THE IMPACT OF ECONOMIC DOWNTURNS ON FINANCIAL MANAGEMENT PRACTICES
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Abstract: THE IMPACT OF ECONOMIC DOWNTURNS ON FINANCIAL MANAGEMENT PRACTICES
This study investigates the impact of economic downturns on financial management practices. Objectives include analyzing how economic downturns affect financial strategies, identifying adaptive practices that mitigate adverse impacts, and evaluating the long-term effects on financial stability. 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 economic downturns significantly disrupt financial management practices, necessitating adaptive strategies such as cost reduction and liquidity management to maintain stability. Recommendations include developing robust contingency plans and flexible financial strategies to navigate economic uncertainties effectively.
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