Publication:
Linking Mission Statements Components to Management Effectiveness
Linking Mission Statements Components to Management Effectiveness
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Date
2021
Authors
Vu Minh Hieu
Ngo Minh Vu
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Research Projects
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Abstract
This study examines mission statements and management effectiveness in “first generation” insurance companies in Nigeria. Content analysis method has been applied with the mission statements and data collected from annual reports (2013-2018) of six insurance companies. In terms of the data analysis, Pearson correlation and descriptive statistics have been employed. The results suggest that the mission statements’ components including the product/service, growth orientation, competences, public image and personnel are crucial for management effectiveness proxied by two ratios of return on equity (ROE) and return on assets (ROA). The study, therefore, recommends that businesses must include in their mission statements, product/service, growth orientation, competences, public image and personnel mission statement components. The study drawback is the small sample size. The study has also proposed area for further research and managerial implications.
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Keywords
Content Analysis,
Management Effectiveness,
Return on Assets (ROA),
Mission Statements,
Return on Equity (ROE).