The Impact of Sustainability on the Performance of Family-Owned Businesses in Nigeria

Hameed Omotola OJODU OJODU; Victor Ajibayo ADEYEYE; Igbalawole Ayobami OLOMIYETE; Sherifat Olayinka FOWOSERE; Aremu Musibau ADEGBITE

Hameed Omotola OJODU Lagos State University of Sciences and Technology, Lagos, Nigeria https://orcid.org/0009-0006-1962-9804
Victor Ajibayo ADEYEYE Lagos State University of Sciences and Technology, Lagos, Nigeria https://orcid.org/0009-0003-6685-3946
Igbalawole Ayobami OLOMIYETE Lagos State University of Sciences and Technology, Lagos, Nigeria https://orcid.org/0009-0009-1715-8721
Sherifat Olayinka FOWOSERE Lagos State University of Sciences and Technology, Lagos, Nigeria https://orcid.org/0009-0005-6794-0018
Aremu Musibau ADEGBITE Lagos State University of Sciences and Technology, Lagos, Nigeria

Keywords: Sustainability, Economic responsibility, Environmental responsibility and Family-owned business performance

Abstract

The paper examines the impact of sustainability on the performance of family-owned businesses (FOBPs) in Nigeria, and it evaluates the influence of economic and environmental responsibility on FOBPs. The study employs a survey research design and a study population of 11,643 small-scale businesses operating in Lagos State, Nigeria. Multi-stage sampling was adopted for the study; the sample size was determined using Raosoft's sample size, and 387 samples were selected. The study adopts a regression statistical technique analysis to test hypotheses using SPSS. The findings revealed that economic responsibility has a significant influence on family-owned business performance; (ECOR) (0.6351) is positive and significant at 5%, showing that ECOR has a positive and significant impact on FOBP and environmental responsibility; (ENVR) (0.6296) is positive and significant at 5%, showing that ENVR have positive significant relationship on FOBP. The combine effect has similar results. Hence, the study revealed that FOB operators need to be more concerned about improving its economic and environmental responsibilities to fulfill its obligations.