Online ISSN: 2520-4521 |
Print ISSN: 2522-6606
STRATEGIC CHANGE FOR FIRM’S SURVIVAL IN SOME SELECTED MONEY DEPOSIT BANKS IN JOS METROPOLIS
Authors: Davireng Makrop*, Gontur Silas, Tuamyil, Rufina B
Banks contribute significantly to the economic growth of a nation, but their survival is being hampered by competition in the business environment, therefore there is the need to change strategically in order to survive. The objective of this study was to examine if strategic change can influence firms’ survival in the banking industry. Three theories were discussed while relevant literatures were reviewed. Four hypotheses were formulated based on the conceptual framework. Structured questionnaire was administered on 138 employees of the banks using the random sampling, the method of data analysis used in testing the hypotheses was the regression analysis and the results revealed that strategic change have a significant effect on firm’s survival. The study concluded that strategic change is a very strong predictor of firm’s survival because it can turn the position of a firm around and make it survive in a competitive environment. Therefore recommended that banks should adapt strategic change in a competitive environment if they want to survive, and should invest more in technology and innovation if they want to compete globally.