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A Study of Chikum Microfinance Bank Limited University of San Diego Digital USD Dissertations Theses and Dissertations 2020-08-31 Institutional Logics and the Double Bottom Line: A Study of Chikum Microfinance Bank Limited Daniel Anyanwu University of San Diego Follow this and additional works at: https://digital.sandiego.edu/dissertations Part of the Entrepreneurial and Small Business Operations Commons, and the Leadership Studies Commons Digital USD Citation Anyanwu, Daniel, "Institutional Logics and the Double Bottom Line: A Study of Chikum Microfinance Bank Limited" (2020). Dissertations. 183. https://digital.sandiego.edu/dissertations/183 This Dissertation: Open Access is brought to you for free and open access by the Theses and Dissertations at Digital USD. It has been accepted for inclusion in Dissertations by an authorized administrator of Digital USD. For more information, please contact [email protected]. University of San Diego Digital USD Dissertations Theses and Dissertations 2020-08-31 Institutional Logics and the Double Bottom Line: A Study of Chikum Microfinance Bank Limited Daniel Anyanwu Follow this and additional works at: https://digital.sandiego.edu/dissertations Part of the Entrepreneurial and Small Business Operations Commons, and the Leadership Studies Commons INSTITUTIONAL LOGICS AND THE DOUBLE BOTTOM LINE: A STUDY OF CHIKUM MICROFINANCE BANK LIMITED by Daniel Amanze Anyanwu A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy August 2020 Dissertation Committee Hans Peter Schmitz, PhD Robert Donmoyer, PhD Marcus Lam, PhD David A. Bell, PhD University of San Diego © Copyright by Daniel Amanze Anyanwu All Rights Reserved 2020 University of San Diego School of Leadership and Education Sciences CANDIDATE’S NAME: Daniel Anyanwu TITLE OF DISSERTATION: INSTITUTIONAL LOGICS AND THE DOUBLE BOTTOM LINE: A STUDY OF CHIKUM MICROFINANCE BANK LIMITED APPROVAL: _____________________________________, Chair Hans Peter Schmitz, PhD- _____________________________________, Member Robert Donmoyer, PhD - _____________________________________, Member Marcus Lam, PhD _____________________________________, Member David A. Bell, PhD DATE: July 20, 2020 ABSTRACT Microfinance institutions (MFIs) serve a social mission, while also having to focus on financial sustainability. Microfinance emerged as an alternative to traditional aid to the poor and aims to help alleviate poverty through providing them with financial services. MFIs can be self-sustainable and even profitable through income generating activities. This twin goal of commercial viability and social mission has generated much scholarly interest in the competition between two seemingly incompatible logics of action. Assumptions about the incompatibility of profit and mission motives have dominated the literature and led to a neglect of how some MFIs may be successful in integrating both logics. This study elaborates on the specific actions and processes Chikum MFB Ltd, - a microfinance bank located in Owerri, Nigeria took to balance ‘nonprofit’ and ‘for-profit’ institutional logics. The findings reveal that the leadership’s commitment to integrated logics enabled the deployment of the required resources to meet its goals. Commitment to founding mission provided guidance for management decisions including workforce composition, products offerings and pricing and the operation of multiple outposts. Also, its integration of financial with nonfinancial services contributed to financial sustainability, since microcredit and its associated revenue is only one of several revenue streams. By adopting a case study approach, this qualitative study engaged in an in-depth investigation on why and how the bank engaged in sustainable microfinance practice. The interpretive approach was deployed to explore, seek understanding and interpret meaning from the interview transcripts and reviewed documents. Thematic analysis revealed five key themes that described the bank’s goal attainment strategies: shareholders’ avowed commitment to founding mission; human asset development; pro- active poor products and services offering; innovative/strategic products pricing; and institutional competitive advantage. The interrelated themes also constituted the framework for the study’s findings. The findings underscore the need for commitment to the MFI’s organizational logics, for innovative and integrated approach to the needs of microfinance clients and to incorporate other revenue mechanisms to achieve financial sustainability. This study compliments the call to broaden the search for the double bottom-line objective to focus on understanding the effectiveness of different types of MFIs operating in different contexts. DEDICATION To my late father, Andrew Ogbedeneto Anyanwu who believed education is the greatest asset he can give to his children that cannot be destroyed or taken away from them. You selflessly sacrificed and starved that your first son will reach the peak of academic laurel. To my mom, Marcelina Ada Anyanwu whose daily prayers for a successful and safe return from America is my charm of luck and protection. Daily I experience the warmth of your maternal love and protection in those magic words, “My God will protect you”. To my siblings Ejiogu, Kelechi, Chinenye, Madugba, Onyemauchechukwu, Chinyere, Ugochukwu, Okechukwu, Alozie, Enyeribe and Ukachukwu, you provided the motivation and courage for the completion of this work. The thought of you meant I could hang the boots only at the top. ACKNOWLEDGMENTS First, I would like to extend my heartfelt appreciation to God for his graciousness to me, who true to character placed on my journey men and women for both intellectual and financial support that made this study a reality. Next, finding apropos the wise words of Robert Donmoyer, “in dissertation writing, your chair is God! I suppose that makes your committee members archangels,” I want to thank my dissertation committee for the success of this study. I will be forever indebted to you all and will treasure the friendships we have formed. First and foremost to Dr. Hans Peter Schmitz, the chair of my dissertation committee. He has acted as adviser, editor and reviewer of this work. I am particularly grateful for his unique “German touch”, to meticulously read each sentence and provided direction in the most expeditious manner. Indeed you are the ‘god’ of this dissertation. Thank you! Dr. Robert Donmoyer helped to imbue in me a deeper appreciation of scholarly documentation and equally helped set up the substructure on which this study stands today. His critiques of the first several drafts provided an invaluable input leading to this final outcome. Thank you! Rightly, you are one of the “archangels” that midwifed this study to life. Equally, I thank Dr. Marcus Lam for his interest in my concept and critique that provided the needed focus for the study. He strongly encouraged me to follow a quantitative approach and showed the same supportive care when I decided the qualitative approach will serve a greater benefit for the microfinance field. Dr. David Allen Bell is the subject-area expert in the committee, an expert with extensive works on microfinance in the African context and in particular, Sierra Leone and the World Bank. Thank you so much for the insights that you brought vii in and the encouragement you provided. I could not have completed this work without your advice and support. I am in the field of leadership and management because of one man, Archbishop Anthony J.V. Obinna who became my spiritual father shortly after I was ordained a priest. For reasons best known to him, he invited me in the second year of my sacerdotal ministry to focus attention on administration and leadership as the assistant secretary/chancellor of the Archdiocese of Owerri and subsequently for more than a decade to serve as the Director of Finance where I later helped to establish the Chikum Microfinance Bank Ltd. With his kind permission and support my leadership and management skills has received the boast of academic grooming to the doctoral level. I would not have produced this study without the kind permission and cooperation of the directors and staff of Chikum Microfinance Bank Ltd. I truly appreciated your uninhibited access to your persons and to the bank’s official documents. I thank in particular Violet Ikebuna and Lilian Opara for your incredible help as resource contacts. Throughout the course of my time at the School of Leadership and Education Sciences (SOLES), I benefited from the exceptional opportunities offered by the University of San Diego. The religious tuition discount provided financial support throughout the four years of my doctoral studies. Special thanks to Linda Dews for your help and for your dedicated and courageous leadership of the SOLES department. I am equally grateful to Beth Garofalo who helped me keep my focus on my program plan, while Emma Mackey’s patience, good cheer, and enviable organizational skills were invaluable. viii To John Gregg and wife Kathy for your financial support. You are my other brother in white skin. From the day the Archbishop introduced me to you as his man in charge of “temporal affairs” you have been a strong shoulder to lean on. Thank you for ensuring I did not starve as a full-time student. I would like to specially thank Fr. Wence Madu, PhD, a Big Brother. Through you my academic journey found its way into the USA. Your selfless leadership transformed the once comatose Imo State Polytechnic and continues to positively
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