Purpose: The objective of this study is to examine the correlation between knowledge management (KM) and lasting company expansion within a specific group of family enterprises located in Lagos State, Nigeria. The study encompasses an examination of six distinct sub-variables, namely knowledge sharing, knowledge training, knowledge capture, knowledge transfer, knowledge acquisition, and knowledge application, in relation to the variable of knowledge management. Additionally, it considers four dependent sub-variables, namely profitability, number of employees, customer base, and market share, in relation to the variable of sustainable business growth.
Methods: A survey research methodology was employed in this study to examine the correlation between knowledge management and business performance among a specific group of family companies located in Lagos State, Nigeria. This article employed a cross-sectional survey research design and utilised a quantitative technique. This design was adopted based on the research topic and its associated research questions. This paper utilised the previous research methodology employed by Olubiyi, Egwakhe, Amos, and Ajayi (2019), Olubiyi (2019), Olubiyi, Lawal, & Adeoye (2022), Olubiyi (2022), and Olubiyi, Jubril, Sojinu, and Ngari (2022). The study employed a cross-sectional survey approach and focused on a population of family businesses, specifically owners/managers of selected small and medium-sized enterprises (SMEs) in Lagos State, Nigeria.
Results and Conclusion: The findings is consistent with the conceptual framework and these studies (Fulgence, Hu, Larbi-Siaw, Tuo, & Gnahe, 2022; Ge & Campopiano, 2021; Ha, Lo, Suaidi, Mohamad,& Razak,2021; Hernández‐Perlines, Moreno‐García, & Yáñez‐Araque, 2017; Inkinen, 2016; Majid, Mahmud, 2019; Marija, 2022; Olubiyi, 2020; Patwary, Alwi, Rehman, Rabiul, Babatunde, & Alam, 2022; Santoro, Messeni-Petruzzelli, & Del Giudice, 2021; Shafique, Kalyar, Patwary, Alwi, Rehman, Rabiul, Babatunde, & Alam, 2022; Shafique, Kianto, & Beh, 2022; Su, & Daspit, 2021; Tan, Hii,. & Cheong, 2022; Torabi, & El-Den, 2017; Zamfir, 2022). Furthermore, the findings of the research validate the empirical data about the correlation between knowledge management strategies and the long-term viability of family enterprises. Evidence suggests that the growth of enterprises in Lagos State, Nigeria is significantly influenced by several factors such as knowledge training, knowledge generation, knowledge capture, information sharing, knowledge transfer, and knowledge application. The data analysis demonstrated a significant correlation between knowledge management techniques and the long-term survival of family firms (R2=0.252, F(6, 461)=27.167; p<0.05).
Research implication: The report acknowledges that its findings and implications are specific to Lagos, Nigeria, with a primary focus on family enterprises. Hence, the research might be further extended by conducting comparable studies on major corporations in Nigeria or other regions. In order to enhance the generalizability and reliability of the findings, it is advisable to increase the sample size by incorporating a larger number of respondents through the use of new data collection methods. The primary obstacle in getting objective performance metrics in the majority of family businesses in Lagos State, Nigeria, was the lack of data. Consequently, non-financial performance indicators were employed as a solution.
Originality/value: The objective of this study is to examine the correlation between knowledge management (KM) and sustainable business growth within a specific group of family companies located in Lagos State, Nigeria. This study enhances the understanding of knowledge management strategies employed by owner-managers in family businesses, making it relevant to entrepreneurs, policymakers, and scholars. The research presents an innovative analysis of current sources, specifically focusing on the primary metrics employed to assess the knowledge management and sustainable business expansion of family enterprises. This study addresses the want for enhanced lucidity and comprehension within the family business industry.
