Financial Strategy and Corporate Performance Growth of Selected Food and Beverages Manufacturing Companies in Nigeria

Abstract

Aim/Objective: In the course of the study, the main objectives of the study was to determine the effect of financial strategy (strategy of investing in company assets, strategy of acquisition of capitals, strategy of redistribution of profit) on corporate performance growth (profitability, innovation, corporate culture attitude) of selected food and beverages manufacturing companies in Nigeria.
 Methodology: The four selected food and beverages manufacturing companies in Nigeria made up the study’s population. With a total number of 168 staffs, the study population involved both the middle and top management. The study adopted purposive sampling technique which is the deliberate choice of a researcher due to the qualities of information it possesses. Primary data was used for the purpose of this study. Regression analysis was also used for data analysis.
 Findings: The result of the analysis reveal that: (i) with the result of hypothesis one; the regression estimates results revealed that strategy of investing in company assets has significant effect on profitability (T-test = 1.922, p = 0.043). (ii) for hypotheses two, regression estimates results revealed that strategy of acquisition of capitals has significant effect on innovation (T-test = 2.973, p = 0.004). (iii) for hypotheses three, regression estimates results revealed that strategy of redistribution of profit has significant effect on corporate culture attitude (T-test = 1.447, p = 0.025).
 Research Limitations/Implications: Restrictions point to the limitations that analysts experience when conducting research. When analyzing the effect of financial strategy on corporate performance growth, the analyst experiences some limitations in this consideration, such as limited test measurement, etc.
 Originality/Value: No research was found regarding the financial strategy and corporate performance growth during the time period of 2023.
 Conclusion: The study concluded that there is a positive significant effect between financial strategy and corporate performance growth of selected food and beverages manufacturing companies in Nigeria.