Original Research Article
Enhancing Business Performance of SMEs through Green Business Strategy: South-South Nigeria in Focus
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Article Number: DRJMSS11051908
DOI: https://doi.org/10.26765/DRJMSS11051908
ISSN: 2787-009X
Vol. 4(3), Pp. 40-52, July 2023
Copyright © 2023
Author(s) retain the copyright of this article
This article is published under the terms of the
Creative Commons Attribution License 4.0.
Abstract
The study addressed green business strategy through business performance. Four objectives guided the study effect of green innovation strategy, the effect of environmental orientation strategy, the effect of green product differentiation, and green product distinctiveness on business performance of SMEs in the area under study. The institutional theory guided the study. The study used survey research design. Two hundred and seventy-eight (278) population was randomly selected and used the as the sample size to guide the study. Analysis of variance (ANOVA) and linear regression were used in the study as statistical methods. Finding revealed that Green Innovation Strategy had a significant effect on Business performance with (b = 0.364, P < 0.01), Environmental Orientation Strategy had a significant effect on Business performance with (b = 0.353, P < 0.01), Green Product Differentiation had a significant effect Business performance with (b =0 .221 P < 0.01) and Green product had a significant distinctiveness on Business performance with a beta coefficient of 0 .468 network capability wields the greatest impact on business performance among other constructs of green business strategy. The study concluded that Green innovation strategy, environmental orientation strategy, green product differentiation and green product distinctiveness are all aspects of green business strategy that have a large, positive impact on business performance. The study recommended that Recommendations that due cognizance should be taken by leaders, from the perspectives of ‘Change’, ‘Purpose’ and ‘Leadership’, to formulate a strategy that sustains the business, develop systems and structures within their business that satisfy the requirements of green business practices while still achieving strategic business goals and should carry out regular sensitization programs on the need for SMEs to make viable business strategy in order to improve and remain in business. Finally, the study has filled a vacuum in the literature by considering green business strategy and business performance in the context of SMEs.
Keywords: Business performance, innovation, proactiveness, differentiation, distinctiveness, green businessReceived: June 18, 2023 Accepted: August 20, 2023 Published: August 31, 2023