TURNAROUND OF CORPORATE ORGANISATIONS AND BUSINESS SUSTAINABILITY: A STUDY OF SELECTED FIRMS

Author: Onwuzuligbo Leonard Tabugbo
Department: Business Administration
Affiliation: Nnamdi Azikiwe University Awka

This study examined the factors responsible for the Sustainability of corporate organizations in Nigeria. The broad objective of the study was to explore how to improve the sustainability of corporate organizations in Nigeria. Ten firms that have existed for over fifty years were selected for the Study using multistage cluster sampling technique. A self designed five points Likert scale, format instrument was used for data collection. The study was guided by five research questions and hypotheses. The research hypotheses were tested at 0.05 level of significance using t-test, ANOVA. The study indicated the following as major findings; a significant relationship exists between turnaround programmes and business sustainability, that effect are manipulation of sustainability factors enhance corporate longevity of firms, that considerations other than merit negatively affect turnaround and sustainability of business firms, that perception and treatment of employees as human capital positively affect business sustainability. The conclusions are; corporate organizations in Nigeria do not need to die, having been established as a going concern, there is need for crop of professionals known as Turnaround Managers, management of Nigerian corporate organization are mutual mistrust, Nigerian corporate organization operate from a narrow philosophical base – the possibility of shareholders wealth, policy-implementation gap is endermic in Nigerian corporate culture. The implications of these findings were discussed and these are recommendations made; all firms in Nigeria should identify and adopt relevant sustainability factors in Nigeria should identify and adapt relevant sustainability factors to enhance their longevity, that effort be made to produce a group of management professionals known as Turnaround Managers who will be able to diagnose, prescribe and administer therapy on ailing business organizations and that the National Universities Commission(NUC) should insist that all management related disciplines offer courses on turnaround and sustainability, at least at Post-graduate programmes.

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