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IMPACT OF RESTRUCTURING ON PERFORMANCE OF DEVELOPMENT FINANCE INSTITUTIONS: A CASE STUDY ON INDUSTRIAL & COMMERCIAL DEVELOPMENT CORPORATION

The objective of the study was to establish the extent to which the various restructuring
efforts executed at the ICDC have impacted on performance of the Corporation. A case study
design was chosen for the study because it was found appropriate as it enabled an indepth
study of how various restructuring efforts have impacted on performance of the Corporation.
Interview was used to collect primary data from the chief of operations, who was the senior
officer heading the technical operations of the company. Secondary data was obtained from
published records which included annual reports and accounts, the Corporation’s policies and
operating procedures, reports on previous restructuring efforts carried out internally or by
hired external consultants, business guides including fliers and the Act of Parliamant which
created the Corporation. Descriptive statistical analysis was conducted on the collected data.
From the study, it was found that in each of the three restructuring effeorts, there was a
decrease in the number of staff, and generally, there was an improvement in performance,
although this improvement was not last long especially for the first and second restructuring.
The third restructuring appears to be the only one where improvement in performance has
been sustained, at least upto financial year 2006/07. Improvement in performance was
meassured in terms of reduced operating costs, increased earnings and improvement in
operating profits.These measures were established by graphical analysis of seconadary data
obtained from annual reports and accounts of the corporation for the years 1987-to-2007
which covered the period before, during and after restructuring.
From the study, it can be concluded that restructuring generally had positive impacts in relation to sale/revenue, operating profits, interests earned, total assets and staff costs, but the
reasons for non-sustainance of these positive impacts need to be investigated.

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