EMPIRICAL REVIEW OF CORPORATE STRATEGIC PLANNING AND PERFORMANCE OF MANUFACTURING FIRMS IN SOUTH EAST NIGERIA
Keywords:
Budgeting, Corporate strategic planning, Cost control, Firm performanceAbstract
The study examined the implementation of corporate strategic planning by corporate entities and further assessed the impact of strategic planning implementation on firm performance. The study which was carried out on registered manufacturing firms in Anambra state, Nigeria, proxy corporate strategic planning using corporate budgeting and cost control activities. Primary data was obtained by means of questionnaire administered on 220 respondents within the companies under the study. Kolmogorov-Smirnov Test was employed to test for implementation of corporate strategic planning while Spearman’s Ranked Order Correlation Coefficient was employed to test for the effect of corporate budgeting and cost control on firm performance. Findings from the One-Sample Kolmogorov-Smirnov Test showed that strategic planning, as proxy with budgeting and cost control, is significantly implemented by the selected manufacturing firms in Nigeria. Secondly, the test results from Spearman’s Ranked Order Correlation Coefficient revealed that corporate budgeting as well as cost control each has significant effect on the firm performance. The study concluded that manufacturing companies in Nigeria actually implement strategic planning and not just having it on paper. It was also concluded that corporate budget and cost control as strategic activities have significant effect on financial performance of manufacturing firms in Nigeria. It therefore recommended among other things that manufacturing firms should prioritize the development and implementation of effective budgeting processes as well as cost control strategies so as to identify areas of improvement as well as reduce waste and increase efficiency.
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