Financial Control and Performance of Manufacturing Companies in Anambra State, Nigeria

Abstract

The study investigated the effects of financial control on performance of manufacturing companies in Anambra State, Nigeria. The specific objectives seek to examine the effects of budgetary control, accounting control and financial report on performance of manufacturing companies in Anambra State, Nigeria. Relevant literature was reviewed and the study was carried out in Anambra State. The study used primary and secondary data as sources of data. The population of the study comprised 384 employees of manufacturing companies in Anambra State, Nigeria. A sample size of 384 respondents was drawn from the population by complete enumeration/the census method. The instrument employed for data collection was the questionnaire based on a 5-Point Likert Scale. Face and content validity was employed for the instrument. Test- retest reliability based on Cronbach Alpha values was used in testing for the reliability of the instrument. Descriptive and inferential statistics were used to analyze the data. Thus, multiple regression analysis was used to test the hypotheses. The result showed that budgetary control has a significant effect on the performance of manufacturing companies in Anambra state. Accounting control has significant effect on the performance of manufacturing companies in Anambra state. Financial report has a significant effect on the performance of manufacturing companies in Anambra state. The study concluded that financial control had a significant positive effects on the performance of manufacturing companies in Anambra State. The study recommended that management of manufacturing companies should strengthen and refine its budgetary control practices. This may involve ensuring clear budgetary plans, effective monitoring, and timely corrective actions to align with financial goals and targets. Managements of manufacturing companies should focus on enhancing its accounting control mechanisms. This could include continuous monitoring and enforcement of compliance with internal policies, regulations, and financial reporting standards to uphold performance standards. Financial report should be done regularly and on time to ensure organizational performance in manufacturing companies.