EFFECT OF STRATEGIC MANAGEMENT PRACTICES ON THE ORGANIZATIONAL PERFORMANCE OF SELECTED AGRIBUSINESS FIRMS IN NIGERIA

Abstract

Strategic Management is described as ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. The extent to which strategic management practices affect organizational performance as remained a subject of concern among participant in Agribusiness firms industry in Nigeria. This study therefore makes it imperative for an in-depth study on the nexus between strategic management practices and organizational performance of selected Agribusiness Firms in Nigeria. The study employed descriptive survey design using structured questionnaire. The sample size of seven (7) selected Agribusiness Firms in Nigeria was arrived at using simple purposive sampling technique. Both descriptive and inferential statistics was used for data analysis. Descriptive statistics such as percentage count and frequency table while inferential statistics of multiple regression were was used to analyse the effect of strategic management practices on the organizational performance of selected Agribusiness Firms in Nigeria. Findings from the result of multiple regression analysis revealed that, strong contributory relationships were reported for all the variables taken together with both coefficient of determination (R2) and adjusted R2 being 0.398 and 0.384 (40% and 49%) respectively. The fitness of the model is validated given the significance of prob ≥ f = 0.0036 and f (4, 5) = 56.00.Level of relationship exhibit positive effect on SMEs performance. In particular three of the explanatory variables show significant impact on SMEs performance. These are Strategy Formulation, Strategy Implementation and Strategy Evaluation with a P – Values of 0.000, 0.085 and 0.000 respectively. The study concluded that, positive relationship exists between strategic management practices and organizational performance of selected Agribusiness Firms in Nigeria.