tested using multiple regression with the aid of the Statistical Package for Social Sciences (SPSS) version 23. Result showed a significant influence of entrepreneurship development pedagogy and emotional intelligence on entrepreneurial intentions of the participants (F (2, 400) = 26.8, p<.05), with R² of .118. This study recommends that, there should be a robust and stimulating pedagogical approach to teaching entrepreneurship development courses in our various institutions in order to promote and increase acquisition of skill (emotional intelligence) needed to be an employer of labour and for students to learn its importance early in their academic programmes as a means of solving unemployment problem in Nigeria.

STRATEGIC LEADERSHIP AND ORGANIZATIONAL LEARNING CULTURE: A STUDY OF OIL AND GAS INDUSTRY IN NIGERIA

2026-07-10T16:36:20+00:00

This study investigated the effect of strategic leadership on organizational learning culture, focusing on how different leadership styles influence the development of a learning-oriented environment within organizations to help the organization achieve its long-term goal. The research specifically explored transformational, transactional, autocratic, laissez-faire, and democratic leadership styles, assessing their effects on employee engagement in learning activities and their contribution to fostering a culture of continuous learning. Using a mixed method of combining quantitative data collected via structured questionnaires with qualitative insights from in-depth interviews, purposive and convenience sampling techniques were employed to draw the sample for the study. The data gathered were analyzed using descriptive statistics while the formulated hypotheses were tested using Regression analysis and Pearson Product Moment Correlation (PPMC) Coefficient at 0.05 level of significance. The study’s findings revealed that strategic leadership significantly affects organizational learning, as shown by a correlation analysis (r = .655, p < 0.05), demonstrating a strong link between leadership practices and employee engagement in learning activities. In addition to the quantitative analysis, qualitative findings from participants emphasized the importance of visionary leadership in embedding a learning culture. Many respondents highlighted the need for strategic leaders who not only set clear organizational goals but also encourage innovation and knowledge sharing across all levels. This insight underscores the pivotal role of leadership in fostering an environment that supports continuous learning and development. Overall, the study concludes that strategic leadership plays a vital role in developing and sustaining an organizational learning culture. Leadership practices that emphasize inspiration, motivation, and structured reward systems are most effective in promoting employee engagement in learning, thereby contributing to the organization's overall success and adaptability in a competitive environment.

ORGANISATIONAL FACTORS AS DETERMINANTS OF TALENT EXPATRIATION AMONG SELECTED INFORMATION AND COMMUNICATION TECHNOLOGY (ICT) FIRMS IN NIGERIA

2026-07-10T16:36:20+00:00

In recent years, the rate of Information and Communication Technology (ICT) talent emigration from Nigeria has been a major concern to most ICT firms. Companies are doing everything possible to retain their talents and maintain their competitive edge. Unfortunately, the more they try to retain them, the more the experts emigrate. This study examines the factors responsible for talent expatriation at the micro organisational level.. Three micro-level factors of higher compensation, organisational culture and management support are considered. The study adopted a quantitative method with a population of 350, a sample size of 187 and 142 copies of the questionnaire were returned, representing a 76% questionnaire response rate. The impact of these determinants is tested individually and as a group to establish their respective effects on talent expatriation using correlation and regression analysis. The study confirmed that all three factors have a strong, positive relationship with talent expatriation among selected ICT firms; however, management support, combined organisational factors, and organisational culture are the top three factors contributing to talent expatriation in the ICT industry. The paper recommends that ICT firms’ management should enhance Compensation Packages, Strengthen Management Support Structures, promote flexible work arrangements and partner with government agencies to create an enabling environment that supports talent retention.

EXPLORING THE RELATIONSHIP BETWEEN INTERNAL BUSINESS ENVIRONMENT AND ORGANISATIONAL PERFORMANCE IN THE REAL ESTATE SECTOR IN LAGOS STATE.

2026-07-10T16:36:20+00:00

This study investigates the relationship between the internal business environment and organisational performance in the Nigerian real estate sector, with specific emphasis on Lagos State. While prior scholarship has extensively examined external environmental influences, less attention has been directed toward the internal organisational drivers of performance in emerging market contexts. To address this gap, the study focuses on three key dimensions of the internal environment leadership, organic business functions, and sales and their combined effect on organisational outcomes. Primary data were collected from 100 participants via Google Forms and analysed using descriptive and inferential statistics with SPSS version 26. The findings reveal that organisations that strategically enhance their internal environment demonstrate superior performance outcomes. Theoretically, the study extends the Resource-Based View (RBV) by integrating insights from Dynamic Capabilities Theory and Contingency Theory, thereby emphasising the importance of adaptability and fit between internal processes and external demands. Practically, the study provides real estate managers, policymakers, and investors with actionable strategies to strengthen leadership effectiveness, improve functional efficiency, and optimise sales operations for sustainable growth in Lagos’ dynamic housing market.

THE EFFECT OF EXCHANGE RATE FLUCTUATIONS (ERF) ON THE FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA

2026-07-10T16:36:20+00:00

This study examines the impact of exchange rate fluctuations (ERF) on the financial performance of listed consumer goods companies in Nigeria. Using secondary data from 2000 to 2024, the study applies a random effects regression model to analyze variables such as inflation, oil prices, government expenditure, and trade openness. The Hausman test determined that the fixed effects model was most appropriate for the analysis. The findings suggest that ERF negatively impacts profitability, with exchange rate volatility decreasing return on assets. In contrast, inflation has a positive effect, indicating that consumer goods companies can leverage inflationary conditions to enhance pricing power. Rising oil prices also negatively affect profitability, while government expenditure, trade openness, and credit availability have positive effects on profitability. The study highlights the importance of hedging strategies, as firms that employ risk management practices tend to perform better financially. The study recommends that consumer goods companies adopt hedging strategies, while policymakers focus on stabilizing exchange rates, improving access to credit, and promoting macroeconomic stability, including managing inflation and fostering trade openness.

DETERMINANTS OF BANK BRANCH NETWORKS IN NIGERIA: AN EXPLORATORY ANALYSIS

2026-07-10T16:36:20+00:00

Bank branches are established by deposit money banks based on different criteria. This study examined the determinants of bank branch networks in Nigeria. Varied determinants from empirical results across financial sectors around the world with similar operating environments with Nigeria were examined to identify the determinants of bank branch networks in Nigeria using the log-linear regression model and the Vector Error Correction Model (VECM) for both long- and short-run examinations of data on study variables from 1990 to 2021. Research results showed that aggregate savings, self-employment, literacy level, urbanisation, GDP per capita, number of performing business entities, market size of DMBs in the Nigerian financial system, and the percentage of the working class to total population positively determine the bank branch network in Nigeria, while total population, internet penetration, size of deposits, level of non-performing loans and aggregate disposable income negatively influence bank branch network in Nigeria in the long-run. The VECM value of -96.2% shows that 96.2% of identified anomalies in the short-run are not reversed in the long-run. This result necessitates the introduction of structural socio-economic, monetary and financial inclusion policies correction policies to eliminate obstacles to growth in bank branch networks to achieve growth in financial inclusion and boost economic activities with spiral positive effects on credit growth, production capacity expansion, growth in self-employment, aggregate savings, bank deposits, and overall economic growth.

THE EFFECT OF FINANCING ON SOCIAL ENTERPRISES PERFORMANCE IN LAGOS STATE, NIGERIA

2026-07-10T16:36:20+00:00

This study investigates the effect of financing on the performance of social enterprises in Lagos State, Nigeria. The research explores various financial factors, including financial resources, crowdfunding, financial literacy, and social incubators, to determine their influence on the success and sustainability of social enterprises. Using a quantitative research design, data were collected from 402 respondents through structured questionnaires. Hypotheses were tested using regression analysis and correlation matrices to examine the relationships between financial challenges, access to finance, and enterprise performance. The findings reveal that while certain financial elements, such as crowdfunding and financial literacy, have minimal direct impact on performance, broader access to financial resources significantly affects enterprise growth and resilience. Additionally, the study identifies limitations in existing support structures, such as social incubators, which are found to be less effective due to contextual misalignment and a lack of inclusivity. The results suggest the need for tailored financial interventions, improved policy frameworks, and enhanced collaboration between stakeholders to foster a more enabling environment for social enterprises. This research contributes to both academic discourse and practical strategies aimed at strengthening the financial ecosystems supporting social entrepreneurship in Lagos State.

THE RELATIONSHIP BETWEEN FINANCING STRATEGY AND ENTREPRENEURSHIP PERFORMANCE: AN EXAMINATION OF SMALL AND MEDIUM SCALE ENTERPRISES IN IKEJA LOCAL GOVERNMENT AREA OF LAGOS STATE.

2026-07-10T16:36:20+00:00

This study examined relationship between financing strategies and entrepreneurial performance of small and medium sized businesses in Nigeria. Financing strategy is measured by bootstrapping, crowd funding and angel investors, while competitiveness is used as a proxy for entrepreneurial performance. Descriptive survey research design was adopted. Primary data were collected using a structured questionnaire administered to a sample of 154 SME businesses in Ikeja Local Government Area of Lagos State. The sample size was determined using the Cochran (1977) Z-score formula, while purposive sampling technique was used for administration of the questionnaire to the identified entrepreneurship. Eventually, 142 retrieved copies of the questionnaire were found to be valid, thus utilized for the study. To analyze the data, descriptive statistical techniques and inferential statistics, specifically Pearson correlation coefficient was adopted. Upon analyses of data, the study found a significant positive relationship between ‘Bootstrapping’ on ‘entrepreneurial competitiveness’, (r = .115, p.001<0.05); a positive associate between ‘Crowd funding’ and ‘Entrepreneurial competitiveness’, (r = .239^**, p.002< 0.05); and a strong positive correlation between ‘Angel investors effect and Entrepreneurial performance’ in Nigeria, (r = .216^**, p.000 < 0.05).The study recommended that informal business owners should be educated on avenues for business financing, conditions for obtaining facilities from specialized institutions such as the bank of industry should be simplified; funds from contributions should be converted to equity in the name of the funders, among others