ABSTRACT
This study was anchored on the effect of corporate image management on organizational productivity, a study of selected commercial banks in Abia State. The specific objectives of the study were to; examine the impact of corporate identity on organizational effectiveness in the selected commercial banks in Abia State, determine the effect of corporate culture adoption on organizational growth in the selected commercial banks in Abia State, investigate the impact of corporate values or strategy on organizational performance in the selected commercial banks in Abia State and ascertain the challenges of corporate image in an organization in the selected commercial banks in Abia State.. The study was guided by a descriptive survey design because it gives detailed information about issues, problems, events and describes events as they are. Both primary and secondary data were used. The population of the study was 280 employees and the sample size of 165 respondents was obtained using Taro Yamane techniques. The researcher used questionnaire for data collection. The data gathered for the study was analyzed using descriptive analysis. Pearson Correlation was used to test hypothesis one, hypotheses two and three was tested using ANOVA and hypothesis four was tested with Pearson Chi square with the aid of Statistical Packages for Social Sciences (SPSS) version 23. The study found that there is significant impact of corporate identity on organizational effectiveness in selected commercial banks in Abia State, Corporate culture adoption has significant effect on organizational growth in selected commercial banks in Abia State, and there is significant impact of corporate values or strategy on organizational performance in selected commercial banks in Abia State. Unclear organizational goals and ineffective leadership were among the challenges of corporate image in an organization in selected commercial banks in Abia State.
TABLE OF CONTENTS
Title page i
Declaration ii
Certification iii
Dedication iv
Acknowledgments v
Table of contents vi
List of table viii
Abstract ix
CHAPTER 1:
INTRODUCTION
1.1 Background of the Study 1
1.2 Statement of the Problems 2
1.3 Objectives
of the Study 4
1.4 Research
Questions 4
1.5 Research
Hypotheses 4
1.6 Significance of the Study 5
1.7
Scope of the Study 5
1.8 Limitations
of the Study 5
1.9 Brief Profile of the Organization under
Study 6
1.10 Operational
Definition of Terms 8
CHAPTER 2: REVIEW OF RELATED
LITERATURE
2.1 Conceptual Framework 10
2.1.1 Corporate
image 10
2.1.2 Fundamental variables of corporate image 12
2.1.3 Objective
of managing corporate image 15
2.1.4 Components
of corporate identity 15
2.1.5 Objective
of corporate image 17
2.1.6 Corporate
management 19
2.1.7 Importance
of corporate image 21
2.1.8 Corporate
individuality 22
2.1.9 Organizational
productivity 23
2.2 Theoretical Framework 24
2.2.1 Theory of reasoned action 24
2.2.2 Agency theory 25
2.2.3
Participatory management theory 26
2.2.4 Resource base view theory 26
2.3. Empirical
Review 27
2.4 Gap in Literature 30
2.5. Summary of Reviewed Related Literature 30
CHAPTER 3:
METHODOLOGY
3.1 Research Design 32
3.2 Sources of Data 32
3.3 Population of the Study 32
3.4 Sample Size
Determination 33
3.5 Sampling Technique 33
3.6 Description of the Research Instrument 33
3.7 Validity
of the Research Instrument 33
3.8 Reliability
of the Research Instrument 34
3.9 Method
of Data Analyses 34
CHAPTER 4: DATA PRESENTATION AND ANALYSES
4.1 Questionnaire
Distribution and Return 35
4.2 Data Presentation 38
4.3 Test of Hypotheses 42
4.4 Discussion of Results 46
CHAPTER 5: SUMMARY OF FINDINGS,
CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings 48
5.2 Conclusion 48
5.3
Recommendations 48
5.4 Area for Further Studies 49
References
Appendices
TABLE OF
CONTENTS
3.1:
Population Table 32
4.1: Distributed
and Return of the Questionnaire 35
4.2 Distribution of Respondents According to
Gender 35
4.3 Distribution of Respondents According to
Age 35
4.4: Distribution of Respondents According to
Years of Experience 36
4.5: Distribution of Respondents According to Their
Academic Qualification 36
4.6: Distribution of Respondents According to
Their Marital Status 37
4.7: Impact of Corporate Identity on Organizational Effectiveness in the
Selected
Commercial Banks in Abia State. 38
4.8: Effect of Corporate Culture Adoption on Organizational Growth in the Selected
Commercial Banks in Abia State. 39
4.9: Impact
of Corporate Values or Strategy on Organizational Performance in the
Selected Commercial Banks in Abia State. 40
4.10: Challenges of Corporate Image in an Organization in the Selected Commercial
Banks in Abia State. 41
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Corporate
image, or reputation, describes the manner in which a company, its activities,
and its products or services are perceived by outsiders. In a competitive
business climate, many businesses actively work to create and communicate a
positive image to their customers, shareholders, the financial community, and
the general public. A company that mismanages or ignores its image is likely to
encounter a variety of problems (Chahal and Bala, 2015). Corporate image is one of the most important assets of an
organization. It acts as a comfort factor for customers and assures them that
they are buying from the best. Moreover, it influences attitudes of not only
customers but also employees, media, analysts, influencers etc. towards an
organization. It is difficult to build a strong corporate image in a highly
crowded and competitive environment, and it is much more difficult to regain
it, if image has got tarnished due to certain reasons (Rwothungeyo, 2014).
The corporate image of an
organization conveys its mission, professionalism, competence of employees and
its roles in the political landscape or marketing environment. It reflects the
organization’s commitment to its employees, customers, competitors, partners
and the general public. This image deserves attention from marketing
professionals and senior management in order to build it into a favorable
representation of the organization. The general purpose of a corporate image is
to appeal to the public and lure people in to learn more about an organization.
In the end, this interest should increase sales and leads (MacCarthaigh, 2014). As a management tool, corporate
image is valuable to separate an organization from its competition, to create
added value to its products and services and to attract and maintain customer
relationships. The management of the corporate image involves many elements.
The company’s mission statement, and how well the company’s representatives
portray this mission, is very important to its image. The corporate language,
traditions, behavior patterns, ethics and leadership styles must be an
appropriate reflection of the company. All of this must match the expectations
of the customers, suppliers and partners. In many ways, corporate image
management is overall quality management (Bouchet, 2014).
The effects of strong
corporate image management can be seen in everything from sales to stock
prices. The acceptability and marketability of a company’s products and
services will hinge upon the image of that company. A favorable corporate image
affects staff morale, employee turnover, recruitment expenses and marketing
results. Alternatively, a weak corporate image has the opposite effect on all
of these areas. The critical importance of corporate image becomes apparent
when consumers protest provokes from large organizations series or explanations
and apologies for the faults they are accused of. Companies must therefore give
its public the same order of priority it gives to finance, marketing and
research in the table of rapid, social and technological change. Otherwise, it
cannot expect to command public respect and support in the market place (Heslin, VandeWalle and Latham, 2015).
To live and grow, to command
respect and regard, the corporate image must be more than a product of public
relations. Therefore, corporate image promotion should not be left in the hands
of the public relations men, but should be the responsibility of top management
and every member of staff. This implies that the image programme should be part
of the overall-planning for the company’s future. No matter how impressive a
firm’s achievements are, they must be properly presented in the public for them
to be acknowledged. Thus, corporate planning is an integral part of policy
decisions. For some companies, image programmes is part of board planning for
greater sales and profits. This is one the fundamental objectives of management
and all its activities will be programmed to that end (Aaker and Keller, 2015).
Aaker and Keller (2015) stated
that, it is not an exaggeration to say that a good image is fundamental to the
existence of any business enterprise. The concept of image is often considered
to be an important determinant of long-term sales and profits. Therefore, it is
reasonable to consider the use of image as an objective, not only for an
advertising programme but for marketing programme and an organization as a
whole” When a new product is introduced in the market, a respected corporate
name often benefits from the unknown product. People are more likely to buy a
new product if they know and like its manufacturer. Furthermore, the quality
image of a company’s product may have considerable influence on the kind of new
product the company can market successfully (Wei, 2012).
In businesses of all sizes,
it is vital that managers recognize the importance of creating and maintaining
a strong image, and that they also make employees aware of it. Corporate image
begins within the offices of a company's managers. It should be based on the
development of good company policies, rather than on controlling the damage
caused by bad company policies.
1.2 STATEMENT OF THE PROBLEMS
Adequate emphasis has not
been laid by firms in terms of promoting a favorable corporate image and this
attitude has affected their performance in the market, more so in the face of
the prevailing stiff competition among firms. Indicators of poor corporate image
challenge in the banking sector include high employee turnover, the
disappearance of major customers, a drop in stock value, and poor relationships
with vendors or government officials. If an image problem is left unaddressed,
a company might find many of its costs of doing business rising dramatically,
including the costs of product development, sales support, employee wages, and
shareholder dividends. In addition, since the majority of consumers base their
purchase decisions at least partly on trust, current and future sales levels are
likely to suffer as well.
Firstly,
lack of corporate identity can damage the organisations marketing results.
Organisational corporate image is relative to its identity. A business that
suffers from an identity crisis runs the risk of losing customers as they will
be unable to really know who they are as a brand. The most common problems
associated with branding complications include poor brand management, bad
messages, and uninspiring leadership skills. Bad corporate identity has a large
range of problems, even internally. A large problem arises when employees and
employers do not understand the organisation’s identity. In order to obtain a
good corporate identity, employees should focus on portraying what their
company does, what it serves, and what the overall purpose of the organisation
is. Thus, everyone involved in the organisation needs to understand that they
are powerful representatives.
Also,
ethical misconduct in any company can lead to very serious consequences which
can cause the company time and money in trying to repair their business
reputation and any legal issues that may arise depending on the severity of the
situation. Integrity breakdown can dramatically cost a business millions of
dollars and even prison time in some extremely serious cases.
The main goal of any corporation is to drive
through sales from customers to maintain a strong presence in the business
world. Unfortunately, when a level of unethical behaviour starts to form, it
can cause productivity levels to decrease which surround the person or
corporation in question. When this happens, errors start to form in a once
productive production line. This in turn can cause other employees to feel
unmotivated resulting in a complete slowdown of the sale process that can lose
the management valuable time and money.
Meanwhile, loss of
public credibility or confidence is
one of the challenges of corporate personality in an organization. When
unethical behaviour occurs in a corporate setting, there’s a high chance it
will be publicized. This in turn can cause the company to lose its credibility,
resulting in customers abandoning sales with the management, bad-mouthing the
business, and not holding respect for the organisation anymore. To gain
credibility back a corporation needs to create a well-planned rebranding and
marketing campaign, along with hiring a public relations team to help improve
their reputation. This can lead to millions of dollars in costs, especially if
the company is well known.
Legal issues can lead to poor corporate personality. In
severe cases of unethical misconduct, it can lead to severe legal issues that
result in loss of time, large fines, and other penalties with possible jail
time. The cost of legal battles can go on for months to years and can lead into
the millions of dollars depending on the corporation’s particular situation and
level of unethical behaviour. In addition to this, executive who break the law
can lead employees to also follow in pursuit in facing criminal charges.
1.3 OBJECTIVES OF THE STUDY
The
main objectives of the study is to examine the effect of corporate image management on
organizational productivity, a study of selected commercial banks in Abia State.
The specific objectives of the study were to;
- examine
the impact of corporate identity on organizational effectiveness in the selected
commercial banks in Abia State
- determine
the effect of corporate culture adoption on organizational growth in the selected
commercial banks in Abia State
- investigate
the impact of corporate values or strategy on organizational performance
in the selected commercial banks in Abia State
- ascertain
the challenges of corporate image in an organization in the selected
commercial banks in Abia State.
1.4 RESEARCH QUESTIONS
The following research questions serves as a guide to this study
- What
are the impact of corporate identity on organizational effectiveness in selected
commercial banks in Abia State?
- What
are the effect of corporate culture adoption on organizational growth in selected
commercial banks in Abia State?
- What
are the impact of corporate values or strategy on organizational
performance in selected commercial banks in Abia State?
- What
are the challenges of corporate image in an organization in selected
commercial banks in Abia State?
1.5 RESEARCH HYPOTHESES
The following
null hypotheses was tested in this study
H01: There is no significant impact of corporate
identity on organizational effectiveness in selected commercial banks in
Abia State
H02: Corporate culture adoption has no
significant effect on organizational growth in selected commercial banks in
Abia State
H03: There is no significant impact of corporate
values or strategy on organizational performance
in selected
commercial banks in Abia State
H04: lack of employee discipline and ineffective
leadership are not among the challenges of corporate
image in an organization in selected commercial banks in Abia State.
1.6 SIGNIFICANCE
OF THE STUDY
Management of banking sector: The findings of this study would be significant to the management
of United Bank of Africa PLC, Union Bank Plc and Access Bank Plc in examining
the effect of
corporate personality on organizational performance. The study will aid the management to know more about the
impact of corporate identity on organizational effectiveness and in
determination of the effect of corporate culture adoption on organizational
growth. The study will throw more light on the investigation of the impact of
corporate values or strategy on organizational performance and the evaluation
of the effect of corporate image on organizational survival.
Policy makers: The
result of the study would help policy makers in establishing appropriate
policies in commercial
banks in Abia State that would
stimulate organizational
productivity through corporate image management.
Academia: Finally, the
outcome of this study would add to existing literature on the examination of
the effect of corporate personality on organizational performance.
1.8 SCOPE
OF THE STUDY
The scope of this study was to examine the effect of corporate image
management on organizational productivity, a study of selected commercial banks
in Abia State.
Content scope: The content scope of the study captured the following; the impact of corporate identity on organizational
effectiveness in the selected commercial banks in Abia State, the effect of corporate culture adoption on
organizational growth in the selected commercial banks in Abia State, the impact of corporate values or strategy on
organizational performance in the selected commercial banks in Abia
State and the challenges of corporate image in an
organization in the selected commercial banks in Abia State.
Unit scope: The unit scope of the study covered United Bank of Africa PLC,
Union Bank Plc and Access Bank Plc in Umuahia, Abia State only. The
questionnaire was distributed to the staff of United Bank of Africa PLC, Union
Bank Plc and Access Bank Plc in Umuahia, Abia State only.
Geographical scope: The geographical scope of
the study was Abia State.
Time scope: The time scope of the study was 10 years (2009 to 2019).
1.8 LIMITATIONS OF THE STUDY
Some of the unavoidable
constraints and limitations encountered during this study were mentioned below;
Financial Constraints: The problem of finance is not left out in the course of research to
this study. This type of study required adequate money and time to enable the
researcher visit the necessary places for collection of data. Insufficient fund
will hinder an in-depth study of this research since it is finance from pocket
money of the researcher. Although the researcher, as a student, is not
financially dependent, he is poised to making the best use of the available
monetary resources to get the job properly done.
Bureaucracy: There was a problems of not easily getting the appropriate data due to
bureaucracy which hinders the information flow in the country. In spite of
this, the researcher is poised to making the best use of the available record
to get the job properly done.
Since this study is one of
the many courses offered by the researcher, the researcher will be constrained
by time to carry out an indent research on the study. But the researcher is
poised to making the best use of the available time to get the job properly
done.
Most management prohibits
its employees from giving out information about the company to outsiders
without adequate permission from the management and even when this permission
was obtained at the long run, many vital information were not revealed because
they were regarded as the privacy of the company.
Methodological constraints: The methodological constraints posit
that several work or researchers have adopted panel study and parametric
measures to achieve their result but this study is limited to adaptable methods
accountable to the researcher.
1.9 BRIEF PROFILE OF THE ORGANIZATION UNDER STUDY
1.9.1 United Bank of Africa PLC
UBA has been operating in Africa since 1949,
referred to then as the British and French Bank Limited (BFB). It took
over the assets and liabilities of BFB and was incorporated as a limited
liability company on 23 February 1961 under the Compliance Ordinance (Cap 37)
1922. UBA’s history dates back to 1948 when the British and French Bank Limited
(“BFB”) commenced business in Nigeria and the erstwhile STB and CTB both in
1990. Following Nigeria’s independence from Britain, UBA was incorporated in
1961 to take over the business of BFB. Although today’s UBA emerged at a time
of industry consolidation induced by regulation, the consolidated UBA was borne
out of a desire to lead the domestic sector to a new era of global relevance by
championing the creation of the Nigerian consumer finance market, leading a
private/public sector partnership at supporting the acceleration of Nigeria’s
economic development, and growing the institution from a banking to a one-stop
financial services institution, while spreading its footprints across Africa to
earn the reputation as the face of banking in the continent.
Today, United Bank for Africa Plc, is one of
Africa’s leading financial institutions offering universal banking to more than
7.2 million customers across 700 Business Offices in 19 African countries. With
presence in New York, London and Paris, UBA is your partner for banking
services for Africans and African related businesses globally.
In 2005, it completed one of the biggest mergers
in the history of Nigeria’s capital markets with the business combination with
Standard Trust Bank (STB) Plc. From then, it continued to expand to Ghana,
Benin Republic, Côte d'Ivoire, Burkina Faso, Guinea, Chad, Cameroon, Kenya,
Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal,
Congo DR, Congo Brazzaville and Mali. Followed by its pioneer Initial Public
Offer in the Nigerian banking industry in 1970, UBA got listed on the Nigerian Stock Exchange,
where it is publicly traded under the symbol "UBA" and it is the first
Nigerian-headquartered bank to launch Global Depository Receipts, which are
unlisted.
In 2006, the bank pioneered the interconnection
of its then 428 African branches making it the largest online real time branch
network in Africa. Africans are able to withdraw or deposit money in any of
these branches regardless of where their accounts are domiciled.[3] Since
then, the bank has remained in the forefront of technology innovation in the
African banking space, launching the first artificial intelligence Virtual
Banking Robot in the African market early 2018.
1.9.2 Union Bank Plc
Union Bank of Nigeria’s rich history can be
traced to 1917 when it was first established as Colonial Bank. In 1925 the bank
became known as Barclays Bank DCO (Dominion, Colonial and Overseas) resulting
from its acquisition by Barclays Bank. Following Nigeria’s independence and the
enactment of the Companies Act of 1968, the bank was incorporated as Barclays
Bank of Nigeria Limited (BBNL, est. 1969).
Between 1971 and 1979, the bank went through a
series of changes including its listing on the NSE and share
acquisitions/transfers driven by the Nigerian Enterprises Promotion Acts (1972
and 1977); this resulted in its evolution into a new wholly Nigerian-owned
entity. To reflect the new ownership structure, and in compliance with the
Companies and Allied Matters Act of 1990, it assumed the name Union Bank of
Nigeria Plc. (UBN “the Bank” or “Union Bank”).
In 1993, in line with its
privatisation/commercialisation drive, the Federal Government divested by
selling its controlling shares (51.67%) to private investors. Thus, Union Bank
became fully owned by Nigerian citizens and organizations all within the
private sector. During the Central Bank of Nigeria’s (CBN) banking sector
consolidation policy, Union Bank of Nigeria Plc acquired the former Universal
Trust Bank Plc and Broad Bank Ltd. and absorbed its one-time subsidiary, Union Merchant
Bank Ltd.
Following the banking crisis in 2014 and the
intervention of the CBN via Asset Management Company of Nigeria (AMCON), the
bank was recapitalized in 2012 with an injection of $500 million by Union
Global Partners Limited (UGPL), a consortium of local and international
investors. UGPL acquired 65% of the bank’s shareholding and in the last quarter
of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara.
1.9.3 Access Bank PLC
Access Bank plc, commonly
known as Access Bank, is a Nigerian multinational commercial bank, owned by
Access Bank Group. It is licensed by the Central Bank of Nigeria, the national
banking regulator. Originally a corporate bank, the organization acquired
personal and business banking platforms from Nigeria’s International Commercial
bank in 2012. Access Bank is presently one of the five largest banks in Nigeria
in terms of assets, loans, deposits and branch network.
Access Bank Plc is a full
service commercial Bank operating through a network of about 305 branches and
service outlets located in major centres across Nigeria, Sub Saharan Africa and
the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the Bank
serves its various markets through 4 business segments: Personal, Business, Commercial
and Corporate & Investment banking. The Bank has over 830,000 shareholders
including several Nigerian and International Institutional Investors and has
enjoyed what is arguably Africa's most successful banking growth trajectory in
the last ten years ranking amongst Africa's top 20 banks by total assets and
capital in 2011. As part of its continued growth strategy, Access Bank is
focused on mainstreaming sustainable business practices into its operations.
The Bank strives to deliver sustainable economic growth that is profitable,
environmentally responsible and socially relevant.
1.10 OPERATIONAL
DEFINITION OF TERMS
Corporate
image: A corporate identity or
corporate image is the manner which a corporation, firm or business presents
themselves to the public (such as customers and investors as well as
employees).
Culture: Culture is the collective thinking of minds
which create a difference between the members of one group from another.
Corporate identity: A corporate identity or
corporate image is the manner which a corporation, firm or business presents
themselves to the public
Organizational effectiveness: Organizational
effectiveness is the concept of how effective an organization is in achieving
the outcomes the organization intends to produce.
Corporate culture adoption: Organizational culture
embodies the workplace atmosphere, attitudes and values. Successful companies
instill values into the organization to engage employees and recruit and
attract new talent.
Organizational growth: Growth is something for
which most companies strive, regardless of their size. Small firms want to get
big, big firms want to get bigger. Organizational growth, however, means
different things to different organizations. There are many parameters a
company may use to measure its growth.
Corporate values: Core values are the
fundamental beliefs of a person or organization. These guiding principles
dictate behavior and can help people understand the difference between right and
wrong.
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