“…M. Appiah et al, 2018a;Quartey et al, 2017;Thompson et al, 2010), industry policies (Adamchak, 1997;Anderson et al, 2007;Georgellis & Wall, 2004;Lah, 2017;K. M. Appiah et al, 2018a) and oil and gas policy environment (Adamchak, 1997;Anderson et al, 2007;Appiah et al, 2018c;Brown et al, 2007;Georgellis & Wall, 2004;Inamete, 1993;Lah, 2017;Malone, 2005) to determine investment behaviours of small and medium businesses. However, these previous studies largely ignored the integration of all these factors in a single study.…”