An organization's performance is a key indicator of an organization's effectiveness and development that shows how the combination of actions and outcomes contributes to a successful organization's success. The macro-environment is one of the marketing environments that a business must be aware of to stay on top of its competitors to ensure the organization remains competitive. Multinational organizations must understand this environment as one of the marketing environments to ensure the success of their business. Despite the awareness of the importance of performance, the challenges of multinational corporations in the Nigerian Food and Beverages (F&B) sector have led to the shutdown of the business. Some are considering changing their environment to a more sustainable country as the future for them in Nigeria is not clear. Due to the restrictions or policies that the macro-environment imposes on sales, multinational corporations cannot achieve their goals to grow and develop as an organization.

Globally, the compound annual growth rate of 8.7% is anticipated for the Food and Beverages (F&B) market in 2026, which grow from $5.8 trillion in 2021 to $6.4 trillion in 2022 at a rate exceeding 9.7% [1]. The Food and Beverages (F&B) industry comprises organizations engaged in the production and distribution of food, beverage, pet food and other associated commodities [2]. These products are made available via various distribution channels catering to diverse clients, including individual customers and commercial organizations alike [3]. The Food and Beverages (F&B) industry is reliant on sourcing raw materials from both local and foreign suppliers. According to Business Research Company [4], the imposed restrictions on inter-country trade have disrupted the flow of goods, leading to production obstructions due to the COVID-19 pandemic. Additionally, the fear of contamination through production facilities has adversely impacted the sector's performance during 2020-2021 [5]. Despite these challenges, the Food and Beverages (F&B) industry, along with the health industry, has emerged as the only sector that thrived during that period compared to other economic sectors [6].

Growth in Nigeria's Food and Beverages (F&B) sector is largely driven by the growing low and middle class population and overall population growth. In 2019, Nigeria had a population of about 201 million. By 2050, that number is expected to double to about 402 million [7]. Other factors of growth include urbanization, retail modernization and infrastructure development, as well as developments in advertising and marketing. The retail trade, which includes supermarkets, made up roughly 75% of sales in 2019, amounting to € 43.79 billion. From 2015 to 2019 sales in the food industry increased by an average of 9.2% per year [8]. Nigerian companies' business activities are characterized by low sales, high production costs and low capital utilization without foreign exchange. They also face difficulties in obtaining the necessary inputs such as raw materials like electricity and water [9]. It is based on factors such as poor quality of goods and services. These problems have led to Nigerian organizations not reaching their intended goals and objectives, as the failure in integration and coordination of various business subsystems [10].

Substandard fuel importation and the elimination of fuel subsidies have caused fuel shortages in Nigeria, leading up to the event and long queues at petrol stations. [11]. In addition, the dollar shortage has put the government on foreign exchange shipments of certain items, reducing commodity shipments and putting downward pressure on prices [12]. From January to February, annual core inflation increased from 13.87% (as opposed to agricultural prices), increasing to 14.01% in February 2022 and the highest it has been since April 2017 [13]. Sectors engaged in some form of food import or production may experience fluctuations in the prices of their products. However, frequent price changes in food supply will affect the business's overall performance [14]. Like any other industry, the Food and Beverages (F&B) industry is characterized by high operating costs, the introduction of new production or operating technologies, competition with foreign products, volatile government policies and unpredictable power supplies [15].

Given its magnitude and power, the market is becoming increasingly dominated by Nigerian competitors. Companies are using advertising and public relations to gain customers and also through other promotional activities [16]. As Nigeria's macro-environment is characterized by frequent changes that adversely affect multinational companies, the Food and Beverages (F&B) industry also faces a constant challenge of monitoring these macro-environmental factors and conducting environmental scanning [17].

The above-mentioned problems and difficulties have a significant impact on the operation of any organization, regardless of its size or nature. Taking into account this background, this research investigates the influence of macro-environmental factors on the performance of particular multinational Food and Beverages (F&B) companies in Lagos State, Nigeria.

Literature Review

Macro Environment: According to Mwadime [18], the macro-environment of a multinational company is determined by external factors such as national and foreign influences, which shape its functioning and financial outcomes. To sustain and establish a competitive organization worldwide, organizations must take into account the environmental conditions that impact their operations in other countries. This includes those in similar or different regions of the world [19]. All macro-environmental factors need to be taken into account before setting up an organization or investing in a multinational organization [17]. These include GDP growth, investor protection; borrowing and company formation/operations; contracts and paperwork (including real estate registration); cross-border trade; access to markets with investment opportunities in various economic sectors. Mathuki et al. [20], further clarified that the macro-environment comprises factors that are not within the organization's control but require evaluation to adjust corporate and marketing strategies.

Mesfin [19], investigated the benefits of a macro-environment and discovered that faster changes in the environment result in more critical organizational goals necessitating modification and vice versa. The capacity to adapt organizational changes to the rapidly changing nature of the environment is a crucial element in determining an organization's success. The disadvantages of the macro-environment are factors of the components and the resulting gross domestic product, political, sociocultural and technical factors [14]. Political, economic, sociocultural and technological environment (PEST) factors are characterized as opportunities or threats and also those that an organization can use or treat as a problem depending on its interpretation and capabilities. Changes in the environment can influence a firm, but changes in an organization cannot affect the environment.

Performance

Organizational performance is defined as the actions and efforts of individuals who come together and agree to carry out goals and objectives and plan or strategize together. An organization's performance involves how it reacts to changes in the environment and how it understands and influences those changes to avoid unnecessary waste [21]. It was further emphasized by Ehikioya et al. [22], that for organizations to remain competitive, they need to operate in a dynamic environment and develop strategies that give them an advantage over their competitors. Hence, performance is key to all organizations, public, private, commercial and non-profit organizations [23]. Performance measurements indicate a company's effectiveness, which is a function of the company's response to changes in the external environment [24]. According to Feng et al. [25], the Company’s performance is based on three aspects. Effectiveness (success of processes such as sales growth and market changes), efficiency (ratio of input to output such as return on investment and profit before tax) and adaptability (responding to opportunities brought about by changes in the business environment). Successful organizations are an essential factor for developing countries [26].

Empirical Review

Macro Environment and Organizational Performance: Al-Homaidi et al. [27], examined the bank-specific macroeconomic determinants of profitability using Indian commercial banks. According to the study, profitability indicators were negatively correlated with all other macroeconomic measures except for the lending rate.However; the interest in the loan rate was positively impacted by returns on assets, return on equity and net profit margin. The overall result showed that the return on asset adjusted coefficient of determination was 0.53 and 0.66 for the fixed effect model. These findings, therefore, suggested that macroeconomic determinants and bank-specific contributed 53% and 66% to return on asset profitability. Based on our analysis, the adjusted R-squared for return on equity was determined to be 0.45 for the pool model, 0.46 for the fixed model and 0.22 for the random effects model. This indicates that bank-specific as well as macroeconomic factors contribute to 45%, 46% and 22% respectively in determining the outcome. The findings from NIM indicated that the fitted R-squared values for both pooled and random effects were 0.40, 0.49 and 0.40, respectively. This outcome indicates that bank-specific and macroeconomic factors account for 40%, 49% and 40% of the bank's overall profitability, respectively. Nnaemeka et al. [28], conducted a comprehensive study on the correlation between competitive aggression and the growth of Small and Medium-Sized Enterprises (SMEs). The findings of the analysis indicate that corporations aiming to boost their market share must adopt a proactive strategy, engaging in fierce competition with their rivals. One of the key drivers of growth in market share is a thorough understanding of competitors, their products and the corresponding set of company resources required to effectively anticipate and respond to their actions. Bayraktar has affirmed that there exists a statistically discernible correlation between innovation and a competitive strategy. The findings of this study indicate that managers who aim to succeed in fiercely contested market environments should prioritize innovation, as it serves as a vital link between competitive strategy and organizational performance. To effectively attain favourable outcomes, the adoption of competitive tactics does not serve as a viable means to accomplish the primary objective. Implementing measures to reduce operational and management expenses may provide your organization with a competitive edge by fostering innovation and distinctiveness.

The research conducted by Yang [29], suggests that markets with short product lives, weak competitors and high development costs are ideal for a company's low-performance products. Competitors' weaknesses can reduce the organization's need to maintain a high level of competitive edge, which will help expedite the time-to-market transition. With long product lifecycles, high sales and flat development costs, it is more advantageous to focus on developing products with high performance at a faster pace. A company can generate revenue from generating high-performance products through stable margins and long production cycles while also reducing costs associated with increased expenses.

Theoretical Underpinnings

Contingency Theory: The contingency theory was proposed by Austrian psychologist Fiedler [30]. Contingency theory argues there is no optimal way of organizing a business, managing or making decisions within an organization; rather that the best course of action would be to depend on internal and external factors. Lawrence and Lorsch [31], proposed that organizations operating in complex environments employ a much higher degree of differentiation and integration than organizations operating in simple environments. They identified it as an important issue of environmental instability and information flow. Management Control is a tool that contributes to a company's performance and its effectiveness depends on its accuracy, its adaptability to the needs of the organization and changes in the company's external environment. 

Contingency theory also proposes control systems that enable organizational structural changes or designs, leadership styles and responses to environmental events. Environmental risk can be defined as a set of factors or conditions that an organization faces. These conditions represent accidental factors and therefore no unified organizational model exists anymore. In essence, the contingency theory asserts that a single organizational structure is inadequate for all types of organizations. Instead, the effectiveness of an organization is determined by factors such as the environment and technology used by the organization, its size, or other key components [32].

A survey research design was used to gather a sample of 7200 workers from five specific multinational Food and Beverages (F&B) corporations in Lagos, Nigeria. The five corporations are Nestle Nigeria Plc, Coca-Cola Nigeria Plc, PepsiCo Foods Nigeria Plc, Unilever Nigeria and Cadbury Nigeria Plc. The Taro Yamane formula was used to select a population sample size of 417 and the data were collected using standardized questionnaires. The analysis of the results revealed that the Cronbach alpha value was greater than 0.7. Both descriptive and inferential tools were employed to analyze the data. The Statistical Package for Science Solutions (SPSS) version 26 was used to conduct multiple regression analysis and determine the impact of the variables (Table 1).

Table 1: Summary of Sources of Research Instrument

Source: Researchers Survey (2023)

The pilot study was conducted to test the relevance of the research instrument used to measure the items under consideration and also the simplicity of the questions to be distributed to the respondents which will be measured using the reliability and validity test. The sample size consisted of 10% of the sample size which was filled by the employees of Dangote Group, Lagos State, Nigeria. The questionnaire was reviewed by professionals in academia and the researcher supervisor to determine if items in the questionnaire can adequately reflect what the study is trying to measure. It is also necessary to determine the respondents' willingness (Table 2).

Table 2: Reliability Results

Source: Researchers Compilation (2023)

In line with extant literature, the response options provided in this study’s questionnaire follow the 6-point Likert type scale, consistent with Mishra et al. [33], Kaur et al. [34], Kaliyadan & Kulkarni [35], Onifade et al. [36]. The scale had been an ordinal interval scale numbered from 1 to 6. The response options in the questionnaire covers, Very High (VH) = 6, High (H) = 5, Moderately High (MH) = 4, Moderately Low (ML) = 3, Low (L) = 2, Very Low (VL) = 1 [37-40].

Reliability is an internal measure of the instrument's consistency and it demonstrates its ability to generate comparable and consistent results. A survey instrument with high reliability indicates a high level of consistency. The instrument should be deemed trustworthy when used to measure or gather data and its outcome should always remain the same once it is achieved. To verify the reliability of the research instrument, the study’s reliability was tested using Cronbach's Alpha coefficient and statistical techniques like Cronbach's alpha as well as multiple-item measures. The pre-test results indicated that the scale was deemed reliable (Cronbach’s>0.70) and confirmed the validity of manipulation checks.

The questionnaire was administered to 410 staff members from the Food and Beverages (F&B) establishments that were selected in Lagos State and out of the 410 copies of the questionnaire that were circulated, 387 individuals completed and returned the questionnaire. The data demonstrate a response rate of 94.4%, which is considered above the minimum acceptable level for valid data analysis and interpretation. The study is deemed to be suitable for an analysis of the results by Bryman [41], who suggests that a response rate of 50% or more is generally adequate. According to research conducted by Richardson [42], the research suggested that a 50% response rate is acceptable when conducting field surveys in the social research field. Nulty [43], suggests that online surveys should have a response rate of over 47% for optimal results. Further data analysis is required as the researcher deemed the response rate of 94.4% for this study to be highly positive.

Hypothesis

Macro-Environment variables have no significant combined effect on the performance of selected multinational Food and Beverages (F&B) corporations in Lagos State, Nigeria.

The hypothesis was tested using multiple linear regression. The macro-environment factors were identified as the independent variable, while the dependent variable was operationalised as performance in this study. To perform the analysis, the macro-environmental factors were gathered by summarizing responses from various items within each factor to establish unique scores for individual factors. Table 3 displays the presentation of the obtained parameter estimates and analysis outcomes.

Table 3: Summary Results of Regression Analysis of Macro-Environment Factors on Organizational Performance in the Selected Multinational Food and Beverages (F&B) Corporations in Lagos State, Nigeria

a: Dependent Variable: Performance, b: Predictors: (Constant), Technological Environment, Economic Environment, Political Environment, Socio-Cultural Environment

Source: Researchers’ Findings 2023

Table 3, demonstrates the results of a multiple regression analysis of the effect of macro-environmental factors on the performance of the multinational Food and Beverages (F&B) corporations in Lagos State, Nigeria. Regression results demonstrate that the sociocultural environment (β = 1.027, t = 6.384, p<0.05) and technological environment (β = 1.010, t = 5.025, p<0.05) both have positive and significant effects on performance in the multinational Food and Beverages (F&B) corporations, while economic environment (β = 0.279, t = 1.948, p>0.05) has a positive and insignificant effect on the performance in the selected multinational Food and Beverages (F&B) corporations. On the hand, the political environment (β = -0.066, t = -0.405, p>0.05) has a negative and insignificant effect on the performance of the selected multinational Food and Beverages (F&B) corporations in Lagos State, Nigeria. This implied two of the macroeconomic factors (sociocultural environment and technological environment) are important determinants of performance in the multinational Food and Beverages (F&B) corporations in Lagos State, Nigeria. This means that multinational Food and Beverages (F&B) corporations should pay close attention to these factors to improve their overall performance. Corporations should also monitor economic and political trends and take appropriate actions to mitigate potential risks.

The results are further confirmed by the correlation coefficient, R of 0.512, demonstrating a moderate positive correlation between macro-environmental factors and performance in the selected multinational Food and Beverages (F&B) corporations. Moreover, results revealed a significant overall regression model adjusted coefficient of determination (Adj.R2) of 0.255, indicating that approximately 25.5% of the variance in performance in the selected multinational Food and Beverages (F&B) corporations could be explained by the model's significant predictor variables (sociocultural environment and technological environment), while 74.5% of the variation in performance was accounted for by other exogenous variables that were not incorporated in the model.

Similarly, the analysis of variance supports this result. The overall Analysis of Variance (ANOVA) result for the regression coefficient was (F (4, 382) = 33.860, p = 0.000). The results indicate that the significance of the P value is 0.000, which is less than 0.05. This indicates that the regression model statistically and substantially predicts the performance and is, as a result, an appropriate model for the data analysis. This shows that macro-environmental factors (socio-cultural environment and technological environment) are significant predictors of the overall performance of multinational Food and beverage (F&B) corporations in Lagos State, Nigeria. From the values of the coefficients, the corresponding multiple linear regression equations on how macro-environmental factors influenced competitive advantage were thus expressed as;

PER = 42.384 - 0.066PE + 0.279EE + 1.027SCE + 1.010TE + Ui

Eqn v (Predictive Model)

PER = 42.384 + 1.027SCE + 1.010TE + Ui

Eqn v (Prescriptive Model)

Where,

PER : Performance

PE : Political Environment

EE : Economic Environment

SCE : Socio-Cultural Environment

TE : Technological Environment

The regression model shows that holding macroeconomic factors to a constant zero, the overall performance of the selected multinational Food and Beverages (F&B) corporations in Lagos State would be 42.384. In the predictive model, all the macroeconomic factors are significant predictors except the political and economic environment, so these variables are removed from the prescriptive model. Multinational Food and Beverages (F&B) corporations should focus on enhancing their performance by improving their competitive position in the market through investments in technology and paying attention to sociocultural environments that impact consumer preferences and behaviours. They should still monitor the political and economic environment and take appropriate actions to mitigate potential risks that may arise from changes in these environments. The results of the multiple regression analysis as seen in the prescriptive model showed that when the socio-cultural environment is improved by one unit, the performance of multinational Food and Beverages (F&B) corporations would increase by 1.027, holding other variables constant. Similarly, a one standard deviation increase in a standardized technological environment is predicted to result in a 1.010 standard deviation increase in overall performance in the multinational Food and Beverages (F&B) corporations holding other variables constant. Therefore, multinational Food and Beverages (F&B) corporations should pay close attention to all the macroeconomic factors, including sociocultural and technological, to increase their overall performance. Based on these results, the null hypothesis five (H05) which states that macro-Environment variables have no significant combined effect on the performance of selected multinational Food and Beverages (F&B) corporations in Lagos State, Nigeria was rejected.

The study results reveal a significant influence of macro-environmental on the performance of multinational Food and Beverages (F&B) corporations in Lagos State, Nigeria. This study shows that political, sociocultural and technological environments have a positive impact on the Performance of multinational Food and Beverages (F&B) corporations. The findings suggest that improving these factors can enhance their competitiveness. According to Prajogo [44], the implementation of innovations in products and processes is a successful approach to increasing competitiveness. The research indicates that the effectiveness of organizational performance is influenced by the specifics of the macro environment and that they play a crucial role in connecting the performance of an organization to business outcomes. Thus, in a dynamic business environment, the impact of the macro environment on organizational performance is greater than when studied and monitored.

In line with the study findings, Bayraktar et al. [45], confirmed that there is a statistically significant relationship between innovation and competitive strategy. The results of this study show that managers who want to participate in highly competitive market conditions need to focus more on innovation, which plays a key role in bridging competitive strategy and organizational performance. Similarly, Yang [29], established that rapid development of low-performance products is ideal for markets with relatively short product life, weak competitors and relatively high development costs. If competitors are weak, an organization will not need a high level of performance and organizations can safely speed time to market. In addition, Kotabe and Kothari [46], found that the evolutionary path for Emerging Market Multinational corporations (EMNCs) to build a competitive advantage from their market to developed countries, is that EMNCs acquire resources and absorb them to build their advantage. The findings of this also concur with Maury [47], who found that certain variables related to competitive advantage significantly reduce the decline in future profits towards the average. While traditional barriers to entry do not significantly reduce the decline in profitability, economic profit indicators such as company size and market share are associated with a decline in mean reversion.

The study investigated the influence of macro-environmental variables on the performance of multinational Food and Beverages (F&B) firms operating in Lagos State, Nigeria. The findings of this research demonstrate that the macro-environment has a significant influence on the performance of certain multinational Food and Beverage (F&B) corporations operating in Lagos State, Nigeria. Additional research is necessary to determine the generalizability of the results to other sectors of the Nigerian economy and beyond. Furthermore, it is recommended to expand the scope of the inquiry by integrating additional variables. The dynamics of macro environment factors and the organizational performance of multinational beverage corporations could be studied through a longitudinal survey research design by future researchers.

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