Application of Compromise Strategy and Corporate Survival in Oil Companies in Nigeria
Keywords:
Compromise Strategy, Corporate Survival, Adaptability, Dynamic Capability, GrowthAbstract
This study examined how the application of a compromise strategy can lead to the survival of oil companies in Nigeria. The study design is a cross-sectional survey and utilised the Quantitative Methodology in its assessment of the association between all the variables of the study. The population of the study was 264 out of which a sample size of 159 was used for the study. The analysis comprised the use of both descriptive and inferential statistical methods. The validity test was carried out using the face and content validity, while the reliability test was carried out using the Cronbach alpha with a benchmark set at 0.70. The descriptive statistics for the demographic and univariate levels of analysis were carried out using simple percentages, frequencies, and measures of central tendencies (mean) while the inferential was carried out using Spearman’s Rank Order Correlation Coefficient (for the tests of bivariate hypotheses). The results from the analyses show that there is a significant relationship between compromise strategy and all measures of organisational survival (adaptability, dynamic capability, and growth). Given these findings, it was concluded that the adoption of a compromise strategy in managing conflicts is a sustainable means of harmonising and balancing incompatible interests that characterise today’s business operational arrangements. Therefore, we recommend that organisational leaders should always embrace dialogue and compromise in handling conflict situations among stakeholders and others in their organisations.
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