Examining the Effects of Public and Private Firms' Performance (PPFsP) on Stakeholders in South West, Nigeria

Abstract

Public and private firms, especially in developing nations contribute to regional or national economic development. The firms are established to carry out their primary objectives effectively that are beneficiary to the stakeholders among others. The management of the PPFs are saddled with the obligation to achieve efficient service delivery to engender cordial PPFs –Stakeholders relationship. The study examined the effects of PPFs' performance on Stakeholders in South West, Nigeria. In achieving the objectives of this work, a well structured questionnaire was developed. The population of this study comprises of selected respondents located in the six (6) states (Ogun, Oyo, Osun, Ondo, Ekiti and Lagos) in South West, Nigeria through purposive sampling technique. The sample size was obtained using unlimited population formula and a sample size of 400 respondents was established as suitable. Samples were chosen from each of the major cities of Ogun, Oyo, Osun, Ondo, Ekiti and Lagos State using purposive sampling technique. Four hundred (400) copies of questionnaire were distributed to the respondents across the six states using purposive sampling technique, out of which 388 (97.0%) questionnaires were returned. The respondents comprises: Engineers, Builders, Architects, Quantity Surveyors, Consultants, Contractors, Project Managers, Civil Servants and General Public. Both simple descriptive (frequencies, percentages, means, and standard deviation) and inferential statistics such as One-Way Analysis of Variance for testing the hypotheses were used. The results showed that the effects of PPFs' performance on Stakeholders in the required objectives result into employment disengagement with a mean of 3.887, followed by loss of business engagement (suppliers and customers) (3.773), loss of dividends (financial benefits) (3.873), loss of human knowledge development (3.856) and loss of shares (3.706).The study recommended that, there is need for consistent review of developmental policies adopted by various firms and the stakeholders to guarantee employment as this will reduce loss of business engagement both for the suppliers and customers, effective and secured insurance policies for both PPFs and the stakeholders' dividends should be imperative and strictly enforced. Also, the study further suggested that human knowledge development should be effectively and consistently sustained.