Social Capital and Venture Performance of Firms in the Hospitality Industry in Rivers State, Nigeria
Keywords:
Social Capital, Venture Performance, Firms, Hospitality IndustryAbstract
This study examines the relationship between social capital and venture performance of firms in the hospitality industry in Rivers State, Nigeria. The study adopted a Cross sectional survey design was adopted for this study. The population of the study comprises of 153 Hospitality industry in Rivers state as derived from the Nigerian business directory. This is based on information available to the researcher from https://www.directory.org.ng/listcompany-tourism_and_hospitality_industry. The study adopted the census sampling method. The respondents of this study were the managers of the industry from which the chief executive officer (CEO) and General manager (GM) making 2 mangers from each were taken. With two (2) managers from each firm and the total number of firms in hospitality industry at 153, we have 306 respondents for the study.The instrument that was used for data collection in this study is a structured questionnaire. The reliability index was .887 using Cronbach's Alpha which implies that the items are reliable. Hypotheses were tested using Spearman Rank Order Correlation Coefficient at 0.05 significance level. The partial correlation was used to analyses the controlling variable which is organizational culture. The study revealed that there is a moderate significant relationship between structural capital and measures of venture performance of firms in the hospitality industry in Rivers State, Nigeria. there is a moderate significant relationship between relational capital and measures of venture performance of firms in the hospitality industry in Rivers State, Nigeria. In conclusion, organizational culture plays a critical role in the success of hotels in Rivers state, Nigeria. By prioritizing social capital, structural capital, relational capital, and cognitive capital, hotel owners and managers can create a supportive and productive work environment that fosters market growth, profitability, and efficiency. The study recommended among others that Hospitality industry should improve upon rational capital in order to enhance market shares.
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