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Social Capital and Internationalization of Commercial Banks in Kenya

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Social Capital and Internationalization of Commercial Banks in Kenya ISSN 2519-8564 (рrint), ISSN 2523-451X (online). European Journal of Management Issues. – 2020. – 28 (1-2) European Journal of Management Issues Volume 28(1-2), 2020, pp.41-51 DOI: 10.15421/192005 Received: 12 February2020; 08 April 2020 Revised: 27 March 2020; 13 May 2020 Accepted: 03 June 2020 Published: 25 June 2020 UDC classification: 336 JEL Classification: M19 Social capital and internationalization of commercial banks in Kenya P. P. Omondi‡, J. W. Ndegwa‡‡, ‡‡‡ T. C. Okech Purpose – tо study sought to delve into social capital and commercial banks' internationalization in Kenya Drawing on the internationalization concept. Design/Method/Approach. The research adopted a positivist philosophical approach and used a descriptive cross-sectional research design targeting top and middle-level managers in Kenya's commercial banks. Data was collected using a structured questionnaire and analyzed using SPSS version 22.0 for both descriptive and inferential statistics. Structural Equation Modelling was used to establish the influence of social capital on commercial banks' internationalization in Kenya. Findings. The findings established a significant and positive relationship between the components of social capital: inter-cultural empathy, inter- personal impact and diplomacy, and commercial banks' internationalization. Practical implications. The results have significant consequences: Firstly, social capital has a positive and statistically significant ‡Philip Peters Omondi, relationship with commercial banks' internationalization. Head of Trade Finance, NCBA Bank, Secondly, all dimensions of social capital affect the acquisition of Nairobi, Kenya, foreign market knowledge and financial resources. Thirdly, the use e-mail: [email protected], https://orcid.org/0000-0001-5213-7269 of individuals' social capital often changes during internationalization. ‡‡Joyce W. Ndegwa Originality/Value. The study's novelty demonstrates the interaction of PhD, Assistant Professor of Strategic Management, United States commercial banks' managers in Kenya on the application of social International University-Africa, Nairobi, Kenya, capital as an internationalization orientation process. e-mail: [email protected], Research Limitations/Future Research. The research contributes to https://orcid.org/0000-0002-3207-4456 the advancement of location theory. It opens avenues for future ‡‡‡Timothy Okech, research to establish what extent social capital is beneficial to PhD, Associate Professor of Economics, banks that have ventured into international markets. United States International University-Africa, Nairobi, Kenya, Paper type – empirical. e-mail: [email protected] , https://orcid.org/0000-0003-4948-1696 Keywords: social capital; internationalization; inter-cultural empathy; interpersonal impact; diplomacy. Reference to this paper should be made as follows: Omondi, P.P., Ndegwa, J.W., Okech, T. C. (2020). Social capital and internationalization of commercial banks in Kenya. European Journal of Management Issues, 28(1-2), 41-51. doi:10.15421/192005. ISSN 2519-8564 (рrint), ISSN 2523-451X (online). European Journal of Management Issues. – 2020. – 28 (1-2) Соціальний капітал та Социальный капитал и інтернаціоналізація интернационализация комерційних банків у Кенії коммерческих банков в Кении Філіп Пітерс Омонді‡, Филип Петерс Омонди‡, Джойс В. Ндегва‡‡, Джойс В. Ндегва‡‡, Тімоті Океч‡‡ Тимоти Океч‡‡ ‡Банк NCBA, Найробі, Кенія, ‡Банк NCBA, Найроби, Кения, ‡‡Міжнародний університет США у Африці, ‡‡Международный университет США в Африке, Найробі, Кенія Найроби, Кения Мета роботи – вивчити соціальний капітал та Цель работи – изучить социальний капитал и інтернаціоналізацію комерційних банків у Кенії, спираючись интернационализацию коммерческих банков в Кении, на концепцію інтернаціоналізації. основываясь на концепции интернационализации. Дизайн/Метод/План дослідження. У дослідженні було Дизайн/Метод/План исследования. Использован застосовано позитивістський філософський підхід та позитивистский философский подход и описательный використано описовий дизайн досліджень у поперечному кросс-секционный дизайн исследования, ориентированный перерізі, націлений на керівників вищого та середнього на руководителей высшего и среднего звена коммерческих рівня в комерційних банках Кенії. Дані були зібрані за банков Кении. Данные были собраны с использованием допомогою структурованої анкети та проаналізовані за структурированной анкеты и проанализированы с допомогою SPSS версії 22.0 як для описової, так і для использованием SPSS версии 22.0 как для описательной, так випадкової статистики. Моделювання структурних рівнянь и для логической статистики. Моделирование структурных було використано для встановлення впливу соціального уравнений использовалось для определения влияния капіталу на інтернаціоналізацію комерційних банків у Кенії. социального капитала на интернационализацию Результати дослідження. Встановлено значний і позитивний коммерческих банков в Кении. взаємозв’язок між компонентами соціального капіталу: Результаты исследования. Результаты установили міжкультурною емпатією, міжособистісним впливом та значительную и позитивную взаимосвязь между дипломатією та інтернаціоналізацією комерційних банків. компонентами социального капитала: межкультурное Практичне значення дослідження. Результати мають значні сочувствие, межличностное влияние и дипломатия, а также наслідки: По-перше, соціальний капітал має позитивні та интернационализация коммерческих банков. статистично значущі взаємозв'язки з інтернаціоналізацією Практическое значение исследования. Результаты имеют комерційних банків. По-друге, всі виміри соціального важные последствия: во-первых, социальный капитал имеет капіталу впливають на придбання знань на зовнішньому положительную и статистически значимую связь с ринку та фінансових ресурсів. По-третє, використання интернационализацией коммерческих банков. Во-вторых, соціального капіталу індивідів часто змінюється під час все измерения социального капитала влияют на інтернаціоналізації. приобретение знаний о зарубежных рынках и финансовых Оригінальність/Цінність/Наукова новизна дослідження. ресурсов. В-третьих, использование социального капитала Новинка дослідження демонструє взаємодію менеджерів людей часто меняется в процессе интернационализации. комерційних банків у Кенії щодо застосування соціального Оригинальность/Ценность/Научная новизна исследования. капіталу як процесу орієнтації на інтернаціоналізацію. Новизна исследования демонстрирует взаимодействие Обмеження досліджень/Перспективи подальших досліджень. менеджеров коммерческих банков Кении по вопросам Дослідження сприяє вдосконаленню теорії розташування. применения социального капитала как процесса Це відкриває шляхи для майбутніх досліджень, щоб ориентации на интернационализацию. встановити, наскільки соціальний капітал вигідний банкам, Ограничения исследований /Перспективы будущих які вийшли на міжнародні ринки. исследований. Исследование способствует развитию теории локации. Это открывает возможности для будущих Тип статті – емпіричний. исследований, чтобы установить, в какой степени социальный капитал приносит пользу банкам, которые Ключові слова: соціальний капітал; інтернаціоналізація; вышли на международные рынки. міжкультурна емпатія; міжособистісний вплив; дипломатія. Тип статьи – эмпирический. Ключевые слова: социальный капитал; интернационализа ция; межкультурная эмпатия; межличностное влияние; дипло матия. ISSN 2519-8564 (рrint), ISSN 2523-451X (online). European Journal of Management Issues. – 2020. – 28 (1-2) 1. Introduction Bank internationalization is the process by which a bank gradually increases its international presence (Clapp-Smith & Wernsing, 2014). lobal mindset enables managers to do business globally and Many large banks in the world have been struggling towards a new conceive international strategies as they understand organizational model with their home markets seemingly international markets and global economic trends (Fatehi & becoming by-products in a broader strategic vision (Asira, 2013). Ghadar, 2014). The importance of an organization’s global mindset Banks go abroad to serve their domestic customers who have gone is not all about being able to do everything, but rather to abroad (Maike & Franziska, 2017). The recent trend of bank understand the nuances and complexities of the global internationalization is characterized by both financial institutions environment, the trade-offs, and opportunities as soon as they are following their existing relationships and increasingly global banks available (Miriam, Lisak, Harush, Glikson, Nouri, & Shokef, 2013). The seeking to widen their activities in the financial markets of the host main benefit of a global mindset is its ability to associate speed country, by controlling stakes, acquisition of the majority, or the with an accurate response. The drivers of internationalization not acquisition of the minority, non-controlling stakes (Yamada, 2016). only require resources but also depend on a global mindset Increasingly, Kenya is becoming cosmopolitan to the point that (Altbach, 2015). At an organizational level, a global mindset is there is a need to recognize that local communities are becoming essential for building trust and commitment within the business' global. Globalization makes the impact of the local communities internationalization process. However, it is based on the more substantial. In the wake of globalization, more than cross- management's ability to enhance knowledge and communication cultural
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