THE ROLE OF FINANCIAL MANAGEMENT IN CRISIS MANAGEMENT
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- NGN 3000
Abstract: THE ROLE OF FINANCIAL MANAGEMENT IN CRISIS MANAGEMENT
This study investigates the role of financial management in crisis management. Objectives include evaluating the effectiveness of financial strategies during crises, identifying key financial management practices that enhance crisis resilience, and assessing the impact of financial management on crisis recovery. A survey research design is used to collect data from financial managers in various industries. Using Taro Yamane's formula, a sample size of 300 firms in Lagos, Nigeria, was chosen. The reliability coefficient score of the survey instrument is 0.87. Findings indicate that proactive financial management practices, such as maintaining liquidity reserves and robust risk management frameworks, significantly enhance organizational resilience during crises. Recommendations include adopting comprehensive financial crisis management plans and continuous financial monitoring to mitigate crisis impacts.
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