Business vision on competitive advantage: A case of firms in the financial services sector in Kenya
Keywords:
business vision, competitive advantage, financial services sector, shared vision, visionary leadershipAbstract
This study objective was to determine the influence of business vision on the competitive advantage of
firms in the financial services sector in Kenya, focusing specifically on banking, microfinance, and
savings and credit societies institutions in Kenya. The theories underpinning this study resource-based
theory. The positivism philosophy guided the study. The research design that was used was descriptive
and the technique used was cross-sectional. The study's target population was 1356 members in the
financial services sector and explicitly banking, microfinance, and savings and credit organizations. A
sample of 340 staff members was targeted using the Yamane formula, factoring in a 10% non-response
error. The sampling technique was multi-stage sampling, and a closed-ended questionnaire was used
to collect quantitative data. The descriptive statistics used were mean, standard deviation, and
percentages, while the inferential statistics used were factor analysis, correlation coefficient, analysis
of variance (ANOVA), and regressions analysis. The response rate was 92%, and the research found
out that competitive advantage had a positive and significant correlation with the business vision
constructs; shared vision r (306) =.565, p<.05; firm culture and values, r (306) =.583, p<.05; visionary
leadership (306) =.522, p<.05. On the regression, the business vision parameters had a significant
influence on competitive advantage; shared vision (β = .286 t = 4.950, p<.05), the firm culture and
values (β = .292 t = 4.629, p<.05) and the visionary leadership (β = .175 t = 2.959, p<.05). From these
results, firm culture and values had a higher influence on the competitive advantage with a Beta of .292
followed by shared vision with a Beta of .286, and lastly, the visionary leadership with a Beta of .175.
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