CORPORATE MANAGEMENT PRACTICES AND FINANCIAL PERFORMANCE OF FOOD AND BEVERAGE INDUSTRY IN SOUTHWESTERN REGION OF NIGERIA

Abstract

Although financial performance is one of the most critical key factors in competitiveness
and sustainability of manufacturing firms, there are still many food and beverage
companies in the south western part of Nigeria who are facing challenges at the operational
and managerial level that is threatening their financial performance. Therefore, the study
examined the effect of the corporate management practices on the financial performance
of food and beverage companies in Southwestern Nigeria. A descriptive survey research
design was used and primary data were gathered using structured questionnaires from 200
senior management staff of four reputed food and beverage companies by using purposive
sampling technique. Data were analysed by descriptive statistics and one-sample t-tests
carried out at 95% confidence level. The results showed that the most important corporate
management practice was coordination and control with t = 3.882 (p < .05). Likewise,
flexible working arrangements and tele-working environments had a high mean score
(mean = 3.877) as well as being statistically significant (p < .05). The study revealed that
good management practice within the company has a great positive effect on company
performance. It suggested that companies should adopt best management practices by
implementing knowledge management, ongoing employee training, and fostering
managers who have a combination of strategic and digital skills to enhance long-term
financial results and organizational competitiveness.