The Whites have got rid of David O’Leary, Terry Venables and Peter Reid since June 2002, at a cost of £5½m.
Robinson said in The Mirror: "It’s difficult for the players when you have such a high turnover of managers. With a new one you’re looking at a clean slate and having to prove yourself all over again.
"But the thing I find really difficult to understand is that the club very openly admitted its financial state and then sacked three managers in about 18 months costing £5½m in compensation. In today’s market that kind of money could have rebuilt our team.
"We try to block out what is happening off the pitch and concentrate on the football. But it has probably had a massive bearing on our performances."