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Ifeanyi, Eziashi Michael Exploration and Evaluation of the Macro­Environmental Factors Influencing Firm Competitiveness in the Nigerian Manufacturing Industry

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Ifeanyi, Eziashi Michael Exploration and Evaluation of the Macro­Environmental Factors Influencing Firm Competitiveness in the Nigerian Manufacturing Industry Ifeanyi, Eziashi Michael Exploration and Evaluation of the Macro-environmental factors influencing Firm Competitiveness in the Nigerian Manufacturing Industry. Doctoral thesis, University of Sunderland. Downloaded from: http://sure.sunderland.ac.uk/id/eprint/8303/ Usage guidelines Please refer to the usage guidelines at http://sure.sunderland.ac.uk/policies.html or alternatively contact [email protected]. UNIVERSITY OF SUNDERLAND Exploration and Evaluation of the Macro-environmental factors influencing Firm Competitiveness in the Nigerian Manufacturing Industry EZIASHI MICHAEL IFEANYI BSc Economics, MSc Management A Thesis Submitted in Partial Fulfilment of the Requirements of the University of Sunderland for the Degree of Doctor of Philosophy October 2017 P a g e | i Acknowledgement As we ascend the ladder of life, one is uncertain, but God has established in the nature of all things, the possibility of success - on Him lies this priceless moment that I have to count myself among those who have successfully waded through the ladder of hardship to obtain one of life`s longest achievements – ‘a PhD degree’. My sincere regards go to no other person than my versatile and indefatigable Director of Studies Dr Augustus Osseo-Asare who in spite of his very tight schedules and other commitments found time to read through my draft chapters and offer his scholarly suggestions and guidance throughout the duration of this thesis. Again, my regards to Dr Hamid Saddighi, for his resourceful supervisory comments, suggestions, encouragements and the knowledge he imparted into me. I am much bound here to my mother Mrs Esther Ikpo who watch this tree bear fruit because there is great glory and joy seeing the end of your labour. I am much bound also to my elder brothers Andrew and Joseph Ikpo, their lovely wives and my sisters, your kindness and simplicity made it possible for me to swim through the angry sea of life and this success today is much to your glory. Words of my mouth cannot thank you guys enough but God in his infinite goodness will reward you abundantly in Jesus name. Amen. To my immediate family, Kathryn Ifeanyi for her endless assistance and encouragement over the long period of studies, Benjamin and Onyinye, Rosie Ifeanyi. I appreciate and acknowledge your moral supports. My regards go to Terry and Val Moore for having time to proof-read my draft Thesis. Thank you for being there for me, I love you all. May God in his inestimable mercies grant us longer life and prosperity? Amen. My friends and colleagues are equally important to me and deserve a space in this page for all their support, help and co-operation throughout my stay as a student in Sunderland University. For every other person who directly or indirectly influenced my life through the years as a student and whose names were not mentioned, your presence and contributions in my life will never be forgotten. Finally, this work is mine and I remain the sole responsible for whatever errors remain undiscovered. I thank you all from the depths of my heart. Ifeanyi, E.M., (2016) 089009497 Sunderland Business School P a g e | ii Dedication This thesis is dedicated to the blessed memory of my dearly beloved father and Sister-inlaw, Late Ogbuenyi Paul Ifeanyichukwu IKPO and Rita Njide IKPO. May the souls of all the faithful departed continue to Rest in Peace. Amen. Ifeanyi, E.M., (2016) 089009497 Sunderland Business School P a g e | iii ABSTRACT Multinational corporations (MNCs) are facing challenges relating to the fast changing and dynamic 21st Century global business environment. These challenges raise critical concerns relating to the strategic role of successive Nigerian governments in creating a favourable macro-environment that enhances industry competitiveness in attracting and sustaining foreign direct investment (FDI) inflows - considering the fact that since independence in 1960, there has been a significant decline in the Nigerian manufacturing industry output and contribution to the nation’s gross domestic product (GDP). These developments underpin the motivation and rationale for this thesis, which aims to provide better understanding of the dynamic nature of macro-environmental factors influencing the levels of firm competitiveness in the Nigerian manufacturing industry. To achieve this aim, the thesis adopts a pragmatists paradigm underpinned by a mix of Questionnaire Survey involving 84 MNCs operating in the Nigerian manufacturing industry, and a sample size of 925 respondents comprising of 288 Top managers, 460 Staff, and 177 Clients, and Semi-structured interviews of 5 CEOs. The data from the questionnaires and interviews were subjected to factor analysis, multiple regression analysis and content analysis using SPSS and NVivo respectively. The hypotheses tests (H1, H1a-H1e) reveal that increased perceived threats from macro- environmental factors significantly reduces the levels of firm competitiveness in the Nigerian manufacturing industry. This is supported by the evidence that, on aggregate, respondents’ perceived levels of threats from politico-legal, economic and financial, sociocultural, technological and ecological environmental factors have a statistically significant negative effect on firms’ competitiveness in the Nigerian manufacturing industry. Using Beta values, politico-legal, economic and financial, and sociocultural factors are identified as the key inhibitors; and in contrast, ecological and technological factors are identifies as the key drivers, of the levels of firm competitiveness. More specifically, on aggregate: (1) Politico-legal factors has statistically significant negative effect, (2) Economic and financial factors has a negative effect but statistically not significant, (3) Sociocultural factors has a negative effect but statistically not significant. In contrast, both (4) Technological factors, and (5) Ecological environmental factors were statistically significant with positive effects, on the levels of firm competitiveness. In addition, the results for both ‘Top Managers’ and ‘Staff’ were statistically significant, while, that for ‘Clients’ were statistically not significant. For the content analysis, a process of pre-coding, unitisation and relationship between themes was adopted.The thematic findings reveals that there is an urgent need for Top managers in manufacturing firms to continuously sense and seize market opportunities, in order to sustain firm competitiveness and to attract increased FDI inflows to the manufacturing industry. The implication of these findings from a decision-making point of view, is that in the short- medium term, strategizing managers need to focus more on the factors which have significant negative or positive effects on firm competitiveness - while in the long-term, they need to evaluate the potential future impact of the factors which at the moment do not have a significant effect on firm competitiveness. Considering the fact that the holistic framework developed in this study was not tested, future research would test the framework using a mix of quantitative and qualitative data from a case study of 3-5 Manufacturing firms in Nigeria. Ifeanyi, E.M., (2016) 089009497 Sunderland Business School P a g e | iv Table of Contents Acknowledgement….………………………………………………….…..….…….….……..i Dedication ………………………………………………………………….…...….………...ii Abstract ……………………………………………………………………….…….…….…iii List of Acronyms ……………………………………………………..…………………….viii List of Appendices …………………………………………………………..…….……….…x List of Figures ………………………………………….…………………………………....xi List of Tables ………………………………………….………………….…………………xii CHAPTER ONE: INTRODUCTION TO THE THESIS 1.1. Introduction……………………………………………………………………….............1 1.2. A Trajectory of the critical role played by the manufacturing industry in Nigerian economic development from the postcolonial period to date………………………………....3 1.3. The researcher’s motivation and rationale for this study – the problem situation in the Nigerian manufacturing industry: research problems, questions and objectives……..........…7 1.4. The Scope, Significance and the Contributions to knowledge…………………………..12 1.5. Summary of the chapter, including an outline of the structure of the thesis……….…....14 CHAPTER TWO: LITERATURE REVIEW 2.1. Introduction…………………………………………………………………………..19 2.2. How key macro-environmental forces influence the competitiveness of firms in the Nigerian manufacturing industry – from an international perspective….……….………..…20 2.2.1 The nature of the interactions between key macro-environmental factors influencing the competitiveness of firms in the Nigerian manufacturing industry…..21 2.2.1.1 The nature of the turbulence in the politico-legal environment……...22 2.2.1.2 The nature of the turbulence in the economic and financial environment…………………………………………………………….…….30 2.2.1.3 The nature of the turbulence in the sociocultural environment…....…40 Ifeanyi, E.M., (2016) 089009497 Sunderland Business School P a g e | v 2.2.1.4 The nature of the turbulence in the technological environment.…..…47 2.2.1.5 The nature of the turbulence in the ecological environment…………49 2.2.2 Assessment of the Nigeria Manufacturing Industry competitiveness……….....51 2.3. Hypotheses development - the influence of macro-environmental factors on the Nigeria manufacturing industry...………………………………………...………….58 2.3.1 Hypotheses development based on the key research gaps and questions……………………………………………………………………...64 2.3.2 Macro-environmental factors and the attractiveness of the Nigerian manufacturing industry………………………………………..……………..65
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