World Journal of Entrepreneurial Development Studies Vol. 1 No.1, 2017 ISSN 2579-0544 www.iiardpub.

org

Leadership Style of Managers in Insurance Firms and Its Impact

on Employee’s Job Satisfaction

Abodunde, S. M.
Department of Business Administration and Management Studies,
The Polytechnic, Ibadan, Nigeria

Ayo-Oyebiyi, G. T.
Department of Banking and Finance,
Osun State Polytechnic, Iree,
Nigeria

Unachukwu, J. C
Department of Insurance,
Federal Polytechnic, Offa, kwara State,
Nigeria
[email protected]

Abstract
This study examined the impact of leadership style on employee’s job satisfaction with
specific reference to Nigerian insurance industry. The sample was made up of one hundred
and thirty five (135) employees from the fifteen (15) quoted insurance companies in Nigerian
Stock of Exchange. A structured questionnaire and oral interview were used to collect the
data while Pearson Product Moment Correlation Coefficient and Linear Regression were
employed to analyze the data. Results revealed that transformational leadership style (t =
3.388; β = 0.282) has significant impact on employee’s job satisfaction at 1% level, while
transactional leadership style (t = 0.557; β = 0.048; Pns) has no significant impact on
employee’s job satisfaction. The study therefore concluded that transformational leadership
style is a strong predictor of employees’ job satisfaction. Subsequently, the study
recommended that the Managers in Nigerian insurance firms should adopt transformational
leadership style so as to increase the employees’ job satisfaction significantly due to strong
positive correlation with their job satisfaction.

Keywords: Transformational Leadership, Transactional Leadership, Job Satisfaction,

Nigerian Insurance Firms

Introduction
Insurance industry has been identified as a pillar of economic growth and
development in both developed and developing countries. By their unique nature, no country
can experience a meaningful development without the presence of formidable insurance
industry (Sajuyigbe, 2016). According to Mosadeghrad (2003), to run organizations
smoothly, effectively and efficiently, the most valuable and indispensable factor
organizations need is human resource. Motivated and qualified personnel are pivot in the
context of achieving goals and objectives of a firm. The success of the insurance sector
depends on its employees. Abdulkadir (2012) notes that human resource is an asset that
provides source of competitive advantage and cannot be duplicated or substituted by
competitors. The fundamental factors influencing the effectiveness of an organization are
leadership and employee job satisfaction (Kennerly, 1989).

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Leadership style in an organization is one of the factors that influences employee‟s

job satisfaction in an organization (Ojokuku, Odetayo & Sajuyigbe, 2012; Okwu., Akpa, &
Nwankwere, 2011; Ngambi, 2011). A leader is person who influences, directs, and motivates
others to perform specific tasks and also inspire his subordinates for efficient performance
towards the accomplishment of the stated corporate objectives. According to Ojokuku et al
(2012), leadership is a critical management skill, involving the ability to motivate a group of
people towards common goal. Leadership focuses on the development of followers and their
needs. Ngambi (2011) sees leadership as a process of influencing others‟ commitment
towards realizing their full potential in achieving a value-added, shared vision, with passion
and integrity. Miles and Mangold (2002) proclaim that job satisfaction is facilitated by
leaders‟ performance and effective supervisory interaction with employees. Leader‟s
capability to identify and solve the conflicts of employees determined the employees‟
perception about leaders‟ performance.
Despite of many research works carried out in the field of human resource
management in both developed and emerging economies of the world, very little, if any
empirical research can be found on the leadership styles being carried out in the Nigerian
insurance industry. Of particular importance, the success of the insurance industry in terms of
leadership has not been thorough examined, particularly when related to employee‟s job
satisfaction. Additionally, various connections between leadership dimensions and
employee‟s job satisfaction have been recognized globally. However, few empirical studies
have related leadership dimensions against employee‟s job satisfaction in Nigerian insurance
industry.
This study, therefore intends to fill the gap in knowledge by examine the influence of
leadership styles on employee‟s job satisfaction and provide insight to the insurance industry
in Nigeria on how leadership style influences employee‟ job satisfaction.

Research Objectives
The specific objectives of this study are to;
i. Determine the relationship between transformational leadership style and job
satisfaction among employees in the Nigerian insurance industry.
ii. Examine the relationship between transactional leadership style and job
satisfaction among employees in the Nigerian insurance industry.

Research Questions
i. Is there any relationship between transformational leadership style and job
satisfaction among employees in the Nigerian insurance industry?
ii. Does any relationship exist between transactional leadership style and job
satisfaction among employees in the Nigerian insurance industry?

Theoretical Framework
The theory of “Great Man” is the starting point of the concept of leadership which states that
leaders are always born and cannot be made (Hafiz, Asad & Muzahir, 2014). Bass (1990)
defines leadership as a process of interaction among individuals and groups that includes a
structured or restructured situation, members‟ expectations and perceptions. Robbins (2001)
also defines leadership as the ability of an individual to influence the behaviour of a group to
achieve organisational goals. Ojokuku et al (2012) view leadership as that kind of direction,
which a person can give to a group of people under him in such a way that these will
influence the behaviour of another individual, or group. Ngodo (2008) also perceives
leadership to be a reciprocal process of social influence, in which leaders and subordinates
influence each other in order to achieve organisational goals. According to Ngambi (2011),

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leadership is a process of influencing others‟ commitment towards realizing their full

potential in achieving a value-added, shared vision, with passion and integrity. From the
above various definitions, leadership therefore can be defined as the combination of traits,
characteristics, skills and behaviours that leaders use to direct and coordinate the
subordinates towards achieving common goals.

Types of Leadership Style

Previous studies have divergent views on the types of leadership styles. For instance, Bass,
(1990) identifies five leadership styles which included; charismatic leadership, transactional
leadership, transformational leadership, visionary leadership, and culture-based leadership.
Tannenbanum and Schmidt (1958) also identify four different types of leaders which have
been most widely accepted and used. These leadership styles, which centre around Mc
Gregor‟s Theory „X and Y‟ assumptions, are democratic, autocratic, dictatorial, and laissez
faire leadership styles. Ojokuku et al (2012) also identify six different types of leadership
styles namely; charismatic, autocratic, bureaucratic, democratic, transactional and
transformational. In another study, Mosadeghard (2003) points out following styles of
leadership; autocratic, bureaucratic, laissez-faire, charismatic, democratic, participative,
situational, transactional, and transformational leadership. Sharifah (2012) also identify
eleven different types of leadership styles namely autocratic leadership, bureaucratic
leadership, democratic or participative leadership, servant leadership, people or relationship
oriented leadership, task oriented leadership, laissez-faire leadership, charismatic leadership,
transactional leadership and transformational leadership. However, Bass and Avolio (2004)
categorises types of leadership styles into three namely; transactional leadership,
transformational leadership and passive/avoidant leadership. For the purpose of this study,
transformational and transactional leadership styles will be under discussion.

Transformational Leadership Style

Transformational leaders are true leaders who inspire their employees constantly with a
shared vision of the future. While this leader‟s enthusiasm is often passed on to the team, he
or she may need to be supported by “detail people” (Ohunakin, Adeniji & Akintayo, 2016;
Ojokuku et al, 2102; Ismail, Halim, Munna, Abdullah, Shminan & Muda., 2009).
Transformational leaders; has integrity, sets clear goals, clearly communicates a vision, sets a
good example, expects the best from employees, encourages, inspires and supports,
recognises good work and people, provides stimulating work and helps people see beyond
their self-interests and focus more on team interests and needs (Rich, 2013; Rochelle, 2012).
According to Bass (1990) cited in Ojokuku et al., (2012), transformational leadership acts as
a bridge between leaders and followers to develop clear understanding of follower‟s interests,
values and motivational level. It basically helps follower‟s achieve their goals working in the
organizational setting; it encourages followers to be expressive and adaptive to new and
improved practices and changes in the environment (Ismail et al., 2009; Bass, 1990).

Job satisfaction
Job satisfaction could be defined as a pleasurable emotional state resulting from the
appraisal of one‟s job, an effective reaction or an attitude towards one‟s job (Locke, 1976). In
other words, job satisfaction implies the extent to which people like their job and dislike it
(Oredein and Alao, 2011). According to Robbins (2003), job satisfaction is a pleasurable
emotional state resulting from the appraisal of one‟s job, an effective reaction or an attitude
towards one‟s job. In other words, job satisfaction implies the extent to which people like
their job and dislike it. Job satisfaction is a result of an individual‟s perception and
evaluation of their job influenced by their own unique needs, values and expectations, which

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they regard as being important to them (Sempane, Rieger & Roodt, 2002). Research has
indicated that job satisfaction does not come about in isolation, as it is dependent on
organizational variables such as structure, size, pay, working conditions and leadership,
which represent the organizational climate (Sempane et al., 2002). Aziri (2008) considers that
job satisfaction represents a feeling that appears as a result of the perception that the job
enables the material and psychological needs. Nash (1985) discovers that the nature of job
satisfaction in the industrial world is attributed not only to one but many factors and varies in
its impact on individual satisfaction with life because work varies in importance from
individual to individual.

Relationship between Transformational Leadership Style and Employee’ Job

Satisfaction
Previous studies on the relationship between transformational leadership style and
employee‟ job satisfaction has divergent views. For example, Long, Wan, Yusof, Kowang
and Heng (2014) conduct an empirical study in a Government Linked Company in Malaysia.
378 employees from 6 different departments are invited to be the respondents of this
research. The number of completed surveys which were returned to the researcher was 255.
The findings showed that transformational leadership characteristics are found to have
significant relationship with job satisfaction. Jalal, khwaja, and zakaria (2012) also study the
relationship between transformational leadership and job satisfaction. They found a positive
relationship between transformational leadership and job satisfaction. Bushra, Usman and
Naveed (2011) also investigate the relationship between transformational leadership and job
satisfaction and organizational commitment of employees working in banking sector of
Lahore (Pakistan). The findings of the study conclude that transformational leadership
positively effects job satisfaction and organizational commitment of employees.
Hamidifar (2009) also conducts a study in Islamic Azad University in Tehran and
explored that among different leadership styles transformational positively determine the
employees‟ job satisfaction. Employees are more satisfied with transformational leadership
than any other style. In the same vein, AL-Hussami (2007) concludes that transformational
leadership positively effects the employees‟ job satisfaction.
However, Rowe (2001) carries out a survey of selected small scale enterprises in
Nigeria as regard the effects of leadership styles on organisational performance and found out
that transformational leadership style has no significant influence on employee‟s job
satisfaction. Also, Akpala (1998) finds that transformational leadership style has negative
effect on job satisfaction.
Based on these empirical studies, it is therefore hypnotized that:
Ho: Transformational leadership style has no significant influence on employee‟s job
performance.
H1: Transformational leadership style has significant influence on employee‟s job
performance.

Transactional Leadership Style

Transactional leadership starts with the idea that employees agree to obey their leader
totally when they accept a job. The “transaction” is usually the organisation paying the team
members in return for their effort and compliance (Ojokuku et al, 2012). Pounder (2002)
defines transactional leadership style as the transaction of needs fulfilment from both sides of
the organization and employees. According Ojokukuk et al (2012), under the transactional
leadership, a leader has a right to “punish” employees if their work does not meet the
standard. Employees are prone to improve their job satisfaction under transactional
leadership. The transactional leader encourages the team members to determine their

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income/reward by through their commitments and productivity (Ohunakin, Adeniji &

Akintayo, 2016). Alternatively, a transactional leader could practice “management by
exception” rather than rewarding better work, the leader could take corrective action if the
required standards are not met (Rich, 2013; Bass & Avolio, 2004; Bass, 1990; Mosadeghar,
2003). Transactional leadership is more of a type of management, as it focuses on short-term
tasks.

Relationship between Transactional Leadership Style and Employee’ Job Satisfaction

Previous research on the relationship between transformational, transactional
leadership styles and organizational commitment are mixed. For instance, Ohunakin, Adeniji
and Akintayo (2016) establish the relationship that exists between the dimension of
transactional leadership style and job satisfaction among employees in Universities‟
guesthouses in the hospitality sector of the economy. Akihigbe, Ajienka and Oloda (2014)
also investigate the effect of transactional leadership style on employee satisfaction in the
selected banks in Rivers state of Nigeria. The sample for this study consisted of 160
employee from the 20 selected banks. Findings from the study revealed that there is a positive
and significant relationship between all the dimensions of transactional leadership style and
employee satisfaction. In another study, Abdulkadir (2012) also reiterate that transactional
leadership style has positive and significant impact on motivation. Judge and Piccolo (2004)
also agreed that transactional leadership has positive relationship among followers‟
motivation.
However, Ojokuku et al (2012) examine the impact of leadership style on
organizational performance with special reference to Nigerian banks. They found that
transactional leadership had negative relationship with performance. Webb (2003) also
conducts a study on president‟s leadership behaviour associated with followers‟ job
satisfaction, motivation toward extra effort in various schools, colleges and universities. The
results of the study showed that, transactional leadership has significant and negative
relationship with motivation. Similarly, a study conducted by Howell and Avolio (1993)
confirm that transactional leadership had a negative impact on the followers' performance.
Bass (2008) also confirms that transactional leadership style has a negative impact on
performance and satisfaction.
Based on these empirical studies, it is therefore hypnotized that:
Ho: Transactional leadership style has no significant influence on employee‟s job
performance.
H1: Transactional leadership style has significant influence on employee‟s job performance.

Methodology
Research Design: The research adopted for the study was descriptive study survey. The
sample was made up of one hundred and fifty (150) employees from the fifteen (15) quoted
insurance companies in Nigerian Stock of Exchange. Purposively, ten (10) questionnaires
were distributed to the employees in each selected fifteen (15) insurance companies in Lagos
through their Human Resources Department. One hundred and thirty five (135) were
returned, representing a return rate of 90%. Lagos was chosen because majority of insurance
companies have their headquarters in Lagos state.

Reliability and Validity of Instrument: The instrument used for the study was tagged
Multifactor Leadership Questionnaire (MLQ) and Minnesota Satisfaction Questionnaire
(MSQ).
i. The Multifactor Leadership Questionnaire (MLQ) for transformational leadership
was measured and validated by Antonakis, Avolio and Sivasubramaniam (2003).

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The transformational leadership style scale was measured by Four (4) subscales
which are Idealized influence, Individualized Consideration, Inspirational
Motivation, and Intellectual Stimulation. Reliability alpha coefficient of 0.86 was
recorded for the scale by the authors.
ii. The Multifactor Leadership Questionnaire (MLQ) for transactional leadership was
measured and validated by Avolio et al. (1995). The transactional leadership style
was measured by two (2) subscales which are Contingent Rewards, and
Management-by-Exception. Responses were recorded on 5-point likert scale, 0
“not at all”, 1 “once in a while”, 2 “sometimes”, 3 “fairly often” and 4
“frequently, if not always”. Reliability alpha coefficient of 0. 91 have been
reported by the authors.
iii. Minnesota Satisfaction Questionnaire (MSQ): The MSQ developed by Weiss,
Dawis, England, and Lofquist (1987) was used to measure job satisfaction. The
questionnaire has 10 items in phrase form and is anchored on 5-point Likert type
scale with the following degree of response: Very dissatisfied (1), Dissatisfied
(2), I am not sure (3), Satisfied (4), very satisfied (5). Reliability alpha coefficient
of 0.86 has been reported by the authors.
Method of Analysis: Pearson Product Moment Correlation Coefficient and Linear
Regression were employed to analyze the data with the aid of SPSS Version 21.

Model Specification
The study formulates two models in order to investigate the impact of leadership style on
employee‟s job satisfaction. Leadership style is measured by transformational and
transactional leadership style.
Model I: Employee‟s Job Satisfaction = f(transformational leadership style) …….. (i)
Employee‟s Job Satisfaction = βo + β1 transformational leadership style + μ ……………….(ii)
Model II: Employee‟s Job Satisfaction = f(transactional leadership style) …………(iii)
Employee‟s Job Satisfaction = βo + β1 transactional leadership style + μ ………………….(iv)

Data Analysis and Interpretation

Table 1: Relationship between Employee’ job satisfaction, transformational and
transactional leadership Styles
Employee‟s Job Transformation Transactional
Satisfaction Leadership Style Leadership Style
Pearson 1 .282** .048
Employee‟s
Correlation
Job
Sig. (2-tailed) .001 .578
Satisfaction
N 135 135 135
**
Pearson .282 1 .056
Transformatio
Correlation
n Leadership
Sig. (2-tailed) .001 .521
Style
N 135 135 135
Pearson .048 .056 1
Transactional
Correlation
Leadership
Sig. (2-tailed) .578 .521
Style
N 135 135 135
**. Correlation is significant at the 0.01 level (2-tailed).

Results reveal that transformational leadership style has positive and significant
correlation with employee‟s job satisfaction. The correlation value between transformational

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leadership and job satisfaction is 0.282 that shows a significant relationship as shown in
Table 1. This implies that there is a strong positive correlation between transformational
leadership and employees‟ job satisfaction. However, the correlation value between
transactional leadership and employee‟s job satisfaction is 0.048 which is positive but
insignificant. This shows that transactional leadership has a week influence on employee‟s
job satisfaction in Nigerian insurance industry. The study is consistent with Hamidifar
(2009) and AL-Hussami (2007) that employees are more satisfied with transformational
leadership than any other style.

Table 2: Regression Analysis

Model 2 Β t-value p-value Ho H1
Transformational .282 3.388 .001 Rejected Accepted
Leadership Style
Transactional .048 .557 .578 Accepted Rejected
Leadership Style
Source; Authors‟ Computation

Regression results in Table 2 reveal that transformational leadership style ( t = 3.388;

β = 0.282) has significant impact on employee‟s job satisfaction at 1% level, while
transactional leadership style (t = 0.557; β = 0.048; Pns) has no significant impact on
employee‟s job satisfaction. This implies that transformational leadership style has a strong
effect on employee‟s job satisfaction. The finding of this study is in agreement with work of
Ojokuku et al (2012) who affirm that transformational style of leadership induces employees
in to perform as expected. The study is also in line with Long et al (2014) and Jalal et al
(2012) who find that transformational leadership characteristics are found to have significant
relationship with job satisfaction. In another study, Bushra et al (2011) also investigate the
relationship between transformational leadership and job satisfaction of employees. The
findings of the study conclude that transformational leadership positively effects job
satisfaction of employees. In the same vein, AL-Hussami (2007) concludes that
transformational leadership positively effects the employees‟ job satisfaction. However, this
result is contrary to the findings of Rowe (2001) and Akpala (1998) who find out that
transformational leadership style has no significant influence on employee‟s job satisfaction.
The implication of this finding is that the adaptation of transformational leadership
style by the managers of Nigerian insurance firms may enhance employees‟ job satisfaction
which may assist the industry to attain the position of one of the 20 largest insurance markets
in the world by the year 2020.

Conclusion and Recommendation

The study examines the impact of leadership styles on employee‟s job satisfaction with
specific reference to Nigerian insurance industry. The findings show that transformational
leadership style has significant impact on employee‟s job satisfaction. The study also
confirms that transactional leadership has a week influence on employee‟s job satisfaction in
Nigerian insurance industry. The study therefore concludes that transformational leadership
style is a strong predictor of employees‟ job satisfaction. Based on the findings and
conclusion, the study recommends that the Managers in Nigerian insurance firms should
adopt transformational leadership style because this is the main leadership style that can
increase the employees‟ job satisfaction significantly due to strong positive correlation with
their job satisfaction.

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