Business Continuity Management Factors, Eco-Efficiency and Financial Sustainability of Sugar Manufacturers in Lagos State, Nigeria
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Date
2024-12
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Lead City University, Ibadan
Abstract
The financial sustainability of sugar industry in Nigeria has experienced a significant decline evidenced by poor profitability, weak resource diversification, and weak firm growth which is suggestive of challenges associated with business continuity management factors and eco- efficiency. Hence, using dynamic capability, and contingency theories, this study assessed the interaction of Business Continuity Management Factors (BCMFs), eco-efficiency and financial sustainability of sugar manufacturers in Nigeria. A cross-sectional survey research design was adopted. The population was 919 staff of selected sugar manufacturing companies in Lagos State, Nigeria. Sample size of 326 staff was determined through the Raosoft sample size calculator for a finite population, and a stratified random sampling technique was used to select
the staff at the three management levels within the selected sugar companies. A validated questionnaire was used to collect data. Data were analysed using descriptive and inferential statistics. Findings revealed that BCMFs had a positive and significant effect on financial sustainability of sugar manufacturers in Nigeria (R 2 = 0.452, (1,277)= 228.570, p= 0.000). Strategy unfolding had positive and significant effect on financial sustainability of sugar manufacturers in Nigeria (R 2 = 0.231, F(1,277)= 83.049, p= 0.000). Response strategy had positive and significant effect on financial sustainability of sugar manufacturers in Nigeria (R 2 = 0.380, F(1,277)= 170.060, p= 0.000). Crisis management leadership had positive and significant effect on financial sustainability of sugar manufacturers in Nigeria (R 2 = 0.278, F(1,277)= 106.784, p= 0.000). Business resilience had positive and significant effect on financial sustainability of sugar manufacturers in Nigeria (R 2 = 0.397, F(1,277)= 182.247, p= 0.000). Eco-efficiency has a positive and significant moderating effect on the interactions between BCMFs and financial sustainability of sugar manufacturers in Nigeria (ΔR
2= 0.010, ΔF = 7.230, P= 0.008). This study concluded that there was a statistically significant effect of BCMFs and eco-efficiency factors to enhance financial sustainability of sugar manufacturers in Nigeria. The study recommended that BCMFs with emphasis on strategy unfolding and crisis management leadership orientation need to be revisited by the management so that the BCMFs can enhance robust financial sustainability and ensure the adoption of environmentally friendly eco- efficiency strategies.
Keywords :Business continuity management factors, Eco-efficiency, Financial sustainability, Sugar Industry
Word Count: 342
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Keywords
:Business continuity management factors, Eco-efficiency, Financial sustainability, Sugar Industry
Citation
Kate Turabia