Empirical Analysis Of Core Value Statements Of Financial Institutions In Nigeria: A Strategic Finance Approach

Abstract

Mission, values, vision and objectives are considered essential in strategic planning and
management activities of any organization, in that they function together to
determine its strategic direction. The objective of this study is to identify, classify and
analyse core value statements of financial institutions quoted on the Nigerian Stock
Exchange. Based on simple random sampling and in line with the Godden (2004)’s
sample size formula, a sample of 38 was selected out of a population of 52 financial
institutions. The selected financial institutions have 209 core value statements, which
were classified into seven value dimensions: commitment to customers, commitment
to stakeholders, commitment to employees, commitment to diversity, commitment to
integrity, entrepreneurship, and corporate social responsibility. Using both content
and descriptive analyses, the study found that commitment to integrity (33.97%) and
commitment to customers (23.92%) are two most popular out of the seven value
dimensions. However, commitment to employees constitutes as low as 1.44% of the
value dimensions. It is therefore recommended that financial institutions in Nigeria
should increase their commitment to employees and practically institutionalize and
integrate their core values in the heart of the employees rather than making it a mere
statement in black and white