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Cost Information and Business Strategy: A Synergistic Approach to Ensuring Valid Business Decision and Growth

Sunday O. Effiok, Peter K. Bessong

Abstract


Cost accounting information is one of the enduring tools of management for planning, decision making and control. If this information is wrongly applied, it can jeopardize the revenue aspect of the business and by extension the overall performance of the entity. This paper examines cost information and business strategy as a synergistic approach to ensuring valid business decisions and growth. The ex-post facto and descriptive research designs were used to elicit information from respondents. The paper adopted the ordinary least square analytical technique for data analysis. Findings revealed that inadequate cost information, obsolete costing techniques and ineffective corporate governance impact on organizational performance. We suggest that corporate entities should place more priority on cost information, novel costing techniques and effective corporate governance to facilitate growth, especially in the real sector of the economy in a volatile business environment.

Keywords: Cost information, business strategy, corporate governance, growth


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