ENTREPRENEURIAL ECOSYSTEM FACTORS AND PERFORMANCE OF LISTED FIRMS ON GROWTH BOARD OF THE NIGERIAN EXCHANGE LTD AND JSE ALTX -A SYSTEMATIC LITERATURE REVIEW

Abstract

Small and medium-sized enterprises (SMEs) are the drivers of employment, innovation and economic growth in emerging economies, but their success is dependent on the quality of surrounding entrepreneurial ecosystems (EEs). This paper systematically reviews and performs a bibliometric analysis of 75 peer-reviewed articles (2010-2024) on the impact of EEs on SMEs listed on the Johannesburg Stock Exchange Alternative Exchange (JSE AltX) and the Nigerian Exchange Ltd Growth Board (NGX). Based on the PRISMA protocol and VOSviewer mapping, three knowledge clusters are identified: institutional factors, SME performance and innovation, and startup dynamics and human capital. Institutional support (regulation, governance, access to resources and legitimacy) enables SMEs to overcome the barriers to growth. However, research is still conceptually fragmented and too dependent on western models. This review creates a framework between institutional foundations, resources, and outcomes, pointing out gaps and suggesting context-specific research on informal institutions, digital platforms, and sustainability-oriented ecosystems in emerging markets.