Corporate Entrepreneurship and Employee Performance: The Coca-Cola

Nigeria Experience

PRECIOUS UCHECHI IKEBUJO, DORCAS OMANYO OLUWADE,

HAUWA LAMINO ABUBAKAR

Department of Business Administration, Post Graduate School,

Nile University of Nigeria, Abuja

NIGERIA

Abstract: - The study examined corporate entrepreneurship and employee performance in West Africa: The Coca

Cola Company experience. The specific objectives of the study were to evaluate the effect of proactiveness, risk

tolerance, and corporate venturing on employee satisfaction in Coca Cola Company. The research design for the

study was a survey using the quantitative approach. The total population under investigation was 5,364. The

sample size was 372; determined by using Yamane (1964) model. Tables were used to present data in the study.

Descriptive statistics tools utilized in the study were mean and standard deviation while a structural equation model

(SEM) with MLE regression model was employed to test plausibility of the hypotheses using AMOS statistical

Package version 24. The study concluded that proactiveness, risk tolerance, and corporate venturing as elements of

corporate entrepreneurship in the Company have the propensity of boosting employee performance. The study

recommended that the management of Coca Cola Company should adopt and work more to improve on the

dimension of proactiveness, risk tolerance, and corporate venturing with a view to boosting employee performance.

Key-Words: - Corporate Entrepreneurship, Proactiveness, Risk Tolerance, Corporate Venturing, Employee

Performance, Employee Satisfaction

Received: March 23, 2022. Revised: July 19, 2022. Accepted: August 15, 2022. Available online: September 8, 2022.

1 Introduction

Corporate Entrepreneurship is an area in research that

has become topical in international business; and at

the same time recognises employee performance in

addition to other resources contributing to the

sustenance of increased capability in the international

market [1]. In recent times, corporate entrepreneurship

has become the engine of economic growth in many

West African countries, including Nigeria. It has been

quite pivotal to the successful transformation of

organisations and global economy. Furthermore,

corporate entrepreneurship makes way for job

creation, poverty reduction, healthy competitive

environment, promotion of growth in the economy

and investments [2]. [3] stated that corporate

entrepreneurship is linked to improved employee

performance in manufacturing firms.

However, despite the gigantic efforts made by

various government administrations to promote

economic growth by corporate entrepreneurship, a lot

is still expected in the food and beverages industry

including Coca Cola Company. Like other developing

countries, most West African countries are bedevilled

with a whole lot of challenges in connection with

corporate entrepreneurship, ranging from institutional

to environmental challenges. In addressing these

challenges, this study examined corporate

entrepreneurship and employee performance in West

Africa (Coca Cola Company). The study focused on

how corporate entrepreneurship elements

(proactiveness, risk tolerance and corporate venturing)

affect employee performance (measured by employee

satisfaction) of Coca Cola Company [4]–[7].

Corporate entrepreneurship in West Africa faces a

whole gamut of challenges that are similar to what is

experienced in other developing countries; and

according to [8]) these challenges have been made

severe by the prevalence of transition of institutions

that are specific on context. However, only a few

manufacturing firms according to [9] have recorded

success in the transition and other similar situations in

the Nigerian context. Despite the array of empirical

studies present on the effect of corporate

entrepreneurship on employee performance, a lot of

studies [10], [11] concentrated on organisations in

western countries and not much was done in the West

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African business environment. With the scarce

empirical studies done in Nigeria, it is not certain

whether or not corporate entrepreneurship has been

conducted on the Coca Cola Company. This has

created research gap and a rising preference by

scholars and policymakers in establishing the use of

corporate entrepreneurship strategy for enhancing

competitiveness and performance in Nigerian major

enterprises. In addressing this research gap, this study

examined corporate entrepreneurship (measured by

proactiveness, risk tolerance and corporate venturing)

and employee performance (measured by employee

satisfaction) of Coca Cola Company.

1.1 Study Objectives

The study examined corporate entrepreneurship as it

relates to employee satisfaction in the Coca Cola

Company. Specifically, the study (i) evaluated the

effect of proactiveness on employee satisfaction in

Coca Cola Company, (ii) examined the effect of risk

tolerance on employee satisfaction in Coca Cola

Company, and (iii) investigated the effect of corporate

venturing on employee satisfaction in Coca Cola

Company. This objective is therefore described in

figure 2.1, the study conceptual framework illustrating

the link between the dependent and independent

variable.

2 Literature Review

In this section, the various basic issues are discussed

as they relate to Corporate Entrepreneurship and

employee performance.

Corporate entrepreneurship according to [12] is a

process that promotes the formulation and

implementation of idea creation needed in starting a

business and risks taking [3] opined that corporate

entrepreneurship allows people in an existing business

pursue opportunities in entrepreneurship with a view

to innovating them by using the resources at the

disposal of the firm. [13] was of the opinion that

corporate entrepreneurship is an emerging behaviour

deviating from the traditional business methodology.

In addition, [14] stated that corporate entrepreneurship

is the process where individuals or group of persons,

in connection with an already business entity, create a

new business or promote innovation within an existing

business entity.

Proactiveness according to [15] is the process of

seeking for opportunities, forward-looking perspective

attributed by the introduction of new goods and

services ahead of competition and future demands

projection. Similarly, [13] defined proactiveness as the

determination of chasing attractive opportunities;

instead of responding to competition. In addition, they

opined further that proactiveness involves going after

opportunities and the initiative to respond aggressively

to competition. In the view of [14], proactiveness

refers to the way business entity connect with market

opportunities in the process of new entry.

Proactiveness according to [15] defines a business’

aggressive pursuit for opportunities in a market and a

strong emphasis in the process of becoming very fast

towards implementing innovation in the industry.

Risk tolerance according to [14] is the disposition of a

business in support of innovative projects, even when

the payoff is uncertain in these activities. In the same

vein, [3] revealed that these business firms allow

personnel and groups to swing into action

independently and exercise their creativity by

accommodating risks with a view to generating new

ideas, goods, and services. [16] opined that risk

tolerance is a business’s disposition to initiate projects

irrespective of how uncertain such firm activity may

be. Additionally, risk tolerance involves business

disposition to be courageous in assigning reasonable

amount of resources to ventures with outcome that are

doubtful, encroaching into markets that are not

familiar, as well as the propensity to borrow in a big

way with the hope of anticipating high yield [17],

[18].

According to [19] is the ratio of real output of an

employee to its output; or compare with the output of

a different business outfit in the same sector.

Employee performance according to Madeniyi, Oke

and Ajagbe (2015) cited in [1] defined as the

employee’s will to establish its objective given

resources in a structured manner. Determinants of

employee performance are x-rayed differently by

researchers [15]–[17], [19] as productivity,

satisfaction, and interpersonal relations.

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Fig. 1: Conceptual Framework

Source: Created by the Author

2.1 Theoretical Background

This study is driven by Benneth theory of corporate

entrepreneurship as was also enunciated by [1], [8],

[9], [12]. The theory examined the impact of strategic

renewal and corporate venturing on internationalizing

banks in Nigeria as well as proactiveness and risks

tolerance in internationalizing banks in Nigeria. The

assumption of the theory was that there are five

factors of corporate entrepreneurship (proactiveness,

risk taking, corporate venturing, innovation, and

strategic renewal). The theory emphasizes that the

activities of corporate entrepreneurship of business

firms tend to promote performance and expansion

globally. The model was used to test (i) the impact of

innovation on banks internationalization; (ii) corporate

entrepreneurship and the performance of servicing

business outfits; and (iii) corporate entrepreneurship

and banks’ global performance. [20] also established a

sustained model of corporate entrepreneurship which

centres on critical factors of organisation that must be

present and felt within the organisation with a view to

promoting the activities of entrepreneurial

sustainability. The model focused on ensuring

entrepreneurial sustainability. It presented some

significant sustainability measures; which are: (i)

management perception and appreciation to allocate

necessary resources for entrepreneurship in addition to

their employees’ ability to innovate; (ii) the model is

further based on the assumption that a trigger is

needed for transformation to occur. According to [21],

the model focused on the decision of every employee

to behave as entrepreneur. Sustained entrepreneurial

responsibility, therefore, is a function of the employee

performance and other antecedents in an organisation,

such as senior management approval, autonomy,

compensation, resources, and flexible organisational

scope. It is undisputable that Kuratko’s model

contributes to sustained entrepreneurship, however

this study believed that employee satisfaction will

immensely contribute to corporate entrepreneurship

especially in the food and beverages manufacturing

company in Nigeria.

2.2 Empirical Review

In line with this, [22] examined the role of the triggers

of strategic entrepreneurship and market share

sustainability with reference to flexibility in strategy,

adaptability, innovation, strategic leadership, risk

tolerance and capability in dynamism. Quantitative

method was used in the study through cross-sectional

data and survey research design was adopted. Primary

source of data was sourced through the administration

of questionnaires. The reliability of the instrument was

confirmed through instrumentation; while the validity

was acknowledged through content, construct, and

criterion. Three textile manufacturing outfit out of the

fifteen textile organisations in Lagos State were

studied. The sampling technique used was purposive;

and the population of the study was 253 top

management personnel. 237 questionnaires were

retrieved. Multiple linear regression model was

adopted. The study discovered that strategic

entrepreneurship has significant impact on market

share (p = 0.000, F (6, 230) = 22.444 and adjusted R2

= 0.353). Nevertheless, the different coefficient

results, specified that dynamic capabilities, strategic

elasticity, and adaptability have maintained positive

and considerable impact on the firm’s financial

performance. The study, therefore, recommended

institutionalizing adaptive creativity, elasticity in

adaptability, strategic elasticity, and capability in

dynamism to maintain improved market share.

The view of [14] who assessed the impact of corporate

entrepreneurship proxied by proactiveness, risk

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taking, innovation, corporate venturing and strategic

renewal on service organisation non-financial

productivity as evaluated by employee satisfaction,

market share, productivity, workforce development

and efficiency. Survey research design was employed

in the study through administering structured

questionnaires distributed to 636 employees of 21

service organisations selected by purposive sampling.

The result was 0.78, implying that the text instrument

was reliable. Stata12 was used to analyse the data; and

the findings revealed that the factors of corporate

entrepreneurship amount to 56% variation in the

performance of servicing organisation (Adjusted R-

squared = 0.5604). The findings revealed that

proactiveness, risk taking, innovation and corporate

venturing have significant effect on the performance

of servicing organisation. On the contrary, strategic

renewal had no significant effect on the performance

of servicing organisation. Their study recommended

that while effecting the factors of corporate

entrepreneurship with a view to promoting non-

financial performance, servicing organisation should

concentrate on proactiveness, risk taking, innovation

and corporate venturing, while strategic renewal

should be executed with caution.

Furthermore, [23] evaluated corporate

entrepreneurship and the performance of business of

Logistic Companies in Indonesia. The study employed

a quantitative method to establish the objective. The

research design for the study was survey; thus, making

it mandatory to use questionnaire to collect the data

from employees from logistics companies. The study

revealed that corporate entrepreneurship significantly

impacts on the performance of logistic business.

Management assistance, availability of time, and

organization boundaries play very significant role with

a view to boosting the performance of logistic

business. In addition, work discretion increases the

positive impact of corporate entrepreneurship on the

performance of business. Their study recommended

that logistics organisation should concentrate on

corporate entrepreneurship in other to manage the

challenges relating to entrepreneurship.

In line with this, [20] evaluated corporate

entrepreneurship and the performance of an

organization. The purpose of their study was to

investigate the effect of corporate entrepreneurship

and on organizational performance at Dangote Group.

The research design used was survey. While using

stratified-proportionate sampling, 238 respondents

was the sample size collected from a population of

592 management staff of Dangote Group. Closed

ended questionnaire was used and a Likert’s rating

scale of 5 was adopted. The instrument was tested

with the help of face validity, and to also examine the

internal consistence. A test and retest approach were

relied upon. Pearson Linear Correlation was used to

determine the strength in relationship amongst the

variables. Multiple linear regression was adopted for

its model specification; while version 21 of Statistical

Package for Social Science (SPSS) was the computer

software that was used. The study revealed that both

risk-taking and innovation do not have positive

relationship with the performance of the organization.

On the contrary, proactiveness has positive

significance on the performance of organisation at

Dangote Group, Nigeria. The recommendation for the

study was that the management should beam their

search light on proactiveness when increasing the

performance of organisation at Dangote Group,

Nigeria.

Accordingly, [24] assessed the impact of corporate

entrepreneurship on the performance of organisation

in the banking sector in Rivers State. Their study had

a population of 369 executives from 17 banks in

Rivers State. While using Yamane (1964) model, the

sample size became one hundred and ninety-two

(192). Because the study adopted a survey research

design, questionnaires were administered. The

questionnaire was structured on five-point Likert scale

(Strongly Agree = 5 point; Agree = 4 points; Neutral =

3 points, Disagree = 2 points and Strongly Disagree =

1). Hypotheses were tested, and as a matter of fact,

they failed the null hypothesis test. The study found

out that a major relationship exists between risk

tolerance, innovation, proactiveness and profitability

in the banking sector in Rivers State. They opined

that corporate entrepreneurship is instrumental to the

continued existence, growth, and expansion of any

organisation. As a matter of fact, corporate

entrepreneurship has the capability of stimulating

advancement in order to promote a business

organisation in an existing market by entering new

and profitable development fields.

The view of Abosede, [13] further evaluated the

impact of corporate entrepreneurship on Nigerian

international bank performance. The proxies used for

measuring corporate entrepreneurship were

proactiveness, risk taking, innovation, corporate

venturing, and strategic renewal. In the same vein, the

proxies for performance were managers’ perceived

measures. Survey research design was the design for

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the study. This was done through questionnaire

administration to top management staff in finance,

foreign operations, and strategy departments. The

questionnaires were distributed to 427 top

management staff of 10 Central Bank of Nigeria

(CBN) licensed international banks constituting the

population of the study. Ordinary least square method

was used to estimate the model through the use of

STATA 14 software. The study revealed that the

elements of corporate entrepreneurship combined

have significant positive impact on international

performance of banks at 95% confidence level: with

innovation having the most impact on international

banks’ performance. The study concludes that most

Nigerian banks outside the shore of the country help

to increase market expansion and boost both employee

and organisational performance. This study is relative

in the proxies considered here but contributes to

measuring the effect of corporate entrepreneurship on

employee performance in the Coca Cola Company.

3 Methodology

In this section, the adopted methodology is briefly

discussed.

3.1 Research Philosophy and Research Design

The research paradigm used in this study was

positivism, putting into cognizance the problem under

study. Positivism perspective, like the natural

sciences, is quantitative and employs an interpretive

paradigm based on quantitative data and broad in

scope. It creates hypothesis and then aims to verify it

by collecting and analysing quantifiable evidence. It is

empirical in nature. The research design was survey.

Similarly, the data used for the study was quantitative

and were obtained through the administration of

questionnaires. The data generated was statistically

analysed using the quantitative approach.

3.2 Research Respondents

The total population under investigation was 5,364.

The sample size as stated in table one was determined

by using Yamane (1964) model. The distribution of

the questionnaire was biased towards top and middle

level managers since they are involved in strategic

decision like corporate venturing and talent

management.

Table 1. Sample Size

Name of Institution

Top Level Sample

Middle level Sample

Coca Cola Company (Coca-

Cola)

 

 

 

 

Source: Author’s Compilation (2022)

Due to the strategic nature of respondents, this

research adopted proportionate stratified random

sampling. The questionnaire was structured with most

questions closed and a few open-ended covering

issues on corporate entrepreneurship and employee

performance. The questionnaire has two parts: The

first gave information about the respondents’ personal

data, while the second dealt with questions. The data

collected were measured using a 5-point Likert-scale

ranging from 1 point for "strongly disagree" to 5

points for "strongly agree". Descriptive and inferential

statistics were applied to analyse the data using IBM

Amos version 25. The descriptive tools include mean

and standard deviation while structural equation

model (SEM) is employed to see whether the

hypotheses were supported by means of model

estimates. The Durbin-Watson Statistics is used to

ascertain the stability of the model and establish the

presence of any serial collection occasioned by

correlation of the independent variables. Also, the

variance inflation factor (VIF) is also used to check

the presence of the multicollinearity in the regressors

and thus to avoid misspecification of the model.

3.3 Model Specification Framework

This study adopted the model of [11], [13]. They

examined corporate entrepreneurship and service

firms' performance in Nigeria. The model specified

for this study is stated below:

  󰇛󰇜(1)

Equation 2 was transformed into the econometric

format with the introduction of a control variable-

training and development. This was adopted from

[14], [15] which examined the effect of corporate

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entrepreneurship (CE) on service firm non-financial

performance.

   

 

  (2)

Where:

PERF represents Performance (employee satisfaction)

β0 is the constant term

β1, β2, β3 are the coefficients of the estimator.

β1, β2, β3 > 0

PERF = Performance (Employees’ Satisfaction)

PR = Proactiveness

RT = Risk tolerance

CV = Corporate venturing

TR = Training and development

 is the error term.

The a-priori expectation is such that corporate

entrepreneurship elements are expected to positively

affect employees’ performance such as employees’

satisfaction. Hence, the parameters of corporate

entrepreneurship elements (risk tolerance,

proactiveness and corporate venturing) should have a

positive significance on Employees’ Satisfaction. The

control variable (training and development) was also

expected to have a positive influence on employees’

satisfaction. It is believed that Training and

development would improve performance and further

give the staff confidence, hence boosting employee’s

satisfaction.

The pilot study was conducted to improve face

validity and content of the instruments. The researcher

pilot tested 60 staff in the organization being studied

using t-test statistical method for the purpose of

ensuring reliability of the questionnaire. The

reliability of the research instrument (questionnaire)

follows a statistical approach. Reliability test is

necessary to validate if the questions in the

questionnaire reliably measured the same variable in a

consistent manner.

4 Analyses of Results and Discussions

Data were processed using Amos version 14 to obtain

results for Ordinary Least Squares (OLS) regression

from the model earlier established. The study

conducted the descriptive statistics and reliability test

for the overall response of the questionnaire. These

results are posted in Table 4, which revealed the

summary statistics in Panel A and reliability test in

Panel B for the relevant variable included in the

research. In panel A of Table 2, the dependent

variable is represented by employee satisfaction which

is a measure of company performance in the selected

manufacturing firms in Nigeria and the mean value is

reportedly 4; while the standard deviation is

approximately 0.433 which yield a variance of 0.658

approximately. This result is with respect to the 372

questionnaires distributed and collected.

Table 2. Descriptive and Reliability Statistics

Panel A: Descriptive Statistics

Variables

Mean

Std. Deviation

Employee Satisfaction

4.41

0.43

372

Proactiveness

4.05

0.65

372

Risk Tolerance

4.04

0.68

372

Corporate Venturing

4.20

0.41

372

Training and Development

4.02

0.58

372

Panel B: Reliability Statistics

Cronbach's Alpha

Cronbach's Alpha Based on

Standardized Items

N of Items

0.889

0.871

372

Source: Author's Computation (2022)

The independent variable was proactiveness of the

Coca Cola Company. The mean is reportedly 4.05

while the standard deviation is 0.647 which yields a

variance of 0.804 approximately for proactiveness.

The second independent variable is Risk Tolerance of

the company. The means of these variables is 4.04 and

the standard deviation is 0.678 which give a variance

of 0.823 approximately. The third independent

variable is Corporate Venturing of the company. The

means of these variables is 4.202 and the standard

deviation is 0.405 which give a variance of 0.636

approximately. Finally, the Cronbach's Alpha for the

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two variables (dependent and independent) is 0.889

which is above the minimum requirement. Therefore,

the questionnaire passed the reliability test for the

pilot test for the entire questionnaire reported herein.

The individual variables have its Cronbach's Alpha. It

reflects that the results passed the reliability test for

each of the variables used in this research. It then

means that the responses were consistent enough to

exceed the minimum required Alpha coefficient.

4.1 Model Diagnostics

The estimated regression was used to test the

hypothesis in order to ascertain the effect of corporate

entrepreneurship on employee performance in Coca

Cola Company. The R-Square indicates that these

independent variables could influence the dependent

by 47.2 per cent. This explains the independent

variable have over 47 per cent influence on the

dependent variable. The Durbin Watson (DW) statistic

test reveals there is no autocorrelation in the residuals

from the statistical regression analysis. This is evident

with the value of 2.145 which is approximately 2.0

that reveals no autocorrelation detected in the selected

sample. Furthermore, the variance inflation factor for

all the variables are observed to be less than 5, thus

implying that there is no presence of multicollinearity

in the regressors. The residual plot (normal histogram

and P-P plot) of the model conforms with the

normality distribution assumption. Hence, the model

fitted is void of any linear model assumption

violations and thus inferences made about it is

reliable.

Fig. 2: Normality Histogram Plot

Fig. 3: Normal P-P Plot of the Regression Standardized Residual

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4.2 Hypotheses Testing

Table 3. Maximum Likelihood Estimates for Corporate Entrepreneur and Performance

Model

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Collinearity Statistics

Std. Error

Beta

Tolerance

VIF

(Constant)

0.594

0.096

6.178

0.000

Proactiveness

-0.008

0.021

-0.007

-0.364

0.716

0.740

1.351

Risk

Tolerance

0.123

0.025

0.106

5.006

0.000

0.650

1.538

Corporate

Venturing

0.277

0.019

0.294

14.522

0.000

0.702

1.424

Training and

Development

0.411

0.018

0.449

23.016

0.000

0.759

1.318

Model Summary

.687a

F-test

408.845

R Square

0.472

p-value

.000b

Adjusted

R Square

0.471

Durbin-

Watson

2.145

a Predictors: (Constant), Training and Development, Proactiveness, Corporate Venturing, Risk Tolerance

b Dependent Variable: Employee Satisfaction

Source: Amos 14, output

The first hypothesis of this research is to evaluate the

effect of proactiveness on employee satisfaction.

Proactiveness forms the first independent variable of

the research as included in the model. From table 4.2,

the coefficient for proactiveness is -0.008 and not

statistically significant at 5 percent. Thus, a unit

increase in proactiveness will cause -0.008 units

decrease in performance (employee satisfaction), all

things being equal. Although, the null hypothesis: there

is no significant effect of proactiveness on employee

satisfaction of Coca Cola Company was hereby

accepted. This result is therefore negating the study of

[16], [17] which explains that the impact of

proactiveness on business performance is positive. It,

therefore, implies that being proactive to adopting and

adapting to the new norms is not essential to business

growth and success in the study area [25]–[27].

The second hypothesis was to examine the effect of

risk tolerance on employee satisfaction. From table 4.2,

the coefficient for risk tolerance is 0.123 and

statistically significant at one percent. This is to say a

unit rise in risk tolerance will cause 0.123 units to

increase in employee satisfaction, all things being

equal. Therefore, the null hypothesis: Risk tolerance

does not significantly have effect on employee

satisfaction of Coca Cola Company is hereby rejected.

This result is in line with [14], [15], [19] which

emphases on the influence of risk tolerance on business

performance.

The third hypothesis of this study was to analyse the

effect of corporate venturing on the employee

satisfaction of Coca Cola Company. From table 4.2, the

coefficient for corporate venturing is 0.277 and

statistically significant at one percent. This is to say a

unit rise in corporate venturing will cause 0.277 units

to increase in employee satisfaction, all things being

equal. Corporate venturing has no significant effect on

employee satisfaction of Coca Cola Company is hereby

rejected. This result is in line with [21], [22] which

emphasised on the influence of corporate venturing on

business performance.

Lastly, the effect of the mediating variable “Training

and development” is also observed to have a positive

and significant effect on the existing relationship

between the corporate entrepreneur variables and the

enterprise performance variable.

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Fig. 4: Structural Equation Path for Corporate Entrepreneur and Performance Variables

The structure equation path diagram showing the extent

of the effects of the corporate entrepreneur variables on

the enterprise performance. The path shows the

independent variables coefficient and their

corresponding standard errors and covariance values

[4]–[7].

5 Discussion of Findings

The essence of this study was to establish the effect of

corporate entrepreneurship on employee performance

of Coca Cola Company. First, it is established that

proactiveness improves employee satisfaction. The

coefficient for proactiveness is 0.114 and statistically

significant at 5 percent. Thus, a unit increase in

proactiveness will cause 0.114 units increase in

performance (employee satisfaction), all things being

equal. This result is consistent with [20], [24] which

explains that the impact of proactiveness on business

performance is positive. Similarly, the effect of risk

tolerance on employee satisfaction is said to be positive

and statistically significant. The coefficient for risk

tolerance is 0.242 and statistically significant at one per

cent. This is to say a unit rise in risk tolerance will

cause 0.242 units to increase in employee satisfaction,

all things being equal. This result is in line with [9],

[11], [13], [15] which emphasised on the influence of

risk tolerance on business performance. Risk tolerance

identifies with a business preparation to seek after

circumstances in spite of vulnerability around the

inevitable achievement [28]. Nevertheless, corporate

venturing is established to have positive impact on the

employee satisfaction of the Coca Cola Company. The

coefficient for corporate venturing is 0.299 and

statistically significant at one per cent. This is to say a

unit rise in corporate venturing will cause 0.299 units

to increase in employee satisfaction, all things being

equal. This result is in line with [13], [14] and [1]

which emphases on the influence of corporate

venturing on business performance.

5.1 Conclusion

The study examined corporate entrepreneurship

(proactiveness, risk tolerance and corporate venturing)

and employee performance (employee satisfaction) in

the Coca Cola Company. The specific objectives of the

study were to evaluate the effect of proactiveness on

employee satisfaction; examine the effect of risk

tolerance on employee satisfaction; and investigate the

effect of corporate venturing on employee satisfaction.

The study concluded that corporate entrepreneurship is

very vital to sustainable employee performance in the

Coca Cola Company. In addition, proactiveness, risk

tolerance and corporate venturing as elements of

corporate entrepreneurship have the propensity of

boosting an existing market by entering new and

profitable development fields [29]–[31].

5.2 Recommendations

The study recommends as follows:

i. that the management of Coca Cola

Company should adopt and work more to

improve on the dimension of

proactiveness; this, in the long run, will

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2023.20.5

Precious Uchechi Ikebujo,

Dorcas Omanyo Oluwade, Hauwa Lamino Abubakar

E-ISSN: 2224-2899

Volume 20, 2023

serve as a booster for employee

performance;

ii. that the level of risk-tolerance effort by

management in Coca Cola Company

should be significantly leveraged upon

with a view to helping employees and the

organisation sustain and continually renew

its methodology towards boosting its

performance and favourably compete in

the international market; and

iii. that the management of Coca Cola

Company should imbibe the culture of

corporate venturing with a view to

motivating the sustainability of employee

performance.

Acknowledgements:

We wish to acknowledge the Nile University of

Nigeria, Abuja for providing an enabling environment

for this study.

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Contribution of Individual Authors to the Creation

of a Scientific Article (Ghostwriting Policy)

1. Dorcas Omanyo Oluwade – Supervision of

Ph.D. work, Conceptualization, Methodology,

Discussion, and proofreading.

2. Precious Uchechi Ikebujo - Writing of Original

Draft, Literature Review & Data Analysis.

3. Hauwa Lamino Abubakar – Discussions,

proofreading and conclusion.

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DOI: 10.37394/23207.2023.20.5

Precious Uchechi Ikebujo,

Dorcas Omanyo Oluwade, Hauwa Lamino Abubakar

E-ISSN: 2224-2899

Volume 20, 2023

Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

No funding was received for conducting this study.

Conflict of Interest

The authors have no conflicts of interest to declare

that are relevant to the content of this article.

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(Attribution 4.0 International, CC BY 4.0)

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