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Top Management Team Characteristics and Performance of Energie Centrafricaine (Enerca) in Central African Republic

NGBO Sorrow*, Beatrice Oduor, Theresia Mutetei

Department of Business Studies, Pan Africa Christian University

Abstract: Today's business environment is dynamic and increasingly competitive. Greater efficiency is needed to compete effectively in the face of increasing competition. Businesses need to be more adaptable if they want to handle change well. Based on this, the goal of the current study was to determine how the top management team's characteristics affect Energie Centrafricaine's performance in Central African Republic. Specifically, the study sought to determine the effect of demographic characteristics, psychological characteristics, behavioural characteristics and cognitive characteristics of top management team on performance of Energie Centrafricaine in Central African Republic. The study was anchored on upper echelon theory which was supported by contingency theory and resources-based view theory. This study used a descriptive research design. The target population of the top Management of Energie Centrafricaine (ENERCA) was 41. The study used a census technique to collect data. Questionnaires were used to gather primary data. The study used both descriptive and inferential statistics to analyze the data. The study findings indicated that influence of psychological characteristics (β=0.387, p-value= 0.032) and behavioural characteristics (β=0.405, p-value= 0.028) on performance of Energie Centrafricaine were significant. On the other hand, influence of demographic characteristics (β=-0.055, p-value= 0.711) and cognitive characteristics (β=0.022, p-value= 0.895) on performance of Energie Centrafricaine in Central African Republic were found to be insignificant. The study recommended that organizations should improve the psychological characteristics of their TMTs by selecting members with high levels of motivation, a strong work ethic, and a positive attitude. On behavioral characteristics, the study recommended that management of organizations should improve the behavioral characteristics of their TMTs by selecting members with good communication and conflict-resolution skills. This be done through competitive selection to enable effective management of Energie Centrafricaine in Central African Republic.

Keywords: top management, performance, energie centrafricaine, central african republic, psychological characteristics, demographic characteristics, cognitive characteristics

Received December 09, 2023; Revised January 10, 2024; Accepted January 19, 2024

Citation: NGBO Sorrow, Beatrice Oduor, Theresia Mutetei, Top Management Team Characteristics and Performance of Energie Centrafricaine (Enerca) in Central African Republic. Journal of Business and Management Sciences, 12 (1). 22-29. January 2024. doi:10.12691/jbms-12-1-3

1. Introduction

The top management team (TMT) is a small but highly effective group of executives at the very top of a corporation. Typically, the CEO and those who answer directly to them are included. In the last two decades, the literatures on organizational behavior and company strategy have seen a growth in a relatively new area of inquiry. It all began with [1] study, which looked at the significance and function of senior managers in determining organizational strategy and performance.

In Europe, top management teams have had a significant impact on organizational performance. In a study conducted by [2], they found out that a well-structured and motivated top management team would lead to a higher level of organizational performance. The research also showed that top management teams that focused on developing and implementing strategies, clarifying roles and responsibilities, and creating a cohesive team culture were more effective in achieving organizational goals. This indicates that top management teams play an important role in setting the tone and direction of an organization, and their leadership is essential in driving the organization towards success [3].

The top management team plays a crucial role in the performance of an organization in China. The top management team is responsible for the overall strategic planning of the organization, and their decisions have a significant influence on the performance of the organization [4].

Challenges faced by managers in Africa when implementing organizations’ strategies is an issue that has been subject to investigation. Manager characteristics play a critical role in determining the outcome of decisions made and the level of success in implementing strategies [5]. Successful managers spend valuable time in ensuring that strategies are implemented flawlessly given that an organization’s output suffers when insufficient time and effort are expended on strategy execution or inappropriate execution actions thereof [6]. In addition, only about half of the ideas described in strategic plans ended up being implemented [7]. Managing undertakings internal to the firm is only part of the modern executive’s tasks in Africa [8]. Managers anticipate, monitor, assess and incorporate executive decision making to challenges posed by the firm’s environment and linked strategy implementation to an organization’s success.

Top management teams are also responsible for allocating resources, managing risk, and establishing policies and procedures that ensure organizational effectiveness. A top management team in Kenya must effectively lead the organization through continual change and innovation, while also adhering to the organization’s values and culture. An effective top management team requires the ability to work collaboratively to make decisions, create meaningful strategies, and resolve conflict [8]. Ultimately, the performance of an organization in Kenya is heavily influenced by the effectiveness of its top management team.

The strategic choice approach is complemented by this "upper echelons" or "strategic leadership" perspective, which has a lot of theoretical and empirical backing [9]. As a result, the CEO and the senior management group are once again involved in developing the company's business strategy. They are currently viewed as crucial nodes in wealth creation, and their impact on business strategies, innovation, and organizational performance has received a lot of attention [10].

Despite the high interest in the aforementioned topics, there hasn't been much empirical research on the connection between the TMT, the development of corporate strategy. The goal of the study [10]. was to develop a model that would explain how features of the top echelons affect organizational outcomes. According to the upper echelon’s theory, powerful organizational actors' values and cognitive foundations reflect in their strategies and organizational performance. The performance of Energie Centrafricaine has been falling as a result of a variety of issues, including poor resource management, inadequate skills and knowledge on the part of the senior management, and equity and return on investment issues [11]. With this understanding, the study examines the relationship between Energy Centrafricaine's performance and the diversity of its senior management. Specifically the study determined the effects of demographic characteristics of top management on the performance of Energie Centrafricaine in Central African Republic, examine the effects of psychological characteristics of top management on the performance of Energie Centrafricaine in Central African Republic, evaluate the effect of behavioral characteristics of top management on the performance of Energie Centrafricaine in Central African Republic and evaluate the effect of cognitive characteristics of top management on the performance of Energie Centrafricaine in Central African Republic.

1.2. Statement of the Problem

The modern corporate environment is dynamic and increasingly competitive. Greater efficiency is needed to compete effectively in the face of increasing competition. Businesses need to be more adaptable if they want to handle change well. Organization theorists have been looking for the best structural solution to these two opposing environmental needs for more than 20 years [12]. According to [13], manager characteristics (demographic) have an impact on managers' judgments, which, in turn, affects the activities that the enterprises they lead take. They contend that the association between demographic factors is what causes this and the various cognitive frameworks, attitudes, and perceptions that influence managers' decision-making.

The organization Energie Centrafricaine (ENERCA) is in charge of a variety of duties, including maintaining the sewerage system, collecting parking taxes and other payments, and providing health services. In 2019, ENERCA's total electricity output was 517 GWh, a decrease of 6.4% from 2018. The main source of electricity generation for use is hydropower, accounting for around 64% of total electricity generation. Only 20.6% of the population of the CAR had access to electricity [13]. This is an increase of 1.6% from 2018. According to [14] survey, only 24.3% of ENERCA customers were satisfied with the quality of service provided by the company. In 2019, ENERCA reported a total revenue of XAF 13.5 billion and a net income of XAF 5.7 billion.

It is clear from the previous ENERCA performance review that some of the company's top managers perform better than others. The top management team of a company, including Energie Centrafricaine (ENERCA), has a great deal of freedom to choose the company's future strategic direction. This suggestion acknowledges the vacuum left by Hambrick and Mason and makes an effort to close it by addressing how top management affects organizational performance. The study looked at the relationship between top management team traits and business behaviors including organizational innovation and performance [15]. According to [16] on the implementation of strategies by manufacturing organizations on the NSE. The results of the study showed that workforce diversity enhances decision-making, customer-related strategy implementation, strategic target achievement, creativity and innovation, project completion capacity, and workgroup efficiency in reaching organizational goals. Despite the enormous number of studies on top management teams' qualities, the question of whether these traits are useful for businesses still remains unanswered because the research has produced contradictory results. Top management is said to enable improved organizational performance through knowledge transfers, acquisition, and usage, according to the study's findings. Therefore, the problem of this study is to determine the effects of top management team characteristics on performance of Energie Centrafricaine (ENERCA).

1.3. Significance of the Study

To the board of directors and executive managers of Energie Centrafricaine, it was expected that the study discoveries would empower management to achieve the mandate and push the leadership to more noteworthy statures in management skills. The government, through the ministry of public works has as a general goal of guaranteeing continued innovation and improvement of economy by having strong public foundations in Central African Republic. The results of the investigation yielded important details that could guide the government of Central African Republic in developing and implementing policies that foster staff diversity and creativity. This study was expected to significantly add to existing literature on top management team characteristics and performance, which would go a long way in helping researchers get reliable data in a number of areas related to business growth while filling the knowledge gap that exist in TMT characteristics and performance literature.

2. Literature Review

Vietnamese CEOs of large and mid-sized firms made up the study's sample. The study's hypotheses were tested using the PLS-SEM methodology. All of the impacts were found to be significant, with the exception of the direct influence of age on financial performance and the moderating effect of ILOC between educational attainment and prospector strategy choices. While the current study will take place in Africa, this study was carried out in Vietnam. Due to the varying socio-cultural characteristics of countries and regions, the findings cannot be extended to Central Republic.

A study [16]. relates to the team's collective outward features. The most typical indicators of TMT demographic traits are age, length of service, degree of education, and functional background of the management. This shows that by personally witnessing how management decisions affect other businesses, CEOs can get knowledge about the efficacy of alternate approaches to strategic reform and implementation. Emphasis was placed on discernible management traits (demographic traits) such age, length of service with the company, functional history, education, socioeconomic roots, and financial situation [17].

US airline industry's senior management team's demographic traits, corporate strategy, and company performance. Data from readily available sources were used in this longitudinal study, which covered the years 1972 through 1995. Cross-sectional time series regression models using pooled cross-sectional data and fixed effects were used to test specific hypotheses. The top management team's demographics were envisioned to be age, duration, expertise, and functional background. The study found a strong correlation between manager demographics and corporate strategy throughout the deregulation era. Significant links between company success and business strategy were also found. The study was carried out by a US airline, while the current investigation will be carried out by Energie Centrafricaine in the energy sector (ENERCA).

[18]. evaluated the relationship between the psychological makeup of the senior management team and organizational performance. The study used a descriptive cross-sectional research approach to accomplish this goal. The 23 autonomous regulatory organizations that exist now in Kenya were the study's target population. Utilizing a structured questionnaire that was given out using the drop-and-pick approach later, primary data was collected. Descriptive statistics were then used to summarize the survey data into percentages, probabilities, averages, and standard deviation and variance. Inferential statistics employed regression analysis to generate results and test hypotheses. The study's findings showed that the top management team's psychological make-up has a significant impact on organizational success.

Regarding the combined impact of TMT demographic, psychological, behavioural, and cognitive traits on organizational performance, there is a conceptual gap as studies [18]. only examined the effect of TMT psychological characteristics. These conceptual holes were filled by the current investigation while this study looked at both monetary and non-monetary indicators of organizational effectiveness, previous studies examined organizational performance using financial indicators.

The impact of managers on organizational behaviours and operations and concluded that managers are in a position to mentor, guide, and act as role models for the staff members they supervise. Employers may trust and support their managers if they are compassionate, encouraging, and treat them ethically. Managers who exhibit moral behaviour can increase engagement, dedication, and collaboration inside their firm. Employees counter the immoral behaviour with morally upright actions like confidence and participation. If the relationship between managers and employees is based on professional ethics, this business will prosper without a doubt. On the other hand, if the supervisor relationship is based on unethical behaviour, it will surely prevent the company from achieving its goals.

All 21 of Nairobi County's branch supermarkets were the focus of the investigation. The study focused especially on the senior managers of each supermarket. The results of strategy change were discovered to be considerably and favourably correlated with senior management's behavioural, demographic, and cognitive traits. The results of strategic shift and team size were also discovered to be favourably and significantly connected [19].

The TMT diversity, decision quality, and service sector company performance. The study put forth a theoretical framework that takes into account cognitive diversity, demographic diversity, and behavioral diversity as factors influencing the performance of service sector firms. A theoretical model connecting the constructs is presented after summarizing the developing knowledge gaps arising from the theoretical and empirical literature. TMT psychological attributes on organizational performance should begin by investigating how qualities influence the TMTs' behaviors and, consequently, the results of their activities [19]. Self-esteem, emotional stability, and optimism are used in the current study as significant indicators of psychological traits.

3. Research Methodology

3.1. Research Philosophy

This study was guided by the pragmatic philosophy. This philosophy majors on the fact that the only factual knowledge acquired via observation, which may include measurement is worth being trusted [20]. As a philosophy, pragmatic is determined according to the empiricists' view that knowledge is acquired from other human experiences and collected using open ended questions to extract information from participants.

Most pragmatic’ believe that the hypothesis that is formulated from the theories that exist can be tested by measuring features that can be observed through social realities; hence, the concept of pragmatic is derived from natural science. Based on the realities that have been previously explained and observed, the interrelationship, and explained realities, it is therefore possible within the pragmatic research philosophy to make a proper prediction. [21] ascertains that positivist research philosophy is capable of being used to conduct an investigation on what takes place in organizations through measures that are regarded scientific of the behaviors of the system and people hence this research can be used to conduct investigations on the effect of top management team characteristics on performance of Energie Centrafricaine in Central African Republic.

3.2. Research Design

Research design is the plan, structure, and strategy of investigation created to find answers and solutions to a problem. It is a framework for conducting the research and gathering the data needed to answer a research question or test a hypothesis [21]. This study used a descriptive survey design that endeavors to distinguish and clarify factors that exist in a particular circumstance and to clearly show the relationship that exists between these factors so as to give an idea of the general phenomenon. Descriptive research is thought to be proper on the grounds that subjects are regularly seen in their normal set up which can bring about precise and solid data [22].

3.3. Study Population

Due to the small size of the research population, a census survey was used. The term "census technique" describes a statistical analysis in which data is obtained for each and every segment or unit of the population [23]. The census survey is a great choice for gathering demographic data because it provides an accurate representation of the population by counting the number of people in a given area. It is also a cost-effective way to collect data, as it does not require interviewing or surveying each individual person. Additionally, the census survey provides a comprehensive picture of the population, including race, education, income, and other important demographic information [24]. Therefore, the study sample in this study was 41. The study therefore administered 41 questionnaires on top management team of Energie Centrafricaine (ENERCA).

3.4. Data Analysis

Once the data collection from respondents through use of questionnaire is completed, it was coded, edited in forms that was analysed. The quantitative data collected, coded and edited is then keyed into the SPSS Software for analysis. Inferential and descriptive statistics were both used in the data analysis.

To characterize the features of the study's variables of interest, which was displayed using frequency distribution, there were percentages, graphs, and tables, as well as descriptive statistical analysis using the median, mean scores, standard deviations, and percentages. Inferential statistics, such as correlation and multiple regression analysis, was used to evaluate both the possible validity of the hypothesized associations as well as the strength and type of links between the variables[21].

Multiple regression analysis was utilized in this study, where the linear regression model was used to do regression on each independent variable to determine how it relates to the dependent variable. The study examined all of the various study hypotheses at the 95% level of significance. The results of the data analysis utilizing inferential and descriptive statistics was presented using diagrams, tables, and graphs. For the purpose of illustrating the relationship between variables, graphs summarize the data using bar graphs, histograms, and line graphs. The models will be expressed as follows:

Y = β₀ + β₁X₁ + β₂X₂ + β₃X₃ + β₄X₄ + ε

Where:

Y = Composite Index of Performance Energie Centrafricaine

X1 = Demographic Characteristics

X2 = Psychological Characteristics

X3 = Behavioural Characteristics

X4 = Cognitive Characteristics

β0 is the value of dependent variable when independent variables are zero

β1…4 is the Regression coefficient of independent variables

ε = is the error term

4. Results

4.1. Descriptive Statistics Analysis

4.1.1. Demographic Characteristics of Top Management Team

The demographic characteristics analyzed in this study include age, seniority in the role and education level of the top management team. The participant’s respondents on the statements on age, seniority of role and education level based on a likert scale question from 1= strongly disagree,2= disagree,3= neutrals,4= agree and 5= strongly agree. Table 1 presents the results.

Table 1 Demographic Characteristics 4

Summarized statistics from Table 1, indicators on demographics had a score of between 3 and 4 this indicated that majority of the respondents were neutral and agreed respectively that demographic factors affect performance. It had a small standard deviation which indicates that majority of the respondents were neutral/agreed that the demographic factors affect performance.

4.1.2. Psychological Characteristics of TMT

The study analyzed psychological characteristics which include self-esteem, emotional stability and optimism. The participant’s respondents on the statements on self-esteem, emotional stability and optimism based on a likert scale question from 1= strongly disagree,2= disagree,3= neutrals,4= agree and 5= strongly agree. The results are presented in Table 2.

Table 2 Descriptive Statistics for Psychological Characteristics 5

Summarized statistics from Table 2, indicators on Psychological Characteristics had a score of between 3 and 4 this indicated that majority of the respondents were neutral and agreed respectively that Psychological Characteristics affect performance. It had a small standard deviation which indicates that majority of the respondents were neutral/agreed that the Psychological Characteristics affect performance.

4.1.3. Behavioural Characteristics of TMT

The study analysed behavioural characteristics using good communication skills, clear vision for the team and empowerment capability. The participant’s respondents on the statements on good communication skills, clear vision for the team and empowerment capability based on a likert scale question from 1= strongly disagree, 2= disagree, 3= neutrals, 4= agree and 5= strongly agree. The results are presented in Table 3.

Summarized statistics from Table 3, indicators on Behavioural Characteristics had a score of between 3 and 4 this indicated that majority of the respondents were neutral and agreed respectively that Behavioural Characteristics affect performance. It had a small standard deviation which indicates that majority of the respondents were neutral/agreed that the Behavioural Characteristics affect performance.

Table 3. Descriptive Statistics for Behavioural Characteristics 6

4.1.4. Cognitive Characteristics of TMT

Table 4. Descriptive Statistics for Cognitive Characteristics 7

To measure cognitive characteristics, the study used ability to learn, ability solves problems and ability to predict. The participant’s respondents on the statements on cognitive characteristics, the study used ability to learn, ability solves problems and ability to predict based on a likert scale question from 1= strongly disagree,2= disagree,3= neutrals,4= agree and 5= strongly agree. The results are presented in Table 4.

Summarized statistics from Table 4, indicators on Cognitive Characteristics had a score of between 3 and 4 this indicated that majority of the respondents were neutral and agreed respectively that Cognitive Characteristics affect performance. It had a small standard deviation which indicates that majority of the respondents were neutral/agreed that the Cognitive Characteristics affect performance.

4.1.5. Organisational Performance

The study focused on supply capacity, profitability and customer satisfaction in the analysis of organizational performance. The participant’s respondents on the statements on supply capacity, profitability and customer satisfaction in the analysis of organizational performance on a likert scale question from 1= strongly disagree,2= disagree,3= neutrals,4= agree and 5= strongly agree. The results are presented in Table 5.

Table 5. Descriptive Statistics for Organizational Performance8

Summarized statistics from Table 5, results show that Energie Centrafricaine performed well in Energy supply capacity, Profitability generated annually and Equity of the project outcomes while it performed dismally in the level of customer satisfaction and Sustainability of the project undertaken. Respondents only were neutral on the level of customer satisfaction and agreed on other statements. The grand mean was 3.59 and this implies that organization performance impact on the top management team characteristics and performance of Energie Centrafricaine in Central African Republic.

4.2. Inferential Statistics Analysis

4.2.1. Multiple Linear Regression Analysis

The study relied on the findings of the multiple linear regression model to find the influence and used ANOVA to test research questions.

Table 6. Model Summary 12

Summarized statistics from Table 6, the results of multiple linear regression indicated that coefficient of determination adjusted R-Square =0.631since it’s a multiple linear regression. This implied that cognitive characteristics, demographic characteristics, psychological characteristics, behavioural characteristics jointly explained 63.1% variation when the data collected is used to predict performance of Energie Centrafricaine in Central African Republic. This is a good coefficient of determination and hence the model to predict performance is considered to be adequate. The study findings show that independent variables which include cognitive characteristics, demographic characteristics, psychological characteristics and behavioural characteristics had a high explanatory power of performance of Energie Centrafricaine in Central African Republic.

Summarized statistics from Table 7 show that results of analysis of variance (ANOVA) which was used to test the overall significance of the multiple linear regression model fitted to test whether cognitive characteristics, demographic characteristics, psychological characteristics, behavioural characteristics significantly predicted performance of Energie Centrafricaine in Central African Republic. The results of ANOVA (f-statistics =9.643, p-value= 0.000) indicate that the multiple regression model fitted had a goodness of fit and that it could be used to predict the relationship between independent variables and dependent variable (performance of Energie Centrafricaine in Central African Republic). The model had the overall goodness of fit.

Table 7. Analysis of Variance (ANOVA) 13

Table 8. Regression Coefficients 14

The results of regression coefficients presented in Table 8 indicates that the coefficients of psychological characteristics (β=0.387, p-value= 0.032) and behavioural characteristics (β=0.405, p-value= 0.028) had a positive significant effect on performance at 5% level of significant. The findings implied that psychological characteristics and behavioural characteristics positively and significantly predicted change in performance of Energie Centrafricaine in Central African Republic. Therefore, an increase in psychological characteristics and behavioural characteristics of top management team would results in increase in organization performance. From the table, Demographic Characteristics had a negative insignificant effect on performance while Cognitive Characteristics had a positive insignificant effect on performance of Energie Centrafricaine in Central African Republic. The study's findings showed that the top management team's psychological make-up has a significant impact on organizational success. On the other hand, influence of demographic characteristics (β=-0.055, p-value= 0.711) and cognitive characteristics (β=0.022, p-value= 0.895) on performance of Energie Centrafricaine in Central African Republic was found to be insignificant at 5% level of significant. Demographic characteristics had a negative effect while cognitive characteristics had a positive effective effect on performance of Energie Centrafricaine in Central African Republic.

5. Conclusion

Based on the study findings, this study concluded that the characteristics of a top management team (TMT) have a significant impact on organizational performance. Demographic characteristics, such as age, education level and experience, can influence TMTs' decision-making style and risk tolerance. Psychological characteristics, such as personality, values, self-esteem, emotional stability and optimism can affect TMTs' motivation and ability to work together effectively. Cognitive characteristics, such as ability to learn, ability solves problems and ability to predict, assist TMTs to develop innovative strategies and solutions to problems. Finally, the study concluded that, behavioral characteristics, such as good communication skills, clear vision for the team and empowerment capability, are critical for TMTs to manage effectively and achieve their goals. The study also yielded some significant contributions which included enabling understanding of how specific characteristics within the top management team influence the decision-making process and strategic direction of ENERCA can provide insights into leadership dynamics within the energy sector in Central African Republic. Identification of TMT characteristics (such as diversity, experience, expertise, etc.) correlate with better or poorer performance within ENERCA can highlight key determinants of success in the energy industry in this specific context. Providing actionable insights for ENERCA and other similar energy companies in the region. Recommendations based on the study's findings could help guide recruitment, team composition, and leadership development strategies and lastly contributing to the body of knowledge on TMTs characteristics and organizational performance within the specific context of the Central African Republic's energy sector.

6. Recommendation

Based on the study findings and conclusion, this study made the following recommendations to enhance organizational performance; management of organizations should improve the demographic characteristics of their TMTs by selecting members with a diverse range of backgrounds, including age, gender, race, and ethnicity. This will ensure that TMTs have a wider range of perspectives and experiences, which can lead to better decision-making and problem-solving. The study also recommended that Energies Centrafricaine should improve the psychological characteristics of their TMTs by selecting members with high levels of motivation, a strong work ethic, and a positive attitude. This study adopted a case study methodology, therefore further research should be conducted on influence of cognitive characteristics, demographic characteristics, psychological characteristics, behavioral characteristics on organizational performance using a cross sectional research methodology to bridge the methodological gaps. Similarly, further studies should focus on other TMT attributes besides those covered by this study to bridge the conceptual gaps.

ACKNOWLEDGEMENT

I would like to thank Almighty God who gave me strength, good health and wisdom during this period of my research. Thanks to my supervisor Dr. Beatrice Oduor and Dr. Theresia Mutetei for their good guidance. Lastly thanks to my family for their prayers towards my success in completing this course.

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