The impact of innovative work behavior, perceived Leadership 4.0, and corporate social responsibility on sustaining banking industry performance in Nigeria within the 4IR Era
-
DOIhttp://dx.doi.org/10.21511/bbs.18(4).2023.01
-
Article InfoVolume 18 2023, Issue #4, pp. 1-11
- Cited by
- 399 Views
-
232 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Despite the increase in business performance research, only some studies have examined the combination of innovative work behavior, Leadership 4.0, and corporate social responsibility as performance factors in Nigeria’s banking industry in the current 4IR. This study aims to sustain performance in the banking industry of Nigeria. Four hundred (400) bank employees were randomly selected for this study from a sample of cooperating banks (Zenith Bank Plc, Guarantee Trust Bank Plc, United Bank for Africa Plc, and First Bank of Nigeria Plc) in the Nigerian states of Oyo and Lagos. One Hundred (100) participants were chosen from each bank. Additionally, the survey was given out to randomly chosen bank employees using structured questionnaires. Participants were selected using a simple random sampling technique; 386 of the 400 surveys were appropriate for analysis. To do the analysis, SPSS version 29 was used. According to the study’s findings, innovative work behavior had a 77% influence on performance variance within the banking industry in the current 4IR, Leadership 4.0 had an 88% influence, and corporate social responsibility had a 71% influence. Accordingly, the results show that more significant innovation in work behavior, adoption of Leadership 4.0, and involvement in CSR significantly predict the maintenance of performance in the Nigerian banking industry. Additionally, the findings indicate that adopting Leadership 4.0 predicts a more significant variance in performance in the banking business, followed by demonstrating innovative work behavior and involvement in corporate social responsibility.
Acknowledgment
The author thanks Professor Wilfred Ukpere and the Department of Industrial Psychology and People Management (University of Johannesburg) for funding and publishing this study.
- Keywords
-
JEL Classification (Paper profile tab)G21, M14, O31
-
References27
-
Tables2
-
Figures2
-
- Figure 1. Independent and joint impacts of IWB, L4.0, and CSR on bank performance
- Figure 2. Realistic model for improving and maintaining bank performance
-
- Table 1. The model summary of hierarchical multiple regressions presenting the distinct joint impact of innovative work behavior, Leadership 4.0, and corporate social responsibility on the performance of Nigeria’s banking industry in the current 4IR
- Table 2. Summary of hierarchical multiple regressions showing the distinct independent and combined effect of innovative work behavior, Leadership 4.0, and corporate social responsibility on the performance of Nigeria’s banking industry in the current 4IR
-
- Anderson, N., Potočnik, K., & Zhou, J. (2014). Innovation and creativity in organizations: A state-of-the-science review, prospective commentary, and guiding framework. Journal of Management, 40(5), 1297-1333.
- Babel’ová, Z. G., Vraňaková, N., & Stareček, A. (2022). Moderating Effect of Industry 4.0 on the Performance of Enterprises in the Constraints Related to COVID-19 in the Perception of Employees in Slovakia. Administrative Sciences, 12(4), 183.
- Birkinshaw, J., & Cohen, J. (2013). Make Time for Work that Matters. Harvard Business Review.
- Bogilović, S., Černe, M., & Škerlavaj, M. (2017). Hiding behind a mask? Cultural intelligence, knowledge hiding, and individual and team creativity. European Journal of Work and Organizational Psychology, 26(5), 710-723.
- Central Bank of Nigeria. (2021). Banking Sector Report.
- De Jong, J., & Den Hartog, D. (2010). Measuring innovative work behavior. Creativity and Innovation Management, 19(1), 23-36.
- García‐Sánchez, I. M., Gómez‐Miranda, M., David, F., & Rodríguez‐Ariza, L. (2019). Analyst coverage and forecast accuracy when CSR reports improve stakeholder engagement: The Global Reporting Initiative‐International Finance Corporation disclosure strategy. Corporate Social Responsibility and Environmental Management, 26(6), 1392-1406.
- Hasan, M. M., & Habib, A. (2017). Corporate life cycle, organizational financial resources, and corporate social responsibility. Journal of Contemporary Accounting & Economics, 13(1), 20-36.
- Inam, H. (2019). Leadership 4.0: The call to lead from Davos 2019.
- Kim, H., Woo, E., Uysal, M., & Kwon, N. (2018). The effects of corporate social responsibility (CSR) on employee well-being in the hospitality industry. International Journal of Contemporary Hospitality Management, 30(3), 1584-1600.
- Kleysen, R. F., & Street, C. T. (2001). Toward a multi‐dimensional measure of individual innovative behavior. Journal of Intellectual Capital, 2(3), 284-296.
- Liu, N., Liu, C., Guo, Q., Da, B., Guan, L., & Chen, H. (2019). Corporate Social Responsibility and Financial Performance: A Quantile Regression Approach. Sustainability, 11(13), 3717.
- Luo, J. M., Lam, C. F., Chau, K. Y., Shen, H. W., & Wang, X. (2017). Measuring corporate social responsibility in the gambling industry: Multi-items stakeholder-based scales. Sustainability, 9(11), 2012.
- Maponya, C. M., & Naidoo, L. D. (2023). Investigating the leaders' state of readiness in the Department of Telecommunications and Postal Services in South Africa to develop policy for the fourth industrial revolution. Journal of Public Affairs, 23(1), e2833.
- Mithra, A., Duddukuru, V., & Manu, K. S. (2023). How Artificial Intelligence is Revolutionizing the Banking Sector: The Applications and Challenges. Asian Journal of Management, 14(3), 2321-5763.
- Oberer, B., & Erkollar, A. (2018). Leadership 4.0: Digital leaders in the age of industry 4.0. International Journal of Organizational Leadership, 7(4), 404-412.
- Park, S. (2018). The Fourth Industrial Revolution and implications for innovative cluster policies. Ai & Society, 33, 433-445.
- Pienaar, Y. (2020). Preparing for the Fourth Industrial Revolution: Investigating the Relationship between Leadership 4.0, Innovative Management Practices and Organizational Performance Capabilities (Master’s Thesis). University of Cape Town.
- Puhovichova, D., & Jankelova, N. (2021). Leadership in Conditions of Industry 4.0. SHS Web of Conferences, 115, 03013.
- PwC. (2016). Industry 4.0: Building the digital enterprise.
- Schwab, K. (2018). The global competitiveness report 2018. World Economic Forum.
- Shamim, S., Cang, S., Yu, H., & Li, Y. (2016). Management approaches for Industry 4.0: A human resource management perspective. Paper presented at the 2016 IEEE Congress on Evolutionary Computation (CEC) (pp. 5309-5316).
- Shen, C., Wu, M., Chen, T., & Fang, H. (2016). To engage or not in corporate social responsibility: Empirical evidence from the global banking sector. Economic Modelling, 55, 207-225.
- Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610.
- Tredgold, G. (2017). 7 Truths About Accountability That You Need to Know. Inc.Com.
- Vásquez-Ordóñez, L. R., Lassala, C., Ulrich, K., & Ribeiro-Navarrete S. (2023) The impact of corporate social responsibility on the financial performance of renewable energy firms. Economic Research – Ekonomska Istraživanja, 36(2), 2174152.
- Venkatesh, D. A. N. (2020). Leadership 4.0: Leadership strategies for industry 4.0. Solid State Technology, 63(6), 2020.