Benchmarking and Organizational Sustainability of Petroleum Tank Farms in South South, Nigeria
DOI:
https://doi.org/10.31150/ajebm.v5i3.947Keywords:
Benchmarking, Organizational Sustainability, Petroleum Tank Farms, Economic Sustainability, Social SustainabilityAbstract
The study assessed the relationship between benchmarking and organizational sustainability (measured by economic sustainability and social sustainability) of petroleum tank farms in South-South, Nigeria. The moral responsibility theory of corporate sustainability and the theory of Technology-Organization-Environment underpinned the study. The epistemological posture of positivism, underpinned the study. The study adopted the cross-sectional survey research design as the variables were not under researcher’s control. The instrument for data collection was the questionnaire and the accessible population is 820 middle and top level managers of petroleum tank farms. An adjusted sample size of 288 was determined using the Krejcie & Morgan’s formula and the simple random sampling was deployed. Inferential statistics involves the use of Structural Equation Modeling to test the hypotheses at 0.05 significance level. The results revealed that benchmarking has positive and significant relationships with the measures of organizational sustainability.The finding of this study validates the moral responsibility theory of corporate sustainability and the theory of Technology-Organization-Environment, by capturing the structural fitness between benchmarking and the measures of organizational sustainability. Therefore, it is recommended that Managers of petroleum tank farms should improve their level of benchmarking of best practices by effectively and actively encouraging employees to learn from the experience and expertise of other colleagues and organizations through comparing practices and processes and performance levels of their processes/activities with other organizations.
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Copyright (c) 2022 Needorn, R. S., Okoisama, T. C., Agbiriogu, E. K.
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