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Sustainable Business and Society in Emerging Economies Vol. 5, No 1, March 2023
41
Volume and Issues Obtainable at Center for Sustainability Research and Consultancy
Sustainable Business and Society in Emerging Economies
ISSN: 2708-2504 & ISSN (E): 2708-2172
Volume 5: Issue 1 March 2023
Journal homepage: www.publishing.globalcsrc.org/sbsee
Strategic Direction and Firm Performance: Evidence from the SACCO Sector
*Jackline Akoth Odero PhD. Lecturer, School of Business and Economics, Masinde Muliro
University of Science and Technology, Kenya
*Corresponding author’s email: jacklineodero@gmail.com
ARTICLE DETAILS
ABSTRACT
History
Revised format: Feb 2023
Available Online: Mar 2023
Purpose: Strategic direction setting is a critical leadership
practice to be adopted by organizations that intend to attain good
performance. This study sought to examine the influence of
strategic direction on Sacco performance.
Design/Methodology: The study utilized descriptive and
correlational research design. The study was conducted in
SACCOs in Kenya. Primary data was collected using a close
ended questionnaire from SACCOs senior managers and CEOs
were also interviewed. For data analysis, the study used
descriptive statistics, inferential statistics and content analysis.
Findings: The study established that strategic direction setting
significantly influenced SACCO performance.
Implications/Originality/Value: The findings provide a valuable
insight on the importance of strategic direction setting in
enhancing performance. This study will guide SACCO leaders to
proactively set strategic direction through developing and
communicating the vision, mission, goals and objectives as this
will boost performance in terms of increased level of customer
satisfaction, increase in members, asset base growth and growth
in deposit base. The findings can be used as a basis for further
research by scholars who are interested in understanding strategic
direction in SACCO’s.
© 2023 The authors, under a Creative Commons Attribution-
NonCommercial 4.0
Keywords
Strategic direction setting,
Organizational
Performance, SACCOs.
_____________________
JEL Classification
015
Recommended citation: Odero, J. A. (2023). Strategic Direction Setting and Firm Performance:
Evidence from SACCO Sector. Sustainable Business and Society in Emerging Economies, 5 (1),
41-52.
Introduction
Development of strategic goals and objectives, as well as preparing a strategic plan. Strategic
direction provides structure and clarity for members in an organization (Denison, 2013). Successful
firms have a clear purpose as well as direction that defines the objectives both organizational and
strategic which informs the company’s mission.
Leaders have a role in defining the mission, vision including goals that support an excellent culture
leading to high performance (Aziz, Abdullah, Tajudin & Mahmood 2013, Kanji, 2008, Bichanga
& Masika 2014; Bryson 2011; Okibo & Masika, 2012).
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Alexander (2015) contended that strategic direction contributed to performance of firms as it
enabled generation of relevant information thus reducing uncertainty. Moreover, it enhanced better
understanding regarding the environment within which firms operated. A great deal of research has
been done on the impact of strategic direction and the significant role it has played in enhancing
firm performance (Olaka, 2016, Ng’ang’a, Waiganjo & Njeru, 2018, Njagi, 2019).
A SACCO is a Savings and Credit Co-operative. According to Bwisa (2010) cooperatives are
associations formed, owned and also used to satisfy members social-economic needs Jussila, Byrne
and Tuominen (2012) reiterated that cooperatives existed worldwide for instance in Japan, 91% of
farmers were members and 22% of New Zealand’s GDP was generated by cooperatives. Further,
Birchall (2010) noted that cooperatives existed in all economic sectors. In several rural areas
SACCO’s lead in providing finance (FSD, 2010). In Kenya there are deposit taking as well as non-
deposit taking SACCO’s. SACCO performance is enhanced by good governance as well as
leadership practices (Njagi, 2019, Makori, Munene & Muturi, 2013; Odera, 2012).
Statement of the Problem
SACCOS are part of the financial sector that mobilize savings and provides credit to its members
(Moturi & Mbiwa, 2015). They play a critical role in economic growth however they have been
characterised by challenges such as decline in number of members (Kiragu, 2014), dismal
performance (Wanyama, 2014) and poor governance (KNBS, 2016; Mumanyi, 2014, Nkuru, 2015,
KNBS, 2016). Moreover, most of SACCOS (deposit taking) are managed by persons who are not
enlightened on strategic leadership issues (Nyaga, Muhoho & Kinyua, 2022) yet their performance
can be enhanced by engaging in strategic leadership practices (Odero, Egessa & Oseno, 2019,
Nyaga, Muhoho & Kinyua, 2022). The challenges experienced in SACCO’s calls for leaders to set
the strategic direction in order to enhance performance.
Having regards to strategic direction Nthini (2013), Kitonga, Bichanga and Muema (2016) and
Olaka (2016) attributed firms’ superior performance to the adoption of strategic direction.
However, the degree to which strategic direction influenced performance differed from one sector
to another. Furthermore, the findings of the studies done in different sectors may not apply to
SACCO’s due to disparities in their operations and structures.
Despite the growth in scholarly publications on strategic direction and firm performance little
empirical evidence exists especially in regards to SACCO’s in developing countries particularly in
Kenya. Thus, the study intends to examine the influence of strategic direction on firm performance
by answering the question, does strategic direction setting influence firm performance?
Main Objective
To examine the influence of strategic direction on firm performance.
Study Hypotheses
HO:Strategic direction has no significant influence on firm performance.
Literature Review
Theoretical Review
This theory holds that transformational leadership is an active leadership where followers are
inspired by leaders towards collective vision, giving and also receiving feedback and being
encouraged to pursue their personal as well as professional goals (Frooman, Mendelson & Murphy,
2012). Burns (1978) developed the theory and Subsequently Bass (1985) enhanced the theory and
made an argument that transformational leaders effectively motivated their followers. Bass (1985)
stated that transformational leadership theory had four components namely the inspirational
motivation, intellectual stimulation, individualized consideration and idealized influence.
Sustainable Business and Society in Emerging Economies Vol. 5, No 1, March 2023
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Inspirational motivation calls for leaders to communicate their expectations to followers.
Transformational leaders usually visualize a vision emphasizing ways that the goals collectively
conform to values of the followers, thus enabling them to perceive the firm’s goals as theirs and
put extra effort in achievement of the goals (Hoffman, Bynum, Piccolo & Sutton, 2011).
Inspirational motivation pertains to transformational leader’s ability for creation of a vision that’s
inspiring, convincing, motivating and attractive. Inspirational motivation actually arises from using
styles of influence that are effective and communicative.
Conceptual Review
Strategic Direction
Ireland and Hitt (2005) asserted that it’s a process leading to an organization’s goal. It’s a brief
expression of words that states the place that a firm wishes to be in the long run. The role of
determining strategic direction vests on strategic leaders (Aziz, Abdullah, Tajudin and Mahmood
2013, Bichanga & Masika 2014; Bryson 2011; Okibo & Masika, 2012). Kanji (2008) asserted that
leadership role involved defining the firm’s mission, vision and also goals that promoted an
excellent culture as well as establishing sets of shared values that result in high performance.
Goodale (2011) posited that setting a strategic direction was a critical pillar to be adopted by
organizations if they wanted to attain good performance.
The strategic direction elements in the study consists of determination of an organization’s
vision,mission, goals and objectives. A vision is the mental picture of a firm’s future state that’s
developed through creative imagination and also foresightedness. According to Papulova (2014)
vision gives direction, acts as a reference point and indicates where a firm is going and possibly
why. The vision statement explains an organization’s intention to accomplish goals and it inspires
members, staff and even supporters and it conveys the ideals of the organization (David, 2011;
Ozdem, 2014; Taiwo, Agwu & Lawal, 2016). Bart (1998) posited that a mission is a statement of
purpose which reveals a firm’s clients, products, philosophy and services. Candemir and
Zalluhoglu (2013) alluded that a mission identifies the organization’s sphere of operations by
focusing on the products/ services offered and also the market being served. According to Abashe
(2016) goals are statements of direction or what organizations or the organizations sub unit intends
to do. According to Koontz (2011) objectives describes a firm’s intention to attain something
within a given time frame including the available resources. David (2007) referred to objectives as
specific results that a firm sought to achieve to pursue its basic mission.
Organizational Performance
Wang, Tsui and Xin (2011) defined performance as a record of produced outcomes regarding a
particular job function for a specific timeframe.Brown, Gray, McHardy and Taylor (2015) asserted
that organizational performance had become a vital issue that had attracted many scholars interest.
Wang, Sharma and Cao, (2016) contended that Organizational performance was crucial to the
firm’s competitiveness and survival. Ramezan, Sanjaghi and Rahimian-Kalateh, 2013) posited that
leaders try to improve firm performance so as to respond to competition and the changes in business
environment. The parameters of performance in this study were increased level of customer
satisfaction, increase in members, asset base growth and growth in deposit base.
Strategic Direction and Performance
Lopes and Ross (2013) established that using a mission statement, having long-term goals and also
continuous evaluation strongly influenced profitability. Khan, Afzal, Chaudhry and Khan (2010)
conducted a study in Banking, Telecommunication and also Pharmaceutical Sector in Pakistan.
They intended to assess the effect a mission statement had on organizational performance. Results
indicated that mission was strongly and positively associated to performance. Thus it was
concluded that organizational mission enhanced organizational performance. This study viewed
goals and objective, strategic decision and intent and vision as elements of a mission. Similarly,
Sustainable Business and Society in Emerging Economies Vol. 5, No 1, March 2023
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the findings of Jonyo (2017) confirmed that mission and vision were strongly and positively
associated to organizational performance. In contrаst, Kirk аnd Nolаn (2010) established weak
corrеlаtions bеtwееn the mission stаtеmеnt elements аnd pеrformаncе though stаtisticаlly
significаnt in not-for-profit institutions.
Sirorei (2012) assessed whether strategic leadership aspects for instance vision, mission as well as
the core values were implemented. Findings revealed that strategic direction was implemented
using the balanced score card. Focusing on Tourism organizations owned by the government in
Kenya, Ng’ang’a, Waiganjo and Njeru (2018) examined the effect strategic direction had on
performance. Cross sectional survey research design was adopted by use of quantitative data
together with qualitative data. Data collection was done using questionnaires. The study found that
strategic direction which entailed vision, mission, objectives and values significantly influenced
the organizational performance of tourism agencies which was measured in terms of client
satisfaction, tourist arrivals and growth rate. It was suggested that firms should involve subordinate
staff more involved during strategy formulation and that leaders should be trained to improve
enhance the strategic direction quality in tourism government agencies.
Nthini (2013), Kitonga, Bichanga and Muema (2016) and Olaka (2016) confirmed that adoption
of strategic direction by firms led to superior performance. However, the degree in which it
influenced performance differed from one sector to another for instance in government
corporations and in not-for-profit organizations Kenya it affected to a great extent while in banks
it affected strategy implementation to a moderate extent.
Nzioka (2017) investigated the adoption of strategic management practices and their influence on
service delivery in the health department of the County government of Nairobi. The study revealed
that the department was guided by the strategic direction which entailed a vision, mission and also
core values. The study established that the provision as well as quality of services rendered was
influenced by the strategic direction. The study was done in the County government health
department thus presenting a sectoral gap and as such the findings may not be applied in SACCOS
due to disparities in their operations. In a study conducted by Olaka (2016) in commercial banks
in Kenya it was established that having a vision/mission/strategic intent that’s clearly defined and
well understood by the staff was the most important sub-construct of determining the strategic
direction. The study confirmed that strategy implementation was significantly influenced by
determination of strategic direction. This study was done in banks and had implementation as the
dependent variable thus creating a contextual and constructs gap as the current study was conducted
in DTS and had performance as the dependent variable.
A study by Njagi (2019) done in Kisumu’s Matatu SACCO’s concluded that strategic direction
affected performance of Matatu SACCOs in Kisumu as management monitored the achievement
of goals and vision, staff understood the organizational policies including procedures.however the
staff opined that the organizational vision, mission as well as plans were not well expressed during
staff meetings.This study focused solely on Matatu SACCO’s and data was collected using
structured questionnaires only. In a study conducted by Olaka (2016) in commercial banks in
Kenya it was established that having a vision/mission/strategic intent that’s clearly defined and
well understood by the staff was the most important sub-construct of determining the strategic
direction. The study confirmed that strategy implementation was significantly influenced by
determination of strategic direction. This study was done in banks and had implementation as the
dependent variable thus creating a contextual and constructs gap as the current study was conducted
in DTS and had performance as the dependent variable.
Muriithi (2022) examined the link between mission culture and Kenyan Christian Faith-Based
Hotels performance and the study utilized cross-sectional survey research design. Aspects of
Sustainable Business and Society in Emerging Economies Vol. 5, No 1, March 2023
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mission culture were strategic direction and intent,goals and objectives and vision and they
significantly influenced performance.This study had strategic direction as an aspect of mission and
it influenced performance.
Prior studies have provided support for effect of strategic direction setting on performance however
the studies were done in different contexts, sectors and have measured strategic direction using
different aspects thus providing a conceptual gap. Additionally, for most studies data was collected
using structured questionnaires thus failing to consider respondents views in general unlike the
current study which also utilized an interview schedule.
Research Methodology
A descriptive and correlational study design was employed. The study was done in Nairobi
County’s 42 SACCOS (deposit taking) in Kenya. Data was collected using close ended
questionnaires from 126 senior managers. Furthermore, 12 CEOs were to be interviewed. The
questionnaire items were calculated using a five-point Likert scale ranging from “1” to “5”.
Strategic direction setting statements were adapted from various studies (Olaka, 2016, Ng’ang’a,
Waiganjo & Njeru, 2018 & Muriithi 2022). Organizational performance was calculated on the basis
of items which evaluated the SACCO’s success in obtaining “customer satisfaction, increase in
membership numbers, growth in assets and growth in members deposits. A pilot study was
conducted in 4 deposit taking SACCOS in Kakamega County. Data analysis was done using
descriptive statistics, inferential statistics and content analysis. For descriptive statistics the study
used frequencies and percentages, for inferential the study used simple linear regression and for
interviews, content analysis was employed where the data was organized in themes.
The simple linear regression equation was as provided:
Y =βo+β1X1+ε
Y=Firm performance
βo= Constant,
Β1=Coefficients of determination,
X1=Strategic direction,
ε = Error term.
Results and Discussion
Response Rate
Out of the one hundred and twenty-six (126) questionnaires issued one hundred and two (102) were
returned which represented 81% response rate. 50% has been considered as adequate, 60% as good
while above 70% is very good (Hardigan, Popovici & Carvajal, 2016).
Pilot Results
The study constructs were reliable as they all had values above the recommended 0.7 Cronbach’s
Alpha value (Sekeran & Bougie, 2013) as indicated in Table 1 below
Table 1: Results for Test of Reliability
Variables
No. of items
Cronbach alpha
Comment
Strategic direction
5
.915
Accepted
Performance
6
.883
Accepted
Descriptive Statistics Analysis Results
Descriptive Analysis Results for Strategic Direction
Descriptive analysis results for statements relating to strategic direction setting are presented in
table 2 below;
Sustainable Business and Society in Emerging Economies Vol. 5, No 1, March 2023
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Table 2 Descriptive statistics for Strategic Direction
STATEMENT
N
1
f (%)
2
f (%)
3
f (%)
4
f (%)
5
f (%)
Our Sacco has clear, compelling and realistic
map to right destination
102
0(0%)
8(7.8%)
40(39.2
%)
34(33.3
%)
20(19.6%
)
Our Sacco has a clearly articulated vision
102
0(0%)
9(8.8%)
23(22.5
%)
45(44.1
%)
25(24.5%
)
The Sacco’s vision and mission are
appealing to employees
102
0(0%)
4(3.9%)
5(4.9%)
58(56.9
%)
35(34.3%
)
There's a written mission statement
102
0(0%)
9(8.8%)
26(25.5
%)
26(25.5
%)
41(40.2%
)
Our Sacco’s goals and objectives are
specific, measureable and manageable
102
0(0%)
9(8.8%)
16(15.7
%)
53(52.0
%)
24(23.5%
)
Valid N (listwise)
102
Note : 1=Strongly Disagree, 2=Disagree, 3=Fairly Agree, 4=Agree, 5=Strongly Agree,
Table 2 shows that majority fairly agreed 40(39.2%) that the SACCO has clear, compelling and
realistic map to right destination. Majority agreed 45(44.1%) that their Sacco has a clearly
articulated vision. Majority agreed 53(52.0%) and strongly agreed 24(23.5%) that their SACCO’s
goals and objectives are specific, measureable and manageable. Majority were in agreement to
statements on strategic direction hence depicting that the leaders engage in it. Goodale (2011)
posited that setting a strategic direction was a critical pillar to be adopted by organizations if they
wanted to attain good performance.
Descriptive Analysis Results for Performance
Descriptive analysis results for statements relating to firm performance are presented in table 3
below;
Table 3: Descriptive statistics for firm Performance
STATEMENT
N
1
f (%)
2
f (%)
3
f (%)
4
f (%)
5
f (%)
increased level of customer
satisfaction
102
0(0%)
0(0%)
25(24.5%
)
61(59.8%
)
16(15.7%
)
Customer loyalty has improvement
102
0(0%)
8(7.8%)
35(34.3%
)
42(41.2%
)
17(16.7%
)
The Sacco responds to customers
promptly
102
0(0%)
0(0%)
18(17.6%
)
44(43.1%
)
40(39.2%
)
increase in number of members
102
0(0%)
16(15.%)
8(7.8%)
55(53.9%
)
23(22.5%
)
growth level in assets
102
0(0%)
8(7.8%)
16(15.7%
)
28(27.5%
)
50(49.0%
)
growth in level of member's deposits
102
0(0%)
8(7.8%)
8(7.8%)
45(44.1%
)
41(40.2%
)
Valid N (listwise)
102
Note : 1=Strongly Disagree, 2=Disagree, 3=Fairly Agree, 4=Agree, 5=Strongly Agree,
Most respondents agreed that there was increased level of customer’s satisfaction 61(59.8%).
Majority agreed that there has been an improvement in customer loyalty42(41.2%) and that there’s
an increase in number of members 55(53.9% Further majority strongly agreed 50(49.0)%) and
agreed 45(44.1%) that there has been a growth in assets and there has been a growth in the level of
member's deposits.
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Regression Analysis Results
The results of hypotheses testing are stated in tables 4.a, b and c
Table 4.a: Model Summaryc for Strategic Direction
Mode
l
R
R2
Adjuste
d R2
Std. Error
of the
Estimate
Change Statistics
Durbin-Watson
R2
Change
F Change
df1
df2
Sig. F
Change
1
.231a
.053
.044
.64638
.053
5.637
1
100
.019
1.334
The value of R2 is 0.053 as in table 4a above. This indicates that strategic direction explains 5.3%
of the variance in SACCO performance while the remaining 94.7% can be attributed to other
factors which are not covered in the study. The durbin watson value is 1.334 which is within the
accepted limits of between 1 and 3 Alsaeed (2005) hence there’s no autocorrelation problem.
Table 4.b: ANOVAa for Strategic Direction
Model
Sum of Squares
Df
Mean Square
F
Sig.
1
Regression
2.355
1
2.355
5.637
.019b
Residual
41.781
100
.418
Total
44.136
101
The ANOVA table 4b shows that the regression model can be used to explain the effect of Strategic
direction on performance as P=0.000 is significant at 95% confidence level.
Table 4c: Coefficientsafor Strategic Direction
Model
Unstandardized
Coefficients
Standardized
Coefficients
T
Sig.
B
Std. Error
Beta
1
(Constant)
3.203
.340
9.430
.000
Strategic direction setting
.203
.085
.231
2.374
.019
Dependent variable: Performance
Predictors (constant): Strategic direction
Having regards to the regression findings in table 4c above, substituting the equation;
Y=βo+β1X1+ε becomes
Y= 3.203+0.203 X1.
Assuming that all other independent variables are 0.000 performance will be 3.203. A unit increase
in strategic direction results to 0.203 increase in performance and it is statistically significant.
The null hypothesis was rejected that Strategic direction did not significantly influence Sacco
performance. The results indicated that strategic direction setting positively and significantly
influenced performance (B= 0.203, t=2.374, sig= 0.019).
The current study confirmed that strategic direction influenced performance. These findings are
similar to earlier findings of studies by Nthini (2013), Kitonga, Bichanga and Muema (2016), Olaka
(2016), Nganga (2018) and Mutole (2019) who confirmed that adoption of strategic direction by
firms led to superior performance. Nzioka (2017) noted that the provision as well as quality of
services rendered were influenced by the strategic direction. Yazdani et al. (2011) contended that
it was crucial for firms to have a well-articulated vision, objectives as well as direction. Aziz et al.
(2013) observed that the leader’s role of equipping staff with direction by clearly spelling out the
vision, mission and goals influenced firm performance. Waihenya, Kimaru and Kamaku (2018)
found that strategic direction identification significantly influenced customer growth in SACCOs.
Sustainable Business and Society in Emerging Economies Vol. 5, No 1, March 2023
48
Therefore, the results of this current study confirms that strategic direction setting is crucial for
Sacco’s performance.
Regarding the interview, the respondents explained that the SACCO leaders inspired employees
towards a set strategic direction by involving them to give their views in strategic planning process,
effective communication of strategies, plans and policies, having a clearly stated vision and mission
including well-articulated goals and objectives. Thus, these findings mirror the quantitative data
results on the aspect of having a clear vision, mission, goals and objectives. Similarly, Goodale
(2011) posited that setting a strategic direction was a critical pillar to be adopted by organizations
if they wanted to attain good performance.
Conclusion
The study concludes that strategic direction setting has a positive and significant influence on
SACCO performance. For Sacco’s to achieve greater performance leaders should determine the
strategic direction and communicate it to the staff as it may result to better organizational
performance. The increase in performance as strategic direction increases concurs with the
transformational leadership theory that inspirational motivation through setting strategic direction
improves performance. The study’s findings provide a guideline for Sacco leaders to understand
why they should incorporate strategic direction setting aspects of vision, mission, goals and
objectives in their operations as it may lead to increased level of customer satisfaction, increase in
members, asset base growth and growth in deposit base.
Further Studies
Future studies may cover other sectors such as microfinance, banks and state corporations. The
results apply to Kenyan experience; thus, the study can be replicated in other contexts. Further
research can use different study designs. Additionally, future studies may be conducted on each
aspect of strategic direction setting independently. To broaden the horizon, other aspects of
performance such as innovation and employee performance should be studied. Furthermore,
studies can be done on moderating effects on the link between strategic direction setting and
performance.
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