Stakeholders Perceptions of the inventory management practices impact on performance of medium scale food industry in Nigeria

Abstract

Various studies exist in the field of accounting on inventory management and control practices. However the factors influencing adoption of inventory management practices in small and medium scale enterprises require adequate attention of accountants, operations management and practitioners.  There is a dearth of study relating to inventory management practices impact on medium scale food industry in a developing economy like Nigeria. Primary data were employed in the study using simple random sampling in selecting medium scale industrialists and their staff. Employing regression techniques, the perceptions of stakeholders in medium scale food companies were analysed using stata10 statistical packages. The result of data analysis and hypotheses tested indicated that there were significant difference in the perception of the impact of inventory management practices at 0.05 level of significant (chi-square value = 36.415).  Conclusion from the result showed that stakeholders perceived business size as the highest of all factors influencing adoption of inventory management practices, followed by the nature of the products, production process, technology development, stock turnover, labour force and size of stock holding.

Keywords:  Inventory management practices, Medium scale Foods industry, Adoption, stakeholders, Performance.