INFLUENCE OF ECONOMIC AND TECHNOLOGICAL FACTORS ON BUSINESS PERFORMANCE OF DEPOSIT MONEY BANKS IN ADAMAWA STATE, NIGERIA

This study assessed the influence of economic and technological factors on the business performance of Deposit Money Banks (DMBs) in Adamawa State, Nigeria. The study was anchored on the Resource Dependency Theory formulated by Pfeffer and Salancik (1978). A descriptive survey research design was adopted with a population of four hundred and twenty-seven staff of DMBs in Adamawa State. Taro Yamani's sample determination formula was employed to select a sample size of two hundred and seven, and Bowley's proportional allocation formula was used to apportion respondents across the DMBs. Two instruments were used for data collection, namely, the Influence of Environmental Factors on Business Performance (IEFBP) and Business Performance Indicators (BPI). Data were analysed using mean, standard deviation, and linear regression at a 0.05 level of significance. The findings revealed that economic factors moderately influence the business performance of DMBs in Adamawa State, as indicated by a grand mean of 2.85 against 2.50 as the decision rule. Similarly, technological factors moderately influence the business performance of DMBs in Adamawa State, as indicated by a grand mean of 2.92. However, regression analysis showed no statistically significant relationship between both economic or technological factors and business performance (p > 0.05). The study recommends that DMBs keenly observe trending economic forces and embrace technological innovations and digitization to promote their business performances.