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Value for Money Analysis and Financial Performance of Manufacturing Firms in Imo State

JOURNAL:MAZEDAN INTERNATIONAL BUSINESS REVIEW

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# Authors First Online DOI Downloads Citations
1. Eke Promise and Victory Chika Odukwu* 10 Mar 2022 na 12 0

Abstract

The Nigerian manufacturing industry contributes significantly to the growth of the nation's economy by producing goods that other sectors may not be able or willing to give. It, nevertheless, plays a crucial part in the creation or production of things that are necessary for human survival. It provides those functions that the market economy is unable or unwilling to accomplish. The value for money analysis and financial performance of manufacturing businesses in Imo State were investigated in this study. The study's main purpose was to examine how efficiency and effectiveness Value for money analysis improve cost management in Imo State's industrial firms. In this study, we used a descriptive survey research approach as the research design. A total of 94 people from five manufacturing companies participated in the study, and a random sample of 131 people was drawn from that group using Taro Yamen's technique. To gather primary data, researchers used questionnaires that were handed out to study participants. It was possible to use SPSS to do the analysis thanks to the Ordinary Least Square and Spearman Correlation Coefficient methods. The findings demonstrated that efficiency and effectiveness have a connection with financial performance's profit before tax and the value for money analysis. Value for money analysis had a considerable impact on the financial performance of industrial enterprises in Imo State, according to this research. Businesses should do a value for money analysis to ensure that they are not wasting money before taxes, according to the report.


Keywords

value for money analysis, efficiency, effectiveness, profit before tax and financial performance


References
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