Organizational Performance in Banking Sector of Pakistan: Assessing the Impacts of Strategic Orientation and Organizational Culture

Abstract

This study investigated the moderating effect of organizational culture on the relationships between organizational strategic orientation and organizational performance. Data were collected from 281 middle managers of the banking sector in Pakistan. Partial least squares structural equation modelling (PLS-SEM) was used to test the hypotheses. The results showed that strategic orientation and organizational culture have significant and positive impacts on the performance of the organization. Unexpectedly, organizational culture does not moderate the relationships between strategic orientation and performance. The findings of the study show that organizations that are strategically positioned as well as have a strong culture can be high-performing organizations. As there is a clear lack of research on the moderating effect of culture on the relationships between an organization’s strategic orientation and organizational performance, the current study fills this gap. Likewise, the present study highlights both practical and theoretical implications for the banking sector in Pakistan.

Keywords

Strategic orientation organizational culture organizational performance

Introduction

Banking sector is generally a crucial economic and social development determinant in which it plays important roles in the economic resource allocation and organization of social and economic life cycle (Al-Abedallat, 2017). Banks’ performance is of utmost importance when it comes to economic development of any country, given that it is a pivot for transforming the countries’ economies (Butt, 2010). Any fall-off in the performance of the banks could aggravate unemployment, loss of market, declined growth of entrepreneurship and recessed economy (see Butt, 2010). Therefore, the performance of the banks is indispensable to countries’ economic and social well-being. However, Pakistani banks are experiencing a fall-off in the profitability and performance (Theodosiou et al., 2012). The fall-off is aggravated by the Covid-19 pandemic (see KPMG Taseer Hadi & Co, 2020). The banks in Pakistan are not able to perform optimally (Kamran, 2017).

Performance is much indispensable to organizational survival and the consequent economic development (see Ismail et al., 2020a, 2020b, 2021; Pattnaik & Sahoo, 2020). Therefore, Pakistani banks’ performance should be given scholastic attention. There is one thing indispensable to competitive advantage and favourable to the improved ROI. The thing is strategic orientation. Strategic orientation helps organization to achieve a sustainable position in the market and boosts up the performance of the organization by enhancing its competencies (Mahdi et al., 2019; Sarker & Palit, 2015). The managers can navigate the organizations through strategies to make best utilization of specialized resources and to attain profits by delivering quality products and services to the customers (Ansaari et al., 2015). The kind of problem with the performance in the banking industry signifies the need for sustainable and effective management strategies (Acar et al., 2013). A lot of opportunities can be created by the organizations if they start working on their strategic alignment (Cheng et al., 2014). Storey and Hughes (2013) highlighted the importance of alignment between organizational culture and strategic orientation.

Competitive advantage can be achieved by organizations if they make efforts to become strategically fit. Organizations should perform outstandingly beyond the expectation of their rivals to get strategic fit in the market to be able to achieve their goals and missions in the highly competitive environment (Ahmed & Othman, 2017 a and b). The marketing strategy studies have proved that performance is a main indication of strategic orientation of market-driven organizations (Adams et al., 2019). Moreover, the existing literature (e.g., Storey & Huges, 2013; Weinzimmer et al., 2012) has examined the relationships between strategic orientation and organizational performances. However, the findings of the studies are inconsistent. For example, some studies, including Weinzimmer and Robin (2016), Chahal et al. (2016), Jassmy and Bhaya (2016), Storey and Hughes (2013) and Weinzimmer et al. (2012), found a significant connection between strategic orientation and performance. However, the studies like Song and Jing (2017), Obeidat (2016), Al-Ansaari et al. (2015), Choi and Yoon (2015) and Han and Verma (2012) found non-significant relationship between strategic orientation and performance. This signifies a theoretical gap that calls for further investigation to solidify the body of knowledge in this research area.

Furthermore, the values and beliefs of the members of an organization which help to understand the organization’s functioning are summarized by organizational culture, therefore, they provide rules and standards for performance in an organization (Jardioui et al., 2019). The culture of an organization guides the actions for organizational benefits, which can lead towards the organizational success (Zoghbi-Manrique-de-Lara & Viera-Armas, 2017). This observation allowed researchers to inspect other organizational variables with strategic orientation which affects organizational success. The culture of an organization plays a dominant role in achieving effectiveness and efficiency in the performance of the organization (Kaouache et al., 2020). The culture of any organization is made up of different norms, values, attitudes and behaviours.

Recent studies on organizational culture reveal that organizational culture helps proffer solutions to the problems incurred in any working environment among organizational members in adapting and integrating in new challenges. Successful strategies lead to an effective application of new ideas because of fast changes that are occurring in the business world every day, as every organization is moving towards new inventions. In this condition, every new strategy needs to be aligned with the organization’s vision and mission and for that, strategic orientation plays a vital role in creating synergy among strategy, performance and culture (Altindag et al., 2011).

Research on organizational culture enhances understanding of the behaviour of members of the organization and even the entire organization (Jianmei & Zheng, 2007). Organizational performance in relation to organizational culture or strategic attitude have been examined by different researchers (Han & Verma, 2012), but the results of the studies have been inconsistent. Furthermore, there is dearth of research on culture–performance relationships in service sector (Acar & Acar, 2014; Aksoy et al., 2014; Globocnik et al., 2020; Innocent, 2015). Also, amongst many other variables, organizational culture has the probable moderating effect on the association between organizational strategies and performance (Umrani, 2016). Hence, the major purpose of the current research is to examine the moderating role of organizational culture on the relationship between the organizational strategy and performance.

The findings of this research will further confirm the existing theories (i.e., RBV and contingency theory) and fortify research validity by investigating the moderating role of organizational culture in the relationships between strategic orientation and organizational performance. The research model in this study will yield thoughtful implications to research and offer deeper perspective on what can represent generalizable findings, and thus enrich the theories (Aguinis et al., 2017).

Objectives of the Study

Owing to the explications in the introductory section above, this study aims to investigate the relationship between strategic orientation (SO) and organizational performance (OP). It also intends to investigate the relationship between organizational culture (OC) and OP. In addition, the major purpose of the current research is to examine the moderating role of organizational culture on the relationship between strategic orientation and OP.

Theoretical Background

Resource-based view (RBV) presupposes that a higher performance of an organization can be achieved through OC work and SO functions like internal capabilities and resources. Similarly, these factors assist in achieving and enduring competitive advantage (Mahdi et al., 2019). In addition, the contingency theory assumes that organizations have various strategic choices to be pursued. The organization can choose from many available choices that are dependent on the environment in which the organization operates (McAdam et al., 2019). For this study, RBV and contingency theory are considered the underpinning theories, given that integration of the two theories could demonstrate that OP is a function of combined SO and OC. According to the contingency theory, the organization should properly make parallel organizational strategy and other organizational variables to raise the performance of the business (McAdam et al., 2019).

Moreover, the contingency theory explains that the connection between two variables depends on the level of third variable called contingent variable or moderating variable. Therefore, in order to reduce the complexities and misunderstandings regarding contingency relationships, an introduction of moderator variable is recommended. Meanwhile, contingency theory had a major contribution in the understanding of inconsistent results between organizational strategies and performance relationships (Al-Surmi et al., 2020).

Literature Review and Hypothesis Development

Strategic Orientation and Organizational Performance

In the literature relevant to the subject of strategic management, it has been discussed that an organization should move in a strategic direction to achieve superior performance of organization (Adams et al., 2019). Also, the SO has been articulated through utilizing number of practices that incorporate the organization’s various competitive typologies like categorizing cultural features (Al-Surmi et al., 2020). Although, well thought influences of different types of SO have been developed on the OP, but on the other hand, there is confusion in the previous studies on this topic as different concepts and orientations exist regarding SO (Weinzimmer et al., 2012). Even though different findings are obtained by using different variables’ data processing of dimensions and scales, the relationship between SO and business performance is still ambiguous. Moreover, pertinent literature identified that an organization’s SO, as it develops from previous knowledge, results and heuristics, can result in path dependencies that influence organizational change and adaptability (Bapat, 2017). According to Bapat (2017), an organization’s SO shows what actions are being performed to lead towards a superior performance and also helps in building a strategic and organizational momentum.

SO–OP relationships have been investigated in a number of researches, but the results are not consistent. For illustration, have a look on these results which are found in the past investigation of reasonable association declared by Innocent (2015); weak correlation was identified by Lee et al. (2001), whereas no correlation between SO–OP relationship has been stated by Slater and Narver (2000). According to a few studies (Al-Ansaari et al., 2015; Altuntaş et al., 2013; Deshpandé et al. 2013; Obeidat, 2016), there was an insignificant relationship between SO and OP. Despite the fact, Song and Jing (2017) specified that in the prevailing studies, there are few inadequacies concerning this association. It is also suggested in the previous research that there is a necessity to additionally investigate this relationship through empirical research method, most importantly in the country scenario like Pakistan, which is in development phase (Ahmed & Othman, 2017a).

Many more studies have been conducted in multiple countries which show the relationship between SO and performance of the organization. A significant relationship between SO and performance has been found in Iraq, India, USA, Nigeria, UK and Spain (Chahal et al., 2016; Escribá-Esteve et al., 2008; Innocent, 2015; Jassmy & Bhaya, 2016; Otache & Mahmood, 2015; Storey & Hughes, 2013; Weinzimmer & Robin, 2016). Besides, limited significant results were found between these two constructs in UAE, Sri Lanka, Japan, South Korea, Southeastern Europe and Turkey (Al-Ansaari et al., 2015; Ariyarathne, 2014; Avci et al., 2011; Han & Verma, 2013). However, an insignificant relationship between the two has been found in Jordan and South Korea (Choi & Yoon, 2015; Obeidat, 2016). Rare studies have been conducted in Pakistan on strategic elements and OP, especially in the Banking sector of Pakistan. Therefore, this article analyses the effect of SO on the performance of an organization with a moderating effect of OC. The results of this study will help the organizations in enhancing the prevailing strategies and to improve the existing culture which leads to OP. It will also help the management and employees of banking sector of Pakistan in having a better understanding of strategic attributes which will help in narrowing the gaps identified above. Furthermore, this investigation also provides the domains of resource-based theory of the firm and contingency theory as empirical evidence. Consequently, based on above findings, the following hypothesis is formulated:

H₁: There is a significant positive association between SO and OP.

Organizational Culture and Organizational Performance

According to Jardioui et al. (2019), the effectiveness and performance of an organization are affected by the culture of the organization. The organization’s culture acts as an internal factor, and also works as a strategic strength for both internal and external challenges being faced by the organization (Uzkurt et al., 2013). Culture has a direct as well as indirect relation with the execution of the organization, as specified in different studies (Chuang et al., 2012). Differing from the above scenario, several research studies have also unveiled that performance–culture association remained underdeveloped conceptually as well as empirically (Jardioui et al., 2019; Uzkurt et al., 2013; Weinzimmer et al., 2012). The results of the investigations regarding culture–performance relationship have been significant (Jardioui et al., 2019). Moreover, it was found that the performance of the organization is dependent on the culture of the organization, and if an organization pays more attention on enhancing its culture, resultantly, the performance will also enhance (Ahmed & Othman, 2017b).

Although, the culture of an organization has a direct influence on the members of an organization, it is assumed through the pertinent literature that culture has a direct impact on the performance of the organization (García-Fernández et al., 2018). Culture is one of the nearly all significant sources of sustainable competitive advantage for the organization not just because it is rare and important pillar of the organization’s values, but it is also difficult for the rivals to have the same culture with the same tactics and complexities of the characteristics (Mahdi et al., 2019).

Past research (Çapuni, 2016; Innocent, 2015; Pinho et al., 2014; Zakari et al., 2013) revealed a positive influence of culture on the organization’s performance. It is needed that research be conducted empirically to measure the relationships of culture and performance with other variables (Ahmed & Othman, 2017b; Fey & Denison, 2003; Uzkurt et al., 2013). Moreover, Ahmed and Othman (2017a) recommended conducting this research in the banking sector of the developing countries like Pakistan. Consequently, grounded on the above description, the hypothesis of the study is identified as:

H₂: There is a significant association between OC and OP.

Organizational Culture as a Moderator

One of the significant aims of the study is to evaluate the role of OC as a moderating role between SO–performance relationships. The system of norms and values which is mutual among the organization’s employees and defines the approaches and the attitudes of organizational members to meet different hurdles in an organization is called organization culture (OC) by Denison (1990).OC is described as philosophy that is generated by human beings to increase the harmony among the people in an organization. Their productivity is boosted by motivating them, and higher commitment is its final result. The process of shared values and beliefs which are helping the individuals for knowing the function of an institute through a given set of principles to oversee the behaviour is called as organizational framework (Schein, 1990). Simply, ethics, norms, attitude and behaviour of all associates of an institute is called OC (Yilmaz & Ergun, 2008).

One significant variable to be known is OC in the area of organizational behaviour (Schein, 1990). OC has been majorly focussed due to its effect on institutional performance and it is a suitable form of mechanism of an institution as assumed by the scholars (Jarnagin & Slocum, 2007), remedy for institutional hurdles (Schein, 1990) and also regulates the actions of institution (Bapat, 2017). Furthermore, how can an institution’s aims and objectives be prevented or supported by OC was explained by Denison (1990). So, a range of institutional cultures as controlling buildup is established on ground of specified descriptions. Foremost, the results of SO–performance relationships are mixed, which are found in relevant previous given studies of organizational behaviour and strategic management. For example, a noteworthy relationship of SO and performance has been shown in the current research (Chahal et al., 2016; Innocent, 2015; Jassmy & Bhaya, 2016; Weinzimmer & Robin, 2016). Even though, some studies’ outcomes revealed that the relationship of SO and performance is unrelated or/and partially related (Ariyarathne, 2014; Choi & Yoon, 2015; Deshpande et al., 2013; Obeidat, 2016; Song & Jing, 2017).

Since, it is essential to study the regulating variable in this bond as a contradiction has been reflected in the SO–performance relationship. There must be a moderator as suggested in the study of Baron and Kenny (1986). Moreover, efficiency and proficiency of an institute can be enhanced by the unique organizational resource, that is, OC (Barney, 1991; Boon et al., 2006; Silverthorne, 2004). Furthermore, the study indicates that strategy preparation and execution in an institute is aided by OC. Hence, in view of the necessity of research, it is predicted that the SO–performance relationship can be moderated by OC as stated by Ahmadi et al. (2012).

Work management and decision-making have a major relationship as described by Denison (1984). In addition, he also mentioned that an organization’s culture can forecast short-term performance of the organization. Similarly, Gordon and Ditomaso, (1992) also imitated the research findings of Denison (1984), which confirmed that short-term performance is predictable through a strong culture. Past studies revealed that an organization’s culture acts as a very important factor for a firm to attain a competitive advantage (Zoghbi-Manrique-de-Lara & Viera-Armas, 2017). This study is an effort to fill the literature gap by identifying the impact of OC as a moderator. Simplifying the conjecture, this investigation is meant to quantify the moderating impact of OC on performance of the organization and SO. For that purpose, the hypothesis developed is as follows.

H₃: OC moderates the relationship between SO and OP.

Methodology

Selected Population, Sample and Sample Design of the Research

Six Pakistani banks were selected as the population in this study. The six banks are: Habib Bank, Allied Bank Limited, United Bank, Bank Al-Falah Limited, Muslim Commercial Bank and National Bank (Chhoangalia & Badshah, 2016). The banks, which are situated in Lahore, Karachi, Quetta, Islamabad and Peshawar (PBA, 2016), have 1786 branches all over Pakistan. Using purposive sampling method, the questionnaires were distributed to the respondents in the six banks.

Data Collection and Analysis Technique

To investigate the proposed framework depicted in Figure 1, it was important to obtain the data from the target audience. Consistent with the postulation of Hair et al. (2017) that the minimum sample size should be equal to the maximum number of arrows towards a construct, priori power analysis via G*Power 3.1.2.9, and the recommendation of Salkind (1997), 350 questionnaires were distributed, and 281 responses were considered for the analysis after discarding the questionnaires that were not properly filled. The managers of renowned banks of six big cities of Pakistan were selected as unit of analysis, given that they have a direct link with the managerial functions and strategies of the bank. A self-rated questionnaire was used to collect data and analysis of the collected data was conducted by PLS-SEM method, using smart PLS 3.2.7 (Hair et al., 2017).

Initial testing of the questionnaire was conducted by taking recommendations and instructions from senior bank managers, who are currently serving in the field of banking for good years. Moreover, the guidance was taken from professional and experienced faculty members of college of business from University Utara, Malaysia. Improvements were made following their instructions and feedback regarding study items including formatting, simplicity and clarity of ambiguous statements in the questionnaire. More importantly, it is meant to clear that these faculty members and bank managers are not part of the sample of this study.

Operationalization of the Constructs

Strategic Orientation

To measure the SO (as a unidimensional construct), six-items scale was adapted from Weinzimmer et al. (2012).

Organizational Culture

Similarly, to measure the OC, an 18-items scale was adapted from Denison’s (1990) and the instrument used to measure OC is 5-point Likert scale, which ranged from ‘1 = strongly disagree’ to ‘5 = strongly agree’ was used to measure OC as well as SO.

Organizational Performance

Keeping in view the previous studies (Anees-ur-Rehman et al., 2017; Yu et al., 2016), the OP was measured from monetary performance viewpoint. Contrarily, Pollanen et al. (2017) and Bashayreh (2017) studied OP from a non-financial performance viewpoint. But in this study, the performance of the organization has been taken into account in both monetary and non-monetary measures, according to the scale adopted from the study of Ringim (2012). Moreover, the managers of the bank that are direct respondents of the study rated their performance on the basis of the appearing OP during the previous 3 years through 20-items on 5-point Likert scale, which ranged from ‘1 = Decreased greatly’ to ‘5= Increased greatly’.

Data Analysis Findings

Demographics of Respondents

Bank managers were the respondents as already indicated. As per demographic profile of respondents, from 281 respondents, males were 213 (75.8%) and females were 68 (24.2%). The age group 21–30 years associated with 80 (28.5%), and the other group age group 31–40 years associated with 88 (31.3%), correspondingly age group 41–50 years associated with 88 (31.3%). While, the other 25 (8.8%) are associated to 51–60 years age group. Additionally, the level of education reveals that 66 respondents (23.4%) possess education level of bachelors, whereas 27 (9.5%) possess education level of master, while others 183 (65.2%) possess diploma in banking and others possess added qualification 5 (1.8%).The demographic also revealed 56 respondents (19.8%) possessed job title of General Manager, 107 (38.1%) were Branch Managers, the job title of Operations Managers were held by 118 (42%).Subsequently, the experience on managerial position was asked that ranged from 1–3 years, 77 (27.3%) possessed practical knowledge that is ranged from 4–5 years, 113 (40.2%) possessed practical knowledge and others 91(32.4%) had an experience of more than 5 years.

Preliminary Analysis

In order to reduce the common method variance, numerous procedural measures were adopted by the current study, which included the assurance given to managers that their responses will be treated with high confidentiality. Also, the researchers removed the ambiguity and used Harman’s single factor test in order to deal with the common bias issue, which resulted in one factor explaining a cumulative of 35.509%, with the first factor explaining 19.575 of the total variance, which was less than 50% (Babin et al., 2016). Moreover, for dealing with non-response bias, all the collected responses were divided into two categories as early responses and late responses. Early responses refer to the ones who responded within the first eight weeks; late responses were the ones who responded after eight weeks; and a total of 142 which means 54% responses were considered as early responses, and 118 means 45% were considered as late responses. After segregating the responses, an independent sample t-test was used to detect any non-response bias. The findings of the independent t-test confirmed that the equal variance significance values of the current study variables were more than 0.05; moreover, it does not show any significant differences between early responses and late responses. Therefore, it was concluded that non-response bias was not an issue for the current study.

Measurement Model Assessment

PLS-SEM technique has used for the analysis of data by using Smart PLS 3.2.7 (Hair et al., 2017). Smart PLS has received considerable appreciation by researchers over the past two decades (e.g., Al-Zgool et al., 2020; Darwish et al., 2020; Mihardjo et al., 2020; Ogalo, 2020). The measurement model was used for evaluating convergent and discriminant validity, internal consistency, reliability and factor loadings of the items of the latent variables as shown in the Table 1. Convergent validity is the extent to which one latent variable correlates positively with other latent variables and is measured through Average Variance Extracted (AVE) and factor-loading values (Hair et al., 2017, p. 112). The value of AVE should be above 0.50, showing more than 50% explained by items of the latent variables. Factor loadings need to be above 0.70. OP3, OP14, OP15, OP16, OP17, OP18, OP19 and OP20 items were deleted to bring AVE in the acceptable range. All other factor loadings between 0.40 and 0.70 were retained as AVE for other constructs was above 0.50 (Hair et al., 2017). Cronbach’s Alpha and the internal consistency reliability (composite reliability) are used for ensuring reliability, which shows the degree to which indicators measure the latent variable (Richter et al., 2016). Cronbach’s Alpha and composite reliability values more than 0.70 is considered satisfactory (Hair et al., 2017) (see Table A1).

Discriminant validity (DV) is the degree to which one latent variable is distinct from other latent variables used in the study and was measured by Heterotrait–Monotrait criterion. HTMT criterion is a more robust and recent way of evaluating DV (Hair et al., 2017). The value of more than 0.90 indicates issue of DV (Henseler et al., 2015). All the values were below 0.90, ensuring the presence of DV (see Table A2).

Structural Model Assessment

The model of structural/inner was estimated by managing the bootstrapping in the SmartPLS 3.2.7 after the evaluation of the measurement model using resample of 1000. All the hypothesized relationships were tested through bootstrapping showing estimate parameters. A t-value more than 1.96, and p value of less than 0.05, was considered for one-tailed test. As in Table 1 and Figure 2, the first hypothesis showed that OC affected OP significantly and positively (t = 5.368, beta = 0.319, LL = 0.227, UL = 0.422). Similarly, the second hypothesis showed that SO was a significant positive predictor of OP (t = 6.062, beta = 0.345, LL = 0.245, UL = 0.426). Thus, H₁ and H₂ were supported. Surprisingly, the third hypothesis showing moderation of SO between OC and OP was found to be insignificant (t = 1.733, beta = −0.149, CI: (LL: −0.165; UL: 0.291). It can be seen from the results that, although t value was higher than 1.65, it indicated a significant relationship. However, the values of bias corrected confidence interval values straddle between zero verifying an insignificant relationship. Therefore, H₃ was not supported in this study. Figure 3 shows the results of simple slope analysis generated by the software. R value describes the degree of variance in the endogenous variable. Eventually, with reference from Hair et al. (2017) the coefficient of determination (R) was assessed for the endogenous variable (OP) and R value showed that OC and SO explain 38.5% in OP.

Effect size (f²) of the hypothesized relationships and predictive relevance (Q²) of the model has to be assessed (Hair et al., 2017). f² Assesses the change in R² value when a particular construct is omitted from the model (Hair et al., 2014). The values of 0.02, 0.15 and 0.35 show small, medium and large effects, respectively (Cohen, 1988). The results showed that OC had small to medium effect (0.124) on OP, and OC also had small to medium effect (0.132) on SO. Q² is an indication of model’s predictive power (Hair et al., 2017). A Q² value greater than zero shows the model’s predictive power (Richter et al., 2016) as shown by the blindfolding procedure that yielded 0.179. Lastly, the Variance Inflation Factor (VIF) was evaluated for assessing the collinearity of the model, which should be less than 5 (Hair et al., 2017). All the values were below 5, showing absence of multi-collinearity.

Table 1.

Summary of Hypothesized Relationships.

Paths	Beta	SD	T-value	Bias Corrected CI	Results
OC to OP	0.319	0.059	5.368	(LL: 0.227; UL: 0.422)	Supported
SO to OP	0.345	0.057	6.062	(LL: 0.245; UL: 0.426)	Supported
SO × OC to OP	−0.128	0.074	1.733	(LL: -0.165; UL: 0.291)	Not supported

Source: The authors.

Note: SO = Strategic orientation, OC = organizational culture, OP = organizational performance, LL = lower limit, UL = upper limit.

Discussion and Conclusion

Considering objectives of the study, the hypotheses were tested empirically. The results of the study regarding hypothesis H₁ suggested a significant relationship between SO and organizational Performance. With the help of empirical method, it was found that SO has a considerable influence on performance of the organization as it laid down foundations of organizational performance to boost up in the future. According to the results of the previous studies (Jassmy & Bhaya, 2016; Otache & Mahmood, 2015; Storey & Hughes, 2013; Weinzimmer et al., 2012, 2013), SO and organizational performance have a significant relation. For instance, if results of Jassmy and Bhaya (2016) are considered, they acquired data by taking real estate managers of banks working in Iraq as sample of their study. Their study also showed a positive relationship between OP and SO. Similarly, the findings of the study at Nigerian banking industry have the same results, which considered relationship between SO and OP (Otache & Mahmood, 2015). The managers of the bank were the fundamental respondents of the research, taking into account SO as a unidimensional factor. This research enhances the previous knowledge on the relationship between SO and OP, as both have a significant relationship.

Moreover, hypothesis H₂ studies the relationship between OC and OP, results were analysed using PLS-SEM approach. The findings of the research showed a positive relation between the above-mentioned two variables. It showed OC has a strong impact on OP. It explains the fact that a strong OC can lead to better OP. The findings of the previous studies on the same topic strengthen the argument that OC and OP have a positive relationship (Aksoy et al., 2014; Graca & Arnaldo, 2016; Innocent, 2015; Zakari et al., 2013). The managers in banking industry of Turkey responded to self-rated experience that OC has positive impact on OP identified by (Aksoy et al., 2014). The managers claimed that their performance has a strong relationship with the culture of that bank. Similarly, another study conducted by Zakari et al. (2013) identified OC–OP relationship in Ghana banking sector. These research findings were consistent with self-rated questionnaires filled by the managers of the Banks. All the previous and present studies explain OC as an internal factor; it has great influence on the performance of the organization. It showed that OC and OP have a positive impact on each other.

Subsequently, H₃ identified the moderating impact of OC between performance and organizational strategic orientation, but the hypothesis is not supported. Organizational culture is not found to moderate the relationships between SO and OP. This result implies that SO (as a unidimensional construct) influences the OP without having the support of OC. It also indicates that SO is a significant predictor that can adequately boost the performance of any organization. The competitive scenario in the banking industry increases the need of strategic orientation more persistently to compete with its rivals. Organization’s cultures have a positive and direct impact on its performance, but it does not act as a moderator between SO and OP. Organizational culture has been a significant antecedent of enhanced performance (see Zoghbi-Manrique-de-Lara & Viera-Armas, 2017; Kaouache et al., 2020), but OC does not strengthen the positive relative relationship between SO and OP. The possible reason for the absence of support for OC as a moderator in the SO–OP relationship might be that not all the organizational factors can moderate the SO–OP relationship. In other words, SO–OP relationship is contingent not on all but specific organizational factors or environmental factors, as observed by Takeuchi et al. (2007). The reason might also be context-specific, given that culture across organizations varies. This might have affected the indirect impact of culture on the SO–OP connection. With this finding, it could be assumed that this study expands the scope of knowledge with regards to contingency theory. The finding is not consistent with the contingency theory. However, there could be need for more research on this matter to solidify the finding. The results of the study have solidified the current body of knowledge in the literature with regards to the OC–OP relationships, SO–OP relationships and the moderating role of OC in the SO–OP relationships.

Additionally, important theoretical implications are also explained by the study. Moreover, findings of the study proved that resource-based view theory and contingency theory is applicable in the practical scenario by focusing on the organizational settings regarding its SO and OC to increase its productivity in the form of performance. Performance is measured in terms of financial output and nonfinancial output; this study measured both in terms of overall OP. The study revealed that SO and OC are the internal resources of the organization, which are helpful in boosting its performance.

Briefly, the organizations need to have strong culture and strategies to cope up with future objectives and performance. The purpose of these findings is to provide guidance to the bank managers to think strategically before making decisions as they are directly involved in decision-making. The results of the study show that managers need to create good strategies and strong culture at their organization to make exemplary contribution towards the betterment of the organization.

Research Implications

This study was intended to identify the impact of organizational SO and culture on performance of organization. The second goal of this article was to investigate the OC’s moderating effect between SO and OP. Further, the RBV of the firm theory underpinned the complete research model, whereas; contingency theory provided the additional support and understanding of the research.

Theoretical Implications

The present study contributes to the current literature by providing further empirical evidence in the following manner. First, RBV theorizes that organizations can achieve competitive advantage and enhanced OP through their unique internal resources (Barney, 1991; Mahdi et al., 2019). Similarly, RBV also put emphasis on the firms to focus on the core competences so that they may attain the desired competitive strategic position (Bakar & Ahmad, 2010; Bertram, 2016; Uzkurt et al., 2013). The result of current study explains that SO and OC influence the performance of the organization in the six famous banks in Pakistan. Hence, this supports the RBV theory.

Second, the ongoing study highlighted the vital part of SO and its relationship with the performance of the organization as well as with the culture of the organization. However, the findings of the past studies were mixed and contradictory. So, the findings of current study open new multiple ways through significant results, especially in the context of under-developed countries. The results of this article can also be used to further recognize the strategic attributes and their relationships with OP. The present study not only contributes in the previous available literature of SO and its relationships, but also give an idea to the future researchers to examine the strategic attributes, their impact directly or indirectly on the financial OP.

Managerial Implications

The findings of this article are equally noteworthy for financial regulatory authorities and banking organizations. Keeping in view the significant findings, along the banks, other financial organizations will get to know the importance of strategic positioning through strong employee value proposition. Because of the least focus on employee value proposition or internal marketing practices in the banking sector of Pakistan, the banking is no longer the utmost popular career choice among the business scholars (Banking Survey, 2014).

The outcomes of the investigation can also benefit the bank branch managers to understand the strong culture significance. Whereas, this investigation helps the policy-makers and financial regulators to not only focus on the strategic position of their organization, but also to form positive caring and sharing culture which enhances the OP both financially and non-financially. At last, the implications of the proper SO and culture also give positive impressions to the customers and potential talented employees of the organizations.

Future Recommendations and Limitations

Future researchers should also identify other strategic attributes which can not only increase the OP, but also decrease the employee turnover (Mughal, 2015). Future studies on OC and SO could make use of additional objective measures. For example, researchers may take financial ratios of company to initiate a new research to examine the performance and OC to identify what is the additional impact of OC and SO on the performance of the organization by taking into account these financial measures also.

The objectives set for the current study have been achieved. Also, the practical as well as theoretical contributions are mentioned. There are also some limitations of the study which highlight the scope for future studies. First and the most important thing is that the analysis is only limited to the banking sector of Pakistan, which opens the ways for new researchers to conduct such research in other financial services organizations working in Pakistan.

Second, for the major generalizability, the same study can be done on different banks working in Pakistan as the present study is only limited to branches of six famous banks situated in five big cities of Pakistan. Further, the potential researchers can study the other banks and compare the findings with other financial institutions performing in Pakistan for a detailed understanding of financial sector and OP prospects. Third, the same theoretical model can be tested in other geographical locations. Last, other internal factors can be studied in order to identify the strong internal factors that can significantly improve the performance of an organization in both (financially and non-financially) ways, particularly in the Pakistani banking context.

Footnotes

Acknowledgement

The authors are grateful to the anonymous referees of the journal for their extremely useful suggestions to improve the quality of the article. Usual disclaimers apply.

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the research, authorship and/or publication of this article.

Funding

The authors received no financial support for the research, authorship and/or publication of this article.

ORCID iDs

Iyanda Ismail Abduss

Umair Ahmed

Appendix A

Table A1. Measurement Model Results.

Latent Variable and Items	Items Loadings	AVE	CR	Cronbach’s Alpha
Organizational culture		0.530	0.953	0.948
OC_1	0.770
OC_10	0.700
OC_11	0.745
OC_12	0.758
OC_13	0.777
OC_14	0.751
OC_15	0.763
OC_16	0.646
OC_17	0.624
OC_18	0.633
OC_2	0.772
OC_3	0.794
OC_4	0.734
OC_5	0.764
OC_6	0.733
OC_7	0.728
OC_8	0.688
OC_9	0.697
Organizational performance		0.525	0.929	0.915
OP_1	0.468
OP_10	0.800
OP_11	0.763
OP_12	0.759
OP_13	0.752
OP_2	0.538
OP_4	0.689
OP_5	0.700
OP_6	0.769
OP_7	0.770
OP_8	0.817
OP_9	0.786
Strategic orientation		0.551	0.880	0.837
SO_1	0.732
SO_2	0.741
SO_3	0.773
SO_4	0.769
SO_5	0.739
SO_6	0.696

Source: The author.

Table A2. Heterotrait–Monotrait Ratio (HTMT).

Latent Variables	OC	OP	SO
OC
OP	0.572
SO	0.660	.612

Source: The author.

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