Int. J. Manag. Bus. Res., 5 (3), 237-248, Summer 2015 © IAU

Leadership Style and Job Satisfaction of Greek Banking Institutions

1* D. Belias, 2 A. Koustelios, 3 A. Gkolia

1,2,3 University of , , ,

Received 6 October 2014, Accepted 23 November 2014

ABSTRACT: The aim of the present study is to investigate the relationship between Greek ’ leadership style and their employee’s satisfaction with their job. Leadership is considered to be an integral part of an organization’s structure, policies and strategies, and overall function. Therefore, it affects employees’ everyday life, interpersonal relationships, problem-solving strategies and internal feeling of competence and effectiveness. In the frame of the current study, leadership style was measured with the Multifactor Leadership Questionnaire (M. L. Q. – 5x), a tool created by Avolio and Bass (2004). The questionnaire measures different styles of leadership: 1) Transformational, 2) Transactional 3) Passive/ Laissez-faire. For the measurement of job satisfaction, the Employee Satisfaction Inventory (E. S. I.) was used, a tool created by Koustelios (1991). It includes 24 items which measure six dimensions of job satisfaction: 1. Working conditions, 2. Salary, 3. Promotions, 4. Work itself, 5. Immediate superior and 6. The organization as a whole. The results showed that the levels of job satisfaction among Greek employees range from moderate to high, confirming previous findings for the Greek population. In addition, job satisfaction is correlated and can be predicted by leadership style. In particular, the transformational leadership style appeared to be the most highly and positively correlated with key aspects of job satisfaction.

Keywords: Leadership style, Job satisfaction, Greek banks

INTRODUCTION The banking field has been a vital pillar of crucial in the process of money creation and the the global economy for many decades. Even payment system, they are a determinant of the though banks’ character is profit, their function financing of investment and growth. is usually studied as if they were organizations Research has shown that a successfully of public interest, due to the fact that they work functioning banking institution is characterized both for individuals and public services and by its superiors’ appreciation of the valuable role provide a stable framework for making of human resources, as the fear of uncertainty payments. Taking into consideration the during a period of crisis is likely to lead to extremely high number of transactions which negative and defensive attitude and behavior, take place by businesses, services and employees’ turnover and customers’ loss individuals on a daily basis in contemporary (Bushra et al., 2011). western countries, a safe and acceptable means Banking systems have been associated with the of payment is vital for the well being of a rise and decadence of economies worldwide. county’s economy. Since the role of banks is Given the financial crisis which is going on * Corresponding Author, Email: [email protected]

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globally, the interest of the scientific community global leaders is considered to be one of the has focused on the evaluation of banks’ internal central tasks of management development function and external strategies, in order to programs. maintain monetary and financial stability. Hence, the study of the factors that affect bank Literature Review employees’ well being has risen and currently Leadership Style involve the participation of economists, Leadership is a rather complex concept managers, sociologists, psychologists, human concerning contemporary organizations and resources managers and many more experts. institutions. It is an integral part of a work A banking institution plays an intermediary setting and affects both its internal function and role between the investor and the saver, its external policies and strategies. There have associating the need of the entrepreneur or been many attempts to define leadership and the individual to make an investment business- with factors which make a leader effective and the need of saver to deposit money in a bank, successful. Most definitions include the idea of which is interest (Lawson, 2012). Taking into an influence process affecting the actions of consideration the current financial crisis which employees, the choice of objectives for the affects most countries globally, the interest of group or organization and the dynamic many researchers has been turned to the study of interaction between superiors and employees banking institutions’ function and bank (Yukl and Van Fleet, 1992). In contemporary employees’ well being. Among others, institutions and organizations, leadership occupational phenomena like organizational describes all those approaches adopted and culture, leadership and job satisfaction are being applied by superiors in their everyday interaction investigated in the frame of the banking sector, with employees. According to Lok and Crawford leading to interesting results and conclusions. (2004), there are many different aspects of The study of all factors that are likely to affect leadership, including values, standards, norms, employee’s emotions, experience, performance items or issues observed in the working and commitment should be measured; so that environment and affects employees’ emotions, their experience of job satisfaction is promoted performance and behavior. and the organization’s well being is improved. In the frame of organizational studies many Furthermore, studies have shown that in different styles of leadership have been organizations which are flexible and adopt a distinguished and described, concerning each participative management type, with emphasis in organization’s location, character and social and communication and employees’ reward, the latter economical setting. As Shurbagi and Zahari are more likely to be satisfied, resulting in the (2012) explain, every leader has their own organization’s success. attitude, behavior and style, which are a result of The occupational phenomena mentioned the organization’s individual internal culture and above are likely to be affected by several factors, create a style of management which prevails and like employees’ individual and demographic represents a standard of conduct for leaders who characteristics, organizations’ specific culture are expected to adopt. Leadership styles vary and leadership style. More specifically, an from totally strict and rigid to quite flexible and organization’s leadership style is considered to participative. In the banking field, many have a direct impact on the relations between structural changes have been made during the superiors and employees, thus affecting both the past few years in terms of employee training, latter are performance, job satisfaction and transforming leadership styles from hierarchical commitment and the organization’s total and traditional to flexible and innovative, in coherence (Wilderom et al., 2004). order to deal with economic instability (Theriou, Leadership is a key construct in the et al., 2007). organizational sciences and has triggered a large Traditional leadership theories focus on number of empirical studies over the past individualistic attributes of leaders. Some of decades. In addition, leadership training ranks them are known as Great Man Theories, Trait- among the most frequently conducted types of based Theories, Behavioral Theories, Situational training in organizations and the development of Theories, and Contingency Theories.

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Contemporary Leadership Theories, on the much information for leadership behaviors – other hand, are influenced by the notion that the from avoidance to idealized leadership - as most important part of leadership is not the possible, while it differentiates effective from leader, but the relation between leader and the ineffective leaders. It focuses on individual followers (Curtis, 1998). The most widely behaviors and leaders’ characteristics, which are known are Transactional Leadership, evaluated by their colleagues, regardless their Transformational Leadership, Strategic position, and in relation with leaders-evaluators. Leadership, Educative leadership, Hence, it could be supported that leadership Organizational leadership, and Teacher style is a dimension of contemporary Leadership (Bolden et al., 2003). organizations and it has been investigated in The two most studied styles of leadership are combination with many other occupational the Transformational and the Transactional one, phenomena, like organizational culture, job distinct by Bass (1985). More specifically, satisfaction, occupational stress and job burnout. transactional leadership is characterized by focus on specific goals and agreed-upon effective Job Satisfaction rewards. A transactional leader gives more credit Job satisfaction is defined as a positive or a to negotiation, offering subordinates rewards in pleasant emotion experienced by an employee exchange for the attainment of specific goals. On due to their appreciation for their work (Locke, the contrary, transformational leadership focuses 1976). This emotion is a result of the on the promotion of subordinates’ feeling of relationship between an employee’s expectations pride to be working with a specific supervisor, from their work setting, colleagues, leader and which is supposed to boost productivity, performance and their actual achievements and satisfaction and effectiveness. A transformational success. leader inspires subordinates to be more Years of success have shown that employees’ productive and successful by offering them experience of job satisfaction is a result of the intellectual challenges and considering their interaction among many factors, including individual developmental needs. In this way, leadership. More specifically, an effective leader they lead them to transcend their own self- builds an organization based on their personal interest for a higher collective purpose, mission beliefs, values and attitude, which then leads to or vision. the formation of a corresponding organizational In accordance with the multiple theories that culture. The culture evolves and embraces have risen for the description of leadership employees’ beliefs, habits and types of behavior, styles, many measurement tools have been therefore affecting the leader’s actions and the developed and applied. The most widely used organization’s strategies (Schein, 1992). In this tools are considered to be the Multifactor frame, a good leader must have the ability to Leadership Questionnaire (MLQ), developed by change those elements of organizational culture Avolio, Bass and Jung (1995) and its more that impede the performance of the organization recent revised edition, M. L. Q. – 5x, developed and therefore ensure employees’ satisfaction and by Avolio and Bass (2004). The questionnaire commitment (Brown, 1992). measures different styles of leadership: 1) As for the particular leadership style that is Transformational, 2) Transactional 3) Passive/ considered to have the most positive effect on Laissez-faire. The short version of the tool (M. job satisfaction, research has shown that the L. Q. – 5x Short) includes 45 elements and aims latter is mostly affected by the transformational to assess the level of preparation for reports and the transactional style. The study of Chang about the leader him/herself. Thirty-six of those and Lee (2007) among employees of the private elements refer to the nine leadership factors, sector –including banks- showed that leadership while the rest nine calculate the leadership’s style and organizational had a positive influence outcome. Through the match of questions with on employees’ job satisfaction, especially when leadership elements, the average of each element employers adopted a transformational leadership is extracted, after the grouped elements have style, sharing their vision with their employees. been summed and divided by the number of Another study carried out by Madlock (2008) answered elements. The tool aims to collect as showed a strong positive correlation between

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relational and task leadership style and 3. Promotions (3 questions), 4. Work itself employees’ communication satisfaction, but a (4 questions), 5. Immediate superior weak correlation between relational and task (4 questions) and 6. The organization as a whole leadership style and employees’ job satisfaction. (4 questions). The responses were given in a In general, it could be supported that five-level Likert scale ranging from 1 = I transformational leadership style is very likely to strongly disagree to 5 = I strongly agree. For the have a positive effect on employees’ job measurement of leadership style the Multifactor satisfaction, as those kinds of leaders are capable Leadership Questionnaire (MLQ- 5x Short) was of promoting the organization’s values which are used, created by Avolio and Bass (2004). The related to goal achievement and focus on the model focuses on a leadership function (as it is employees’ performance on those goals, indicated in the questionnaire) and toward the therefore enforcing employees’ feeling of direction that should be chased by the leader. competence and success. The model connects every leadership style with the expected functional result. RESEARCH METHOD The aim of the study was to investigate the DATA ANALYSIS AND RESULTS relationship between leadership style and job The sample of the study included 487 Greek satisfaction among Greek bank employees. The bank employees. The internal consistency of the research hypotheses were the following: ESI tool had been confirmed in the frame of a previous study. Testing the reliability of the 1. Transformational leadership style is positively questionnaire, using Cronbach’s α, it was found correlated with job satisfaction. that the values of all variables were higher than 2. Leadership style is correlated with/ predicts 0.7, so the participants’ answers were considered job satisfaction. to be reliable (Belias et al., 2014). In addition, For the measurement of job satisfaction in Exploratory Factor Analysis (EFA) was carried the present study, the Employee Satisfaction out for the dimensions of job satisfaction. Inventory - ESI (Koustelios, 1991; Koustelios Results showed that the aspects of job and Bagiatis, 1997) was used. The inventory was satisfaction with the highest mean were created using Greek employees as a sample. It immediate superior, work itself and working included 24 questions, which measure six conditions, while participants were found to be dimensions of job satisfaction: 1. Working the least satisfied with their promotion conditions (5 questions), 2. Salary (4 questions), opportunities and their salary (table 1).

Table 1: Mean of the participants’ answers in the variables of job satisfaction

Variables Mean

Working conditions 3.47

Salary 3.07

Promotions 2.90

Work itself 3.46

Immediate superior 3.97

Total 3.41

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The reliability of MLQ was also tested using approximation RMSEA that ideally should have Cronbach’s α. Since it was found that the values values <0.1, in the present case its value is of all variables were higher than 0.7, the 0.112> 0.1. From the above it is concluded that participants’ answers were considered to be the original model is not acceptable (figure 1 of reliable. Exploratory Factor Analysis was also appendix). carried out for leadership styles. Results showed The next model tested was that of the nine that the highest means were attributed to features factors (figure 2 of appendix). Here, chi-square of transactional and transformational leadership demonstrates a statistically significant styles, while the lowest were attributed to difference, but the other indicators are not laissez-faire leadership styles (table 2). receiving the necessary values. Also, the list of In addition, Confirmatory Factor Analysis errors observed covariates that some errors (CFA) was conducted for the MLQ. From the should be connected by high covariance thus results of tables 3 and 4 it is shown that the resulting in the model of figure 3 of appendix. initial model is not totally satisfied. The chi- For the third model, x 2shows that it is square indicates that the model is statistically statistically significant and therefore the null significant, and therefore the null hypothesis - hypothesis -that there is no statistically that there is no statistically significant difference significant difference between the measurements between the measurements of the model and the of the model and the observed data- is accepted. observed data- is accepted. However, the indices The second model indices GFI, AGFI and CFI GFI, AGFI, RMSEA and CFI are not optimal. tended to 0.9. Also, the square root of the mean More specifically, in order for the GFI, AGFI square error of approximation had a value of and CFI to demonstrate an optimal model, they 0.083 <0.1. Therefore, the second model was should tend to 1. This condition is not met, as accepted and used to compute the result of they range between 0.6 and 0.65. Also, the leadership. square root of the mean square error of

Table 2: Mean of the participants’ answers in the variables of leadership style

Variables Mean

Transformational Leadership Idealized Influence (Attributed) total/4 (IIA) 2.74

Idealized Influence (Behavior) total/4 (IIB) 2.75

Inspirational Motivation total/4 (IM) 2.40

Intellectual Stimulation total/4 (IS) 2.56

Individual Consideration total/4 (IC) 2.60

Transactional Leadership Contingent Reward total/4 (CR) 2.79

Management – by Exception (Active) total/4 (MBEA) 2.33

Laissez – Faire Leadership Management – by Exception (Passive) total/4 (MBEP) 1.47

Laissez – Faire Leadership total/4 (LF) 1.08

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Table 3: First model of confirmatory factor analysis for leadership style

Model x2 Df p. RMSEA GFI

6 variables (36 questions) 4100.513 579 0.000 0.112 0.659 9 variables (36 questions) 2553.064 558 0.000 0.086 0.782 9 variables (36 questions) II 2385.583 553 0.000 0.083 0.894

Table 4: Second model of confirmatory factor analysis for leadership style

Model AGFI NFI CFI AIC BCC

6 variables (36 questions) 0.608 0.613 0.646 4274.513 4288.852 9 variables (36 questions) 0.739 0.759 0.8 2769.064 2786.864 9 variables (36 questions) II 0.852 0.875 0.916 2611.583 2630.207

In order to test the Research Hypotheses, Promotion opportunities were positively Multivariate Regression Analysis was correlated with the variable Contingent Reward conducted, as well as Pearson’s correlation test. of the Transactional leadership style. The latter showed that all variables of job Work itself was strongly positively satisfaction are correlated with almost all correlated with the variables Idealized Influence leadership styles (table 5). (Attributed), Idealized Influence (Behavior), In particular, Working Conditions were Inspirational Motivation and Intellectual positively correlated with the variable Individual Stimulation of the Transformational leadership Consideration of the Transformational style and the variable Contingent Reward of the leadership style and the variable Contingent Transactional leadership style, while it was Reward of the Transactional leadership style, negatively correlated with the variable while it was negatively correlated with the Management – by Exception (Passive) of the variable Management – by Exception (Active) of Laissez-faire leadership style and the Laissez- the Transactional leadership style, the variable faire leadership style total. Management – by Exception (Passive) of the Finally, Immediate superior was strongly Laissez-faire leadership style and the Laissez- positively correlated with the variables Idealized faire leadership style total. Influence (Attributed), Idealized Influence Salary was negatively correlated with the (Behavior), Inspirational Motivation and variables Inspirational Motivation, Intellectual Intellectual Stimulation of the Transformational Stimulation and Individual Consideration of the leadership style and the variable Contingent Transformational leadership style and the Reward of the Transactional leadership style, variables Contingent Reward and Management – while it was strongly negatively correlated with by Exception (Active) of the Transactional the variable Management – by Exception leadership style. (Passive) of the Laissez-faire leadership style and the Laissez-faire leadership style total.

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Table 5: Correlation among the variables of job satisfaction and the variables of leadership style

**. Correlation is significant at the 0.01 level (2-tailed) *. Correlation is significant at the 0.05 level (2-tailed)

The results of Multivariate Regression In addition, it was found that the higher the IC, Analysis were as follows: the less the satisfaction of bank employees with For the variable Working conditions it was their promotion opportunities, whereas the found that the model explains 19.4% of variance. higher the CR the higher the satisfaction with the The variables that play a role in the model are: promotion opportunities. IIA, IIB, IM, IC, IS, CR, MBEA, MBEP and LF, For the variable Work itself, it was found with the IS, CR and MBEA not being so that the model explains 11.9% of variance. The important for the prediction, since the t-test variables that play a role in the model are: IIA, showed that p> 0.005. In addition, it was found IIB, IM, IC, IS, CR, MBEA, MBEP and LF, that the higher the IIA, IM, MBEP and LF the with IIB, IM, IS, MBEA MBER not being so lower the satisfaction of bank employees with important in the prediction, as the t-test showed their working conditions, whereas the higher the that p> 0.005. In addition, it was found that the IC and IIB the higher the satisfaction with the higher the IIA, IC and the lower the LF the working conditions. lower the satisfaction of bank employees with Concerning the variable Salary, it was found their work, whereas the higher the CR the higher that the model explains 9.6% of variance. The the satisfaction with the work itself. variables that play a role in the model are: IIA, Finally, for the variable Immediate Superior, IIB, IM, IC, IS, CR, MBEA, MBEP and LF, it was found that the model explains 31.6% of with IIB, IM, MBEP and LF being not so variance. The variables that play a role in the important for the prediction, since the t- test model are: IIA, IIB, IM, IC, IS, CR, MBEA, resulted in p> 0.005. In addition, it was found MBEP and LF, with IIA, IIB, IS, IC and MBEA that the higher the IS, IC, CR and MBEA the not being so important in the prediction, since lower the satisfaction of bank employees with the t-test showed that p> 0.005. In addition, the their salary, whereas the higher the IIA the higher the IM, MBEP LF the lower the higher the satisfaction with the salary. satisfaction of bank employees with their As for the variable Promotion opportunities, immediate superior, whereas the higher the CR it was found that the model explains 4.6% of the higher the satisfaction with the immediate variance. The variables that play a role in the superior. model are: IIA, IIB, IM, IC, IS, CR, MBEA, MBEP and LF, with the IIA, IIB, IM, IS, DISCUSSION MBEA, MBEP and LF not being so important in In contemporary occupational settings, the prediction, as the t-test revealed a p> 0.005. aspects like leadership style and job satisfaction

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have been broadly studied, measured and showing that employees perceive their job to be analyzed. The results of the present study hierarchical yet flexible and adaptable to their showed that job satisfaction among Greek bank needs. It could be supported, therefore, that the employees range from moderate to high levels. first research hypothesis (Transformational In particular, employees seemed to be mostly leadership style is positively correlated with job satisfied with their immediate superior, working satisfaction) was confirmed. conditions and work itself and less satisfied with Investigating the leadership’s ability to their opportunities for promotion. Those findings predict job satisfaction, it was found that the come to an agreement with previous studies aspect of job satisfaction which can be mostly carried out among Greek bank employees, predicted by leadership style is immediate according to which the latter appear to be quite superior. In particular, employees who rated the satisfied with their job, colleagues and workplace aspect of contingent reward of transactional (Belias et al., 2013; Belias et al., 2014). leadership style higher were most likely to be Furthermore, the finding that employees are highly satisfied with their immediate superior, mostly satisfied with their immediate superior is indicating the importance of reward for the an implication for the prevailing leadership style achievement of a specific goal. Moreover, in Greek banking institutions. More specifically, employees who rated the aspects of laissez-faire employees reported a preference for contingent leadership style higher were most likely to be reward, which is an individual characteristic of less satisfied with their immediate superior, the transactional leadership style, meaning that implying that leaders who are incapable of their superior sets specific goals and provides solving problems instantly and making quick pre-defined rewards for their achievement. decisions when needed are least appreciated. Additionally, employees rated individualized Another finding was that the aspect of influence (both attributed and behaviour) high, satisfaction with working conditions can be which is a characteristic of the transformational partially predicted by leadership style, as leadership style. This finding suggests that their employees who rated the aspects of individual leader is capable of gaining their respect, consideration and idealized influence (behavior) demonstrates strength and team spirit, while he/ of transformational leadership higher were most she emphasises on the importance of a team likely to be highly satisfied with their working mission. conditions. This means that leaders who display In an attempt for a further investigation of their personal values and are eager to transmit the relationship between leadership style and job them to each employee are considered to make a satisfaction, it was found that the dimension of banking institution a pleasant place to work in. job satisfaction which is most positively hence, the second research hypothesis correlated with leadership style is immediate (Leadership style is correlated with/ predicts job superior, which was rated as the most highly satisfaction) was confirmed as well. rated satisfactory aspect. Particularly, immediate superior was positively correlated with all CONCLUSION aspects of transformational leadership, indicating The present study confirmed previous that employees perceive their leader as a source findings, according to which job satisfaction is of inspiration, characterized by high values, quite high among Greek bank employees, which are nevertheless likely to change and particularly in terms of immediate superior. In adapt to the employees’ characteristics and addition, the most prominent leadership style potential. Immediate superior was also appeared to be the transformational one, which correlated positively with contingent reward can predict employees’ satisfaction with their (transactional leadership), implying that for a superior and their work itself. However, further respectful proportion of the sample the leader investigation should be carried out in a larger provides stable guidelines and rewards the sample, so that the results can be generalized. corresponding effort. Moreover, the aspect of Finally, a cross-country investigation would work itself was positively correlated with the be of a great interest, so that job satisfaction is majority of the characteristics of well studied and promoted. transformational and transactional leadership,

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Figure 1: First model of confirmatory factor analysis for leadership style

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Figure 2: Second model of confirmatory factor analysis for leadership style

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Figure 3: Third model of confirmatory factor analysis for leadership style

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