Abstract
This research aims to investigate the impact of lean production strategy (LPS) and flexible manufacturing strategy (FMS) on financial performance (FP) in the Nigerian manufacturing sector (NMS). A quantitative research approach was applied, and a simple random sampling technique was chosen to identify the samples for this study. For this reason, data were collected from 101 manufacturing companies in Nigeria and a statistical tool; Statistical Package for Social Science (SPSS) version 26 was used to analyze the data. The result shows a significant relationship among the factors examined. Among the factors, the independent variable (LPS) had shown the most decisive impact compared to (FMS) on the dependent variable (FP) the study suggested. Findings from the study contribute and support Porter’s generic theory on existing literature, and practically to the Nigerian manufacturing companies by providing insights into this research area.
Highlights
With recent developments in the last couple of decades, there had been a series of new operational approach attempting to reduce financial performance cost, improve service quality, enhance competitive positions and productivity in various sectors of the economy, most especially the manufacturing and distributive sector in the Nigeria economy (Zu'bi, 2015)
The questionnaires were distributed among employees of manufacturing companies in Lagos, Nigeria who knew about lean production on flexible manufacturing strategy over the past three years
OF FINDINGS The study had investigated the impact of lean production and flexibility manufacturing strategies on financial performance among Nigeria manufacturing companies
Summary
With recent developments in the last couple of decades, there had been a series of new operational approach attempting to reduce financial performance cost, improve service quality, enhance competitive positions and productivity in various sectors of the economy, most especially the manufacturing and distributive sector in the Nigeria economy (Zu'bi, 2015). These approaches range from just in time manufacturing companies, manufacturing productive companies, the total quality management of manufacturing companies and the lean production systems (Chiarini & Brunetti, 2019). Globalization and free trade agreement (FTA) are among the factors that have led to the competitive shift and situation on lead production in the manufacturing industry to gain a competitive financial performance
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