Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2017 Leadership Strategies for Managing Change in the Nigerian Banking Industry Jude Ememe Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Business Administration, Management, and Operations Commons, International Business Commons, and the Management Sciences and Quantitative Methods Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral dissertation by Jude Ememe has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. David Banner, Committee Chairperson, Management Faculty Dr. Steven Tippins, Committee Member, Management Faculty Dr. David Cavazos, University Reviewer, Management Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2017 Abstract Leadership Strategies for Managing Change in the Nigerian Banking Industry by Jude Ememe M. Sc. University of Lagos, 1981 B. Sc. University of Benin, 1978 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University August 2017 Abstract The Nigerian banking system is experiencing changes brought about by globalization. Operating in a changing business environment requires that bank leaders evolve strategies to manage and adapt to change. There are direct and indirect costs associated when banks are unable to adapt to change such as bank closures, and loss of economic and business opportunities. The purpose of this phenomenological study was to explore the lived experiences of Nigerian bank leaders regarding strategies they used to manage change in the banking industry. The conceptual framework was based on transformational leadership theory and change management theory. Data were collected from document analysis and semistructured interviews with 30 practitioners in the Nigerian banking industry who have had experience in managing organizational change in the banking industry in Nigeria. Thematic analysis revealed 8 strategies: adoption and application of technology, increased staff training, effective communication, cultural reorientation, customer service quality, cost optimization, deployment of change champions, and adoption of transformational leadership style. The findings from this study may contribute to positive social change by providing policy makers and other bank leaders with more insights on how to manage and adapt to change. Implementing these strategies may help reduce the rate of bank failures and its adverse effects on employees, families, and communities. Abstract Leadership Strategies for Managing Change in the Nigerian Banking Industry by Jude Ememe M. Sc. University of Lagos, 1981 B. Sc. University of Benin, 1978 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University August 2017 Dedication I dedicate this dissertation to my late uncle Chief Francis Anyanwu who saw a great future in me early in life and sponsored my education to the tertiary level. Completing a doctoral program was his desire for me and I am glad that his expectation has been met. I also dedicate this dissertation to my children, Chinomso, Chidera, and Chiebuka and to my wife, Dr. Perpetua Ememe. Together as a family, we achieved this milestone. Finally, I dedicate this dissertation to my colleagues in the character training prison program who are working with me and laboring tirelessly to empower prison inmates in Lagos, Nigeria with values that enhance their reintegration into the society and for positive social change. Acknowledgements Foremost, I want to say thank God for the grace and the enablement to successfully undertake the doctoral journey. I thank my exemplary study Chair, Dr. David Banner for his scholarly, professional, and wise counsel that sustained me in every aspect of the journey. Without his significant mentorship and contributions, this journey to attain the highest level of education would not be possible. I am eternally grateful for his patience and commitment to serve humanity. He is a worthy and proven example of servant leadership. I want to say thank you to my second committee member, Dr. Steven Tippins and to my URR, Dr. David Cavazos. I really appreciate your recommendations that have assisted me in no small measure to successfully complete this dissertation. I want to thank my participants who used their personal time to respond to my request for information. Their wealth of knowledge enriched this study. My sincere appreciation also goes to my colleagues, particularly Chinonso Ikeh and Gift Emmanuel for their sacrifice, loyalty, and hard work and for ensuring the smooth operations of the office especially during the times I needed to be away to work on my dissertation. Finally, I want to appreciate my wife, Dr. Perpetua Ememe for her commitment, love, and uncommon sacrifice that contributed to the completion of this study. She was indeed the study consultant as she used her wealth of knowledge and experience to read the work and make valuable contributions that helped me immensely in the doctoral process. I am indebted to her. Table of Contents Chapter 1: Introduction to the Study .............................................................................. 1 Background of the Problem ...................................................................................... 3 Problem Statement ..................................................................................................... 6 Purpose Statement...................................................................................................... 7 Research Question ..................................................................................................... 8 Interview Questions ................................................................................................... 8 Conceptual Framework .............................................................................................. 9 Nature of the Study .................................................................................................... 9 Definition of Terms ................................................................................................. 11 Assumptions............................................................................................................. 12 Limitations ......................................................................................................... 12 Delimitations...................................................................................................... 13 Significance of the Study ......................................................................................... 13 Summary .................................................................................................................. 14 Chapter 2: Literature Review ....................................................................................... 15 Leadership Theories................................................................................................. 16 Change Management Theories ................................................................................ 21 Definition of Leadership .......................................................................................... 24 Leadership Competencies ........................................................................................ 26 Leadership Styles ..................................................................................................... 32 Transformational Leadership ............................................................................ 34 Transactional Leadership .................................................................................. 39 Leadership Values.................................................................................................... 43 i Leadership Behaviors .............................................................................................. 48 Concept of Organizational Change .......................................................................... 51 Change Factors or Components ........................................................................... 54 Change Contexts and Approaches ....................................................................... 57 Managing Change Behaviors ............................................................................... 60 Organizational Climate and Readiness for Change ............................................. 64 Organizational Change and Culture..................................................................... 68 Change Resistance………………………………………………………………69 Duality of Change Behaviors............................................................................... 76 Summary .................................................................................................................. 78 Chapter 3: Research Method and Design…………………………………………… 80 Purpose Statement…………………………………………………………………80