Entrepreneurial Marketing Effects on Sustainable Social Performance of SMEs: The Mediating Role of Entrepreneurial Ecosystem Policy

Abstract

The Ghanaian economy faces significant challenges in providing robust policy support and cohesive ecosystem structures that enable small- and medium-sized enterprises (SMEs) operating in the country to effectively convert entrepreneurial marketing activities into sustainable social outcomes. The research examines the effect of entrepreneurial marketing on sustainable social performance of SMEs using entrepreneurial ecosystem policy as the mediating variable. The Resource Dependency Theory, Resource-Based View and the Stakeholder Theory were utilized, and the study was designed a cross-sectional survey. The data collected were based on 386 SME owners and managers of different sectors in Ghana. Structural equation modeling with SmartPLS 3 was used to test the proposed relationships. The results indicate that entrepreneurial marketing has a significant positive impact on sustainable social performance. In addition to that, ecosystem policy has a strong and positive impact on sustainable social performance. The mediating effect of ecosystem policy in the relationship between entrepreneurial marketing and sustainable social was found to be positive. The research has limitations in that it was cross-sectional and specific to Ghana, which might limit its generalizability. Longitudinal and cross-country designs may be used in future studies to include the dynamic effects of policy interventions. Hypothetically, the research moves towards the mediating role of the ecosystem policy in the relationship between marketing and sustainability. In practice, the study findings highlight the necessity to use combined policy frameworks that empower SMEs to enhance their marketing strengths and social investments to meet Sustainable Development Goals (SDGs) 8, 9, and 12. The research finds that enabling policies of entrepreneurial ecosystems are needed to convert the marketing efforts by SMEs into a sustainable social value.