Intellectual capital and small enterprise success: Insights from the Nigerian service sector
Ajagbe Grace Oyefunke
Dept, Accounting and Finance, Landmark University
Oladipo Adebayo Olufemi
Dept, Accounting and Finance, Landmark University
Fakile Samuel
Dept, Accounting and Finance, Landmark University
Ibrahim Abdul-lateef Ayomide
Dept, Accounting and Finance, Thomas Adewumi University
Julius Elizabeth Adeola
Dept, Accounting and Finance, Landmark University
DOI: https://doi.org/10.59429/vm.v3i1.15575
Keywords: goodwill; intellectual capital; small enterprises; service sector; Nigeria; resource-based view
Abstract
This study explores the role of goodwill as a form of intellectual capital in enhancing the success of small enterprises within the Nigerian service sector. The Population of the study consists of 11,643 registered SMEs in Lagos state Nigeria, 350 SMEs owners were purposively and randomly considered as the sample. The research adopted both qualitative and quantitative techniques. Inferential statistics including Chi-squared techniques, analysis of variance, multiple regressions, and Pearson's product moment correlation were used to sort, code, and analyze the data. According to the study, the factors that significantly positively correlated with business performance were credibility and goodwill (r=.907 and.833, respectively). The results of the study show that goodwill and enterprise success are positively correlated. Small enterprises are recommended to maintain and explore goodwill valuation in order address issues around small business reputations and future scholars can expand the scope of knowledge by developing novel hypotheses and models.
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