MARKET ORIENTATION ADOPTION AND DEVELOPMENT OF THE STOCK MARKET IN DEVELOPING ECONOMIES.

The purpose of this study is to determine how the market orientation adoption of listed firms can contribute to development of the stock market in developing economies. Using thirty senior officers selected from 36 Listed Companies in Ghana, a depth-interview approach is used to collect data from senior officers of the firms to investigate the current level of market orientation of listed firms in Ghana, and to assess the extent to which the levels of market orientation influence economic and non-economic performance of listed firms. The findings of the study revealed a relatively high level of market orientation of listed firms due to proper integration of management, organisational and external antecedents. Also, the level of market orientation of listed companies is strong enough to have significant influence on economic and non-economic performance of organisations. More importantly, the study acknowledged that the market oriented-culture of the listed firms could be used to develop and grow stock market in developing economies.