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ACCOUNTING INFORMATION PROCESSING AND SUCCESSION OF FIRMS IN NIGERIA A CASE STUDY OF SELECTED SMALL SCALE FIRMS IN LAGOS STATE

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CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Robbins and DeCenzo (2005) defined organization as “a systematic arrangement of people brought together to achieve some specific objectives”. Hitt (2008) observes that organization is “the framework of responsibility, authority and duties through which the resources of an organisation are brought together and coordinated for the achievement of set objectives”. As expected organizations strive for survival and continuity on one hand, which are paramount; on the other hand, accounting information is essential and seen as the total package in relation to the quality and quantity of organisational success and succession. Scholars have long stressed the importance of succession planning in ensuring the continuity and growth of an organization/firm (Brockhouse, 2004). Some have even gone to the extent of stating that dealing effectively with the issue of succession planning is the single most lasting gi that one generation can bestow upon the next (Ayres, 1990). Unfortunately, succession planning appears to be le to chance by many business organisation (Leaon-Guerrero, 2003). Some researchers assert th apparent neglect of succession planning to the emotion generated by the process; it forces incumbents to face their mortality and makes other business colleagues contend the need for change (Beckhard and Dyer, 2003, Stern, 2004).

Additional complication arises because the Chief Executive Officer Succession process within small business organisations is quite different from that of large firms. This is due, in large part, to the coincidence of personal and business interest in small business organisations (Davis, 2010). For instance, in the large corporations the date at which the Chief Executive Officer is replaced is usually agreed upon in advance and is determined by the Board of Directors. Also, the frequency of succession is greater in large firms because these companies themselves produce large number of successors (Gorden and Rosan, 2001). On the other hand, in typical business organisation, there is unlikely to be any consensus on when succession is going to take place based on the accounting information processes present and methods used in obtaining such. Moreover, the number of potential successors is limited to the level of transparency of accounting information process in such a firm or business organisation.

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ACCOUNTING INFORMATION PROCESSING AND SUCCESSION OF FIRMS IN NIGERIA A CASE STUDY OF SELECTED SMALL SCALE FIRMS IN LAGOS STATE
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