Globalization and Organizational Performance in Nigerian Deposit Money Banks

International Journal of Research and Innovation in Social Science (IJRISS) | Volume V, Issue VII, July 2021 | ISSN 2454–6186

Globalization and Organizational Performance in Nigerian Deposit Money Banks

Ogbonna, Ifeanyi George Adudu, Chiangi Adudu, Thomas, Gbola Saheed
Department of Business Administration / Management, Yaba College of Technology, Lagos, Nigeria

Abstract: The impact of globalization and organizational performance in Nigerian deposit money banks in Lagos State, Nigeria was examined in this study. The specific objectives of this study were focused on economic, cultural, social, technological, and political globalization on organizational performance in Nigerian deposit money banks in Lagos State, Nigeria. The study adopted survey design and Primary data was collected using a five-point Likert scale questionnaire as a tool for gathering of data from a sample of 129 employees drawn from four deposit money banks (First bank Plc, United Bank for Africa, Guaranty Trust Bank and Zenith Bank) in Lagos State, Nigeria. Validity results of KMO and Bartlett’s test of sphericity indicated that the constructs are highly significant, and principal component analysis was suitable at (0.828). The result of reliability reported a reliability index of (0.898). Multiple regressions analysis was used to analyze the data and using SPSS software version 21 at 95% confident level. The findings of the research study revealed that the dimensions of globalization adopted in this study such as economic (58.2%), cultural (62.2%), social (54.6%), technological (53.6%), and political (60.1%) all have positive and significant effect on organizational performance variables such as profitability, operational efficiency, market share, and productivity in Nigerian deposit money banks. Hence the study concluded that there is a positive and significant influence between dimensions of globalization and organizational performance in Nigerian deposit money banks. Based on the findings and conclusion drawn, it was recommended among others that to enhance the benefits of globalization on the organizational performance of Nigerian deposit money banks, management of deposit money banks while making decisions on the operations of their banks should understand that banks originating from the relatively more economically globalized countries tend to perform better in terms of higher profitability due to wider market coverage of the banks in that economy whether locally or internationally.

Key words: Globalization, organizational performance, deposit money banks, operational efficiency, profitability.

I. INTRODUCTION

The global economic instability has considerably accelerated and intensified the competition in many industries, forcing organizations to overlook their strategies and find new ways to deal with the challenging environment [30; 1]. It is driven by new technologies, new economic relationships, and the national and international policies of a wide range of actors, including governments, international organizations, business, labor, and civil society. Globalization

Read More