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| Role of Budget and Budgetary Control on Development of Manufacturing Firms in Osun State, Nigeria |
Akanji, Adedeji Akinkunmi and Adeyemi, Moses Sunday
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Abstract:
This study focuses on the role of budget and budgetary control on development of manufacturing firm in Osun State, Nigeria. The specific objectives are to: examine the compliance with existing rule in preparation of Budget in manufacturing firms in Osun State; assess the relationship between budget and budgetary control and development in manufacturing firms in Osun State; and examine whether the implementation of budget and budgetary control contribute to effective development in the manufacturing firms in Osun State. This study adopted a survey research design. The sampling techniques employed for this study are stratified and simple random sampling methods. The instrument used for this study was obtained from primary data. The primary data was obtained through properly structured questionnaire. The data collected was analyzed using descriptive and inferential statistical methods. In descriptive statistics, simple frequency and percentages were used to answer the research questions while the inferential statistics was used to test the hypotheses generated for the study. The Regression analysis was used to test hypotheses one and three. The findings show that budget and budgetary control had significantly contributed to the development in the manufacturing firm in Osun-State. The study found significant weak relationship between budget and budgetary control and development in the manufacturing firms. The study also found that rules and regulation has no significance influence on the development in the study area. The study concludes that the selected manufacturing firms had efficient and effective budget and budgetary control systems that provides the needed support for management to become more efficient and effective in implementation of various developmental strides at their respective firm.
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