TRADITIONAL PRACTICES AND FIRMS’ PERFORMANCE IN RURAL AREAS: A CASE STUDY OF EREMA VILLAGE
DOI:
https://doi.org/10.5281/zenodo.17257109Keywords:
Traditional practices, firm performance, gender participation, sacred days, spiritual assistance, rural entrepreneurship, Nigeria.Abstract
This study investigates the impact of traditional practices, gender participation, sacred days, and spiritual assistance, on firm performance (measured by net profit) in Erema Village, a rural community in Rivers State, Nigeria. Using a mixed-methods approach with data from 200 firms, Pearson correlation and regression analyses revealed that sacred days (β = 0.354, p < 0.001) and spiritual assistance (β = 0.263, p < 0.001) significantly enhance net profit by fostering community trust and morale, while gender participation showed a positive correlation (r = 0.431) but no significant predictive power in regression (β = -0.005, p = 0.950), suggesting cultural barriers may limit women's economic impact. Grounded in institutional theory (North, 1990), the findings demonstrate how traditional norms shape firm behavior in rural economies. The study provides actionable insights for policymakers to leverage cultural practices like sacred days for economic development while addressing gender inclusion barriers. This research contributes to the limited literature on rural entrepreneurship in African contexts, offering practical strategies for balancing tradition
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