Title: The impact of cultural rituals and symbols on Bank performance in Osun state, Nigeria
Authors: Abiodun, Oluwabunmi Blessing & Amode, Seth Tosin
Volume: 9
Issue: 3
Pages: 238-246
Publication Date: 2025/03/28
Abstract:
The urgency for adopting best practices for creating a healthy corporate culture for performance enhancement arises due to the recent economic decline, bank transformation, and the potential for new digitized entrants into the bank industry. Hence, this study examines the impact of cultural rituals and symbols on bank performance in Osun State, Nigeria. The study adopted a descriptive research design using a cross-sectional survey approach. The study involved staff members from Tier-one bank branches in Osogbo, with a sample size of 186. Data collection was conducted using a structured questionnaire. Regression analysis was used to investigate cultural rituals and cultural symbols' effects on bank performance. The findings revealed a positive significant influence of cultural rituals (? = 0.731, t = 12.696, p = 0.000 < 0.05) and cultural symbols (? = 0.774, t = 15.327, p = 0.000 < 0.05) on bank performance. Cultural rituals accounted for 76.4% of performance variation, while cultural symbols contributed 72.1% to performance improvements. The study underscores the importance of integrating cultural elements into corporate strategy to enhance employee motivation, strengthen brand identity, and improve customer trust. It recommends that banks strategically align their rituals and symbols with organizational objectives to foster a cohesive corporate culture and sustain long-term growth.