EFFECT OF TURNAROUND STRATEGIES ON PERFORMANCE OF QUOTED FOODS AND BEVERAGES MANUFACTURING FIRMS IN NIGERIA

Abstract

This study explicated the effect of turnaround strategies on the performance of quoted foods and beverages manufacturing companies in Nigeria. The study primarily looks at the effect of retrenchment, diversification and divestment strategies on the performance of listed foods and beverages manufacturing firms in Nigeria. The study used a survey research approach, and questionnaires were used to gather primary data. Although a sample size of 383 was obtained scientifically using Yamene's Formula, the accessible population was 7,660 employees that made up the administrative cadre, sales representatives, and operational staff of the twelve (12) quoted foods and beverage manufacturing firms in Nigeria. The Statistical Package for Social Sciences (SPSS version 23) was used to perform mean, standard deviation, correlation, and regression analysis on the participants’ data. According to the study, the performance of listed foods and beverages manufacturing firms in Nigeria is positively and significantly impacted by retrenchment, diversification, and divestment strategies. The study came to the conclusion that turnaround strategies aid in lowering operational expenses and enhances performance. In order to fulfill rising customer demands and expectations and enhance performance, it was advised, among other things, that the listed manufacturing businesses of the foods and beverages that were cited constantly introduce new goods or product lines into new markets.