Technological Innovativeness and Business Financial Performance of Medium Sized Enterprises in Southwestern Nigeria

Abstract

The study assessed the effect of technological innovativeness on financial performance of medium-sized enterprises. Specifically, the study evaluated the extent of technological innovativeness and financial performance of medium-sized enterprises. Primary data was used for this study. The sample size for the study was 384. Purposive sampling technique was used to select employees that held at least a supervisory management position from the randomly selected family businesses. The data were collected using a well-structured questionnaire. Data collected were analysed using percentages, mean, Pearson's correlation and ordinary least square regression analysis. The study showed a high degree of technological innovativeness (Grand mean = 4.05±0.84) among medium-sized enterprises in Southwestern Nigeria. The study further revealed a moderate financial performance (70.3%) among medium-sized enterprises. The study also showed that technological innovativeness (t = -0.469, p > 0.05) had a negative and significant effect on business performance of medium-sized enterprises in Southwestern Nigeria. The study concluded that technological innovativeness had negative and significant relationship with business financial performance among medium-sized enterprises in Southwestern Nigeria.