Analysis on the Effect of Government Regulation of Business Performance.
One of the growing areas of major concern to management in recent times is the relationship between business and government. Business and government by far remain the most influential institutions that shape the economy of any nation, affecting both individuals and groups in diverse ways.
According to Agulana (2012), government intervenes between business and its customers, between business and its employees, between business and the general public, between business and its shareholders, and between business and business.
Agulana also opined that government regulates business in space, on the land, in the air and in the sea, and further argued that the relationship between government and business is a two way affair and not one way. Many government policies are incubated and induced by business. Government needs business to achieve many of its policy goals such as economic growth and employment generation.
Akanwa and Agu (2011) define business as the creation, procurement or provision of desired goods and services at the right time, right quantity and in the right forms to satisfy the needs and wants of customers.
The relationship between government and business can be viewed as complimentary in building a nation that is politically and economically independent. Government acts as a supreme authority, providing the necessary support and enabling environment.
STATEMENT OF THE PROBLEM
The primary purpose of government regulating business is to create and maintain a climate of confidence for people to freely and willingly engage in business transaction. It is also to maintain sanity and orderliness in business practice.
These objectives has been truncated as most business operators are not adhering to the ethical conduct of business practice. It is the responsibility of government to compel business to become ethical in their conduct and assume some measures of social responsibility in the society.
However, it is disheartening that unethical practices are constantly being exhibited by most business operators. Also, the requirement of 25 billion naira (#25b) capital base ordered by the central bank of Nigeria (CBN) has affected the entire economy.
Many employees were laid off by their employers as a result of downsizing that was embarked upon by most banks. The population of the unemployed increased, thereby increasing the rate of cyber-crime.
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Asika N. (1991). Research Methodology in Administration Success; Port Harcourt: Belk Publication.
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