Entrepreneurial Orientation and the Performance of the Elite Companies (Ghana Club 100) in Ghana

Abstract

Purpose: The academic literature has recently been inundated with theoretical and empirical interest in the issue of entrepreneurial orientation (EO). While significant strides have been made in understanding the general impact of EO on firm performance, there remains a notable gap in the literature concerning the specific application of EO in developing countries, especially Ghana. Methodology: The study falls within the quantitative research paradigm which made use of primary data. To address the research problem, a survey research design was adopted in the study. A questionnaire was used to collect data in a cross-sectional field survey. The target population of the study was members of the Ghana Club 100. The study targeted CEO and managers of companies who are members of the Ghana Club 100. The researcher distributed survey questionnaires to 215 companies listed on the Ghana Club 100 since its inception. A total of 199 entrepreneurs from these companies responded to the hard copy surveys, achieving a 90.5% response rate, which was deemed suitable for the planned analysis. Findings: The empirical evidence from the regression analysis strongly supports the positive and significant impact of all five EO dimensions innovativeness, risk-taking, proactiveness, autonomy, and competitive aggressiveness on business performance. Unique Contribution to Theory, Practice, and Policy: The findings provide theoretical grounding for the EO-performance link across different contexts, especially in developing economies or sectors characterized by volatility and high competition. This broadens the generalizability of EO theory and calls for further research into sector-specific or cultural moderating variables that may influence this relationship. Governments and development institutions should invest in entrepreneurship education and training that fosters EO traits.