STRATEGIC LEADERSHIP AND TURNAROUND MANAGEMENT OF FOOD AND BEVERAGE FIRMS IN DELTA STATE, NIGERIA

Abstract

This study examines the relationship existing between strategic leadership and turnaround management of food and beverage firms in Delta State, Nigeria. The study was based on Upper Echelon Theory which affirms that the cognitive capability, knowledge, experience and skills possess by an executive determine the nature of leadership and decisions he can make to influence the performance of the firm. Descriptive survey research method was employed for primary data in executing this study. A structured questionnaire was adopted as research instrument for gather data. Sample size was determined using a statistical method devised by Borg & Gall and the hypotheses were tested with Pearson Product Moment Correlation Coefficient with the aid of Statistical Package for Social Sciences version 27 was used to test the hypotheses at a 5% level of significance. The results revealed that there is a significant positive relationship between visionary leadership and crisis management in food and beverage firms in Delta State, Nigeria. Results further indicated that there is a positive relationship between strategic decision-making and strategy formulation. The study's findings revealed a statistically significant positive relationship between strategic leadership and turnaround management in food and beverage firms in Delta State, Nigeria. Total population of the study was 600 made up of management and non-management employees of three (3) selected registered food and beverage firms in Delta State. Hypothesis one revealed that there is a significant positive relationship between visionary leadership and crisis management in food and beverage firms in Delta State, Nigeria, with r=0.573, n=600 and (p<0.05). Hypothesis two indicated that there is a statistically positive relationship between strategic decision-making and strategy formulation in food and beverage firms in Delta State, Nigeria with r=0.611, n=600 and (p<0.05). The study, therefore, concluded that strategic leadership influences and drives turnaround management for business sustainability in food and beverage firms in Delta State. The study recommended that food and beverage firms in Delta State should invest in leadership development programs that cultivate visionary thinking and that organisation need to establish structured frameworks for strategic decision-making, incorporating data-driven insights and stakeholder input.