Abstract

The survey focused on Contemporary Financial Practices and Going Concern of Manufacturing Corporations in Nigeria. The specific objective was to determine the effect of capital budgeting and working capital management practices as one of the contemporary financial management practices on sales growth of manufacturing corporations in Calabar, Nigeria and a cross-sectional design was used. Accounting and finance staffs of manufacturing corporations under investigation were used as targeted respondents. Sampling was done based on scientific reasoning; hence 123 accounting and finance employees were chosen and used for the study. Questionnaires with opened and closed ended questions were developed and used to collect data with application of Likert Scale to evaluate the variables. The facts were analyzed using multiple regression analytical technique. The results revealed that the two main financial management practices adopted by manufacturing companies had significant effect on sales. As a result, the study concluded that effective implementation and utilization of financial management practices in manufacturing firms leads to superior and progressed firm performance in terms of sales. The study suggested that managers/owners of manufacturing corporations in Calabar, Nigeria should make financial management practices a top priority, and that government and other regulatory bodies should equally create favorable policies for financial management practices implementation in the manufacturing industry.