Abdelsalam
Adam Hamid
International
maritime college, Oman
E-mail: sunmust87@gmail.com
Maigana
Amsami
Sudan
University of Science and Technology, Sudan
E-mail: mgamsami@gmail.com
Siddiq
Balal Ibrahim
Faculty
of Business, Bahrain
E-mail: siddiq.ibrahim@aou.org.bh
Submission: 11/29/2020
Accept: 1/8/2021
ABSTRACT
The purpose of this study was to examine
whether customer gratitude mediates the association between ethical corporate
social responsibility and customer loyalty.
A cross-sectional survey was adopted. A total of 430 individual
customers of retail banks located in some selected towns in north-east region
of Nigeria were selected using convenience sampling. Structured questionnaires were used to collect. Descriptive
statistics and partial least square structural equation modeling were used in
data analysis. Finding showed that ethical corporate social responsibility positively and significantly affected
customer loyalty. Also, a positive and significant effect of ethical corporate
social responsibility on customer gratitude was observed. Furthermore, it was
observed that customer gratitude and customer loyalty are positively
associated. Also, customer gratitude mediated between ethical corporate social
responsibility and customer loyalty. This study concluded that customer
gratitude mediated the influence of ethical corporate social responsibility on
customer loyalty. The finding of this study will help managers of Nigerian
retail banks to develop ethical corporate social practices which strongly
create feelings of gratitude among their banks’ customers in order to take
advantage of customers’ gratitude, and eventually cultivate customers’ loyalty.
Keywords: Corporate Social Responsibility Customer; Ethical Social Responsibility; Gratitude; Loyalty; Retail Bank
1.
INTRODUCTION
The modern business environment is facing an increasing demand for ethical behavior. As a result, companies including, banks, are seeking to integrate ethical manners into their business models. A business firm that acts ethically is differentiated from others by the public at large and is able to create a sustainable competitive advantage in marketplace by its good ethical behaviour (Nicolaides, 2018; Mostafa & ElSahn, 2016; Aramburu & Pescador, 2017).
Specifically,
in the banking sector, ethical
and transparent behaviors, and responsible financial products ensure its
expected and dependable business (Lentner, Szegedi &Tatay, 2015).
Consequently, managers and academicians have put greater interest in considering
ethical corporate social responsibility (ECSR) as a vital business strategy in
terms of ECSR potential positive impact
on customers (Romani, Grappi
& Baggozi, 2013). ECSR is a component of the broader corporate social responsibility [CSR]
(Carroll, 1991). ECSR refers to all those values that
mirror and respect what customers, the society and other business stakeholders
look upon as accepted regarding the protection of their moral rights (Carroll, 2016).
ESCR practices help to generate
customers’ loyalty toward business organizations (Lee, Chang & Lee, 2017; Kodua, Narteh, Braimah &
Mensah 2016). Hence, every business institution aims to attract loyal customers to ensure business success because a large loyal customers’ base means a financially
stable company that receives higher profits, and growing sales, among others (Išoraitė, 2016; Pan,
Sheng & Xie, 2012). Moreover, ESCR significantly influences
customer gratitude (Romani,
et al., 2013; Xie & Bagozzi, 2014).
Gratitude
is a moral emotion that arises in individuals when something
beneficial is received from another person (McCullough, Kimeldorf & Cohen, 2008). The ability
to generate gratitude gives rise to beneficial action from the beneficiary
towards the benefactor (Barlett & DeSteno, 2006).
Thus, ECSR actions such as respecting customers’ moral
rights can generate feelings of gratitude in customers. Subsequently, gratitude
felt makes them respond positively with gratitude-based reciprocal action such
as customer loyalty (Park & Choi, 2016; Romani, et al., 2013).
Due
to the growing recognition of the significance of ECSR practices in business,
and to enhance the practice of ECSR, researchers had
examined the mediation of gratitude on the relationship between ECSR and customer
positive outcomes. Xie,
Baggozi and Gronhaug (2019) investigated the mediating role of gratitude in
explaining the effect of ECSR on consumers’ brand advocacy behaviors in
offshore shipping company.
Finding has shown positive mediation
of gratitude. Similarly, Xie and Bagozzi (2014) investigated the intervening
role of gratitude on consumer decision to support
nonprofits organization in the perspective of offshore shipping services. Result revealed positive mediation of
gratitude. Romani et al. (2013)
examined the mediating role of gratitude in explaining the influence of ECSR on
consumers’ recommendation and advocacy behaviors in a fictitious cocoa
manufacturing company. Results revealed positive mediating role of consumers’
gratitude on the relationship between ECSR and consumers’ recommendation and
advocacy behaviors.
Nevertheless, little is known on the mediating role of customer gratitude on the association between ECSR and customer loyalty in the banking industry, especially in northeast Nigeria. Therefore, the core objective of this study was to examine the mediating role of customer gratitude on the effect of ECSR practices of Nigerian retail banks on their customers’ loyalty. Thus, the effect of ECSR practices on customers’ loyalty was examined; the effect of ECSR practices on customers’ gratitude; the relationship between customers’ gratitude and customers’ loyalty, and the mediation mechanism of customers’ gratitude on the association between ECSR practices and customers’ loyalty were investigated.
It
is valuable to understand the mediation effect of customers’ gratitude on the
association between ECSR and customers’ loyalty in the banking sector because
the ECSR dimension might have a different outcomes on industries depending on
the sensitivities of each industry (Goyal & Chanda, 2017). This study focuses on the banking
sector as a reference point because the banking sector is an important sector
providing retail banking services and having the potentials to attract and
manage substantial economic resources in the nation’s economy.
More importantly, the banking sector was chosen because the Nigerian financial system is dominated by the banking sector, which represents 75 percent of the system’s assets, and the banking sector’s assets stood at 32.43 trillion nairas as of March 2017 (World Bank Group, 2017). Additionally, the banking index was the best performing sector in 2017, up73.3% (Afrinvest, 2018).
The contribution of this study is from both theoretical and managerial perspectives: theoretically, the study provides a new explanation by associating ECSR, customer gratitude, and customer loyalty, hence contributing to the theory, and regarding managerial contribution, it provides practical knowledge of how ECSR is developed and implemented to increase customer loyalty using the mediating mechanism of customer gratitude.
This paper is organized into seven sections as follows: Section I is the introduction, section II dwells on literature review. In this section, constructs of the study are discussed, section III dwells on theoretical framework of the study, hypotheses development and presents a conceptual model of the study, section IV discusses the methodology of the study, section V present results, and section VI dwells on the discussion of the findings, theoretical and managerial implications, limitations of the study and suggestions for future study, and conclusion.
2.
LITERATURE REVIEW
2.1.
Ethical
Corporate Social Responsibility (ESCR)
Before
defining ECSR, related expressions such as corporate social responsibility
(CSR) require elucidation. CSR
is defined in various ways in the literature. However, Carroll’s (1979)
explanation is extensively accepted (McCain, et al., 2019). Thus, the present study adopted this viewpoint. Carroll
(1979) defines CSR as “the social responsibility of business encompasses the
economic, ethical, legal and discretionary expectations that society has of
organizations at a given time” (p.500). However, Carroll (1991) revisited the
1979 model, and renamed the discretionary responsibility as philanthropic
responsibility.
Carroll (1991) defines ECSR as doing business in a way consistent with anticipations of society’s norms and ethics (Carroll, 1991). A business has the expectation, and obligation, that it will perform what is right, just, and fair and to shun damage with whom it interacts (Carroll, 2016, p.4). Carroll (1991) highlighted the significant components of these responsibilities to include performance in a way consistent with the anticipations of society’s norms and ethics, recognizing and valuing new or evolving ethical/ moral norms adopted by society, protect ethical norms from being compromised to attain organizational goals, understanding that corporate citizenship as performing what is expected morally and ethically, and recognizing that corporate integrity and ethical conduct go above the simple observance of laws and regulations. In the banking sector, Lentner, Sezdegi and Tatay (2015 maintain that ECSR concerns the fundamental values of integrity, fair conduct, respect, and transparency in the banking sector.
CSR proponents view the ethical
company as an enterprise that fruitfully integrates society’s interests
(Berenbeim, 2006). Moss (2002) maintains that businesses are learning that
generating profits is based upon an ethical base. García
de los Salmones and Rodríguez del Bosque (2011) claim that the perception of
ethically responsible behavior leads to positive associations that translate
into an excellent evaluation of service. Hence, ECSR is a right way of
differentiation as well as a powerful tool of creating affective responses
which support loyalty. ECSR initiatives offer benefits to companies which
include purchase seeking, advocacy, building positive corporate image, an
customer loyalty (Du, Bhattacharya & Sen, 2010; Lee, et al., 2017; Stanisavljević, 2017; McCain et al., 2018).
2.2.
Customer
Loyalty
Pan, Sheng and Xie (2012) define customer loyalty
as “loyalty is the strength of a customer’s dispositional attachment to a brand
(or a service provider) and his/her intent to rebuy the brand (or repatronise
the service provider) consistently in the future” (p.151). Kim and Kim (2016) aver that customer loyalty results in recommendation
of a firm’s products or services using positive word- of-mouth. More importantly, in the modern
business world, competition is high, so every company aims to attract loyal
customers to ensure business success.
Hence, customer loyalty is regarded
as one of the most effective strategies (Išoraitė, 2016). García de los Salmones and Rodríguez del Bosque (2011) aver that
perception of ethically responsible behavior leads to positive associations
that translate into an excellent evaluation of service and that CSR is a right
way of differentiation. It is a powerful tool of creating affective responses
which support loyalty.
Customer loyalty usually includes the behavioural aspect and the attitudinal aspect (Szczepańska & Gawron, 2011; Martinez & Rodríquez del Bosque, 2013). Szczepańska and Gawron (2011) maintain that behavioral loyalty shows customers’ actions, which included repurchasing and readiness to engage in word-of-mouth. Besides, the behavioral dimension is associated with repetitive dealings from the customer in a specific period.
However, repeated behavior might be because of satisfactions or just to the absence of alternatives, or due to convenience or a habit. Hence, the behavioral loyalty approach is criticized on the basis that it can lead to loyalty behavior such as spurious loyalty or even no loyalty (Martinez & Rodríquez del Bosque, 2013; Dick & Basu, 1994, p.100).
Stanisavljević (2017) contend that the attitudinal aspect of customer loyalty means an upbeat of the company is made. This creates an emotional connection between the customer and the company, hence a good loyalty. Similarly, Yuen, Thai and Wong (2016) contend that attitudinal loyalty encompasses a sense of dedication, engagement, and adherence to a brand. Nevertheless, the attitudinal loyalty is criticized on the ground that a customer’s positive attitude towards a specific product or service might not assure repeat patronage or purchase frequency (Dick & Basu, 1994).
Customer loyalty is measured using behavioral loyalty measurement, attitudinal loyalty measurement, and composite loyalty measurement (Szczepańska & Gawron, 2011; Mandhachitara & Poolthong, 2011). According to Yuen et al. (2016), behavioral loyalty measurements include positive, real actions like repurchase or recommendation of products or services to others.
The attitudinal loyalty measurements is measured by include the intent to purchase another time and, or purchase extra products or services from the same company, readiness to recommend the company to others, and a commitment to the company demonstrated by a resistance to switching to a competitor (JR, Bush & Ortinau 2009).
Finally,
the composite customer loyalty is measured by the combining of the behavioral
loyalty and attitudinal loyalty. Proper loyal incorporates behavioral loyalty
and attitudinal loyalty, resulting in consistent attitudes and behaviors of
loyalty (Berg & Lidfors, 2012). Hence, in this study, the composite measurement of customer loyalty is
adopted.
2.3.
Gratitude
Jain and Jaiswal (2016) define
gratitude as “the sense of appreciation experienced by someone who has received
a material gift or benefits from another person” (p.127). It is argued that
gratitude is a necessary social element of human dealings that provides an
emotional underpinning for reciprocal behaviors (Palmatier, Jarvis, Bechkoff
& Kardes, 2009).
Gratitude is a result of human
relations that provides an emotional foundation for reciprocal actions (Simon
(2013). acknowledged that gratitude operates usually when people are the
beneficiaries of pro-social behavior. People experience gratitude generally
when they observe that a benefactor has acted to improve their well being
(McCullough, Kilpatrick, Emmons & Larson, 2001).
Gratitude regulates people’s
responses to favors obtained by inspiring them to recognize verbally and
nonverbally and by encouraging them to extend benefits to their benefactor in
kind (McCullough, Kimeldorf & Cohen, 2008).
McCullough et al. (2001) contend that gratitude has specific significant moral
roles, which include a moral barometer, a moral motive, and a moral reinforcing
role. The moral barometer role explains that gratitude arises when one benefits
from another person’s moral actions. The moral motive role explains that
gratitude encourages pro-social behavior in the beneficiary either directly to
the benefactor or others, and finally, the moral reinforcer role of explains
that showing gratitude to someone for his or her pro-social actions produces
more effort on the side of the benefactor to behave morally in the future.
People feel and express gratitude in
three ways. Firstly, they can get back positive memories and being thankful for
elements of past blessings, and secondly, they can be thankful for current
blessings. Finally, they can relate it to the future (maintaining a hopeful and
optimistic attitude) (Jain & Jaiswal, 2016).
Previous studies have implicated the
construct of gratitude into CSR and customers’ positive outcomes relationship
as an underlying mechanism of influence (Romani, et al., 2013; Xie, et al.,
2015; Choi & Park, 2016; Xie, et al.,
2019). Overall, previous findings have showed positive mediating role of
gratitude. Nonetheless, further examination is needed in this direction as
little is known on the mediating role of gratitude in the banking services
context.
3.
THEORETICAL FRAMEWORK AND HYPOTHESES
DEVELOPMENT
3.1.
Theoretical
framework of the study
3.1.1.
The stakeholder theory of CSR
In
this study, the stakeholder theory of CSR is used to explain to possible link
between ESCR and customer loyalty. The pioneer of the stakeholder theory of CSR
was R. Edward Freeman (Jones, 1995). This theory claim that business managers must meet diverse groups (e.g.,
customers, local community) who can influence firms outcomes.
Hence, it can be advantageous for
the firms to undertake specific corporate social responsibility activities that
non-financial stakeholders regard as essential or else these groups may
withdraw their support for the firm (Slavova, 2013). According to the
stakeholder theory, the task of a corporation is to generate profits for owners
and provide a variety of benefits that are cherished by its customers and other
stakeholders (Bhattacharya, Korschun & Sen, 2009).
3.1.2.
The moral affect theory of gratitude
In this study, the moral affect theory of gratitude (hereafter referred to as MATOG) is used to explain the connections between ECSR, gratitude, and customer loyalty, and the mediating role of gratitude. MATOG was introduced by Mccullough, Kilpatrick, Emmond, and Larson, (Tian, Du & Huebner, 2015). Mccullough, Kilpatrick, Emmond and Larson (2001) contend that gratitude as a moral affect has three specifics a moral barometer function, a moral motive function, and a moral reinforcing function.
First,
the moral barometer role postulates that gratitude arises when a person
observes that he has benefitted from someone’s valuable actions. Second, moral
motive role of gratitude posits that gratitude has a motivational value. People
that benefited from the good gestures of a benefactor tend to promote the
interest of the benefactor. Finally, moral reinforcer role of gratitude
postulates that showing gratitude to someone’s valuable actions creates more
tremendous effort on the side of the benefactor to behave morally in the
future.
3.2.
Hypotheses
development
3.2.1.
The relationship between ECSR and Customer
loyalty
This study adopted the stakeholder theory of CSR to explain the effect of ECSR on CL. ECSR concerns the essential principles of honesty, fair conduct, respect, and transparency (Lentner, Sezdegi & Tatay, 2015). García de los Salmones and Rodríguez del Bosque (2011) claim that the perception of ethically responsible behavior leads to positive associations that translate into an excellent evaluation of service. Business institutions practice ECSR, for instance, by giving customers full and correct information regarding their products and services, apply protective measures to process customers’ sensitive personal information, among others (Park, Kim & Kim, 2017).
Businesses
implementing ethical practices are cherished and supported by customers. Kodua, Narteh, Braimah & Mensah,
2016) found and reported that ECSR initiatives of companies have a
positive and significant effect on customer loyalty. In contrasts, Stanisavljević (2017) and McCain et
al. (2019) found and reported that ECSR do not influence customer loyalty.
Based on the preceding discussions, the below hypothesis (H) is
proposed.
·
H1: ECSR has a positive
effect on customer loyalty.
3.2.2.
The relationship between ECSR and customer
gratitude
Firms commitment to ECSR, for
instance, treat their customers fairly, they are honest in handling customer
issues. Consequently, ECSR practices can lead to excellent
evaluation of service (García de los Salmones & Rodríguez del Bosque,
2011). Moreover, customers can
perceive benefits by viewing firms’ ECSR practices as promoting their own moral
interest. Consequently, in line with the moral barometer role of
gratitude, feelings of gratitude can arise in customers. Romani et al. (2013) found and reported a positive and significant direct
influence of ECSR practices on customers’ feelings of gratitude. Xie et al. (2019) found and reported that
ECSR actions positively influence customers’ felt gratitude. Hence, it
is hypothesized as follows.
·
H2: ECSR has a positive
effect on customer gratitude.
3.2.3.
The relationship between customer gratitude
and customer loyalty
The moral motive role of gratitude postulates that
gratitude has a motivational value.
Accordingly, people that
made grateful by the actions of a benefactor might promote the interests of the
benefactor (or a third party) in the future (McCgollough, et al., 2001). Thus, gratitude functions to foster social relations
through its support of reciprocal or pro-social behavior between a benefactor
and beneficiary (Barlett & DeSteno, 2006), and the feelings of gratitude
might become the basis of long term
associations between the beneficiary and the benefactor (Dewani, Sinha
& Mathur, 2016).
Huang (2015) found and
reported that felt gratitude positively affected behavioral loyalty. Dewani et
al. (2016) found and reported that feelings of gratitude in customers
positively influence immediate purchase intentions and customer loyalty.
Likewise, Xie et al. (2019) found and
reported the positive influence of gratitude on customers’ brand advocacy
behaviors. Hence, it is proposed as follows.
H3: Customer gratitude
has a positive effect on customer loyalty.
3.2.4.
Mediating role of customer gratitude between
ECSR and customer loyalty
This study adopted the barometer and moral motive functions of gratitude to explain the mediating role of customer gratitude between ESCR and customer loyalty. The moral barometer role of gratitude posits that gratitude arises due to the observation that one has been a beneficiary of another person’s moral action. On the other hand, the moral motive function of gratitude postulates that gratitude encourages pro- social behavior in the beneficiary either directly to the benefactor or others (McCullough, et al., 2001).
ECSR
practices can engender feelings of gratitude, and then, gratitude felt might influence customers to show
loyalty (Romani, et al., 2013). Romani et al. (2013) reported that the effect of perceived ECSR actions on
customers is mediated by customers’ felt gratitude. Similarly, Xie et al. (2019) found and reported
mediation of gratitude on the association between ECSR activities and
customers’ advocacy behaviors. Based on the preceding discussions, it is
proposed as follows:
H4: Customer
gratitude mediates the relationship between ECSR and customer loyalty
3.2.5.
Proposed Conceptual model of the study
Figure 1 illustrate the proposed conceptual model of this
study. The proposed model allows ECSR to influence customers’ loyalty
indirectly through the mediation of customer gratitude. The arrows are the
hypothesized paths.
Figure 1: Proposed conceptual model of the study
4.
METHODOLOGY
The study adopted a cross-sectional survey research
method and collected data in 2019. The
survey approach was employed because it gives a fast, cheaper, and correct means of obtaining
information about a population (Zikmund et al., 2007). Also, this study examined
the ECSR practices of the Nigerian retailing banks in north-eastern region of
Nigeria. The zone was selected because there is a dearth of studies similar to
this present study in the zone. Specifically, data were collected in Bauchi,
Damaturu, Gombe, Maiduguri, Jalingo, and Yola metropolitan towns because large
concentration of retail banks.
Individual customers of the retail banks in the study
area constituted the population of this study. 500 individual customers were
chosen as sample, using a convenience sampling method. Structured questionnaire was used in this
survey. Part one sought information regarding the characteristics of
respondents, while part two relates to information regarding the constructs of
the study. Measures for the constructs were adapted from previous studies.
Measures for ECSR were borrowed from Tong, Wong &
Hsiang (2017), Kim, Song, Lee & Lee (2017), Mulaessa and Wang (2017) and
Salmones et al. (2005). Measures for Customer Gratitude (GRAT) were sourced
from Dewani et al.
(2016). Customer loyalty (CL) indicators were
borrowed from Chang and Yeh (2017). All the
measurement items were rated on a
five-point Likert scale, ranging from ‘strongly disagree’(1) to ‘strongly
agree’(5).
Before full scale administration of the questionnaire to respondents, the questionnaire was given for face validity to research experts who accordingly validated it. Additionally, the questionnaire was pilot tested with a sample of 100 individual bank customers. Internal consistency reliability of the measurement was tested using Cronbach’s alpha. Result revealed the following values: ETR (6 items= 0.801); GRAT (4items=0.887) and CL (6 items =0.914). Since, the values of the construct have exceeded the cut off limit of 0.7(Pallant, 2005), the instrument was deemed reliable.
This present study employed
procedural and statistical methods to manage the potential problems of common
method variance. Common method bias has been considered as a major source of
measurement error and thus a threat to the model validity, particularly in
self-report studies (Podsakoff & Organ, 1986). The common method bias can be attributed by
respondents (e.g. social desirability), item characteristics (e.g., vague
items), and context (e.g., induced mood), and measurement context (e.g., time
and location of measurement) (Podsakoff, MacKenzie, Lee
& Podsakoff, 2003).
Regarding
the procedural method, this study ensured clarity in
wordings, and assuring the privacy of the respondents. Concerning the
statistical procedure, the Harman’s one-factor statistical test was used to
assess the impact of this bias. This technique was chosen because it is the most straightforward measure,
and the most widely used (Podsakoff, et
al., 2003). The test showed that the first component (% of the variance value)
accounts for less than 50% i.e., 43.235% of all variables in the model.
Hence,
it is free from significant common method bias effects. The Partial Least Squares (PLS) structural
equation modeling was employed to test hypotheses. PLS was chosen because of
its relative robustness in working with smaller and large samples. Also, PLS
has a few limiting assumptions regarding model specifications and data
normality (Aramburu & Pescador, 2017).
5.
RESULTS
5.1.
Preliminary
analysis
Five
hundred copies of the questionnaire were distributed, out of which 430 copies,
representing 86 percent (%) response rate were retrieved as useable analysis.
Before the analysis, the data were examined for missing values. The percentage of missing values in this study’s data set is considered
non-significant as it is far below the fair value of 5% (Tabachnick &
Fidell, 2007). More importantly, as the missing values occurred randomly and
not based on a systematic pattern, the researcher may opt to replace the
missing values (Pallant, 2010). Thus, as these missing values were less than 5%
and had occurred completely the random pattern, the study replaced the values
using mean substitution as suggested in (Hair, et al., 2010; Tabachnick & Fidell, 2007).
5.2.
Profile of
the respondents
Results
in Table 2 showed that 271(63%) are male, while 156(36.3%) are female. Furthermore, the majority of the respondents,
174(40.4%), are within the age bracket of 18-27. Concerning the level of education, the
majority of the respondents, 176(41%), hold bachelors’ degree. Regarding a
monthly income level, 144(33.5%) of the respondents earn monthly income within
NGN 10,000 and NGN 20,000. Regarding the period of maintaining a bank account,
241(56%) of the respondents, constituting the majority, maintain bank account
for seven years and above.
Table 2: Profile of Respondents
Variables |
Frequency |
(%) |
Gender |
||
Male |
271 |
63 |
Female |
156 |
36.3 |
Missing values |
3 |
0.7 |
Total |
430 |
100 |
Age |
||
18-27years |
174 |
16 |
38-37 |
163 |
24 |
38-47 |
45 |
10.5 |
48 and above |
41 |
9.5 |
Missing Values |
7 |
1.6 |
Total |
430 |
100 |
Level of Education |
||
Secondary |
52 |
12.1 |
Diploma |
121 |
28.1 |
Bachelor Degree |
176 |
40.9 |
Master Degree |
20 |
4.7 |
Professional |
4 |
0.9 |
Others |
49 |
11.4 |
Missing Values |
8 |
1.9 |
Total |
430 |
100 |
Income |
||
10,000-20,000 |
144 |
33.5 |
21,000-30,000 |
100 |
23.3 |
31,000-40,000 |
57 |
13.3 |
41,000-50,000 |
26 |
6 |
51,000 and above |
83 |
18.8 |
Missing Values |
20 |
3.7 |
Total |
430 |
100 |
Duration of Bank
Account |
||
Less than I year |
35 |
8.1 |
1-3 years |
105 |
24.4 |
4-6yeard |
36 |
23.5 |
7 years and Above |
241 |
45 |
Missing Values |
20 |
3.1 |
Total |
430 |
100 |
5.3.
Reliability
and validity analysis
Exploratory factor analysis using maximum likelihood with
Promax was used to test the validity of indicators. Kaiser-Meyer-Olkin (KMO) value and Bartlett’s test of
sphericity were used to determine sampling adequacy and correlations in the
data before the factor analysis. Table 3 showed that the KMO values for all the
constructs were 0.866, which thus acceptable values thus satisfactory for
factor analysis (Kaiser, 1974). The Bartlett’s test of sphericity is
significant (p˂0.01); indicating good correlations in the data for factor
analysis.
Table 3: KMO and Bartlett’s test of
sphericity
KMO
Measure of Sample Adequacy |
.866 |
|
Bartlett’s
Test of Sphericity |
Approx.
Chi-Square |
3700.966 |
Df |
171 |
|
Sig. |
.000 |
The outer loadings
were examined for the indicators’ reliability. The results showed that all
loading values exceeded the suggested threshold value of 0.60 and above (Hair Jr. et al., 2014). Hence,
the reliability of the indicators had been assumed, as seen in Table 4. Also, Cronbach’s alpha (α) was used to verify the internal
consistency reliability of the items. The result of the internal
consistency reliability values of the constructs as presented in Table 5.3 were
ETR = 0.86, GRAT= 0.72, and CL = 0.90. These values revealed good reliability
as they exceeded the required threshold of 0.7 (Pallant, 2005).
Regarding composite reliability
(CR), the reliability scores were found to be above the threshold of 0.70.
Hence, each construct in the model has captured indicators that have much in
common, and they are statistically significant (Hair Jr. et al., 2014).
An assessment of convergent validity was also conducted by examining the average
variance extracted (AVE) values. All the AVE values in the results exceeded the
threshold value of 0.50 (Hair Jr. et al., 2014). The least value was
0.51, and hence, convergent validity was established. Table 5.3 contains the
AVE values.
Table 4: Item loadings, α, CR,
and AVE
Construct |
Indicators |
Factor loading |
α, CR, AVE |
ECSR |
1.The bank respects customer human
rights |
0.71 |
α =0.86 CR=0.80 AVE=0.51 |
2.The bank has established ethical guidelines for business activities |
0.62 |
||
3.The bank makes effort to fairly treat customers |
0.67 |
||
4.The bank is honest to its customers |
0.76 |
||
5.The bank respects ethical principles in any
transaction with customer |
0.77 |
||
6.The bank tries to become an ethically trust worthy bank |
0.72 |
||
GRAT |
1.I feel grateful to the bank for the benefits provided |
0.83 |
α =0.87 CR=0.91 AVE=0.72 |
2.I am thankful to the bank for the benefits that are provided |
0.86 |
||
3.I feel appreciative to the bank for the benefits it provides |
0.85 |
||
4.I feel the desire to say ‘thank you’ to the bank for the benefits
that are provided |
0.86 |
||
CL |
1.I am a loyal customer of this bank |
0.70 |
α =0.90 CR=0.87 AVE=0.60 |
2. I intend to remain a customer of this bank |
0.78 |
||
3.This bank is my first choice when I travel between cities |
0.80 |
||
3.I am likely to say positive things about this bank |
0.73 |
||
4.I will recommend this bank to my family members and friends |
0.83 |
||
5.I will recommend this bank if asked by other people |
0.82 |
To establish discriminant validity
of the reflective constructs, the square root of AVE of each variable should be
higher than its correlations with any other construct (Fornell & Larcker,
1981). Table 5 showed the diagonal bolded values as the square root of AVE.
Each value is above the correlation of any reflective variable with one
another. This indicates the distinctiveness of each of these constructs.
Table 5: Discriminant validity
Variables |
CL |
ETR |
GRAT |
CL |
0.78 |
||
ETR |
0.54 |
0.71 |
|
GRAT |
0.56 |
0.46 |
0.85 |
Figure 2: PLS
Algorithm
5.4.
Structural
Model
The coefficients were estimated through bootstrapping procedure set at 5,000 subsamples of 430 cases in the data set and a no sign change.
Figure 3: PLS
Bootstrapping
Table 6: Result of hypotheses test
R/Ship |
Beta
Values |
Standard
Deviation |
T
Statistics |
P
Values |
ETR -> CL |
0.36 |
0.06 |
6.31 |
0.00 |
ETR -> GRAT |
0.46 |
0.04 |
10.69 |
0.00 |
GRAT -> CL |
0.40 |
0.05 |
7.30 |
0.00 |
ETR -> GRAT->CL |
0.18 |
0.03 |
6.30 |
0.00 |
R square |
0.42 |
|
|
|
The result in Table 5.5 showed that
a significant positive relationship exists between ECSR and CL (t=6.31>1.96,
P=0.00<0.05). Hence, H1 was accepted. Similarly, a positive and
significant relationship was found between ECSR and GRAT (t=10.69>1.96,
P=0.00<0.05). Consequently, H2 was accepted. The empirical analysis
also supported the relationship between GRAT and CL (t=7.30>1.96,
P=0.00<0.05). Thus, H3 was accepted.
Regarding of mediating role of GRAT, a significant and positive mediation was found on the relationship between ECSR and CL (t=6.30>1.96, P=0.00<0.05). Thus, GRAT is a good explanation of the reason why ECSR is related to CL. Hence, H4 was accepted. Following this mediation result, it is concluded that GRAT partially mediates the relationship between ECSR and CL because both the direct and indirect relationships is all significant.
Also, the empirical analysis showed that the coefficient of determination (R2) for the endogenous variables is 0.42. Hence, the exogenous latent variables (ETR and GRAT) are good predictors of the endogenous latent variable (CL).
Table 7: Effect size
Variables |
F2 |
Effect
size |
ETR |
0.176 |
Medium |
GRAT |
0.211 |
Medium |
Again, the exogenous construct, ETR and GRAT had the effect size values of 0.17 and 0.21 respectively. Based on the argument of Cohen (1988), f2 values of 0.02, 0.15, and 0.35, indicate small, medium, and large effects. Therefore, the effect sizes of ETR and GRAT on the endogenous construct CL are medium and medium, respectively.
Table 8: Predictive Relevance
Variable |
SSO |
SSE |
Q²
(=1-SSE/SSO) |
|
CL |
2,580.00 |
1,978.98 |
0.233 |
|
The predictive relevance was
measured by the Stone-Geisser criterion Q2 value, obtained using the
blindfolding procedure (Hair Jr, et al., 2014). Using the cross-validated redundancy
approach, as recommended by Hair Jr et al. (2014), the two reflective
exogenous constructs had proven to have adequate predictive relevance as their
values of Q2 had been above zero.
6.
DISCUSSION AND CONCLUSION
6.1.
Discussion
The result of this study has shown
that ECSR has a positive influence on CL toward the retail banks in Nigeria.
This implies that the individual customers showed loyalty towards Nigerian
retail banks for practicing ECSR. Customers would tend trust that the ethical
brand sincerely provides the products’ and or services’ quality thus leading to
an excellent evaluation (Salmones & Bosque, 2011; He & Lai, 2014).
Hence, managers
of Nigerian retail banks should continuously develop and appraise their ECSR
strategies, and maintain ECSR as an essential component of their banking
business. The finding that ECSR
positively influences CL was in agreement with that of Lee et al. (2017) and Kodua et al.
(2016). In contrast, Stanisavljević
(2017) and McCain et al. (2019) found and reported that ECSR does not influence CL.
Also, the results revealed that ECSR
is positively related to GRAT. This finding implies that individual customers
of Nigerian retails banks value ethical practices and banks’ resources being
directed to ethical issues. This finding is consistent with that of Romani et al. (2013) and Xie and Bagozzi
(2014). Furthermore, it was revealed that there was positive and significant
relationship between GRAT and CL.
This means that felt gratitude
experienced by customers due to resources diverted by the banks to ECSR issues
influenced customers’ loyalty. Gratitude motivates customers to make
encouraging associations with organizations (Faza-e-Hasan, Lings, Mortimer
& Neale, 2017), hence, the observed CL toward Nigerian retail banks. This
is consistent with the moral motive role of gratitude. This role posits that
when customers feel grateful upon receipt of benefits from companies, they
reciprocate by displaying behaviors that support the companies (Romani, et al., 2013). The finding that felt
gratitude influenced CL concurs with Simon (2013) and Park and Choi (2016).
Also, the results revealed that GRAT
mediated the effect of ECSR on CL. This finding means that ECSR initiatives
engendered feelings of gratitude in individual customers. Consequently, the
gratitude felt encouraged CL towards Nigerian retail banks. More importantly,
this finding implies that individual customers attach significance to ECSR
initiatives. Consequently, managers of Nigerian retail banks should observe customer
reactions and emphasize responses of gratitude in communications to take
advantage of customers’ feeling of gratitude. The finding that GRAT mediates the relationship between
ECSR and CL and related customer positive outcomes such as advocacy and
recommendation behaviors is consistent with that of Romani et al. (2013) and Xie and Bagozzi (2014).
6.2.
Theoretical
implications
This study contributes to theory in the following ways. First, in this study, the focus
has been on the Nigerian retail banking industry, since the study interprets
the topic of ECSR as highly relevant for this industry, the study has provided
an understanding of the positive connection between engagement in ECSR
activities and customer loyalty in this particular industry. Second, this
study proposes a mediated mechanism for enhancing CL toward retail banks, which
incorporates GRAT as a mediator.
It applies MATOG to associate ECSR and CL. Hence, this study enables a better understanding of this theory in the retail banking sector. The addition of gratitude into ECSR theory in this study is essential because it shows the usefulness of ECSR practices is based also on emotional ones. Thus, the finding of this study adds to the body of knowledge regarding the mediation of GRAT between ECSR and CL. Finally, this study developed and tested a new theoretical framework which attempted to bridge the knowledge by addressing the value of ECSR driver of GRAT, and CL, as they are hardly ever examined in the literature.
6.3.
Managerial
implications
The findings of this present study
contribute to managerial practice in the following ways. First, to get the most
out of a financial performance in the marketplace, this study has confirmed
that Nigerian retail banks should put greater interest to ECSR activities that
target customers. This will add to superior ECSR perception, and CL, which are
beneficial to generating profits.
Second, findings in this study demonstrate that Nigerian
retail banks perform an essential role in the everyday lives of the customers
and can influence their behaviors.
Specifically,
by paying attention to ECSR, managers of Nigerian retail banks can achieve GRAT
and CL. More importantly,
since the role of GRAT is evident, this finding will help managers of Nigerian
retail banks to develop ECSR initiatives which strongly create feelings of
gratitude among their banks’ customers in order to take advantage of such
positive emotions, and eventually cultivate CL. Finally, the findings of this
study will help marketing staff of Nigerian retail banks in identifying
effective and efficient ways to build a long-lasting relationship with
customers and gain a sustainable competitive advantage.
6.4.
Limitations
and future research
First, this study adopted cross section survey where data were collected at single point in time. Thus, the findings of this study cannot disclose CL toward Nigerian retail banks over a long period. Second, this study surveyed individual customers of the retail banks. Thus, findings cannot provide information regarding corporate customers’ responses to the ECSR actions of Nigerian retail banks. Finally, this study was conducted in the banking services sector. Consequently, no information is received concerning the mediating role of GRAT between ECSR and CL in other services sectors (e.g., communications, transport, etc.), and manufacturing sector.
In order to overcome the above limitations, it is suggested that future research works should adopt longitudinal survey so that the loyalty of the customers of Nigerian retail banks as an outcome of ECSR actions over an extended period of time will be known. Also, it is recommended that future studies should survey the CL of corporate customers in the context of ECSR activities of Nigerian retail banks. The corporate customers are an essential segment of retail banks because they are considered high net worth customers.
Finally, future research works should test this study’s theoretical framework in the non-banking services sector of the country. Surveying the ECSR activities of the different industries is essential because it is contended that the effect of specific CSR dimensions might have different outcome on industries depending on the sensitivities of each industry (Goyal & Chanda, 2017).
7.
CONCLUSION
The core purpose of this study was
to investigate the mediating role of GRAT on the effect of the ECSR actions of
Nigerian retail banks on CL. The result of this shows GRAT mediated between
ECSR and CL. This finding implies that ECSR initiatives of Nigerian retail
banks can attract CL and GRAT, and ultimately enhancing the banks’ more
fantastic profitability position. Therefore, the study concludes that interest
in ECSR initiatives is essential task that lead to loyalty.
The result contributes to the
understanding of ECSR practices on customers. In today’s highly competitive
business environment, including that of Nigeria, the retail banks and other
business institutions need to match their marketing actions with ECSR
activities to gain competitive advantage. Hence, it is recommended that ECSR
initiatives be practiced by Nigerian retail banks as a tool for creating
competitive advantage and attracting lasting customer loyalty. Also, managers
of Nigerian retail banks should publicize their ECSR activities to maximize
returns from ECSR.
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