THE ROLE OF CEO IN BUSINESS STRATEGY FORMULATION IN OXY COMPANY
Abstract
The research was carried out at OXY Company where the contribution of the CEO in the formulation of business strategies was the main agenda. The study was dominated by the use of secondary data obtained from past studies and company documentation regarding the participation of CEOs in the formulation of business strategies. Upon the various examination of the collected information, it was discovered that the CEOs have a large part of the contribution towards the formulation of business strategies. The retirement age and the period of serving can be extended to the CEOs to help continue gaining and making use of their experienced skills in managing and operating the businesses. In taking a lot of caution and monitoring business activities, the strategies care formulated from the routine activities that CEOs monitor and evaluate using the set internal measure such as the key performance indicators (KPIs) and balanced scorecards.
Acknowledgement
It is a high time for me to offer my gratitude to the professors and supervisors who have offered guidance through the course. It has enabled me to attain the level of understanding that I do. I do appreciate and with them well.
My family and friends have been close and concerned about my progress in studies. They are much appreciated and may they live to fulfil their life dreams.
Finally, I thank the college for offering me an opportunity to attend studies at their institution and it has made me improve on my academic knowledge. I wish all those involved in my successful completion of this research a happy life. Thank you all.
List of Tables
Table 4. 1: pairwise Correlation and Descriptive Statistics of past sampled firms…………………… 22
Table 4. 2: First phase Probit of the retirement of CEO………………………………………………………. 23
Table 4. 3: Sampled Firms Descriptive Statistics……………………………………………………………….. 24
Table 4. 4: Relationship between CEO Retirement and subsets of CSP categories………………… 30
List of Figures
Figure 2. 1: CEO Conceptual Framework…………………………………………………………………………… 7
Figure 4. 1: CEO Age at the point of retirement in the sampled data…………………………………… 27
Figure 4. 2: CEO Tenure in the data that was sampled……………………………………………………….. 28
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
A chief executive officer (CEO) of a company or organization is the highest-rated and ranked official within the executive or management level. The primary responsibilities that CEOs are supposed to undertake include making of concrete decisions within the company, ensuring that all operations are performed properly, and managing the company resources to the best interest of shareholders (Baumgartner &Rauter2017).Every bit of information must pass through the CEO for approval before the board of directors can share with the staff.
Strategy formulation is a practice that companies undergo or choose to undertake their operations to yield better returns. It is through the derived strategies by the CEO and the board of directors that help in achieving the set goals within the company operations. The part played by the CEO is very crucial because it offers a framework that can be used by the company management in undertaking various actions that can lead to the projected results (Carayannis, Sindakis, & Walter 2015).
OXY Company is the case study to be used in this research where its CEO is Vicki Hollub from America. The businesswoman is also an engineer in mining. The CEO has been holding the position at OXY Company since April 2016 when she was announced the first woman to head a major American oil company with its operations in Oman (Fabrizi, Mallin, &Michelon2014). The company has its headquarters in America but operates many subsidiaries across the world where the companies are managed and operated under the rules and guidelines issued by the leading CEO. The formulated business strategies by CEOs can be of benefit or cause great challenges to the ways of handling operations. Some of the decisions can fail to consider employee status such as healthcare and remuneration (Omar, Leach, & March 2014). However, the strategies formed are meant to help in pushing forward the business operations to levels that can earn more revenues.
1.2 Statement of the Study Problem
The overall performance of a company is assumed to be the efforts of the CEO but the main work is done by the departmental heads or supervisors who control and manage the different sections. The sections can be managed well or poor by the supervisors but the credit is awarded to the CEOs who only give directives (O’Shannassy2014). When the outcome is poor, CEOs are blamed for the poor results in business performance by the respective companies. Therefore, the blame game of causing trouble to the CEOs will be the problem to be addressed by the research findings. Instead of assuming the belief of the rumours within the company, the research will outline the role of the CEO in formulating business strategies.
1.3 Aim and Objectives of the Study
1.3.1 Aim
Depending on the size and operations of a company, CEOs are assumed to be the top managers of companies or directors. However, the roles of CEOs are beyond the decisions that can be made by the junior staff. The CEO is considered to have a vast knowledge and more experience in the industry than the managers and directors of the company. The CEOs are required to be more vigilant (Özleblebici& Cetin 2015). Therefore, this research study aims to perform an analysis and valuation of the roles played by the CEO of OXY Company in the formulation of business strategies. It is done to help gain an understanding of the roles of CEOs in the strategies used within the company in meeting its operations and fulfilling customer needs.
1.3.2 Objectives
- To determine the kind of essential information and data CEOs provide to the management and board of directors on the strategies to be formulated.
- To develop an understanding of the kind of data the CEO of OXY Company provide to the management staff.
- To understand whether the participation of the CEO in formulating the policies, guidelines, and rules of OXY Company offers satisfaction to the company business operations.
- To find out on the best recommendations on how the CEO can develop good strategies that can help OXY Company in achieving its goals and objectives.
1.4 Research Questions
- What kind of data and information does the CEO of OXY Company provide to the board of directors and management related to the business strategies?
- Of the information and data provided by the CEO, how is it different from what other partakers of the company (managers and director) can provide?
- OXY Company has policies, guidelines, and rules that govern and streamline operations. What is the level of participation undertaken by the CEO in developing or formulating better business strategies?
- What are the possible recommendations that the CEO of OXY Company can offer to help in attaining or achieving the company set goals and objectives?
1.5 Hypotheses
H1: The data and information provided by the CEO of OXY Company have enabled managers and directors to formulate better business strategies.
H2: The role played by the CEO is operated within the described is very vital in generating business strategies.
1.6Scope of the Study
The CEO of OXY Company will be the main concern while more information will be sort from the literature review. The main parts played by the CEO in establishing and formulating business strategies within an organization will be the main concern (Hassan et al. 2015). An in-depth collection of information on how the CEOs contribute towards the development and formulation of the company techniques and practices that can fuel and promote growth are mainly concerned with the issues of business expansion and growth. A collection of the kept information within the company and the precious literature done by other researchers will be used (Van den Steen 2018). For example, the minutes of the CEOs of OXY Company can be retrieved and applied in gathering the most preferable evidence that is reliable in offering monumental and evident information regarding the role played by the CEOI in promoting business activities.
1.7Significance of the Study
The study will offer a great contribution and importance to the OXY Company and others that will use the report as a reference in future studies. Due to the search of information from different published or stored information about the way CEOs can play part in the formulation of business strategies, the research will offer OXY Company a better chance of gaining understanding (Yunna&Yisheng2014). Through the research, if the CEO was not performing his or her work competently, the suggested ways and recommendations about the running of operations in a company aided by the CEO can help in making positive changes.
Another major significance of the research is the application of the suggested possible ways of helping the management in coming up with the best business strategies. The CEOs are deemed to be the most experienced and knowledgeable officials within organizations (Zelt et al. 2019). Therefore, the feedback and information obtained can be used in generating better ideas to suggest to the CEOs in making the future better. While doing the research, there will be complaints put forward by some of the individuals who hold such positions. The obtained data from the archives, libraries, and company files will help in understanding the roles played by the CEO of OXY Company in the support for strategies.
1.8Limitations to the Study
A limitation of the study will be the lack of enough information that can feature the selected case study. Since the data used for analysis is secondary, it can be limited to the extent of getting fewer details about the business strategy formulation help offered by CEOs of OXY Company before, now, and later (Kim, Lee, & Kang 2018). However, the limitation can be solved by ensuring that all relevant details have been collected from the company and few obtained from external sources like the published journals and magazines that help in educating and collecting opinions. Therefore, regardless of getting minimal sources of data, the limitation can be overcome by allowing the reviewed literature to be used in analysing its data in the present research.
1.9Operational Definition of Terms
CEO – Chief Executive Officer
Business Strategy – a form of routine that is created to help the conduct of workers in meeting set requirements.
Firm performance –firms are evaluated and valued in terms of their performance in the market and level of competition offered to the industry players.
Corporate social responsibility –when a business performs well, the management, mostly done by the CEOs, they give back to society. The process and participation are termed as corporate social responsibility.
Managerial ownership –business strategies are formulated by the top management officials of an organization. The OXY Company has a CEO who can undertake the role of advising the management in ways of generating better business strategies. The r=strategies in many cases are aimed at increasing sales and lowering or cutting on cost.
1.10Structure of the Study
The first chapter will be used to introduce the topic and offer basic information about the background of the OXY Company and the role of a CEO. The concern in the ways of participating in the formulation of business strategies is highly linked to the CEOs who are assumed to have full control of the operations within a company.
The second chapter will review various literature from different authors who had examined in the same field. The literature is important because it guides the current research and enables an understanding of the kind of information to seek.
The third chapter highlights and discusses the method of collecting data that will be employed. The chapter makes the work of the next chapter easy by directing and choosing a method of application.
The fourth chapter performs an analysis of the collected data from the available secondary sources. The data can be in the form of tables or figures. The chapter subjects the data and explains it from a statistical point of view.
The fifth chapter is the last where the conclusion about the performed research and the recommendations for further research are issued. The conclusion if a way of summarizing the findings of the entire research and the recommendations are opinions and ideas issued that are deemed to make positive changes in the role played by CEOs in the formulation of business strategies.
1.11Summary
The issue of whether CEOs take part in the formulation of business strategies is a concern that needs to be addressed. This research has been introduced to investigate and uncover the ways that CEOs contribute to business strategies. Through the various ways, the chapter has offered an introduction to the topic and given a background detail about OXY Company. The next chapter will review past research findings from different authors to help understand how the research should be conducted and what is to be expected.
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
Business strategy formulation involves the making of policies and corporate goals by the top management of the organization on behalf of the owners of the organization. The chief executive officer is responsible for the formulation of organizational strategies that align with the goals and objectives of the company (Rusli, Basri, &Arafah2020). Usually, the top management of organizations formulates these corporate policies based on the available resources of the company and after assessing both internal and external factors affecting the company (Van den Steen, 2018).
Some of the external and internal analysis of factors affecting the operation of the businesses includes the following. The external factors affecting the operation of the company include the political stability in a country, state of the economy, and the technological advancements within the given region (Shabbir&Kousar2019). Other external factors that could affect the formulation of policies include the bargaining power of clients of the company, the strategies used by the competitors of the organization, and the threats posed by the entrance of new business entities (Sirén et al. 218). The internal factors influencing the formulation of policy by the top management of companies include the strengths and weaknesses of the resources of the company, such as the human resource department and the technological systems used by the organization.
The formulation of the business strategies results in the making of goals and objectives that would drive the organization towards gaining a competitive edge against its competitors. According to (Ozleblebici& Cetin, 2015), business strategy formulation involves giving a direction to the operations of a business entity by forming policies and objectives that would drive the company to success. Moreover, apart from the formulation of goals and objectives, the chief executive officers also make plans necessary for the realization of the formed company goals and objectives (Zuraik& Kelly 2019). Examples of considerations to make while formulating strategies for the company would include the following.
First, the formulation of the policies would take into account the primary objective of the organization. Second, the chief executive officers would look at the existing gap in the skills and capabilities of their employees that they need to work. Third, the top management of the company would consider the target group for their goods and services (Breder2018). Lastly, the chief strategists of the organization would find the possible products and services that they could add to the portfolios of the company (Bresler& Stake 2017). The formulation of good plans is critical for the success of organizations. However, good policies cannot compensate for poor implementation processes. Therefore, the CEOs of different organizations must ensure that they carry out their duties diligently to ensure that their companies increase their profitability.
2.2 Role of CEO Conceptual Framework
Figure 2. 1: CEO Conceptual Framework
2.2.1 Dependent Variable
The power of a CEO is to enhance and offer support regarding the performance of a firm. OXY Company is one of the leading and well-performing companies in Oman that has always offered authority and power to its CEOs. The CEO has a final say in the processing and imitation of policies and guidelines that must be followed to help achieve the company objectives (Cuervo‐Cazurra et al. 2017). The powers lead to the managerial ownership of the company.
2.2.2 Independent Variable
The power of a CEO in a firm has a corporate social responsibility that enables the community to benefit from the earned profits by the company. A CEO has the power to sign and authorize a form of a grant to the needy groups such as the youth and the elderly (Kumar 2019). The corporate social responsibility has the concentration of the company’s ownership at his or her discretion.
2.3 Roles of CEO in Business Strategy Formulation
The chief executive officers are the top managers in their respective organizations mandated to outline business strategies, implement those strategies, and ensure that those business strategies align with the primary objectives of the company. Other roles of the managing directors include the following (Mohajan2018). First, the CEOs take part in the formulation of the goals, mission, vision, and value statements of their organizations. Second, the managers of the company balance both the internal and external factors affecting the smooth operations of the organization.
The CEOs must formulate policies to mitigate the effects of external factors such as economic depression and political interferences with the services of the organization (O’Shannassy, 2014). Third, the CEOs ensure the evaluation of the implemented policies to determine their relevance towards achieving the objectives of the organization. The managers of the organization have the responsibility of maintaining the motivation levels of their employees. For example, the leaders of the organizations must formulate and implement strategies for managing the motivation levels of their employees, such as job rotation and further training of the employees.
There exist different approaches to the roles of CEOs in their organizations. The first approach to the functions of CEOs includes role-modelling mechanisms. Fabrizi et al. (2014) asserted that the role modelling approach views the managers of companies as specialists, strategists, implementers, and a leader in the organization (Newman, Benz, & Ridenour 2012). Similarly, the role modelling approach sees the company managers as a mentor, motivator, and team builder (Peffers et al. 2007). Other methods to the roles of CEOs focus on factors such as the leadership styles of different managers, leadership traits possessed by the CEOs, and the kind of surroundings created by these managers in their organizations, among other factors.
2.4 The Business Strategic Management Process
The business strategic management process involves different steps necessary for the formulation of the strategic goals and policies of the company. The following is a brief explanation of the business strategic management process.
2.4.1 Strategic goals and assessments
The chief executive officers must first define the value statements, mission, and vision of the organization. The definition of the value statements, purpose, and vision of the organization by the chief executive officer is after assessing the external and internal factors of the company. The organizational mission of statements changes with the realization of the factors that affect the capabilities of the company to compete favourably with its competitors.
2.4.2 Formulation of business strategies
The management of the organization formulates the strategic goals and objectives of the organization after thoroughly analysing the external and internal factors affecting the organization. At this stage, the strategists of the company determine whether the company needs additional resources for the realization of the set strategic goals and objectives (Ridder 2017). The chief executive officers prioritize the formulated business strategies in order of their importance towards the achievement of the aims and objectives of the company. Accordingly, the management of the company continues to assess the external changes that would affect the realization of the goals and objectives of the company (Taherdoost2016).
2.4.3 Implementation of the strategic goals and policies
This is the execution phase of the formulated goals and strategies. The business management should inform every person in the organization about their duties and responsibilities towards implementing and achieving the strategic goals and objectives of the company. Similarly, the leaders of the company should provide further training for their employees to ensure the smooth implementation of the set goals and objectives of the organization (Fabrizi, Mallin, &Michelon2014). Additionally, the top management should also allocate enough resources to the employees to realize the set goals for the company.
2.5 Evaluation and control of the implemented goals and policies
The leaders of the organization must continuously evaluate and control the achieved strategic goals and objectives because the external factors affecting the operations of the business keeps on changing. According to Baumgartner and Rauter (2017), the managers of the company should continuously conduct performance evaluations to ascertain whether they are making the right moves towards achieving the goals and objectives of the company. The managers could also re-examine and re-evaluate the goals and or the performance criteria to ensure an increase in the productivity level of the company (O’Shannassy2014). If the strategic plans are ineffective, then the leaders of the company should change the programs or restructure the departments within the organization. The restructuring of the departments of the organization may require the shifting of employees to different units or retraining them accordingly.
2.5.1 Business Strategies used by Organizations
Various companies can use the above-described business strategic management successfully. However, most business entities prefer to develop business management strategies that primarily focus on competition (Carayannis et al., 2015). Examples of competitive strategies used by organizations include the following.
2.5.2 Low-cost leadership strategy
Different organizations in the job market seek to be ahead of their competitors in the job market. The cheap plan is one of the approaches that these companies that want to gain a competitive edge advantage over their competitors use. Lowering the cost of goods and services ensures that the organization gets a massive base of consumers (Özleblebici& Cetin 2015). Despite these companies selling their products and services at a relatively lower price, they would still make profits from making a large volume of sales.
Some of the advantages of the low-cost strategy include the following. First, the low-cost approach lowers the bargaining power of consumers. Reducing the bargaining power of consumers is critical to higher profitability by the suppliers. Second, the low-cost strategy makes the market unattractive for new entrants (Van den Steen 2018). Keeping away new entrants from the job market ensures that a company enjoys a broad base of consumers. Lastly, the low-cost approach drives out less established business entities. The business entities that cannot compete favourably with the companies using the low-cost strategy would collapse automatically. The disadvantages of the low-cost approach are as follows. First, an inexpensive plan would reduce investments in certain key areas (Kim, Lee, & Kang 2018). Organizations applying the low-cost strategy would experience a decrease in their profits, making it impossible for them to continue with all their investment projects like before. Lastly, other companies might easily emulate the low-cost strategy, ensuring that they still compete favourably for consumers.
2.5.3 Integration strategy
According to Omar et al. (2015), consumers are continually looking for the distinction of quality goods and services at a relatively lower price in the increasingly competitive market. Therefore, organizations are continually devising methods to produce high-quality products and services at a cheaper cost to meet the demands of their consumers. One of the techniques designed by companies includes the integration strategy. For example, companies are using the integration strategy that combines cheap raw materials with additional characteristics to their brands to make it affordable and appealing to their consumers (Rusli, Basri, &Arafah2020).
Some of the advantages of the integration strategy include the following. One, integrated products provide values to more than one consumer. For example, integrated products are a combination of low-cost raw materials and additional luxury features. Therefore, consumers who are sensitive to prices would benefit, so do consumers who are sensitive to luxurious products. Lastly, just like the other strategies, the integration approach drives less efficient competitors out of the market (Sirén et al. 2018).
Similarly, the integration strategy possesses disadvantages such as difficulty in maintaining the approach. Companies find it a hard task of blending cheap raw materials with additional luxurious features, thereby making it difficult for them to keep (Breder2018). The integration strategy may confuse consumers. Consumers can get confused with the integration mechanisms since that integration strategy may interfere with the original identity of the product.
2.5.4 Distinction approaches
Various companies are using the differentiation approach to provide their customers with unique brands of their goods and services. Companies providing luxury products focus on the distinction strategy to produce unique products, thus ensuring that they remain relevant in the competitive market (Kumar 2019). Some of the advantages of the distinctive approach include the following. First, consumers do not pay close attention to the prices of the products provided they get unique products and services according to their tastes and preferences (Newman, Benz, & Ridenour 2012). Second, organizations employing the differentiation approach drive away their close competitors out of the market. Using a distinction strategy drives away other companies since consumers like unique products since their tastes and preferences are dynamic. Lastly, producing exceptional products and services makes it hard for consumers to find substitutes for the same products (Ridder 2017).
The disadvantages of the distinct approach include the following. First, organizations may experience additional operational costs of producing unique products. Second, the innovation of new products may easily erase the uniqueness of products, therefore, rendering them obsolete to the consumers. Lastly, competitors could easily imitate the uniqueness of the products and services, thereby maintaining stiff competition in the job market.
2.5.5 E-business strategies
E-Business approaches enable businesses to operate digitally using computers and the internet rather than the brick and mortar formation. Chief executive officers must adopt an online strategy to compete favourably with other online businesses at their initial stages, which might under-price their goods and services, thereby snatching customers from them (Taherdoost2016). Companies adopt e-business strategies for three primary purposes; reducing the costs of production and increasing productivity and profitability of the company, increased focus on the consumers, and improving management within the company.
2.5.6 E-commerce approaches
E-commerce strategies enable organizations to perform their transactions through electronic platforms. Companies are fast adopting electronic transactions and the digital mode of doing businesses to ensure that they remain relevant in the market amidst the various technological advancements (Hassan et al., 2015). Numerous organizations are using online platforms to analyse the trends and purchasing habits of consumers. The analysis of the patterns of the consumers helps companies to produce goods and services that would meet the tastes and preferences of consumers in the market. Therefore, for companies to succeed in the competitive job market, the CEOs of those companies must adopt digital and non- digital strategies for them to maintain a distinctive competitive edge.
2.6 Theoretical Approaches to the role of CEO in business strategies
2.6.1 Porter’s Five Forces Theory
Michael Porter of Harvard school of business developed the five forces theory of competitive position analysis in 1979. Porter developed the five forces model to evaluate and determine the strengths and competitive positions of organizations (Yunna&Yisheng, 2014). The theory operates on the principle that five forces are determining the competitiveness in the job market. The five effects determining the competitiveness of the market include the following.
2.6.2 Powers of the supplier
This principle analyses how easy it is for the suppliers of goods and services to raise their prices. The capabilities of suppliers to raise prices of their products and services depend on factors such as the number of suppliers dealing with the same products and services, the cost it would take consumers to move from one supplier to the other, and the uniqueness of their brands among other factors.
2.6.3 Powers of the consumers
This relates to the powers of the consumers to reduce the prices of goods and services offered by the suppliers. The capabilities of the consumers to reduce the prices of products and services include the number of clients in the market, the importance of a buyer to a company, the cost that consumers would incur from changing different suppliers (Ridder 2017). Organizations with a small percentage of influential buyers often dictate the terms and conditions of their sales.
2.6.4 Business competitors
The number of strong competitors and their capabilities influences the competitiveness and attractiveness of the markets. For example, many competitors dealing in similar goods and services would make the market look unattractive.
2.6.5 External threats of replacement
Consumers will easily switch suppliers at the slightest increase in prices if the job market contains close substitutes and or replacement products and services. The threat of substitution of goods and services reduces both the powers of the suppliers and the attractiveness of the job market.
2.6.6 Threats from organizations entering the job market
The attractiveness of job markets invites new business entities into the market. Attractive job markets have higher rates of profitability. However, after attracting new entrants, the profitability of these markets decline (Mohajan2018). The five forces determining the strength of competition and attractiveness of the job markets could help business entities to identify the profitability factors and or the viability of making profits in other industries before investing there.
2.7 Contingent Business Process Management Approach
The contingent theory asserts that business management processes depend on many factors. The contingent management approach operates on the principle that there is no single way to manage the business process (Zelt et al., 2019). According to Zelt et al., the contingent management approach operates on the following concepts. First, the efficiency and effectiveness of a process in terms of lowering the costs of production and increasing profitability determines the performance rate of the process. Second, the process management techniques define the approaches that chief executive officers take to manage the formulation of goals and objectives for the organization. Third, the nature of the process management determines the process requirements that the company managers would consider, such as the number of employees to collect, interpret and analyse data concerning the formulation and implementation of business strategies. Lastly, the characteristics of the individual nature of the management processes differentiate them from each other.
Combining process dimensions and the requirements of business management processes by the CEOs help in the formulation of proper business management mechanisms. Zelt et al., (2019), opined that some of the typical concepts of business management processes include the filling of documents, standardization, assessment, implementation, and coordination (Zuraik& Kelly 2019). Contingent theory champions for the inclusion of information technology in the formulation of business strategies to enhance the successful implementation of the formulated plans.
2.8 Chapter Summary
Chief executive officers play a vital role in the formulation of business strategies necessary for the success of organizations. The CEOs develop policies and objectives on behalf of the organization. Other duties of the CEOs include the implementation of the strategic business processes, evaluation of the said processes, and ensuring that those processes align with the goals and objectives of the organization. Business management strategies help organizations to maintain a competitive advantage over their competitors. Examples of business management strategies include e-business, e-commerce, integration, distinction, and low-cost leadership strategies.
CEOs must ensure that they successfully incorporate the different business management strategies for them to remain operational. Five forces theory, developed by Michael Porter, operated on five principles that influence the business management processes. The five forces that Porter talked about include the powers of the buyers, the powers of the sellers, and rivalry of business competitors, threats of a new entrance into the market, and external threats of substitution. Another theory focusing on business management processes was the contingent business model. The contingent business model operates on the assumption that there exist different approaches to business management processes.
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
The researcher delved deep into the methodology of the research topic “the role of CEO in Business Strategy formulation in OXY Company. The researcher endeavoured to refer to the difficulties that the business community, the leadership of institutions, organizations, and institutions experience. The researcher wants to understand better and get the solution, knowledge, and understanding of the research problem (Breder2018). This paper seeks to attain the objectives that are fore-stated in the research paper by collecting data, identifying arrange, and the application of the conclusion. This topic will be of great help.
The chapter focuses on the methodology employed by the writer to achieve the objective of the research study. The method touches on the source of data that will be analysed to get a reasonable interpretation that will help the research provide a favourable conclusion and recommendation that will help to reject or fail to reject the hypothesis that was formulated in association with the study research (Shabbir&Kousar2019). The researcher further provides a roadmap towards the formulation of the research study that is adopted, the research technique, sources of data, the validity and reliability of the method that was employed. There is further the technique of collection of data; the researcher will ultimately touch on the legal, ethical, and social considerations. The researcher will finally give a summary of what has been looked into in this chapter.
3.2 Research design
The research design is the condition arrangement for the choice of data collection and collection of data and interpretation in a way that consolidates the purpose of the research purpose with the procedure and the economy (Breder, 2018). The research design is considered as the research structure that acts as the glue that attaches or holds all the elements of the research study in place and together. The research design anchors itself on the appropriate information collection for the sake of economy and interpretation (Peffers et al. 2007). Research design is the blueprint for data collection, analysis, and measurement of data. It touches on a precise technique and procedure that is employed in data consolidation and information. The researcher will apply the variables that are associated with the theory that was used in the literature review.
The necessity of the research design in the research paper is employed to make sure that the data that will be used in the research study. The research design will be beneficial and adequate in answering the research questions, attaining the objective of the research and ruling the hypothesis accordingly in an unambiguous way as possible (Breder, 2018). A perfect research design is the one that gives an output of quality information that allows a high level of quality information an insignificant number of elements aspects of the research problem. The conduction of the research study context is a critical factor for a research design. A suitable model is essential to determine the intended in the research paper (Kumar, 2019).
3.3 Descriptive research
This research design is also known as statistical research; it describes the existing phenomena as they are (Taherdoost, 2016. This research design is employed in obtaining, extracting, and identifying specific information character that is attached to particular issues that include people, group, and community. The descriptive study the research answers the questions of what, who, where, how, and when on the research study (Taherdoost, 2016). The researcher employed this research method to understand a descriptive study concerning the role of CEO in business formulation strategy, a case study of OXY Company.
3.4 Data collection
Based on the fact that the researcher requires information that is considered confidential and may be beyond the reach of the scholar. The scholar realized that the information that is needed in making the research successful could easily be found out that the same data can be gotten in convening in one or two companies or organization in information sharing and therefore it will cut the time that is needed to get information and data that is required (Mohajan, 2018). Thus, the researcher concluded employing secondary data in this research paper. The researcher aims at substantiating the choice, reporting the significant limitations that are deemed to be undertaken, and justifying their context.
The author did not obtain a secondary data set on his account. It may also be interpreted as the data that was collected by another researcher. The researcher employed data that had been consolidated or collected previously and is in a position to be re-used for a new question, based on the fact that it will be employed for different research that has not been looked into before. The researcher will utilize information from the sources of the government, and the researcher aims at choosing the most suitable, accountable, transparent, and trustworthy agencies (Mohajan, 2018). The data from the government is highly reliable since its application is deemed active.
The researcher will further employ sources from organizations for an instant, the United Nations and its affiliate since the sources can be trusted (Ridder, 2017). The other sources of data will be achieved from private agencies and entities that are scientifically committed to carrying out the research. The researcher further used data that was gotten from individual international projects in specific the European Union. The final point that will be utilized in curving out data is from the web. The researcher put to use web scrubbing, which is defined as the process of extraction of data from reliable websites.
3.6 Data analysis
Analysis of data is the process attached to performing a specific sequence of operations that are associated closely to form a collected data summary or perform an interpretation that can be employed to answer research questions. The process that is considered includes editing the secondary data, accuracy checking to code, and comparison of data. The process is critical during the systematic collection of data (Bresler& Stake, 2017). Since the researcher employed secondary data, the analysis process will assume a systematic process where data from the newspapers, research papers, reports, and data from agencies and governmental parastatals will be employed. The researcher will utilize the data from the respective database analysis following the data that is attached to the full scope of research questions and objectives.
The scholar intends to find out the possible behaviours that have not been pointed out or even reflect on the ideas that are new for the development of future theory (Breder, 2018). The scholar is geared towards the in-depth evaluation of data employed; will be attained by considering the originality of the data that is applied. It considers the period of the time that it was collected, sample size sample and strategy, sampling of the population, the protocols of data collection, the concepts of operation, and the shape of the data that is employed (Bresler& Stake, 2017).
In the presentation and analysis of data using graphs, tables, numerical procedures, and pie chart all this is set to display the distinctive features that will assist in the study of data to the role of the CEO in Business Formulation Strategies.
3.7 Data representation
The representation of the research findings was presented via tables and graphs to achieve the analysis of data with the aim of facilitation of comparison and on the flip side, the interpretation of charts and graphs were presented in prose form. The quantitative report was produced from tabulation, percentage, and the central measure of tendencies.
3.8 Ethical consideration
The central guiding principles that directed this research was openness, privacy, and honesty all through the research. In this research study, the ethical issues included respecting the individual, respondent within the collection of data. The willingness and interest of the respondents of the participant were central in this research paper.
The respondents were briefed on what they were supposed to achieve; the researcher then assured that the respondents were comfortable and further had time to take part in the study. To maintain the respondent’s confidentiality, the research study instruments did not have addresses, names, or any identifiers that could associate the information given to the respondents. The research assistants, together with the researcher, assured the respondents of the utmost confidentiality.
3.9 Limitations
The main limitation that the researcher experienced during the research study process was associated with the method of research that was employed. The challenge of time was significant. The reason for the aforementioned was attached to the fact that there was a limitation in time by the research that the researcher was supposed to be achieved in a single day (Yunna&Yisheng2014). The challenges were handled at a deeper length in the part of the study design. Furthermore, other challenges were faced by the scholar within the research execution.
The researcher considered that the researcher would not as reliable as it should because the data that is used is gotten from a third party and may not be safe or fully compatible with the case study (Özleblebici& Cetin 2015). Therefore, the researcher concludes that the accuracy and reliability of the data may below. Withal due to the environmental factors that may fail to be suitable. The data from secondary data is considered, at times, to be outdated and obsolete. The scholar further fears that the issues that are attached to copyright and authenticity may rise forth, and this may damage the work that has been done by the researcher for a significant period.
3.10 The validity of the instruments
Validity is the degree that the instruments measure what it is assumed to measure. The scholar utilized the supervisor who has a vast acknowledge of research, and further, he possesses the expertise in the determination of the secondary data of that was most favourable.
3.12 Summary of the chapter
This chapter was very critical and pivotal because the entire research stands on its foundation. The vehicle takes us to the questions that the research seeks to answer, as stated in the first chapter of the study. The section is further the bridge to the remaining part of the research study that includes research analysis, interpretation, conclusion, and recommendation. The chapter met the hallmark of a research approach that provides for description, prediction, and explanation. The use of this chapter was central to the researcher.
CHAPTER FOUR: DATA ANALYSIS AND FINDINGS
4.0 Introduction
This chapter indulges in the section of data analysis and interpretation of the results. The study of this data assumed the secondary method of analysis. The objective of this section was to establish and analyse the role of the CEO of an organization (O’Shannassy2014). The study further determines the kind of essential information and data CEOs provide to the management and board of directors on the strategies to be formulated.
Withal the researcher also develops an understanding of the kind of data the CEO of OXY Company provides to the management staff. The scholar further was seeking to understand whether the participation of the CEO in formulating the policies, guidelines, and rules of OXY Company offers satisfaction to the company business operation (Van den Steen 2018). Finally, the researcher aimed to find out the best recommendations on how the CEO can develop suitable strategies that can help OXY Company in achieving its goals and objectives.
4.2 Descriptive statistics
The researcher employed models to explain the variables that are in question. The researcher used both multiplicative terms in a bid to bring low the negative effect of multi-collinearity results. The researcher further employed additional checks to analyse the impact of multi-collinearity (Shabbir, 2019). To attain this researcher created forth hierarchy nested models together with the computation of variables inflation factors for each of the variables for every variable in the model.
The aforementioned amount is basically at a smaller scale, considering the rule of thumb often. Hence, the researcher concludes that the effect of multicollinearity in this research is not a serious threat following the regression models that are employed (Shabbir, 2019).
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The researcher considered subjecting the data to diverse indigeneity issues. In the beginning, it is the possibility that the opposite problem of causality can make the problem to be biased. The researcher assumed a direction that was considered to be causal based on the departure of the CEO to affect the change in CSP (Sirén et al., 2018). It is further considered that the change in CSP positive significantly caused a shift in CSP drop. Aforementioned leads to a forceful retirement of the Chief Executive Officer. Within the consideration to look into the reverse causality that is possible, the researcher was able to regress the CEO retirement at the point of the year. The result showed that CEO retirement is not affected statistically significantly by the drop of CSP. Therefore there is no definite evidence of reverse causality. Hence, the panel data concludes that the lagged effect causality affects the CEO retirement positively to CSP.
Nevertheless, there is substantial evidence in support of the fact that the firm included the KLD database that was self-selected. It is considered for the fact that the firm having strong CSP tends to conceal social performance information, and hence, firms attached with the database of KLD are deemed to be based on a precise dimension. However, the ratings of CSP of the firms associated with the KLD offers a cross-sectional variation that is formidable within firms, and the distribution gives a distribution that is tightly knit with the delivery of the firm. The aforementioned solves the effect of self-concern.
The model four results are highly in support of the hypothesis that states that the retirement of the CEO shows a strong statistical significance on CSP. The other two models, three and two, test the compensation validity maximization as the CEO’s motivation factor as the main problem, and the solution to it is the stock-based compensation. Both coefficient interaction fails to be significant; this shows that the CSP dimension fails to be determined by giving forth the stock-based benefit. On the flip side, models four and five look into the post-retirement continuation of the career as the key motivational factor for the horizontal problem alongside the motivation of the Chief Executive Officer Director to be the formidable solution to the issue at hand.
There is the positive significance attached to the interaction of the age of the CEO and the retirement of the CEO (β=0.0321, pvalue=0.025), this suggests that considering a CEO retiring at a young age reduces the investment in the social responsibility related by a significant amount. Considering the continuation of a post-retirement career in the stead of motivation for the horizontal problem, CEO’s retention (β=0.3957, p-value=0.016), implying that if the CEO is retiring in the firm in association with the board of directors, there will be a significant negative impact on the retirement of the CEO considering the solution to the CSP problem. From the output table, it is evident that the results in model four and five doesn’t change in Model six at the point where all the variable pointed out are considered.
The results further anchor itself on the retirement of the CEO and how it is attached to the desire of the Chief Executive Officer to continue being at work beyond the period of withdrawal, and therefore, this can be solved if the CEO is retained within the board at the point after retirement. To validate this probability, the researcher considered the validity effect of the age of the desire of the CEO in working following a drop within the CSP. The likelihood for the CEO to retire at a tender age, those who desire to continually work gives evidence on the CSP drop, the retirement of CEO at a tender age are likely linked to more energy to work and heightened level of interest. The aforementioned is highly considered in the explanation of the reduction of work at a greater length.
A formidable problem that can be considered within the logic is attached to the fact that it is believed that some of the Chief Executive officers that retire at a tender age can assume the same direction based on the fact that they are tired of working. For instance, if the CEO will retire at the age of fourteen even if he or she was in a position to act or serve as the CEO for more than ten years in the future, it will be insignificant to argue that the person will still have interest in working.
Hence if the results were attached to the fact that the Chief Executive Officers were retiring at an early age to enjoy life and with less interest in working, the argument of the research paper might not hold. To delve deeper into this, the researcher considered the omission of the Chief Executive Officers who retired before they attained the age of sixty-five and performed the entire process all over again. The results showed that the whole spectrum of the hypothesis was supported at the level of the p-value. Hence, the researcher ruled out the verisimilitude that the results were driven by the Chief Executive Officers that retired at an early stage, and they may further have no interest in continuing to work beyond the retirement period.
From the table, it is evident that the retirement of CEO averagely was at 61.8 per cent. The minimum age of the CEO at the point of departure is considered to be forty-seven years, and the retirement age at maximum is considered to be seventy-seven.
4.6 CEO Age at the point of retirement in the sampled data
Figure 4. 1: CEO Age at the point of retirement in the sampled data
The computed pairwise coefficient of correlation between the performance of the CEO and the age of the CEO was conducted. the results showed (significant with pvalue<0.1, 0.17), in all classes that are attached with the study the results were found not to be different significantly from 0. This was aimed at giving forth a relationship that is viewed to be insignificant in relation. This has exhibited a relationship that is insignificant between the performance and the CEOs age metrics. the analysis came up with a table that exhibited forth the median and the mean of the CEO position following ranking and age. Overall, the results tend to be indifferent from the age samples. the older the CEO the better the performance this is linked with mean and median that exhibited a lower value. the aforementioned strong perfomance is geared towards building forth on perfomance of the finance.
on the same note, the aforementioned CEO exhibited perfomance of the company on the lowest dimension. Form the sampled companies, the aforementioned unexpected results concludes that CEOs age does not affect the perfomance of the company. For instance, the highest perfomance from the sampled out data results showed that more than eighty-five per cent of the study population fall under the age range of 50-65 years old.
the age of the CEO versus the perfomance of the company.
In yet another conclusion attached to the criticism is based on the fact that there is a positive relationship in the association between CSP and the retirement age. The aforementioned is aligned to the CEOs that have worked for a significantly short period. From the literature review, it is considered that a significant number of CEO are fired within the first three years in the working environment. Therefore, it is found that if the CEO serves in a short period, the CEO may fail to have a substantial significant influence on long term items of investment.
To examine this, the researcher omitted CEOs’ observations on the CEOs that have worked for five years or less. The researcher then repeated the running of the full model. The results did not change, and the entire hypothesis was supported at the same level as the p-value. Therefore the researcher ruled out the verisimilitude that the results were influenced by the chief executive officer that served on long term investment items. The table below shows the average individual tenure. CEO tenure was considered to be 14.46 years. The minimum serving length of the CEO was pointed out to be 57 years.
4.7 CEO Tenure in the data that was sampled
Figure 4. 2: CEO Tenure in the data that was sampled
In accordance to the coefficients of Pearson correlation that was conducted between the performance of the Chief Executive Officer and the tenure of the CEO exhibited a correlation that was interpreted as a strong and negative between the aforementioned variables (coef=-0.4). This is therefore interpreted that the performance in finance is directly related to tenure. Withal, a strong positive correlation has exhibited the ranking of both the tenure and the performance of the CEO ( Correlation coefficient=0.32, 0.42).
The results explained that a longer period attached to the tenure level together with the lower performance. in all the pointed out coefficient, there was a statistically significant correlation that is line with the level of standard. following the research that is pointed out that the experience that is characterised by persistence and continuity over a longer period has a directed effect on the performance of the CEO and the company at large. they are furthermore concerned with the issues that are attached with sustainability.
The median mean of the tenure ranking
In consideration of the control variables, free flow of cash and financial leverage was pointed out to have a significant positive effect on CSP; this suggested that the economic slack can have a significant positive influence on the firm’s social performance. Nevertheless, the coefficient of the Chief Executive Officer has a significant positive effect following the studies conducted before (Kim et al. 2018). Understudies that were done by other scholars and researchers, there was a reported relationship that was positive concerning the stock-based CSP and Compensation, and the aforementioned may suggest the result attached with the stock-based compensation that has a significant negative effect on CSP (O’Shannassy2014).
The researcher further constructed partial measures of CSP. The first measure is attached to the governance, environment, product categories, and environment (four items). The second measure is associated with employee, diversity, and human rights (three things). The scholar failed to run a two-stage model for the additional analysis because had earlier been pointed out by figure 4.1 that the data was a non-issue on the grounds of self-selection. In conclusion, considering the three-item measure of CSP was employed, there were no variables that were significant (Carayannis, Sindakis, & Walter 2015).
4.8 The nature of appointment of the Chief Executive Officer: Insiders versus the outsiders
From the table that was generated forth during the analysis of data that employed the median and the mean position attached with the ranking of both the insiders and the outsiders concerning the role and the responsibility of the CEO, the aforementioned was further attached with the statistical significance within the position within the categories. the table in relation with the aforementioned details exhibits lower median and the mean position (attached with perfomance that was interpreted as strong) within all the four levels in the comparison between the insider of the CEOs and the outsider CEOs within the performance in ESG and financial performance.
We are in a position where both the perfomance positions are considered at the same point were can observe difference within the position of the ranking. Therefore, the researcher can conclude that the CEOs can perform better and are inconsistent concerning better performance and the heightened perception of the outsider CEO as pointed out by the results of the insider CEO succession within some specific international-based organizations.
4.10 Conclusion
The analysed data has confirmed that CEOs take part and play a big role in the formulation of business strategies. When using the issued powers and authority within the CEO. The best ways can be commanded and orders were given to the junior employees for implementation. The results indicate that retire at an age where they have gained enough experience that can be used to offer advisory services to the upcoming managers and CEOs. Also, the discussed statistical reflection indicates that a majority of the CEOs have great support and contribution to the decisions made in an organization. The decisions are used in formulating business strategies.
CHAPTER FIVE: CONCLUSION AND RECOMMENDATION
5.1 Conclusion
In this dimension, the researcher concludes that multiple CEO are in agreement that a strong positive relationship in performance is a vital investment that is attached with advantages in sustainable competitive organizations. Nevertheless, the findings allude that CEOs become less enthusiastic considering the social achievements of their organizations at the point when they want to depart. Inconsistency in an organization is likely to be ravaged based on the reputation of a firm that is considered to be socially responsible (Zuraik, 2019).
Therefore, the shareholders may find the investment continuity in the areas of social responsibility, specifically, during the succession period of the Chief Executive Officer. Following this research paper, the researcher has looked into the occurrence that is deemed to be possible following the horizontal problem within the context of the evaluation of the characteristics of motivation embedded within the horizontal problem (Zuraik, 2019).
Past studies that were done by researchers, scholars, reports, and authors assumed that the compensation of the CEO maximization is a primary motivation for the primal problem. Following the results from this research, there is no explanation of the horizontal problem in consideration of compensation maximization. The researcher, therefore, concludes that maximization is not a significant factor within the CSP context (Carayannis, Sindakis, & Walter 2015). On the other dimension, the concern of the CEO facing retirement seems to generate favourable explanations within the framework. Furthermore, the output makes forth from the analysis showed that CEO retention could work as an efficient and effective means of curbing the horizontal problem within the context of the CSP.
The shareholders may endeavour to rule out the opportunistic and myopic behaviour in mangers through the provision of compensation that is stock-based in the context of the Executive. The results that were generated forth in the previous section of the research paper reveals that the long term incentive mechanism may fail to be efficient or effective at a given point in time (O’Shannassy2014). In the recent past studies done by other scholars and researchers reported that in the money stock and equity holdings heightened the risk aversion of the Chief Executive Officers who consider retirement, this was in the context of OXY company. This research study further found out that the horizontal issue in the context of CSP. A formidable explanation is linked with the CSP-related investment.
The age of the CEO is not directly associated with the perfomance of the CEO. on the other dimension, the researcher realised that the older the CEO the better the perfomance. this goes in line with the tenure of the CEO; the tenure of the CEO is directly related with the perfomance. there is stronger perfomance that is exhibited concerning financial performance that was viewed to be stronger.
The investment that has a significant account of the horizontal problem that is related to R & D investment. The aforementioned has defined the impact on long-term financial performance in the economic spectrum. From the literature review, economic performance is not clearly defined (Shabbir&Kousar2019). There has been an overwhelming attestation by the CEOs on the significance of CSP if they the lowering of the impact in CSP related investment to be highly specific. In that context, the provision of the stock-based compensation may fail to control the CEOs retiring character on investment that is attached to CSP.
Still, on the Horizontal problem, another motivation that is possible is the “legacy conservation.” it is considered that the CEOs that are retiring come run into the disturbing reality on the preservation of their legacy and reputation and hence, they evade the choices that may ravage the reputation of CEOs. Within the CSP context, it is promising to observe improving and consistency in the social performance within the retirement of a period of a CEO. Since CEOs would not wish to destroy their reputation and their image as responsible Chief executive officers in the context of sociability (Zuraik& Kelly 2019). Hence, if proper conservation is considered to be the underlying motivation, we may expect improvement and observation inconsistency in the context of social performance. Nevertheless, the data cannot support the conservation legacy in the context of the CSP. This implies that legacy conservation may fail to be the formidable CEO’s concern at the point of CSP.
An alternative interpretation for the negative dimension relationship that exists between the retirement of the CEO and CSP is insinuated that at the point of the change in CEO, the CSP may reduce based on negative inattention to social responsibility related issues from the board of directors and the top management unit. It has been pointed out that organizations utilize significant resources of the organization and managerial attention within the succession of CEOs than any other point in time (Rusli, 2020). It is further possible that firms fail to use resources on the related issues to social responsibility at the end of the change of the CEO, which affects CSP drops as a consequence.
Since it is a formidable explanation on the alternative basis, this situation seems to be less likely in accordance to the negative relationship that exists between the departure of the CEO and CSP is not supported within the samples at the point of the outset of the CEO in consideration to either death or resignation (Kumar 2019). If attention to social responsibility is caused by CSP at the point of trials or chaos of the change of the Chief Executive Officer, the condition is always expected to be worse or bad because the CEO resigns or dies. The aforementioned circumstances pose significant challenges in transition than in the case of retirement.
This research paper further delves deep into maintaining a personal charge of CSP and independence function. The fact that the formulations of the decision by the CSP are mainly influenced by CEOs in multiple organizations, which means that the program of CSP of those organizations is prone and susceptible to both changes and inconsistencies specifically at the point of the succession of the Chief Executive Officers (Mohajan2018). Nevertheless, raising forth a formidable relationship through CSP needs continuous CSP, considering this point; the CEO-controlled programs may fail to be ideal. Furthermore, it is not valid and desirable in the context of expertise and knowhow consolidation to leave CSP-related investment decisions to other individuals or CEOs.
There are several limitations considering the study by the researcher. First, the researcher failed to get a direct link with the retirement of a CEO and the CSP in expenditure based on data that is unavailable (Ridder 2017). In the stead of relying rating of the firm CSP based on the assumption the evaluation of CSP in a direct CSP-related outcome expenditure. However, the way it is carved out by other researchers and scholars, CSP’s current ratings may fail to be ideal. On the dimension that KLD employed the rank of CSP that is most frequent and most influential that is used in the literature review. Other problems are relating to KLD.
For instance, the rating of KLD implies utilizes subjective measures and largely qualitative measures, and this makes it almost impossible to come up with metrics that are reliable and measurable (Taherdoost2016). Nevertheless, the ratings were on the foundation were attached with a KLD rating that is less than other measures on the response of the survey. This has a lower rate of reaction and further has made it difficult for the production of reliable and comparable responses. On account of reliability, the rating of KLD may not be an efficient and useful measure of CSP. Therefore, the aforementioned is probably the best information that is available at the moment.
Second, this paper aims at Chief Executive Officer devoid of considering other executives that are pointed out to be senior. The studies done in the recent past noted that a projected focus on the Chief Executive Officers might fail to give a proper picture of decision making at a higher point (Newman, Benz, & Ridenour 2012). The research considered strategic decision making to be pointed out as an outcome that is concerted of agreement and compromise in the senior-most team of management. Hence, this study is attached to the focus on the retirement of the CEO that can be justified.
5.2 Recommendation
Following the discussion above, the research question handled in this dissertation pokes a significant number of items that are research attached considering the responsibility of the CEO in an organization. Discussion of research opportunities pictures that there is a number that has not to be handled in the field of the cultural organization (Rusli, 2020).
An interesting research question that is attached to this study is anchored on “How the top management composition team and background may influence the social responsibility making of the decision. Following the studies that have been executed forth in the recent past, the researchers consider the subject of the responsibility of the CEO from the dimension of stakeholder theory or ethnic perspective, and therefore they don’t aim a job on the strategic management framework and methods. Therefore in further invite other authors, researchers, and scholars to look into the aforementioned subject.
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