ISSN: www.ijiris.com THE ROLE OF BUDGET AND BUDGETARY

International Journal of Innovative Research in Information Security (IJIRIS) Issue 2, Volume 4 (April 2015)

ISSN: 2349-7017(O) ISSN: 2349-7009(P)

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THE ROLE OF BUDGET AND BUDGETARY CONTROL ON ORGANISATIONAL PERFORMANCE: A CASE STUDY OF TAHIR GUEST HOUSE, KANO STATE, NIGERIA ABDULLAHI, Sadiq Rabiu

KUWATA, Goni

Department of Accounting, Bayero University Kano, Kano State

Department of Business and Entrepreneurship, Bayero University Kano, Kano State

ABUBAKAR, Muhammed Alhaji, Department of Business and Entrepreneurship, Bayero University Kano, Kano State

MUHAMMAD, Tunde Aliyu Department of Business and Entrepreneurship, Bayero University Kano, Kano State

Abstract-- Budgeting is an indispensable tool in the hospitality industry-which has profit maximization as its goal and this can only be realized when resources are properly planned and controlled with the required commitment and expertise. Hotel accommodation in Nigeria is facilitated mostly by the corporate sector, with booking for conferences and meetings demand being highest. Whilst there has been rapid growth in the Nigerian hotel industry in the last decade, it is still in its infancy as the National Bureau for Statistics (2013) posited that the hotels and restaurant sub-sector contributes a mere 0.55 per cent to the Gross Domestic product (GDP). However, the major reason for this insignificant contribution to the GDP has been linked to poor budgeting process and internal control within the players in the industry. This paper therefore researched into the role of budget and budgetary control on organizational performance: a case study of Tahir Guest Palace, Kano. The study made use of both the primary and the secondary data. The instrument for the collection of the primary data was the questionnaire administered, while the secondary data was obtained via the financial statements of Tahir Guest Palace from 2007-2012. A total of 278 staff was sampled using the purposive sampling technique, and data obtained was subjected to regression analysis.Result revealed that budget administration, budget target setting and budget process all have significant impact on organizational performance. The research work therefore, recommend that; (i) the top level management of Tahir guest palace should maintain appropriate standard on budget administration and preparation, and budget process. Specifically, the use of the current budget process on previous budget performance should be emphasized in measuring performance year in year out, as this will enable the management to monitor the organizational growth and or performance as budgeted; (ii) the staff of various cadres at Tahir guest palace should also be allowed to participate in the budget target setting and process to further enhance the organizational performance. If the above recommendations are implemented it will not only increase the organizational performance of Tahir Guest Palace but will also lead to increase in subordinates efforts and task performance. Keywords: Budget, Budgetary Control, Hospitality Industry, Permanent Income Hypothesis

JEL CLASSIFICATION: H32 1.0 INTRODUCTION Budgetary process in the hospitality industry is an ideal routine that reflects the interplay of strategic objective and resource constraints. Thus, it is a tool for managerial decision, making concern for both human and material resources allocation. Budgetary control entails a repetitive circle of planning and control which is normally followed by appropriate information about actual result to the management for comparing them against a budget and initiating a control action if necessary (Defranco, 1997). Budget and Budgetary control constitute important management and internal control systems and are central to the process of planning and control which are major activities of management in all organizations (Beatrice and Thuo, 2013). Kano State is the commercial and investment hub of Northern Nigeria and the third largest non oil and gas economy in Nigeria. Its economy is driven largely by commerce, manufacturing and subsistence agriculture- which is the dominant activity, with up to 70% of the population engaged directly or indirectly (Kwankwaso, 2013). The people of Kano have a rich cultural heritage that provides enormous tourism and hospitality potentials, and with popular hotels such as the Tahir Guest Palace, Prince Hotel, Royal Tropiciana Hotel, TYC Hotel, NI’MAH Guest Palace, La Mirrage Hotel, KFC Hotel, Central Hotel, Akija Hotels Ltd, Grand Central Hotel, Horizon Hotel, Hotel De France, Nassarawa Guest House, among others. These hotels are profit-oriented enterprises and have profit maximization as their goal and this could only be realized when resources are properly planned and controlled with the required commitment and expertise (Okpanachi and Muhammad, 2013). Therefore, there is a need for effective budget and budgetary controls as it constitute important and fundamental management and internal control systems. _______________________________________________________________________________________________________ © 2014-15, IJIRIS- All Rights Reserved Page -22


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www.ijiris.com Demand for hotel accommodation in Nigeria is generated mostly by the corporate sector, with booking for conference and meetings demands being highest (Trevor, 2014). Whilst there has been rapid growth in the Nigerian hotel industry in the last decade, it is still in its infancy regardless of the growth in the travel and tourism industry, and the great potential it has for contributing to Nigeria’s economy, specifically job creation. The nation is yet to fully embrace the industry as a major economic player and a source of national income. According to the National Bureau of Statistics (2013), the travel & tourism accounts for just 3 per cent of Gross Domestic Product (GDP), while the hotel & restaurant sub-sector contributes a mere 0.55 per cent. However, the major reason for this insignificant contribution to the GDP has been linked to poor budgeting process and internal control within the players in the industry (Trevor, 2014). This research work therefore, investigates the role of budget and budgetary control on organizational performance: A case study of Tohir Guest Palace, Kano. The specific objective is to examine the impact of budget administration, budget target settings and budget processes on organizational performance.

2.0 LITERATURE REVIEW 2.1 Conceptual Framework 2.1.1 Concept of Budget Budget shows a quantitative expression of a proposed plan of action by management for a specified period and an aid to coordinating what needs to be done to implement the plan (Horngren, Stratton, Sutton, and Teall, 2004). Budgets are central to the process of planning and control which are major activities of management in all organizations (Okpanachi and Muhammed, 2013). According to Kpedor (2012) budget as a profit planning device sets standard of performance for managers. It is seen as a document which predicts revenues and expenditures of a particular economic entity, for a specified period (Ahmed, Suleiman and Alwi, 2003). The major objective of budgeting is to keep control of the activities done in an organization by providing a roadmap for future activities and setting a series of goals to be achieved and the means to achieve them (Abdel-Kader and Luther, 2006). 2.1.2 Budgetary Control Budgetary control is a tool implored by management to keep track of actual performance to ensure budgeted standards are met (Kpedor, 2012). It entails a repetitive circle of planning and control which is usually followed by appropriate information about actual result to the management for comparing them against the budgeted and initiating a control action if necessary (Defranco, 1997). According to Okapnachi and Muhammed (2013), absence of effective budgetary control breeds disregard for laid down procedures, loss of focus and shoddy coordination of activities and these are capable of crippling an organization. 2.1.3 Organisational Performance This deals with the analysis of a firm’s performance as compared to its goals and objectives. According to Upadhaya, Munir and Blount (2014), organizational outcomes can be judged from three specific areas, which are Financial performance (profits, return on assets, return on investment, etc.); Market performance (sales, market share, etc.); and Shareholder’s return (total shareholder return, economic value added, etc.).[ The Return on Assets (ROA) is the performance index employed by this research work, and its divides a firm’s annual net income by its total assets to show how much income per naira earned in relation to the firm’s asset. The choice for ROA by this research work is premised on the argument of McClure (2005) that it is a better metric of financial performance and it gives a clear picture of corporate health. It is also argued that ROA determines whether a firm is able to generate an adequate return on its assets rather than simply showing robust return on sales (Hagel, Brown, and Lang (2010)). 2.1.4 Hospitality Industry The hospitality industry is a service industry that engages in looking after the basic needs of customers, visitors or strangers, mainly in relation to accommodation, food, and drink. A contemporary explanation of Hospitality refers to the relationship process between a customer and a host (Walker, 2010; and Chan, 2013). The hospitality industry includes hotels, guest houses, restaurants as well as other institutions or organizations that offer food, drinks and shelter services (Kivela, 1994). According to Chan (2013), the characteristics of hospitality industry are product-service mix, relationship building, labour intensive, two-way communication and diversity in culture. 2.2 Theoretical Background The theory adopted by this research work is Permanent Income Hypothesis (PIH), and this theory was considered necessary as prior similar empirical studies also adopted it (see: Christopher, 1997; Nicholas, 1999; and Beatrice and Thuo, 2013). PIH was developed by Milton Friedman in 1957. PIH posits that consumer's permanent income is determined by their assets; both physical (shares, bonds, property) and human (education and experience). These influence the consumer's ability to earn income. A worker saves only if they expect that their long-term average income, i.e. their permanent income, will be less than their current income (Robert, 1978). PIH theory, asserts that firms also spend their revenues depending on the level of permanency of the streams of income (Christopher, 1997). _______________________________________________________________________________________________________ © 2014-15, IJIRIS- All Rights Reserved Page -23


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www.ijiris.com The perceived permanent level of revenue is what businesses will use in their budgetary purposes with the objective of reducing risk (Beatrice and Thuo, 2013). The sharply fluctuating portions of the streams of income do not count much in budgeting. This theory is related to this study in that, just like individual persons, organizations also spend their income according to the level of expected permanency in incomes. It is therefore expected that the budget practices in the hospitality industry depends on the permanent income and if this is not taken into consideration it may lead to failure or poor organizational performance (Nicholas, 1999).This theory was also adopted by Robert (1978), Christopher (1997), Nicholas (1999) and Beatrice et al. (2013), among others. 2.3 Prior Empirical Studies Investigation has shown that lot of empirical evidences are available on budget and budgetary control in hospitality industry. Specifically, Warue and Wanjira (2013), assessed the budgeting process in small and medium enterprises in Nairobi central business district: a case study of hospitality industry. The study revealed that computerized accounting system contributes to budgeting at a higher magnitude than firm size, ownership structure, workers participation and managerial skills. Haberler and Wahll (2006), using a qualitative approach researched into the budget process in a hotel: a case study of Novotel. Findings showed that that there are great differences in how the management and the head of departments experience budgets. Okpanachi and Muhammed (2013), investigated Budget target setting and effective performance measurement in Nigerian Hospitality industry. Findings revealed that the budget target setting procedure in the hotel in Kaduna State is not well articulated and focused. Findings also showed that budget target setting however, is an effective tool for performance evaluation of individuals and units in the hospitality industry. Using applied content analysis technique, Ugwuanyi and Ebe (2012), assessed the impact of poor accounting practices on budget implementation of government owned industries in Enugu State. Findings revealed that there exist poor accounting practices using government owned industries in Enugu State, and that appropriate budgetary implementation are hardly kept by those industries. Using regression analysis, Sanni (2009), investigated the influence of the Economy on hospitality industry in Nigeria. The research work focused on the contributions of the hospitality industry to Gross Domestic Product (GDP) of Nigeria from 1980-2007. Results showed that a positive correlation exists between the hospitality industry and the Nigerian GDP, and that the hospitality industry depends almost entirely on the Economy. Olufemi (2009), using descriptive and inferential statistics investigated the management of hotel properties in south-western Nigeria. The study found that facilities of the hotels within the study area are not up to the standards recommended by the National Tourism Board.Phillips and Louvieris (2010), Using a Balanced score card approach, researched into the performance measurements systems in tourism, hospitality, and leisure small medium-sized enterprises. The study identified priority factors such as budgetary control, customer relationship management, strategic management and collaboration to be responsible for high performance of the industry. Kpedor (2012), researched into budgeting and budgetary control and performance evaluation: a case study of Allterain Service Group. Findings revealed that the use of budget among key actors are at the lower level and also established that monthly performance reports do not get down to the project managers with most of the drifts in performance in respect to meal cost and the number of employees for a project misplaced in the budget. However, most the available studies did not consider the impact of the budget on the financial performance of the hospitality industry but rather on other performance indicators and found that computerized accounting system contribute to budgeting, while factors such as budgetary control, customer relationship management, strategic management and effective collaboration to be responsible for high performance of the industry, and that budget target setting is an effective tool for performance evaluation (Phillips and Louvieris, 2010; Kpedor, 2012; Warue and Wanjira, 2013; and Okpanachi and Muhammed, 2013). This study therefore seeks to evaluate the performance of the hospitality industry using a financial indicator-return on assets, as previous studies, which have considered evaluating the performance of hospitality industry in Kano State is very scarce. 3.0 METHODOLOGY This section focuses on the methodology used for this study. It covers matters such as model specification and estimation, source of data, population of the study, sample size and sampling technique, method of data collection and the method of data analysis. 3.1 Model Specification This research work specified the below model towards satisfying the main objective of the study: ROA = f (BAP, BTS, BP)……………………………………………………….(1) The above model can be transformed into a linear equation and thus be represented as: ROA = λ0 + λ 1 BAPi + λ 2 BTSi + λ3 BP i + µ i ………………………………….(2) Where: ROA = Return on Assets (Dependent Variable) BAP = Budget Administration and Preparation (Independent Variable) BTS = Budget Target Settings (Independent Variable) _______________________________________________________________________________________________________ © 2014-15, IJIRIS- All Rights Reserved Page -24


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www.ijiris.com BP = Budget Process (Independent Variable) λ0 = the intercept λ 1, λ 2, and λ 3 = the parameter estimates (coefficients ) µ i = the error term. The aprio ri expectation is that λ 1 > 0, λ 2 > 0, and λ 3 > 0. 3.2 Model Estimation The model was estimated using the Ordinary least Square Regression (OLS) 3.3 Sources of Data, Population, Sample Size and Sampling Technique. This study made use of both the primary and secondary data. The primary data was obtained using questionnaire, structured on a 5-point likert scale ranging from strongly agree to strongly disagree, while the secondary data was obtained from the financial reports of Tohir guest house from 2007-2012. The population of the study is the total staff strength of Tahir Guest Palace, which is about 650 staff. A total sample size of 278 was selected for this study based on the opinion of Sekeran and Bougie (2010), that a sample size of 278 is adequate for a population of 650 subjects.The purposive sampling technique was adopted, as questionnaires were administered only to literate staff of Tahir Guest Palace, who also understands the concepts of budgeting. 3.4 Method of Data Collection The instrument for the collection of the primary data was the structured questionnaire administered, while the secondary data was extracted from the financial reports of Tahir Guest Palace Kano. 3.5 Method of Data Analysis Both the primary and the secondary data obtained were subjected to Ordinary Least Square regression using the Statistical Package for Social Sciences (SPSS 16.0), while inferences were drawn. 4.0 RESULTS AND DISCUSSIONS This section presents and discussed the findings of this research work. From the 278 questionnaire administered, a total of 273 questionnaire were duly returned and presented in Tables below using percentages and descriptive statistics. 4.1 Socio-demographic Characteristics of Respondents’ Table 4.1 Socio-demographic Characteristics of Respondents Variables Gender of Respondents: Male Female Age: Below 30 years 31-40 years 41 years and above Educational Level: Secondary Graduate Postgraduate Others Marital Status: Single Married Divorced Widow/Widower Respondents Years of Experience: Below 5 years 5-10 years 11 years and above Respondents Cadre Junior Middle Senior Source: Authors’ Survey, 2015

Frequency (N=273)

Percentage (%)

185 88

67.8 32.2

50 145 78

18.3 53.1 28.6

45 131 77 20

16.5 48.0 28.2 7.3

50 167 52 4

18.3 61.2 19.0 1.5

40 112 121

14.7 41.0 44.3

39 122 112

14.3 44.7 41.0

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www.ijiris.com Table 4.1 above showed that both gender (male and female) was sampled and accounts for 67.8 and 32.2 percent respectively, implying that the investigation was not gender biased. On age grounds, 18.3 percent of the respondents have their ages below 30 years, 53.1 percent between 31 and 40 years, while 28.6 percent of the respondents have their ages 41 years and above. The educational background of the respondents revealed that 16.5 percent of the respondents have their secondary education while a larger percent i.e., 48.0 percent, 28.2 percent and 7.3 percent are graduates and holds two or more degrees and other qualifications. This implies that their responses can be relied upon based on their educational attainment. The marital status revealed that 18.3 percent of the respondents were single, 19.0 percent divorced, 1.5 percent widow or widower, while a larger part of the respondents i.e., 61.2 percent are married. Respondents’ years of experience revealed that 14.7 percent have less than 5 years working experience, while 41.2 percent and 44.3 percent have 5 to 10 years and above 11 years working experience respectively. The staff cadre revealed that 44.7 and 41.0 percent of the sampled staff belong to the middle and senior level management respectively and this therefore, implies that the outcome of their responses can be relied upon. 4.2 Reliability Test Conbach’s Alpha

Table 4.2.1 BAP: Reliability Statistic No. of Items

0.765

4

Source: Authors’ Computation, 2015

Conbach’s Alpha

Table 4.2.2 BTS: Reliability Statistic No. of Items

0.816

4

Source: Authors’ Computation, 2015

Conbach’s Alpha

Table 4.2.3 BP: Reliability Statistic No. of Items

0.766

4

Source: Authors’ Computation, 2015 A reliability test was conducted on the variables as shown on Tables 4.2.1, 4.2.2 and 4.2.3 respectively using Cronbach’s Alpha statistic and results showed that Budget Administration and Preparation (BAP), Budget Target Setting (BTS) and Budget Process (BP) are all reliable with Cronbach Alpha statistic of above 0.7 as opined by Pallant (2007) and Ritter (2010), that a cronbach alpha of 0.7 percent and above imply that the data is reliable and can be used for analysis. 4.3 Multi-collinearity Test Table 4.3 Correlation Matrix Variables

BAP

BAP 0.218 BTS 0.567 BP 0.393 Source: Authors’ Computation, 2015

BTS

BP

0.567 0.218 0.305

0.393 0.305 0.218

A multicollinearity check was also conducted on the variables using Pearson-Correlation test statistic as shown in Table 4.3 Result showed that there is absence of multicollinearity among the independent variables as non of them has a correlation coefficient below 0.7, this is based on the submissions of Berry (1993), and Tabachnick and Fideil (2007). 4.4 Results on Regression Analysis Table 4.4 Results on regression Analysis Explanatory Variables Constant BAP BTS

Coefficients -0.305 0.409 0.612

Probabilities 0.614 0.090* 0.002***

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0.254

0.042**

R2 Adjusted R2 Durbin-Watson F-statistic Prob.(F-Statistic)

0.851 0.741 1.925 83.196 0.000*** * Significant at 10%, ** significant at 5%, and ***significant at 1% Source: Authors’ Computation, 2015 The apriori expectation of the model is that λ 1 > 0, λ 2 > 0 and λ 3 > 0. The a priori expectation was satisfied as Budget Administration and Preparation (BAP), Budget Target Setting (BTS) and Budget Process (BP) all have positive relationship with the Returns on Assets (ROA). Thus, the model for this study is valid. On the grounds of the coefficients of the independent variables, an increase in the budget administration standards will increase the the firms return on assets by 0.409 i.e., by approximately 41%. An increase in the budget target setting standard will increase the return on assets by 61% while an increase in the budget process standards will increase the return on assets by 25%. The attendant probabilities of the coefficients for the explanatory variables are 0.090, 0.002 and 0.042 for BAP, BTS and BP respectively and showed that they are significant 10 %, 1 % and 5% level of significance respectively. The Durbin-watson is 1.925 and implies that there is absence of serial correlation, this is in line with the opinion of Alsaeed (2005), that Durbin-watson factors between the values of 1 and 3 implies absence of autocorrelation. The F-statistic value of 83.196 is large with a probability of 0.000 implying that the model is significant at 1% level of significance and thus, the model is good to fit. 4.5 Summary of Findings Table 4.5 Summary of Findings Hypotheses Variables H01 there is no significant relationship between budget administration and Preparation and organizational performance H02 there is no significant relationship between budget target settings and organizational performance H03 there is no significant relationship between budge process and organizational performance Source: Author’s Investigation, 2015

Findings Significant

Significant Significant

5.0 CONCLUSION AND RECOMMENDATIONS Based on the findings of this research work, this study therefore recommend: (i) that the top level management of Tahir Guest Palace should maintain appropriate standard on budget administration, preparation, and budget process. Specifically, the use of the current budget process on previous budget performance should be emphasized in measuring performance year in year out, as this will enable the management to monitor its growth and or performance as budgeted; (ii) The staff of various cadres at Tahir Guest Palace should also be allowed to participate in the budget target setting and process to further enhance its organizational performance. If the above recommendations are implemented, it will not only increase the organizational performance of Tahir Guest Palace but will also lead to increase in subordinates efforts and task performance. REFERENCES [1]. Abdel-Kader, M., and Luther,R. (2006). Management Accounting Practices In The British Food And Drinks Industry. British Food Journal,108 (5), 336–357. [2]. Ahmad, N. N. N., Suleiman, N., and Alwi, N. M. (2003). Are budgets useful? A survey of Malaysian companies. Managerial Auditing Journal, 18 (9), 717–724. [3]. Alsaeed, K. (2005). The Association between Firm-Specific Characteristics and Disclosure: the Case of Saudi Arabia. Journal of American Academy of Business, 7(1), 310-321. [4]. Beatrice, N. W. and Thou, V. W. (2013). Assessing Budgeting Process in Small and Medium Enterprises in Nairobi’s Central Business District: A Case Study of Hospitality Industry. International Journal of Information Technology and Business Management, 17(1), 1-11. _______________________________________________________________________________________________________ © 2014-15, IJIRIS- All Rights Reserved Page -27


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www.ijiris.com [5]. Berry, W. D. (1993). Understanding Regression Assumptions. Sage University paper Series on Quantitative Applications in Social Sciences, 07-092, Newbury Park, CA: Sage. [6]. Chan, B. (2013). Tourism and Hospitality Studies. Hong Kong: Education Bureau. [7]. Christopher D. C. (1997). Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis. Quarterly Journal of Economics. 112(1), 1–55. [8]. Defranco, A. (1997). The Importance of Financial Forecasting and Budgeting at the departmental Level in the Hotel Industry as Perceived by hotel Controllers. Hospitality Research Journal, 20(3), 99 – 110. [9]. Friedman, M. (1956). A Theory of the Consumption Function . Princeton, NJ: Princeton University Press. [10]. Haberler, C., and Wahl, H. E. (2006). The Budget Process in a Hotel: A Case Study of Novotel. A Published Bachelor Thesis of the Department of Business Administration and Management Accounting, School of Business, Economics and Law, Goteborg University. 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(5th Ed.). A John Wiley and Sons Ltd Publication. [28]. Tabachnick, B.G and Fideil, L.S. (2007). Understanding a Multivariate Statistics (5th Ed.). Boston: Pearson Education [29]. Trevor, W. (2014). Nigerian Hotel Industry. Retrieved from www.w-hospitalitygroup.com [30]. Ugwuanyi, U. B., and Ebe, E. C. (2012). Impact of Poor Accounting Practices on Budget Implementation of Government owned Industries.A Study of Enugu State. Research Journal of Finance and Accounting, 3(11), 8-15. [31]. Upadhaya, B., Munir, R., and Blount, Y. (2014). Association between Performance Measurement Systems and Organisational Effectiveness. International Journal of Operations & Production Management, 34(7), 2-2. [32]. Walker, J. R. (2010). Introduction to Hospitality. (3rd Ed.). Upper Saddle River, NJ: Pearson Prentice-Hall. [33]. Warue, B. N., and Wanjira, T. V. (2013). Assessing Budgeting Process in Small and Medium Enterprises in Nairobi Central Business District: A Case Study of Hospitality Industry. International Journal of Information Technology and Business Management. _______________________________________________________________________________________________________ © 2014-15, IJIRIS- All Rights Reserved Page -28

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