Effect of budgeting practices on financial and non-financial performance of an organization
Budgeting practices affect organizational performance in terms of productivity, efficiency, and innovativeness. Budgeting practices have also been shown to affect the financial performance of a business organization in terms of liquidity, profitability, and solvency.
The following are empirical studies on the effect of budgeting practices on organizational performance across different countries.
This study examined the impact of budget planning and control on the performance of enterprises in Ho Chi Minh City (HCMC) in Vietnam. Specifically, the study sought to establish the effect of budget planning and budget process on firm performance, to find out the effect of budget control and budget process on firm performance, and lastly, to explore the effect of budget process on firm performance in the target firms. The target population included business enterprises operating in HCMC in Vietnam. Secondary data was used to address the research objectives (Thuong, 2025).
The findings revealed that budget planning and budget control have an impact on performance in the target firms. The results indicated that effective budget planning was undertaken in order to achieve the long-term financial goals of the target enterprises. It was also demonstrated that budget process mediated the relationship between budget planning and enterprise performance as well as budget control and enterprise performance (Thuong, 2025).
This study explored the impact of budget planning on SMEs’ financial performance in Eldoret town, Kenya. In particular, the study set out to achieve the following objectives: to determine the effect of budgetary planning on SME financial performance; to establish the effect of digital financial services on SME financial performance; and to find out how digital financial services moderate the relationship between budget planning and SME financial performance (Jepleting et al., 2024).
The target population included 1236 SMEs operating in Eldoret town. The selected SMEs were operating in the following sectors: retail, service provision, construction, real estate, and manufacturing. A sample size of 302 SMEs was selected for the study. 302 respondents were chosen from the target SMEs to participate in the study. Data collection was done using a questionnaire. The collected data were analyzed using descriptive statistics, including frequencies, percentages, mean, and standard deviation. Karl Pearson’s correlation analysis was employed to establish the association between the study variables. Regression analysis was done to determine the effect of the independent variables (budgetary planning and digital services) on the dependent variable, that is, SME financial performance. The findings were presented using tables as required (Jepleting et al., 2024).
The results indicated that a 2.8% variance in SME financial performance was explained by firm size, firm age, budget planning, and digital finance service. The results also revealed that budget planning had a significant impact on SME financial performance. The findings also indicated that digital finance services had a significant impact on SME financial performance. Lastly, it was also demonstrated that digital finance services played a moderating role in the relationship between budget planning and SME financial performance (Jepleting et al., 2024).
This study explored the impact of budgeting techniques, cash management techniques, and rational financial decision-making on the performance of family businesses in the Philippines. In addition, the study explored the mediating role of budgeting technique on the relationship between rational financial decisions and business growth. It also sought to determine the mediating role of cash management techniques on business growth. The target population included family businesses operating in the Philippines. A sample size of 77 respondents was selected to participate in the study. Data collection was done using a questionnaire. Descriptive statistics were used to analyze the descriptive variables of the study. The Partial Least Square (PLS) method was used to analyze the relationship between study variables. The findings were presented in tables as required (Banaag, 2024).
The findings revealed that budgeting techniques had a positive and significant impact on the performance of family businesses in the Philippines; cash management strategies had a positive and significant impact on the performance of the target businesses; and lastly, rational financial decision-making had an insignificant effect on the performance of the target businesses. In addition, the findings revealed that budgeting techniques played a partial mediating role in the relationship between rational financial decision-making and the performance of the target businesses. Also, the results showed that cash management strategies did not play a significant role in the relationship between rational financial decision-making and performance of those target businesses (Banaag, 2024).
This study explored the impact of budget training on the financial performance of the Management University of Africa, Kenya. The target population included all the staff at the target university. A sample size of 80 respondents was selected to participate in the study. Data collection was done using a questionnaire. The collected data were analyzed using descriptive statistics, including frequency, percentage, mean, and standard deviation. Pearson’s correlation analysis was done to establish the association between the study variables. The findings revealed a strong and positive relationship between budget training and the financial performance of the target university. The results of multiple regression analyses showed that 38.2% of the variance in the financial performance of the target university was due to budget training (Agui, 2024).
This study examined the impact of budgeting practices on the financial performance of community-based organizations (CBOs) in Kericho County, Kenya. In particular, the study explored the following objectives: to determine the effect of budget preparation on the financial performance of the target county; to establish the effect of cash flow forecasting on the financial performance of the target county; to find out the effect of monitoring & analysis variances on the financial performance of the target county (Tonui & Njoka, 2024).
The target population included 57 registered CBOs operating in Kericho County. Data collection was done using a questionnaire. The collected data was analyzed using descriptive statistics (frequency, percentage, mean, and standard deviation) and inferential statistics (correlation and multiple regression analysis). The findings were presented in tables as required (Tonui & Njoka, 2024).
The results of correlation analysis revealed that budgeting practices had a positive and significant association with the financial performance of the county government. The findings of the regression analysis showed that budgeting practices explained 75.8% of the variance in the financial performance of Kericho County (Tonui & Njoka, 2024).
This study examined the influence of the budget planning process on the financial performance of public universities in the Mount Kenya region. The target population included 7 public universities located in the Mount Kenya region. Consequently, 284 heads of departments from the academic and administrative units from the target universities were selected to participate in the study. Data collection was done using a questionnaire (Kaithia et al., 2024).
The collected data were analyzed using descriptive statistics, including frequency, percentage, mean, and standard deviation. Pearson’s correlation analysis was used to determine the association between the variables under study. The results were presented in tables as required. The findings indicated that the process of budgetary planning had a positive and significant influence on the financial performance of the target universities (Kaithia et al., 2024).
This study explored the impact of budgetary processes on the financial performance of companies listed in Sri Lanka’s Colombo Stock Exchange. In particular, the study sought to address the following objectives: to determine the effect of budget planning on the financial performance of firms listed in Sri Lanka’s Colombo Stock Exchange; to establish the impact of budgetary participation on the financial performance of firms listed in Sri Lanka’s Colombo Stock Exchange; to find out the effect of budgetary control on the financial performance of firms listed in Sri Lanka’s Colombo Stock Exchange; and to explore the effect of budgetary evaluation on the financial performance of firms listed in Sri Lanka’s Colombo Stock Exchange (Uthayakumar & Yapa, 2023).
The target population included 288 firms listed in Sri Lanka’s Colombo Stock Exchange. Using the stratified random sampling technique, a sample size of 100 firms was selected to participate in the study. The sectors covered included real estate, utilities, telecommunication services, insurance, diversified financials, banks, healthcare equipment, healthcare services, household products, personal products, food, beverage & tobacco, food & staples retailing, consumer services, consumer durables & apparel, automobiles & components, transportation, commercial & professional services, capital goods, materials, and energy. The researcher utilized secondary sources of data, including annual reports of the listed companies for the previous three years (that is, 2018, 2019, and 2020). The collected data was analyzed using descriptive statistics (mean, standard deviation, minimum, maximum, skewness, and kurtosis), correlation analysis, and regression analysis. The findings were presented in suitable tables as required (Uthayakumar & Yapa, 2023).
The results of Pearson’s correlation analysis demonstrated that the budgetary processes represented by budgetary planning, budgetary participation, budgetary control, and budgetary evaluation all had a positive and significant impact on the financial performance of firms listed on Sri Lanka’s Colombo Stock Exchange. The results of the linear regression analysis model indicated the following results: A 5.8% variance in financial performance of the listed firms was explained by budgetary planning; a 2.5% variance in financial performance of the listed firms was explained by budgetary participation; a 1.2% variance in financial performance of the listed firms was explained by budgetary control; and lastly, a 7.9% variance in financial performance of the listed firms was explained by budgetary evaluation (Uthayakumar & Yapa, 2023).
This study explored the effect of budget control on the financial performance of state-owned enterprises (SOEs) in Rwanda. The specific objectives of the study included the following: to determine the effect of budget planning on financial performance of SOEs in Rwanda; to find out the effect of budget implementation on financial performance of SOEs in Rwanda; and lastly, to establish the effect of budget review on financial performance of SOEs in Rwanda (Habineza & Cortez, 2023).
The target population included SOEs in Rwanda operating in the following sectors: manufacturing, digitization, agro-processing, real estate, construction, and transport. A sample size of 106 managers was selected from the target SOEs. A questionnaire was used to collect data from the selected managers. Descriptive statistics (frequency, percentage, mean, and standard deviation) were used to analyze descriptive variables of the study. Spearman correlation analysis was used to examine the relationship between the dependent variable (financial performance of the SOEs) and the independent variables (budget planning, budget implementation, budgetary control, and budget review). Multiple regression analysis was used to explore the effect of the independent variables (budget planning, budget implementation, and budget review) on the dependent variable, that is, SOEs’ financial performance. The findings were presented in suitable tables as required (Habineza & Cortez, 2023).
The findings of correlation analysis revealed that budget planning had a positive and significant impact on the financial performance of the SOEs. The results also showed that budget implementation had a positive impact on the financial performance of SOEs. Furthermore, the findings indicated that budget review had a positive and significant impact on the financial performance of the SOEs. Lastly, the study showed that budget control had a low but significant impact on the financial performance of the target SOEs (Habineza & Cortez, 2023).
The results of multiple regression analysis indicated that budget planning, budget implementation, and budget review explained 21.7% variance in the financial performance of the target SOEs (Habineza & Cortez, 2023).
This study explored the impact of budgetary practices on the performance of construction firms in Kenya. In particular, the study sought to address the following objectives: to find out the effect of budgetary control on the performance of housing construction firms in Nairobi City County; to determine the effect of budgetary planning on the performance of target firms; to establish the effect of budget coordination on the performance of target firms; to find out the effect of budget communication on the performance of target firms; and lastly, to determine the effect of the budget evaluation process on the performance of target firms (Mutabari & Warui, 2023).
The target population included housing construction firms in Nairobi City County. 196 respondents from the target firms were selected to participate in the study. Data collection was done using a questionnaire. The collected data was analyzed using descriptive statistics. Correlation analysis was used to establish the associations between variables under study. Multiple regression analysis was used to explore the effect of independent variables (financial performance) on the dependent variables (budget planning, budget control, budget coordination, budget communication, and budget evaluation process). The results were thereafter presented in tables as required (Mutabari & Warui, 2023).
The results of correlation analysis revealed the following: budget control had a positive and significant effect on the financial performance of housing construction firms in Nairobi City County; budget control had a positive and significant effect on budget coordination in the target firms; budget communication had a positive and significant effect on budget evaluation; and lastly, budget communication had a positive and significant effect on budget coordination. On the other hand, budget planning and budget communication had an insignificant effect on the financial performance of target firms (Mutabari & Warui, 2023).
The findings of the regression analysis model revealed that budget control explained 24.7% variance in firm performance when the rest of the factors remained constant; budget coordination explained 19.5% variance in firm performance when the rest of the factors remained constant; and the budget evaluation process explained 24.2% variance in firm performance when the rest of the factors remained constant. In addition, the results indicated that 39.3% variance in firm performance was explained by budget control, budget coordination, and budget evaluation processes (Mutabari & Warui, 2023).
This study examined the effect of budgeting practices on the financial performance of an NGO known as WfW Rwanda. In particular, the study explored the following objectives: to establish the effect of the budget preparation process on the financial performance of WfW-Rwanda; to find out the effect of the budget implementation process on the financial performance of WfW-Rwanda; and lastly, to explore the effect of budget monitoring and evaluation on the financial performance of WfW-Rwanda (Mutezinkindi, 2022).
The target population included all 300 employees of the WfW-Rwanda NGO. A sample size of 171 respondents was thus selected from the target population to participate in the study. Data collection was done using questionnaires. Descriptive statistics such as frequency, percentage, mean, and standard deviation were used to analyze descriptive variables of the study. Pearson’s correlation analysis was used to establish the associations between variables being studied. Multiple regression analysis was used to establish the effect of the independent variables (budget process, budget implementation, and budget monitoring & evaluation) on the dependent variable (financial performance of WfW-Rwanda). The findings were presented in tables as required (Mutezinkindi, 2022).
The findings of Pearson’s correlation analysis revealed that the budget preparation process had a positive and significant impact on the financial performance of WfW-Rwanda. Also, the results indicated that the budget implementation process had a positive and significant impact on the financial performance of WfW-Rwanda. Lastly, the findings showed that the budget monitoring and evaluation process had a positive and significant impact on the financial performance of WfW-Rwanda (Mutezinkindi, 2022).
The results of multiple regression analysis indicated that 90.8% of the variance in the dependent variable (that is, financial performance of WfW-Rwanda) was explained by the independent variables, including the budget preparation process, budget implementation process, and budget monitoring & evaluation (Mutezinkindi, 2022).
This study explored the influence of budget planning on the performance of the Regional Secretariat General Bureau, West Sulawesi Province. In particular, the study sought to address the following objectives: to establish the effect of budgeting planning on the performance of the Regional Secretariat General Bureau, West Sulawesi; to determine the effect of budget evaluation on the performance of the target organization; and to find out the effect of cost standard analysis on the performance of the target organization (Subriyah et al., 2021).
The target population included staff working at the Regional Secretariat General Bureau, West Sulawesi. 72 respondents were selected to participate in the study. Data collection was done using a questionnaire. The collected data was analyzed using descriptive statistics. Multiple linear regression analysis was carried out to establish the relationship between the independent variable and the dependent variables. The findings were presented in tables as required (Subriyah et al., 2021).
The findings revealed that budget planning had a positive and significant effect on standard costs, budget evaluation had a positive and significant effect on cost standards, and budget planning had a positive and significant effect on the performance of the target population. In addition, budget evaluation had a positive and significant effect on organizational performance. The findings also indicated that cost standards had a positive and significant effect on the performance of the target organization (Subriyah et al., 2021).
This study explored the effect of budgeting and budgeting controls on the performance of selected companies operating in Nigeria. The study was guided by the following objectives: to establish the importance of budgeting techniques used by targeted Nigerian companies; to establish how budgeting aids the companies to plan their profitability; to find out the effect of budgetary controls on employee performance; to determine the effect of inadequate data and records on budgeting in the target companies; to establish the relationship between auditors’ efforts and auditor expectations in the target companies; to find out the effect of auditors’ skills on company performance and audit expectations; and to establish the relationship between auditors’ independence and audit expectations in the target companies (Abani, 2020).
The target population included companies operating in Nigeria. 50 staff members, including the business owners, administrators, accountants, associate directors, salespeople, clerks, service workers, and finance managers, from the target companies constituted the sample size for the study. Data collection was done using a questionnaire. The collected data were analyzed using descriptive statistics (frequency, percentage, mean, and standard deviation) and the Spearman’s correlation analysis model. A regression analysis model was used to establish the relationship between the independent variables and the dependent variable. The findings were presented using suitable tables as required (Abani, 2020).
The results revealed that budgetary planning and budget control had a positive and significant effect on the performance of target companies. The results also showed that budgetary preparation and implementation had a positive and significant effect on the performance of target companies. The results of the regression analysis model showed that 57% variance in the dependent variable, that is, performance of target companies, was caused by the following independent variables: independence and scope of the audit, public knowledge on the auditor’s role, needs of the users, and efforts and skills of the auditor (Abani, 2020).
The results also indicated that effort of the auditor, public knowledge of the auditors’ role, and independence in contributing to the audit expectation reduced audit expectation. The findings also showed that skills of the auditor; perception of the preparers, auditors, and users’ needs; and perception of preparers, auditors, and users of the scope had no significant influence on audit expectation. This means auditors’ skills, auditors’ efforts, public knowledge on the role of auditors, and the independence of the auditor had a significant effect on company performance on audit expectations (Abani, 2020).
This study explored the impact of the budgetary process on the performance of Trans Nzoia County, Kenya. In particular, the study addressed the following objectives: to determine the effect of budgetary participation on the performance of the target county government; to explore the effect of budgetary control on the performance of the target organization; and to find out the effect of budget planning on the performance of the target organization (Okotchi et al., 2020).
This was a case study design. Therefore, the sample for the study included all the 72 employees of the Trans Nzoia County government. Data collection was done using a questionnaire. The collected data were analyzed using descriptive statistics, including frequency, percentage, mean, and standard deviation. ANOVA and multiple regression analysis models were used to examine the effect of independent variables on the dependent variable. The results were presented in suitable tables as required (Okotchi et al., 2020).
The findings of the correlation analysis revealed that budgetary participation had a positive and significant impact on the performance of Trans Nzoia County. The results of the regression analysis model demonstrated that budget participation explained 14.2% of the variance in the performance of the target organization (Okotchi et al., 2020).
This study explored the impact of the budgeting process on organizational effectiveness in Wolaita Zone public finance organizations. Specifically, the study sought to achieve the following objectives: to determine the importance of the budget planning process on organizational effectiveness; to explore the effect of budget preparation on organizational effectiveness; to find out the effect of budget implementation on organizational effectiveness; and to establish the effect of budget control on organizational effectiveness (Osebo et al., 2019).
The target population included public finance organizations in the Wolaita zone. A sample size of 262 respondents was selected to participate in the study. Data collection was done using a questionnaire. The collected data were analyzed using descriptive statistics, including frequency, percentage, mean, and standard deviation. Pearson correlation analysis was used to establish the association among the study variables. The Ordinary Least Squares (OLS) regression model was used to establish the effect of the independent variables (budget preparation, budget implementation, and budget control) on the dependent variable, that is, organizational effectiveness. The results were presented in suitable tables as deemed appropriate (Osebo et al., 2019).
The results of Pearson’s correlation analysis revealed the following: the process of budget planning had a positive and significant impact on organizational effectiveness; the budget preparation process had a positive but insignificant impact on organizational effectiveness; the process of budget implementation had a positive and significant impact on organizational effectiveness; the process of budget control also had a positive and significant impact on organizational effectiveness; and lastly, the tax revenue budget had a positive and significant impact on organizational effectiveness in the target organization (Osebo et al., 2019).
The results of OLS regression analysis revealed that 64.4% variance in the dependent variable (organizational effectiveness) was explained by the independent variables, that is, tax revenue budget, budget control, budget implementation, budget preparation, and budget planning (Osebo et al., 2019).
This study investigated the impact of budget management practices on the performance of local governments in the Musanze district, Rwanda. In particular, the following were the main objectives of the study: to determine the effect of budget planning on the performance of the local government of the Musanze district; to establish the effect of the budget implementation process on the performance of the local government of the Musanze district; and to find out the effect of budget monitoring on the performance of the local government of the Musanze district (Mukashyaka & Mulyungi, 2018).
The target population included the local authorities in the Musanze district of Rwanda. Using a random sampling technique, 233 employees from the target local authorities were selected to form the sample of the study. Primary data collection was done using questionnaires. Secondary data for the study was collected from budget plans and reports of the target firms. Descriptive statistics (frequency, percentage, mean, and standard deviation) were used to analyze descriptive variables of the study. Pearson’s correlation analysis was used to establish the associations among study variables. Regression analysis was used to examine the relationship between the independent variables and the dependent variables. The results were presented in relevant tables as deemed fit (Mukashyaka & Mulyungi, 2018).
The results revealed that budget planning had promoted agriculture, infrastructure, and health in the Musanze district. This implies that budget planning had enhanced the performance of the local authorities under study. With regard to budget implementation, the findings demonstrated that the local authority’s management approved payment as per the budget plan, payments by the local authorities were done in a transparent manner, departmental heads in the studied local authorities were actively involved in the budgeting process, and the budget plan was properly reviewed before being utilized. This means that the process of budget implementation in the target local authorities was done according to the stipulated policy. In addition, the findings showed that the process of budget implementation had promoted agriculture, infrastructure, education, and health in the target local authorities. This means that budget implementation had promoted the overall performance of the target local authorities (Mukashyaka & Mulyungi, 2018).
Regarding budget monitoring in the target local authorities, the findings showed that heads of departments were actively involved in monitoring the departmental budgets; internal audit monitors were also being used as per the budget plan; external audit monitors were being employed in the budgeting process; and the district accounts committee was also involved in monitoring if the budget was being used according to the budget plan (Mukashyaka & Mulyungi, 2018).
The results of the regression analysis model showed that 96.5% variance in performance (the dependent variable) of the target local authorities was caused by budget planning, budget implementation, and budget monitoring (the independent variables). The results of the correlation analysis indicated that budget planning had a positive and significant impact on the performance of the target local authorities; budget implementation had a positive and significant impact on the performance of the target local authorities; and last but not least, budget monitoring had a negative but significant impact on the performance of the target local authorities (Mukashyaka & Mulyungi, 2018).
This study explored the impact of the budgeting process on the performance of state corporations with special reference to Kenyatta National Hospital (KNH) of Kenya. Specifically, the study addressed the following objectives: to establish the effect of budgetary participation on budget performance in KNH, to determine the effect of budget feedback on budget performance in KNH, to examine the effect of budgeting sophistication on budget performance in KNH, and to find out the effect of budget control on budget performance of KNH (Kamau et al., 2017).
The target population included all 450 staff members at KNH who are directly involved in the budgeting process. A sample size of 72 participants was selected from the target staff. Data collection is done using questionnaires. Data analysis was done using descriptive statistics, including frequency, percentage, mean, and standard deviation. Inferential statistics, including correlation and multiple linear regression analysis, were carried out to determine the effect of independent variables on the dependent variable. The findings were presented in tables as required (Kamau et al., 2017).
The findings of the correlation analysis revealed that budgetary participation had a positive and significant impact on the budget performance of Kenyatta National Hospital; budget sophistication had a positive and significant effect on budget performance at KNH; budget feedback had a positive and significant effect on budget performance at KNH; and budget control was also revealed to have a positive and significant effect on budget performance at KNH. According to the results of the linear regression model, 74% of variance in budget performance at KNH (dependent variable) was caused by the independent variables, including budgetary participation, budget feedback, budgeting sophistication, and budgetary control (Kamau et al., 2017).
This study explored the impact of budgeting practices on the financial performance of insurance companies in Kenya. Specifically, the study sought to address the following objectives: to explore the effect of capital expenditure variance on the performance of target firms; to find out the effect of operating expenditure variance on the financial performance of target firms; to investigate the effect of human resource variance on the financial performance of the target firms; to determine the effect of income variance on the financial performance of the target firms. (Ngumi & Njogo, 2017).
The target population included 45 insurance and reinsurance companies registered in Kenya. A sample size of 23 companies was selected using a convenience sampling technique. The study utilized secondary data obtained from company records. The collected data was analyzed using descriptive statistics (mean, standard deviation, minimum, and maximum) as well as inferential analysis. The findings were presented using relevant tables. Financial performance was measured using return on investment (ROI) (Ngumi & Njogo, 2017).
The findings of Pearson’s correlation analysis indicated that capital expenditure variance had a negative but significant impact on ROI; operating expenditure had a negative but significant impact on ROI; human resource variance also had a negative but significant impact on ROI; and income variance had a positive and significant impact on ROI. The results of the panel regression model indicated that 34.96% variance in financial performance (the dependent variable) was explained by dependent variables, including capital expenditure variance, operating variance, human resource variance, and income variance (Ngumi & Njogo, 2017).
This was a case study that explored the impact of budgetary control on the financial performance of the Kigali Serena Hotel. The objectives of the study included the following: to determine the effect of budget planning on financial performance of the target organization; to establish the effect of budgetary monitoring & control on financial performance of the target organization; to find out the effect of participative budgeting on financial performance of the target firm; to establish the effect of cost reduction on financial performance of the target firm; and lastly, to determine the effect of resource availability on financial performance of the target firm (Harelimana, 2017).
The target population included all the staff employed at Kigali Serena Hotel. Consequently, 46 respondents were selected to participate in the study. Data collection was done using a questionnaire. Secondary data was also obtained from the firm’s financial records/reports. Analysis of collected data was done using descriptive statistics. Inferential analysis of the collected data was done using Pearson’s correlation model. Regression analysis was also done to establish the relationship between the dependent variable (financial performance of the Kigali Serena Hotel) and the independent variables, that is, budgetary control techniques. The findings were presented in suitable tables as required. The results of the regression model indicated that use of budgetary techniques explained 75.2% variance in financial performance of Kigali Serena Hotel (Harelimana, 2017).
This study investigated the impact of budgeting on the financial performance of non-financial institutions in Ghana. Specifically, the study sought to establish the effect of budget planning, budget coordination, budget control, and budget evaluation on financial performance (measured by liquidity—LQ; market share—MS; revenue growth—RG; return on investment—ROI; and net profit margin—NPM) of non-financial institutions in Ghana. The target population included 63 non-financial institutions in Ghana as at June 2015. Out of these, seven were selected for this study, using convenience sampling. 81 participants, including production managers, marketing managers, operations managers, finance officers, and finance managers of the target firms, took part in the study. Questionnaires were used for data collection. The collected data was analyzed using descriptive statistics such as frequency, percentage, mean, and standard deviation. Regression analysis was used to determine the effect of the independent variables (budget coordination and budget planning) on the dependent variable (financial performance). The findings were presented in suitable tables as required (Pimpong & Laryea, 2016).
The findings of regression analysis indicated that 60.48% of the variance in financial performance of non-financial institutions in Ghana was explained by budget coordination. Furthermore, the results showed that 71.59% of the variance in financial performance of non-financial institutions in Ghana was explained by budget coordination and budget planning (Pimpong & Laryea, 2016).
Citation
Abani, M.O. (2020). Budgeting: impact on business performance and audit expectations in Nigeria. Unpublished research paper.
Agui, A.K. (2024). The effect of budget training on the financial performance of private universities in Kenya. International Journal of Research Publication and Reviews, 5(12), 293-301.
Banaag, F. Predicting business performance: the role of budgeting techniques, cash management strategies and rational financial decision making. International Journal of Business and Management, 3(2), 16-36.
Habineza, E. and Cortez, R.O. (2023). The effect of budget control on financial performance among state-owned enterprises: towards enhancing a budget management control policy. International Multidisciplinary Research Journal, 5(1), 53-65.
Harelimana, J.B. (2017). The effect of budgetary control on the financial performance of Kigali Serena Hotel in Rwanda. Business and Economics Journal, 8(2).
Jepleting, G., Tarus, J., and Shitote, Z. (2024). Effects of budget planning on financial performance of selected SMEs in Eldoret Town, Kenya, moderated by financial services. International Journal of Research and Innovation in Social Sciences, 8(11).
Kaithia, L.K., Moguche, A., and Rintari, N. (2024). Effect of budget planning on the financial performance of public universities in the Mount Kenya region, Kenya. International Journal of Professional Practice, 12(3).
Kamau, J.K., Rotich, G., and Anyango, W. (2017). Effect of budgeting process on budget performance of state corporations in Kenya: a case of Kenyatta National Hospital. International Academic Journal of Human Resource and Business Administration, 2(3), 255-281.
Mukashyaka, J. and Mulyungi, P. (2018). Effect of budget management practices on performance of local government in Rwanda: a case study of Musanze District. International Journal of Management and Commerce Innovations, 6(1), 562-575.
Mutabari, K.F. and Warui, F. (2023). The relationship between budgeting practices and financial performance of housing construction firms in Nairobi City County, Kenya. International Journal of Managerial Studies and Research, 11(7), 7-16.
Mutezinkindi, M.J. (2022). Effect of budgeting practices on the financial performance of non-governmental organizations: a case of Women for Women Rwanda. Global Scientific Journals, 10(11).
Ngumi, D.K. and Njogo, M. (2017). Effect of budgeting practices on the financial performance of insurance companies in Kenya. International Journal of Economics, 2(3), 14-30.
Okotchi, C.J., Makokha, E.N., and Namusonge, G. (2020). Effect of budgetary process on performance of county governments in Kenya. International Journal of Recent Research in Social Sciences and Humanities, 7(2), 11-21.
Osebo, G.P., Debebe, A.D., and Eshetu, W.T. (2019). Impact of budgeting process on organizational effectiveness: evidence from Wolaita Zone selected Woreda public finance sectors. Research Journal of Finance and Accounting, 10(1).
Pimpong, S. and Laryea, H. (2016). Budgeting and its impact on financial performance: the case of non-financial institutions in Ghana. International Journal of Academic Research and Reflection, 4(5).
Subriyah, Brasit, N., and Darmawati (2021). The effect of budget planning on organizational performance through standard cost analysis in the general bureau of the regional secretariat of West Sulawesi province. Journal of Research in Business and Management, 9(11), 79-86.
Thuong, C.V. (2025). The role of budget planning and control with the mediating effect of the budget process on firm performance. Advances in Consumer Research, 2(4), 1753-1762.
Tonui, M. and Njoka, C. (2024). The influence of budgeting practices on the financial performance of community-based organizations in Kericho County, Kenya. Journal of Business and Management, 26(5), 21-24.
Uthayakumar, R. and Yapa, H.P.K. (2023). Impact of budgetary process on financial performance of listed companies in Sri Lanka. International Journal of Research and Innovation in Social Science, 7(5).
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