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Evaluation of the Correlation between Mission Statement and Company Performances in the Banking Industry

Ogbari , M. E. and Oke, Adunola Oluremi and Ajagbe, Akintunde M. and Isiavwe, David T. (2015) Evaluation of the Correlation between Mission Statement and Company Performances in the Banking Industry. IIARD-International Institute of Academic Research and Development, 1 (3). pp. 1-14.

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Abstract

For effective performance of any business, the enterprise must clearly define its purpose-driven mission statement, technology, values, concern for society and public image in order to survive, remain relevant and successful. All five factors are significant characteristics in mission statements that show how effective the organization can attain high productivity. This study was conducted to investigate the relationship between mission statement and company performance in the banking sector in Nigeria. Data were collected through the use of structured questionnaires administered to a pre-determined sample size of five selected major banks in Nigeria. Data were analyzed and the five hypotheses tested using correlation and multiple regression. This study shows that with purpose-driven mission statement, companies’ turnover, customers’ satisfaction, social responsibility and shareholders’ equity can be achieved. Though it is observed that to achieve the afore–mentioned factors, concepts such as purpose, technology, values, concern for society and public image should be regarded with extreme importance

Item Type: Article
Uncontrolled Keywords: Mission Statement, Company Performance, Organizational Strategy, Banking Industry, Nigeria
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 24 Aug 2015 14:41
Last Modified: 24 Aug 2015 14:41
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/5414

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