Cost Management Strategies and Profitability of Quoted Cement Manufacturing Firms in Nigeria

References

[1] Adeniyi, A., (2012) Simplified management accounting. (2nded). Lagos, value analysis publishers

[2] Adigbole, E.A., Adebayo, A.O. &Osemene, O. F. (2020), Strategic cost management practices and organizational performance: a study of manufacturing firms in Nigeria. Global Journal of Accounting and Finance, 4(1), 142-157

[3] Akao Y. (1990). Quality function deployment: Integrating customer requirements into product design. Cambridge, MA: Productivity Press.

[4] Akinyomi, O.J. (2014). Influence of competition on activity based costing system. EPRA International journal of research and development, 3(4); 13-26 AnaleleStiintifice ale University AlexandruIoanCuzadin.Iasi-Stiinte Economic, 56, 3–9.

[5] Babaye, I. S. (2018).Revitalizing ailing textile industry. A paper delivered at a workshop by Nigerian textile workers. Lagos. March 10th.

[6] Bain, J.S. (1994). Economies of scale, concentration and the condition of entity in twenty manufacturing industries. American Economic Review, 44; 15-39.

[7] Baird, K. M., Harrison, G. L and Reeve, R. C. (2010). Adoption of activity management practices: a note on the extent of adoption and the influence of organizational and culture factors. Management accounting research 15(4): 383-399.

[8] Boateng, W. V. & Thomas, M. O. (2015).Implementation of lifecycle costing in manufacturing firms. A study of selected firms in Accra. Journal of contemporary studies in entrepreneurship. 5(2): 49-58

[9] Boyd, L.H. & Cox, J.F. (2002) ‘Optimal decision making using cost accounting information’, International Journal of Production, Vol. 40, No. 8, pp.1879–1898.

[10] Bragg, S. M. (2007). Throughput accounting: A guide to constraints management. Long Beach, CA. Wizard Book publishers.

[11] Budugan, D., & Georgescu, I. (2009). Cost reduction by using budgeting via the Kaizen method.

[12] Can, G. &Ntim, C. G (2020). Effect of life cycle on financial reporting quality (FRQ).cogent business & management journal, 7(1), 23-41

[13] Charles, I. I. &Uford, I. C. (2023). Comparative Analysis and Evaluation of Business and Financial Performance of Amazon.Com: A Three-Year Period Critical Review of Exceptional Success. European Journal of Business, Economics and Accountancy, 11(2): 69-92.

[14] Cokins, G. (2001) ‘A management accounting framework’, Journal of Corporate Accounting and Finance, Vol. 50, No. 3, pp.79–98.

[15] Delmar, F. & Wiklund, J. (1997). The effect of entrepreneur's growth motivation on subsequent growth: A longitudinal study. Paper presented at the academy management meeting. Seattle

[16] Erasmus, E. G. (2021). Cost management practice and financial performance of listed deposit money banks in Nigeria. Journal of Accounting and Financial Management, 7(2); 48-60.

[17] Fadare, T & Adegbie, F. (2020) Cost management and financial performance of consumer goods companies, quoted in Nigeria. International Journal of Scientific and research Publications, Vol 10, issue 8.

[18] Fasheyi, R. M. &Tolu, K. S. (2018).Adoption and implementation of lifecycle costing approach in manufacturing enterprises.International journal of management and entrepreneurship. 3(1), 81-89.

[19] Fridh, G., &Borgernas, H. (2003). The use of target costing in Swedish manufacturing fit Goteborg University: School of Economics and Commercial Law.

[20] Goldratt, E.M., Cox, J. &Whitford, D. (1992) The Goal: A Process of On-going Improvement, Vol. 2. North River Press, Great Barrington, MA.

[21] Grant, R. M. (1991). The resource-based theory of competitive advantage: Implication for strategy formulation.California management review, 33(6); 114-135.

[22] Groth, C. & Kinney, R (1994).Cost Management and value creation. Management decision.

[23] Idowill, A. S. (2014). Impact of target costing on competitive advantage in the manufacturing industries: a study of selected manufacturing firms in Nigeria. International journal of academic research in accounting, finance and management sciences, 4(3), 97-108.

[24] Imeokparia, L. &Adebisi, S. (2014). Target costing and performance of manufacturing industry in South-western Nigeria.Global journal of management and business research, 14(4), 51-58

[25] Innes, J., & Mitchell, D. S. (2009). Activity-based costing in the UK’s largest companies: a comparison of 1994 and 1999 survey results. Management accounting research journal 10(3):33-51

[26] Inseng, D. H. &Uford, I. C. (2019). Examining the contributions of customer-based and employee-based brand equity to a retail bank's market performance. The Retail and Marketing Review (RMR), 15(1): 27-38.

[27] Kadhim, H.K., Najm,k.J., and Kadhim, H.N. (2020). Using Throughput Accounting for Cost Management and Performance Assessment: Constraint Theory Approach.TEM Journal.  9(2), 763‐769.

[28] Kapelko, M. (2006). Evaluate efficiency in the framework of resource-based view of the firm: Evidence from Polish and Spanish textile & clothing industry. Bellaterra, 11-56.

[29] Markowitz, H., (1952). “Portfolio Selection”.The Journal of Finance, 7(1), 77-91.

[30] Matarnach, G. F. & El-dalabeeh, A. (2016).The role of target costing in reducing costs and developing products in the Jordanian public shareholding industrial companies.International Journal of academic research in accounting, finance and management sciences, 6(4), 301-312.

[31] Oluwagbemiga, O., Olugbenga, O. &Zaccheaus, S. (2014). Cost Management Practices and Firm’s Performance of Manufacturing Organizations. International Journal of Economics and Finance, 6 (6), 234-239

[32] Oyedokun, G. A., Tomomewo, A. O. &Owolabi, S. A. (2019). Cost control and profitability of selected manufacturing companies in Nigeria. Journal of Accounting and Strategic Finance, 2(1); 14-33.

[33] Pandey, I. M (2010).Financial management.(10th Ed).UBS publishers’ distribution ltd.

[34] Penrose, E.T. (1959). The theory of the growth of the firm. Oxford: Basil Blackwell.

[35] Uford, I., C., Charles, I., I. &Ekong, J. E. (2022).The COVID-19 Crisis and Regular Telework: The Effect of Stress on the Nigerian Oil and Gas Employees’ Work Perception. European Journal of Management and Marketing Studies, 7(2): 179-199.

[36] Uford, I. C. (2017).Customer and employee- based brand equity driving United Bank for Africa’s market performance. Ph.D. Thesis, University of the Witwatersrand, Johannesburg, South Africa, 1-227

[37] Umo (2022) Essays in Human side of the enterprise: Management systems, financial planning and employees’ reaction in a developing economy of 21st century. European journal of business and management research, 7(3): 1-2

[38] Zengin, Y. and Ada, E. (2010).Cost Management through product design: Target costing approach. International Journal of Production Research.3(1): 53-61

@article{1705048,
      author = {Aniefiok Gilead ROBINSON, Usen Paul UMO},
      title = {Cost Management Strategies and Profitability of Quoted Cement Manufacturing Firms in Nigeria},
      journal = {Iconic Research And Engineering Journals},
      year = {2023},
      volume = {7},
      number = {3},
      pages = {168-191},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1705048.pdf},
      abstract = {Cost management strategies are considered as useful means of increasing revenue for the successful operations of manufacturing firms in which cement manufacturing companies are inclusive. The study examined the relationship between cost management strategies and profitability of quoted cement manufacturing firms in Nigeria. It used ex post facto research design with three quoted cement manufacturing firms as population of the study based on the years 2013-2022. Content analysis research method was adopted. The findings of this study were; Throughput costing (x1), lifecycle costing (x2), target costing (x3) and activity based costing (x4) strategies have positive relationship with the return on equity of quoted cement manufacturing firms with correlation coefficient: Rx1 = 0.090; Rx2 = 0.119, Rx3 = 0.429 and Rx4 = 0.438 respectively. Based on the findings of the study, it was concluded that target, lifecycle, throughput and activity based costing have a combined positive relationship with the return on equity of quoted cement manufacturing companies in Nigeria. But specifically, throughput accounting has weak and insignificant positive relationship. The researcher recommended that firms should confine the output to the extent of customers? demand to locate approaches of raising customers demand to a higher level. Cement firms should exercise the inputs of specialists within and outside the organisation in pursuit of economic life-cycle cost and profitability determination of products. Firms should facilitate the identification of how individual customer influences the cost of supply so as to provide the business with better information to make value-based and more effective decisions.},
      keywords = {Target, Lifecycle, Throughput, Profitability and Activity Based Costing},
      month = {September},
  }