The influence of an organizational change on the corporate identity and the corporate image : a case study for ABN Amro bank

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The influence of an organizational change on the corporate identity

and the corporate image

A case study for ABN Amro Bank

Author: Marlou Peters Student ID-card: 10890343

Master’s Thesis

Graduate School of Communication

Master’s programme Communication science

Supervisor: Pytrik Schafraad Amsterdam, 29-01-2016

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Summary

This article presents a study about the change of the communication of the corporate identity and corporate image of ABN Amro Bank after the nationalization. It was tested how the corporate identity and corporate image changed and whether these two concepts aligned after the nationalization. It was assumed that the alignment of the corporate identity and corporate image became clearer after expiration of time. An inductive content analysis of consisting annual reports and news articles over the years 2005 through 2014 was conducted. This analysis shows that the corporate identity and corporate image changed in the way that after the nationalization ABN Amro Bank focused more on their service and their clients, paid more attention to their employees and concentrated more on the national market. In contrast to what was expected regarding the alignment of the corporate identity and corporate image, the expected development was not observed. Although, there was alignment after the elapsed time, the alignment did not develop in a way that was expected.

Introduction

A large number of financial institutions collapsed or were bailed out by governments during the global financial crisis of 2007 and 2008. The failure of these financial institutions required government interventions worldwide (Erkens, Hung & Matos, 2012). In the Netherlands, the state also needed to support several financial institutions during this financial crisis. One of the most glaring examples of a governmental intervention in our country was the intervention at the biggest bank of the Netherlands: ABN Amro Bank.

ABN Amro and its ambitions

ABN Amro Bank, the bank that was partly founded by King Willem I and was for many years the flagship of the Dutch economy. With agreements and collaborations all over the world,

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ABN Amro was for a long time seen as one of the biggest and most reputable banks of the Netherlands. It was a leading bank and it had big ambitions to keep this leading position. In May 2000, ABN Amro got a new chairman appointed: Rijkman Groenink. A man characterized as an offensive banker who had the ambition to make ABN Amro a global player in investment banking and had a goal to push ABN Amro in the top 5 of banks worldwide. However, around 2006 it turned out that – due to lagging stock prices and mergers of competitors – the goal to get ABN Amro into the global top 5 could never be reached. In that time ABN Amro also proved unable to compete against the big investment banks in the United States. It was the beginning of the downfall of ABN Amro Bank.

The downfall of ABN Amro Bank

Because of the dissapointing results a takeover battle of ABN Amro arose under pressure of activist investors in 2007. Rijkman Groenink got forced to give up the independence of ABN Amro. This pressure resulted in the fact that Rijkman Groenink started merger negotiations with the British Barclays. With this merger, Groenink had the great ambition to create the second biggest bank in Europe and the fifth biggest bank in the world. But by the announcements of these merger plans, also the Consortium (Fortis, Royal Bank of Scotland, and Banco Santander) got informed and they were also found to be interested in ABN Amro. So happened, on the 10th of October in 2007 the Consortium placed a hostile bid of €72 billion. Through this unbeatable offer ABN Amro Bank was officially sold, RFS Holdings was born and the former ABN Amro Bank got split up.

The nationalization

After this hostile take-over, the Belgian Fortis adopted the parts of Private Banking, Asset Management and Business Unit Nederland and for that time being Fortis would also maintain

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the name ‘ABN Amro’ in the Netherlands. But barely a year later, on the 29th_{of September in}

2008, Fortis announced that – due to the financial crisis – they found themselves in dire straits and that they would sell its stake in RFS Holdings. For a long time there was no buyer found. This resulted in the fact that the Dutch Government bought ABN Amro for €16,8 billion on the 3rd of October 2008. With this buying, ABN Amro Bank was officially nationalized.

ABN Amro and the public

By the time it was made public that the Dutch Government bought ABN Amro for an amount of €16,8 billion and subsequently gave the bank financial injections of approximately €13 billion on top in the following years, Dutch society looked with suspicion at the developments of ABN Amro. The fact that the bank was saved by taxpayer money, was a big reason why society proved to be critical towards ABN Amro.

Besides the fact that the nationalization triggered society, it also triggered something within ABN Amro itself; it caused an internal reversal. The nationalization resulted in the fact that another Board of Directors was appointed and the ambition to become a global player was revised to the ambition to become a player that makes the difference on the national level. The organizational structure and vision of ABN Amro changed. But did these organizational changes also change the identity of ABN Amro? And how did the public look at ABN Amro after the nationalization? To be able to answer these questions, the overarching research question is raised:

Does a change occur regarding the communication of the corporate identity and the corporate image of a bank after a nationalization and do the corporate identity and corporate image align?

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Relevance

The concepts corporate identity and corporate image have been studied often the last years. With studies focusing primary on the corporate identity (Olins, 1990; Topalian, 1984; Gray & Balmer, 1999), studies focusing primary on the corporate image (Christensen & Askegaard, 2001; Gray & Balmer, 1998; Abratt, 1989) and studies about the influence of an organizational change on these two concepts (Gioia et al., 2000; Gioia & Thomas, 1996), much theory has been developed.

In this study we attempt to contribute to current research on corporate identity and corporate image influenced by an organizational change. Firstly, this study is a contribution to existing theory of Gioia and Thomas (1996) because this study focuses on a bigger organizational change caused by an external force, the state. This is an addition to the study of Gioia and Thomas (1996) who studied the influence of a smaller organizational change that was organized from within the organization. Secondly, this study contributes in another way to the study of Gioia and Thomas (1996), since this study is not focused on higher education institutions but on another kind of organization: a financial institution.

Studying the organizational change of a financial institution is considered as relevant since the banking sector – more than any other sector – has to operate in a market characterised by major changes ‘’such as an impressive increase in mergers, acquisitions and strategic alliances, a significant privatisation of public banks, with corresponding growth of private ones, and the entry of new financial services organisations, characterised by flexibility, and targeting specific market segments with customised products and services’’ (Vakola, Eric Soderquist, Prastacos, 2007, p. 263). Subsequently, this study is highly social relevant regarding the fact that during and after the nationalization ABN Amro had to deal with a lot more entitites than only its own stakeholders. ABN Amro got faced with national and international politics, EU regulations, and the high involvement of a critical society.

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We will continue with an exploration of literature on corporate identity, corporate image, the mutual interdependence of these two concepts, organizational change, and the alignment of the corporate identity and corporate image. Then there will be an elaboration on the methods and subsequently the results. To conclude, the findings will be discussed and recommendations for further research and practice will be provided.

Theoretical background

Corporate identity

Just as individuals have an identity, so do organizations have (Bernstein, 1984). Corporate identity is the organization's presentation of itself to its various stakeholders and the means by which it distinguishes itself from all other organizations. Corporate identity is the articulation of what the organization is, what it does, how it does it and is linked to the way an organization goes about its business and the strategies it adopts (Olins, 1990; Topalian, 1984). Over the years corporate identity is defined in many different ways. Within this research it is chosen to use the definition of Gray and Balmer (1999). Gray and Balmer (1999) stated that a corporate identity is ‘’the reality and uniqueness of an organization which is integrally related to its external and internal image and reputation through corporate communication’’ (p. 171). The corporate identity of an organization is the reality of the organization and it refers to the distinct characteristics (Gray & Balmer, 1999). The principle components of a corporate identity are the organization’s strategy, philosophy, culture, and organizational design. The strategy is the overall master plan that circumscribes the organization’s product/market scope, its overall objectives, the policies and the programs through which it competes in chosen markets. It results in a system of activities through which the company provides value for its customers (Porter, 1996). The philosophy of the organization refers to the values and the beliefs of the organization’s top executives.

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The philosophy is often articulated in the mission statement of the organization. The corporate culture is the shared values, beliefs, and assumtions that the members of the organization hold common as they relate to their jobs, what the personnel of the organization believe is important and unimportant, and it explains to a large extent why the organization behaves the way it does. Organizational design refers to the fundamental choices the top managers have in developing the pattern of the organizational relationships including method of departmentation, number of hierarchical levels, the degree of centralization, the size of the staff, the design of the jobs, and the internal systems and procedures. The organizational design is often seen as the remaining ingredient of the corporate identity (Gray & Balmer, 1999). The interaction of the organization’s strategy, philosophy, culture and organizational design differentiates the organization from all other organizations and constitutes a specific corporate identity (Gray & Balmer, 1998).

Within this study, the corporate identity will be measured through the analysis of the annual reports from ABN Amro Bank. An annual report is a form of written communication and it is an important part of an organization’s identity (Schmidt, 1997). This importance lies in the fact that it communicates the personality and philosophy of an organization (Anderson & Imperia, 1992). In addition, the included chairman’s letter – which will be analyzed mainly – is a relevant section in order to establish the corporate identity. The chairman’s letter is important for the symbolism of the organization which is attached to it in the corporate identity paradigm (Clarke & Murray, 2000). This said, it is assumed that the annual reports will be an appropriate representation of ‘the personality’ and ‘the reality’ of ABN Amro Bank.

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Corporate image

Where the corporate identity of an organization is the reality of the organization and refers to its distinct characteristics, does the corporate image describe the ‘’reception of an organization in its surroundings’’ (Christensen & Askegaard, 2001, p. 295). A corporate image is ‘’the mental picture of the company held by its audiences – what comes to mind when one sees or hears the corporate name or sees its logo’’ (Gray & Balmer, 1998, p. 696). A corporate image ‘’is not what the company believes it to be, but the feelings and beliefs about the company that exist in the minds of its audiences’’ (Abratt, 1989, p. 68).

Nowadays, in contrast to the past, being aware of the corporate identity and the corporate image is seen as more important to financial organizations. The corporate image is considered as a critical asset of a bank to overcome threats and avail benefits from opportunities in the competitive environment (Zameer & Tara & Kausar, 2015). Especially in times of bad performances and subsequent state take-overs, it becomes a challenge for banks to maintain a good image. This suggests that the banking sector needs to be more oriented towards its employees, customers and audiences (Zameer et al, 2015). It is claimed that the corporate image is made by the customer consumption experiences. Therefore, it is seen that banks nowadays focus more on the interaction with their audiences, the quality of their services and the improvement of the comprehensibility of their products (Zameer et al., 2015). Within this study, the corporate image will be measured through the analysis of mass media, in the form of Dutch newspaper articles. In previous years, much communication research suggested that the mass media record public knowledge and opinions (Deephouse, 2000). This is claimed on the basis of the fact that some members of the public may have direct knowledge and opinions of an issue that reporters gather for their newspaper stories. The assumption that media coverage records public knowledge, opinions, feelings and beliefs is applicable to corporate image because media coverage is a reasonable indicator of the

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publics knowledge, opinions, feelings and beliefs about organizations (Deephouse, 2000). Within this study the corporate image is defined as the overall evaluation of an organization presented in the media (Deephouse, 2000). Based on the theory of Deephouse (2000), it is assumed that newspaper articles will be an appropriate representation of the knowledge, opinions, feelings and beliefs about ABN Amro Bank that exist in the minds of its audiences.

The interplay between the corporate identity and the corporate image

The corporate identity is generally seen as belonging on the sender side of the communication process, whereby the corporate image is generally seen as belonging on the receiver side of the communication process. So to say, the corporate identity and the corporate image are typically seen as opposite ends of the communication process (Christensen & Askegaard, 2001).

The fact that the corporate identity and the corporate image are seen as the opposite ends of the communication process does not mean that they can be seen as two seperate concepts. In fact, these two concepts are interrelated with each other. Gray and Balmer (1998) stated that if you want to be able to understand the concept of corporate image, the corporate identity and corporate communications of the organization need to be understood as well. Subsequently, the interrelationships amongst these components need to be understood. It can be stated that the identity is ‘’the sum of all the ways a company chooses to identify itself to all its publics – the community, customers, employees, the press, present and potential stockholders, security analysts, and investment bankers. Image, on the other hand, is the perception of the company by these publics’’ (Margulies, 1977, p. 66). The idea that the corporate identity and the corporate image are interrelated with each other is also supported by Hatch and Schultz (1997):

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‘’Culturally embedded organizational identity provides the symbolic material from which organizational images are constructed and with which they can be communicated. Organizational images are then projected outwards and absorbed back into the cultural system of meaning by being taken as cultural artefacts and used symbolically to infer identity: who we are is reflected in what we are doing and how others interpret who we are and what we are doing’’ (Hatch & Schultz, 1997, p. 361).

Hatch and Schultz (1997) argue that the relationships between image, identity and additional culture form circular processes involving mutual interdependence. These circular processes can influence the corporate identity and the corporate image internally and externally. Top management vision, leadership efforts, and the opinions and beliefs formed about the organization by its internal constituencies, are examples of internal influences on the corporate identity (Hatch & Schultz, 1997).

That the corporate identity gets also externally influenced is because of the fact that the identity of the organization is ‘’communicated to the various constituencies of the external environment who form organizational images’’ (Hatch & Schultz, 1997, p. 362) and that happens in many different ways, ‘’ranging from unplanned appearances by top management in public media, to a conscious strategy for external corporate communication involving design management, corporate advertising and public relations’’ (Hatch & Schultz, 1997, p. 362). These ‘’direct experience and interaction with the organization are also strong forces in the image-formation proccesses of external constituencies’’ (Hatch & Schultz, 1997, p. 362). The direct contact between the insiders and the outsiders of the organization is contextualized by the culture of the organization. So, as insiders of the organization interact with the outsiders of the organization the culture and the identity of the organization influence the image (Hatch & Schultz, 1997).

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The corporate image concerns the externally produced meaning-making about the organization and this has an influence on the internal processes of the formation of the identity (Hatch & Schultz, 1997). Firstly, members of the organization are also members of the external groups. It is plausible that the identity and the image will be compared and ‘’these comparisons communicated with the internal symbolic context of the organization, leading to possibilities for synergy but also for cynisism’’ (Hatch & Schultz, 1997, p. 362). Secondly, the corporate identity can be influenced as members mirror themselves in the comments about the organization made to them by their external contacts (Dutton & Dikkerich, 1991). Thus, ‘’insofar as organizational members encounter organizational images as part of their lives both inside and outside the organization, it is likely there will be feedback from image to identity’’ (Hatch & Schultz, 1997, p. 362). Thirdly, the top management vision and the leaders of the organization are open to external influences via its conern to manage the corporate image. ‘’Whenever this influence occurs, the statements, decisions and actions top management directs to its internal audiences are influenced by these external concerns with subsequent effects on organizational identity’’ (Hatch & Schultz, 1997, p. 362).

Organizational change

As said above, the corporate identity and the corporate image are interrelated and form circular processes involving mutual interdependence (Gray & Balmer, 1998; Hatch & Schultz, 1997). This ensures that the identity and the image of an organization are ‘’potentially precarious and unstable notions, frequently up for redefinition and revision by organization members’’ (Gioia et al., 2000, p. 64). This instability of the corporate identity and the corporate image is not only caused by their interrelationship, it also arises from the fact that the corporate identity responses to organizational change (Gioia et al., 2000).

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Organizational changes, as in this case a nationalization, imply ‘’a revision in the interpretive schemes not only of the top management team but of the organization’s members and constituencies as well’’ (Gioia & Thomas, 1996, p. 372-373). A big strategic organizational change must ‘’be accompanied by a significant alteration in the overall perception of the organization’’ (Gioia & Thomas, 1996, p. 373). Every organizational change tends to destabilize the existing corporate identity and thus also the corporate image (Gioia & Thomas, 1996). Based on the assumption that the corporate identity and the corporate image will change, not only through their mutual interdependence, but also because of the influence of an organizational change in the form of a nationalization, the following questions are raised:

RQ1: How did the corporate identity change after the nationalization? RQ2: How did the corporate image change after the nationalization?

Alignment of the corporate identity and the corporate image

It is determined that the corporate identity and the corporate image are unstable and interdependent concepts. This instability may result from a nationalization, a form of an organizational change. Within this study it will be examined how the corporate identity and the corporate image change and, in addition to that, the alignment process of these concepts after the nationalization will be studied. By studying whether the corporate identity and the corporate image align and to what extent these two concepts align, the theory of van der Meer and Verhoeven (2013) is used. Van der Meer and Verhoeven (2013) studied the framing of organizational crises by news media and the public. The study revealed the dynamic characteristics of public crisis framing and the media framing potential to prevent crisis escalation. It is assumed that after the nationalization of ABN Amro Bank a similar

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phenomenon occurs regarding the alignment of the corporate identity and the corporate image.

Van der Meer and Verhoeven (2013) stated that by introducing different attributes, the public social media manifestions may challenge the media frames (Liu, 2010). This happens especially during the initial phase of a crisis when public demands transcend the available information (van der Meer & Verhoeven, 2013). At the the beginning of a crisis the public base their frames on personal speculations prior to extended news media. After the media provides more detailed information, the public and the media frames do more align. In the end, when sufficient information is available for the public, the public may personalize this framing and the public and the media frames do align (Xenos, 2008).

Within this study it is expected that in the initial phase of the nationalization of ABN Amro Bank, the media will adopt the same role in relation to the organization as the public did in relation to the crisis. The expectation in this early stage of the nationalization is that the news media base its frames on their own speculations, causing that the corporate image and corporate identity are far apart. After some time, when ABN Amro Bank got the possibility to share more information with the media, the corporate image and the corporate identity will come closer. After a sufficient amount of time, when ABN Amro Bank got the possibility to share extended information with the media regarding the nationalization, the corporate image and the corporate identity will align. Based on the assumption that the alignment of the corporate identity and the corporate image after the nationalization develop on a similar way as the news media and the public after a crisis (van der Meer & Verhoeven, 2013), the following hypotheses are raised:

H1a: Just after the nationalization - when limited information is available - the communication of the corporate identity and the corporate image do not align.

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H1b: After the nationalization - when more information is available - the alignment of the communication of the corporate identity and the corporate image becomes clearer.

H1c: When extended information is available, the communication of the corporate identity and the corporate image align.

Method

Firstly, the analyzed case will be discussed, followed by the description of the research design, the sample, the used measures and the reliability of these measures.

The case

At the beginning of October 2003, after years of disappointing results, ABN Amro Bank became state owned. The nationalization of ABN Amro caused an internal reversal and lot of public debates. By this nationalization, ABN Amro did not only come under supervision of the state, Dutch society also put a magnifying glass on the bank.

This case study was considered to be appropriate to study the influence of an organizational change on the corporate identity and corporate image because of the saliency of the case in the Netherlands and the multiple entities which were involved with it. Additional, the fact that worldwide multiple financial institutions became state owned that time, due to the financial crisis, makes this study relevant and generalizable for this topic.

Research design

This study is done by using an inductive content analysis. An inductive research approach starts with a set of observations whereupon you move from these particular experiences to a more general set of propositions about those experiences (Neumann, 2003). In short, it is

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about moving from data to theory. An inductive content analysis of consisting annual reports and news articles was conducted.

Sample

Annual reports – To measure the corporate identity of ABN Amro Bank, a content analysis of ten corporate annual reports over the years 2005 through 2014 was conducted. To be able to observe a possible change in the communication of the corporate identity, it was chosen to take the annual reports from the years 2005 to 2008 together; these annual reports represent the corporate identity from the time before the bank got nationalized. Subsequently, the annual reports of 2008 and 2009 are taken together; these annual reports represent the corporate identity during the nationalization. Officially, ABN Amro was nationalized in 2008, but given the fact that the nationalization happened in the last quarter of 2008, we take the reports of 2008 and 2009 together. Lastly, the annual reports from 2010 through 2014 represent the corporate identity from the time after the nationalization.

Within the annual reports the chairman’s letter and the ‘ABN Amro at a glance’ were analyzed. In the chairman’s letter the chairman of the Board discusses the results of the past year, the current state of affairs, and the future plans of the bank. In ‘ABN Amro at a glance’ the mission, vision, core values, business strategy and profile of the bank are discussed. The annual reports were accessed through the corporate website of ABN Amro Bank.

News articles – To measure the corporate image of ABN Amro Bank, a content analysis of news articles from a financial newspaper Het Financieele Dagblad and from a general newspaper Algemeen Dagblad was conducted. With a print run of an average of 570.000 a day, Algemeen Dagblad is one of the biggest general newspapers in the Netherlands. Het Financieele Dagblad is one of the oldest and leading newspapers in the Netherlands that is focused on economy and business. It is chosen to analyze articles from a

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financial and from a general newspaper to be able to draw a general conclusion on how the corporate image of ABN Amro Bank is represented in news articles in the Netherlands. A content analysis over the years 2005 through 2014 was conducted. To be able to observe a possible change in the communication of the corporate image – as in the case of the analysis of the annual reports – it is chosen to analyze news articles from the time before the nationalization (2005 to 2008) and news articles from the time after the nationalization (2010 through 2014).

Subsequently, to be able to observe the alignment of the corporate identity and corporate image just after the nationalization, when limited information is available, the annual report and news articles of the year 2010 will be analyzed and compared. In addition, the annual reports and news articles over the years 2011, 2012, and 2013 will be analyzed to be able to observe the alignment after the nationalization, when more information is available. Lastly, to be able to observe the alignment of the corporate identity and corporate image after the nationalization when extended information is available, the annual report and news articles of the year 2014 will be analyzed.

The news articles were accessed through LexisNexis Acadamic. All articles were collected using the keyword ‘ABN’ and the dates between 1st of January 2005 and 31st of December 2014. This search resulted in 410 articles from Algemeen Dagblad and 1.455 articles from Het Financieele Dagblad. In order to obtain a representative sample, a simple random sample was carried out. By using a simple random sampling for every year, every news article had the same probability of being chosen which resulted in an unbiased surveying technique (Starnes & Yates & Moore, 2010). The above-mentioned structure applied to both newspapers under the conditions that all news articles had to be longer than 300 words and ABN Amro had to be the main topic of the article. If these two conditions were not met, the first following article was selected. This sampling strategy resulted in a

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sample of 106 news articles of Algemeen Dagblad and 142 news articles of Het Financieele Dagblad.

Measures

To measure the variables ‘corporate identity’ and ‘corporate image’, use was made of a self-developed scale. This scale is based on the theory of Gray and Balmer (1998) who determined that corporate identity refers to a couple of distinct charachteristics. Through this theory and by the use of an inductive research approach, a scale was developed. This self-developed scale existed of five distinct characteristics: core values, strategy, organizational design, goals, and target market. The complete codebook with all items can be found in appendix A. First of all, the scale consisted of fifteen questions that measured core values. By means of a 2-point Likert scale it could be indicated if these different core values were reflected. This could be indicated through the response options: (0) not reflected or (1) reflected. To be able to carry out a proper analysis, the amount of items from the scale had to be reduced. This was done by means of a principal component analysis. From this analysis a three-factor solution, consisting of eight items, emerged. Through this PCA three new overarching ‘subdimensions’ arose; ‘respect, commitment, intergrity’, ‘professionality, trust, transparancy’, and ‘working together’. If one of the eight items was reflected, the corresponding overarching subdimension was represented.

Secondly, the scale consisted of 25 positions that measured strategy. By means of a 2-point Likert scale it could be indicated if the position was (0) not reflected or (1) reflected. To reduce the amount of positions that measured strategy, again a principal component analysis was conducted. From this analysis a five-factor solution emerged that consisted of sixteen items in total. This PCA resulted in five new subdimensions: being more client-focused,

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growth, reduction of income, increase of income, and reorganization. If one of the sixteen items was reflected, the corresponding subdimension was represented.

Thirdly, the scale consisted of ten statements that measured organizational design. By means of the above-mentioned 2-point Likert scale the coder could indicate whether the statement was (0) not reflected or (1) reflected. To reduce the amount of statements that measured organizational design, again use was made of a principal component analysis. This PCA resulted in six items, divided over a two-factor solution. Subsequently two new subdimensions arose: good conditions for employees and new input for staff. If one of the six items was reflected, the corresponding subdimension was represented.

Subsequently, the scale consisted of 33 statements measuring goals. By means of the 2-point Likert scale the coder could indicate if the statement was (0) not reflected or (1) reflected. Through a PCA the amount of statements was reduced to twelve statements divided over a three-factor solution. The new subdimensions resulting from the PCA were; being more client-focused, growth and being a top-class employer with a leadership role in the Netherlands. If one of the twelve statements was reflected, the corresponding variable was represented.

Finally, the scale consisted of seventeen statements that measured target market. By means of the 2-point Likert scale it could be indicated whether the statement was (1) reflected or (0) not reflected. To reduce the amount of items from the scale, a principal component analysis was conducted again. From this analysis a three-factor solution, consisting of eight items, emerged. Through this PCA three new subdimensions arose: international clients, national clients, and regional and local clients. If one of the eight statements was reflected, the corresponding subdimension was represented. All five principal component analyses are shown in a table, the tables can be found in appendix B.

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Reliability of the measures

This study was conducted by one student. The intra-coder reliability was measured by recoding the first ten percent of the annual reports and approximately the first ten percent of the news articles. One annual report and 24 news articles were recoded and compared to the first coding. Percentages of agreement and Cohen’s Kappa were calculated. Cohen’s Kappa was not sufficient for all items (Neuendorf, 2002). This insufficiency can be explained by the unequal distribution in the cross table, the small sample size and the overcorrection of the often indicated ‘not reflected’ response option (Neuendorf, 2002). On the other hand, levels of agreement were generally sufficient and ranged from 59 to 100 percent, except for two outliers downwards. The subdimensions ‘satisfied clients’ and ‘consumer and commercial clients in North America’ both had a low agreement of 44%. Therefore, these variables were removed from the scale. By looking at the characteristics of the variables, the level of measurement and the distribution, it turns out that Cohen’s Kappa is not a suitable index for this study (Lombard, 2004). Therefore it was decided to include only the level of agreement as index for the intra-coder reliability (Lombard, 2004). An overview of the reliability measures can be found in appendix C.

Results

In order to find out how the corporate identity and corporate image changed after the nationalization, use was made of crosstab analyses with ‘time’ as independent variable and ‘reflection of the subdimensions’ as dependent variable. The different crosstab analyses show that the corporate identity and corporate image changed significantly in different ways after the nationalization.

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Change of corporate identity after nationalization

First, table 1 provides an overview of the change in the reflection of the subdimensions in the annual reports after the nationalization. Changes occured regarding the strategy, organizational design, goals, and target market.

Strategy - It can be stated that there was a significant change concerning the reflection of the strategy before and after the nationalization in the annual reports. After the nationalization the dimension ‘being more client focused’ was in every annual report reflected in contrast to the reflection in the annual reports before the nationalization. Before the nationalization the subdimension ‘being more client focused’ was only reflected in one out of three annual reports, X²(2, N = 10) = 7.22, p = .027. This association was very strong, predicting that the reflection of ‘being more client focused’ increases when taking time into account, V = .85, p = .027.

Organizational design - There was also a significant change regarding the reflection of the organizational design. After the nationalization the dimension ‘creating good conditions for employees’ was more often reflected in the annual reports than before the nationalization X²(2, N = 10) = 7.22, p = .027. The association between the subdimension ‘creating good conditions for employees’ and the variable ‘time’ was very strong, predicting that the reflection of the dimension ‘creating good conditions for employees’ increases when taking time into account, V = .85, p = .027.

Goals - A significant change regarding the reflection of goals was found. The strategical dimension ‘growth’ was significantly more often reflected in the annual reports after the nationalization than before the nationalization X²(2, N = 10) = 6.83, p = .033. This association was very strong, predicting the reflection of the goal ‘growth’ increases when taking time into account, V = .83, p = .033.

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Target market - There was a significant change in the way target market was reflected before and after the nationalization. The dimension ‘international clients’ was significantly more often reflected before the nationalization than after the nationalization X²(2, N = 10) = 6.19, p = .045. This association was strong, predicting the reflection of ‘international clients’ decreases when taking time into account, V = .79, p = .045.

Table 1. Reflected subdimensions in the annual reports

Before nationalization 2005 - 2007 After nationalization 2010 - 2014 Cramer’s V Significance Strategy: Being more

client focused 1 5 .027

Organizational design: Good conditions for employees

1 5 .027

Goals: growth 2 5 .033

Target market:

International clients 3 4 .045

Change of corporate image after nationalization

First, table 2 provides an overview of the change in the reflection of the subdimensions in the news articles after the nationalization. Changes occured regarding the core values, strategy, organizational design, goals, and target market.

Core values - There was a significant change between the reflection of ‘respect, commitment, integrity’ in the news articles before the nationalization and after the nationalization X²(2, N = 250) = 7.77, p = .021. Before the nationalization ‘respect, commitment, integrity’ was in 24,7% of the news articles reflected, after the nationalization it was in 18,4% of the news articles reflected. This is a weak association, predicting ‘respect, commitment, integrity’ decreases when taking time into account, V = .18, p = .021. The reflection of the core values ‘professionality, trust, transparancy’ changed significantly after

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the nationalization, X²(2, N = 250) = 8.84, p = .012. Before the nationalization ‘professionality, trust, transparancy’ was in 34,6% of the news articles reflected, after the nationalization ‘professionality, trust, transparancy’ was in 56,1% of the news articles reflected. This was a weak association, predicting professionality, trust and transparancy increases when taking time into account, V = .19, p = .012. There was also a significant change in the reflection of ‘working together’ comparing the news articles before the nationalization and the news articles after the nationalization X²(2, N = 250) = 16.94, p <.001. Before the nationalization ‘working together’ was in 35,8% of the news articles reflected and after the nationalization ‘working together’ was in 11,4% of the news articles reflected. This was a weak association, predicting ‘working together’ decreases when taking time into account, V = .26, p <.001.

Strategy – The reflection of the strategical dimension ‘being more client focused’ significantly changed after the nationalization, X²(2, N = 250) = 6.93, p = .031. Before the nationalization ‘being more client focused’ was in 12,3% of the news articles reflected, after the nationalization ‘being more client focused’ was in 20,2% of the news articles reflected. This was a weak association, predicting ‘being more client focused’ increases when taking time into account, V = .17, p = .031. The reflection of another strategical subdimension ‘growth’ significantly changed after the nationalization as well, X²(2, N = 250) = 20.74, p <.001. Before the nationalization the subdimenstion ‘growth’ was in 53,1% of the news articles reflected, after the nationalization the subdimension ‘growth’ was in 37,7% of the news articles reflected. This was a weak association, predicting ‘growth’ decreases when taking time into account, V = .29, p = <.001. Also the reflection of ‘reorganization’ significantly changed after the nationalization, X²(2, N = 250) = 58.69, p < .001. Before the nationalization ‘reorganization’ was in 75,3% of the news articles reflected, after the nationalization ‘reorganization’ was in 34,2% of the news articles reflected. This is a

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moderate association, predicting ‘reorganization’ decreases when taking time into account, V = .29, p < .001.

Goals – The reflection of the goal ‘being more client focused’ changed significantly after the nationalization, X²(2, N = 250) = 8.89, p = .012. Before the nationalization ‘being more client focused’ was in 13,6% of the news articles reflected and after the nationalization it was in 24,6% of the news articles reflected. This was a weak association, predicting ‘being more client focused’ increases when taking time into account, V = .19, p = .012. There was also a significant change regarding the reflection of the goal ‘growth’ in the news articles after the nationalization, X²(2, N = 250) = 21.12, p < .001. Before the nationalization ‘growth’ was in 53,1% of the news articles reflected, after the nationalization ‘growth’ was in 35,1% of the news articles reflected. This was a weak association, predicting ‘growth’ decreases when taking time into account, V = .29, p < .001.

Target market – The reflection of the dimension ‘international clients’ significantly changed after the nationalization, X²(2, N = 250) = 49.85, p < .001. Before the nationalization the subdimension ‘international clients’ was in 44,4% of the news articles reflected, after the nationalization ‘international clients’ was in 8,8% of the news articles reflected. This was a moderate association, predicting ‘international clients’ decreases when taking time into account, V = .45, p <.001. Lastly, the reflection of the dimension ‘national clients’ significantly changed after the nationalization, X²(2, N = 250) = 10,18, p = .006. Before the nationalization ‘national clients’ was in 29,6% of the news articles reflected, after the nationalization ‘national clients’ was in 42,1% of the news articles reflected. This was a weak association, predicting ‘national clients’ increases when time is taking into account, V = .20, p = .006.

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Table 2. Reflected subdimensions in the news articles Before nationalization 2005 - 2007 After nationalization 2010 - 2014 Cramer’s V Significance Core value: ‘respect,

commitment, integrity’ 20 24,7% 21 18,4% .021 Core value: ‘professionality, trust, transparancy’ 28 34,6% 64 56,1% .012

Core value: Working together

29 35,8%

13

11,4% <.001

Strategy: Being more client focused 10 12,3% 23 20,2% .031 Strategy: Growth 43 53,1% 43 37,7% <.001 Strategy: Reorganization 61 75,3% 39 34,2% <.001

Goals: Being more client focused 11 13,6% 28 24,6% .012 Goals: Growth 43 53,1% 40 35,1% <.001 Target market: International clients 36 44,4% 10 8,8% <.001

Target market: National clients

24 29,6%

48

42,1% .006

Alignment of corporate identity and corporate image after nationalization

In order to find out how the corporate identity and corporate image aligned over the years after the nationalization, Fischer’s exact tests were conducted to compare the effect of the different time periods (IV) (2010, 2011 through 2013, and 2014) on the reflection of the subdimensions (DV) in the annual reports and in the news articles.

Alignment just after the nationalization in 2010

First, a graphical representation of the alignment between the corporate identity and corporate image in 2010 is showed in figure 1. In order to find out if the corporate identity and corporate image did not align just after the nationalization when limited information was available, use was made of Fischer’s exact tests for the year 2010. The non-alignment of the

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subdimensions reflected in the annual report and in the news articles was for every subdimension not significant. This means that there was no significant difference between the reflection of the subdimensions in the annual report and in the news articles. Considering these non-significant results it can be stated that the reflected subdimensions in the annual report and in the news articles did align to a certain extent. Therefore, H1a is not supported. An overview regarding the reflection of the different subdimensions in the annual report and news articles can be found in appendix D, table 1.

Figure 1. Alignment just after nationalization in 2010

Alignment after the nationalization in 2011 through 2013

First, a graphical representation of the alignment between the corporate identity and corporate image in 2011 through 2013 is showed in figure 2. In order to find out if the alignment between the corporate identity and the corporate image became clearer after the

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for the time period 2011 through 2013. By looking at the reflection of the – in total – sixteen subdimensions in the annual reports and in the news articles in the period between 2011 and 2013, ten subdimensions were significantly different reflected.

Core values – The core value ‘respect, commitment, integrity’ was in 100% (3/3) of the annual reports reflected, compared to 10,6% (7/66) in the news articles (p = .002). The subdimension ‘working together’ was also reflected differently in the annual reports in comparison to the news articles. ‘Working together’ was in 66,7% (2/3) of the annual reports reflected, in contrast to a reflection in 7,6% (5/66) of the news articles (p = .026).

Strategy – The subdimension ‘being more client focused’ was in 100% (3/3) of the annual reports reflected, compared to 19,7% (13/66) reflected in the news articles (p = .011). Another strategical subdimension did also not align. ‘Growth’ was in 100% (3/3) of the annual reports reflected, in contrast to 34,8% (23/66) in the news articles (p = .050).

Organizational design – The subdimension ‘creating good conditions for employees’ was in 100% (3/3) of the annual reports reflected, while it was in only 4,5% (3/66) of the news articles relflected (p <.001).

Goals – The subdimension ‘being more client focused’ was in 100% (3/3) of the annual reports reflected, in contrast to 22,7% (15/66) reflected in the news articles (p = .016). Also the goal ‘growth’ did not align looking at the reflection in the annual reports and in the news articles. ‘Growth’ was in 100% (3/3) of the annual reports reflected in contrast to 28,8% (19/66) reflected in the news articles (p = .029). The goal ‘being a top-class employer with a leading role in the Netherlands’ did also not align. This subdimension was in 66,7% (2/3) of the annual reports reflected, compared to 6,1% (4/66) in the news articles (p = .018).

Target market – The subdimension ‘international clients’ was in 100% (3/3) of the annual reports reflected, while it was in 13,6% (9/66) of the news articles reflected (p = .004). Lastly, the target market ‘regional and local clients’ was in 100% (3/3) of the annual reports

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reflected in contrast to 0% (0/66) in the news articles (p = .043). By looking at the results, it can be stated that when more information was available after the nationalization, the alignment of the corporate identity and corporate image did not become clearer. Therefore, H1b is not supported. An overview regarding the reflection of the different subdimensions in the annual reports and news articles can be found in appendix D, table 2.

Figure 2. Alignment after nationalization in 2011 through 2013

Alignment after nationalization in 2014

First, a graphical representation of the alignment between the corporate identity and corporate image in 2014 is showed in figure 3. In order to find out if the corporate identity and the corporate image did align after the nationalization when extended information was available, again use was made of Fischer’s exact tests for the year 2014. Only the reflection of the subdimension ‘creating good conditions for employees’ differed signifantly in the annual report compared to the reflection of the subdimension in the news articles. ‘Creating good

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conditions for employees’ was in 100% (1/1) of the annual reports reflected in contrast to 0% (0/21) reflection in the news articles (p = .045). Despite the fact that one subdimension was reflected differently in the annual reports compared to the reflection of the subdimension in the news articles, it can be stated that the corporate identity and corporate image did align when extended information was available in 2014. This is also supported by the graph in figure 3 that shows that the corporate identity and corporate image mainly follow a similar pattern. Therefore, H1c is supported. An overview regarding the reflection of the different subdimensions in the annual report and news articles can be found in appendix D, table 3.

Figure 3. Alignment after nationalization in 2014

Conclusion and discussion

The purpose of the present study was to examine whether a change occured regarding the communication of the corporate identity and the corporate image of ABN Amro Bank after

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Consistent with previous research, the findings indicate that the corporate identity and the corporate image of ABN Amro Bank did change after the nationalization. This result corresponds with the statements of Gioia and Thomas (1996) who claimed that an organizational change tends to destabilize the existing corporate identity and thus also the corporate image.

First, the corporate identity and corporate image of ABN Amro changed towards the direction of being more client focused. Through benefiting clients, being more service focused and providing simplified products, the shift of ABN Amro to become more client focused was visible. This fact corresponds with the study of Zameer, Tara and Kausar (2015) explaining that customer consumption experiences create the corporate image. Financial institutions can improve that image by focusing more on the interaction with their audiences, the quality of their services and the improvement of the comprehensibility of their products. There is also another explanation for the shift of ABN Amro Bank to become more client focused. When ABN Amro Bank got nationalized, it did not only have commercial interests anymore, it also got a responsibility towards society. Since society put a magnifying glass on ABN Amro Bank after the nationalization, ABN Amro got the additional task to justify itself for the public. A possible way of ABN Amro Bank to justify itself, is to focus more on the needs of its audience and clients.

After the nationalization it also turned out that ABN Amro increased the focus on the creation of a healthy work-life balance and good conditions for its staff. After seeing this results it can be conlcuded that ABN Amro paid more attention to its own employees. This change can be explained on the basis of the theory of Hatch and Schultz (1997) regarding the fact that members of an organization are also members of external groups. As members of an organization interact with outsiders of the organization, organizational members are able to influence the corporate image. If members of an organization work in good conditions and

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experience a healthy work-life balance, they will convey this to the external groups. Subsequently, feedback from identity to image will occur and this feedback may influence the corporate image in a positive way (Hatch & Schultz, 1997).

While the annual reports from after the nationalization indicate that ABN Amro still seemed to focus on growth and the attraction of international clients, created the news articles the image of ABN Amro being less focused on growth and international clients. Through the news articles ABN Amro obtained the image of being more focused on national clients. Having a focus on the national market corresponds with the statements of the new appointed Board of Directors during the nationalization. The new appointed Board of Directors stated in that time that they had the ambition to become a player that makes the difference on the national level, instead of focusing on the international market.

The alignment of the corporate identity and corporate image

The assumption that the alignment of the corporate identity and the corporate image after the nationalization develop on a similar way as the news media and the public after a crisis, is not fully fulfilled. The results of this study do not completely correspond with the outcomes of the research of van der Meer and Verhoeven (2013).

Van der Meer and Verhoeven (2013) stated that the corporate identity and corporate image do not align just after a crisis. Therefore, it was expected that there was also no alignment regarding the corporate identity and corporate image of ABN Amro Bank just after the nationalization in 2010. But – in contrast to what was expected – the corporate identity and corporate image did align in 2010. Also the expectation that the alignment would become clearer after the nationalization, when more information was available, is not met. It turned out that in the period of 2011 through 2013 the corporate identity and corporate image mostly did not align with each other. This outcome is inconsistent with the theory of van der Meer

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and Verhoeven (2013). On the other hand, the expectation that the corporate identity and corporate image of ABN Amro did align when extended information was available in 2014 was met and corresponds to the theory of van der Meer and Verhoeven (2013).

The fact that the alignment of the corporate identity and corporate image did not develop on a similar way as the news media and the public after a crisis, can be explained by the fact that the nationalization of ABN Amro Bank is not characterized as a crisis but is characterized as an organizational change (Gioia & Thomas, 1996). It may be that the corporate identity and corporate image generally develop in another way after an organizational change than after a crisis. In addition, this study did not focus on higher education institutions but on financial institutions. As said before, a financial institution can be grouped under a specific type of branch. It is a branch which is situated in a continuous change and is therefore difficult to compare with other branches and sectors (Vakola et al., 2007). The fact that the banking sector is different from other sectors could also be a possible explanation for the difference in the development of the alignment of the corporate identity and corporate image.

In order to obtain more clarity about the alignment of the corporate identity and corporate image of financial institutions going through a change, a more extended research is required. However, by doing a follow-up study regarding the alignment of the corporate identity and corporate image of financial institutions going through a change, the following limitations should be taken into account.

By looking at this study a comment could be made about the sample size. With 248 news articles measuring the corporate image and 10 annual reports measuring the corporate identity, the sample size could be considered as small and unbalanced. In addition to that, use was made of a dichotomous measurement tool which made it hard to have a detailed look into the results and caused low levels of Cohen’s Kappa. Through this dichotomous measurement

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tool it could only be detected if the concerned variable was reflected or not, but there was no possibility to analyze how often or to what extent the variable was reflected. Additionally, within this study the corporate identity is solely analyzed by means of annual reports and the corporate image is measured solely through news articles. A suggestion for a more extended follow-up study could be to include – for example – interviews with employees, press releases, the corporate website or social media to analyze the corporate identity. By analyzing the corporate image, social media or surveys could be included.

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Appendix A Codebook General information 1.1. Item number 1.2. Coder ID 1 = Marlou 2 = Intra-reliability analysis

1.3. What will be analyzed? 1 = Annual report 2 = News article

In case of an annual report (1) continue until question 1.6 and skip the questions 1.7 – 1.11. In case of a news article (2) skip the questions 1.4 – 1.6 and continue from question 1.7.

1.4. From which year is the annual report?

Code in jjjj.

1.5. What is the reported netto profit (in millions)?

Code in numbers.

1.6. Number of staff in FTE.

Code in numbers.

1.7. From which year is the news article?

Code in jjjj.

1.8. What is the title of the news article?

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1.9. In what way is the image of ABN AMRO Bank outlined within this article? 0 = Negative

The article is considered negative when negative adjectives are present in the title or the text, like words as ‘slecht’, ‘tegenvallend’, ‘ontevreden’.

1 = Neutral

The article is considered neutral when neither positive nor negative adjectives are present in the title or in the text.

2 = Positive

The article is considered positive when positive, optimistic adjectives are present in the title or in the text, like ‘goed’ and ‘tevreden’.

1.10. Where is the news article about? 01 = Nationalization

02 = Take-over and/or merger 03 = Financial crisis

04 = Good financial results 05 = Bad financial results 06 = Stock market related news 07 = Mortgages

08 = Investments

09 = Positive news from and about the board 10 = Negative news from and about the board 11 = Organizational developments

12 = Sustainability 13 = Innovation 14 = IPO

15 = Accusations towards ABN AMRO Bank 16 = Losses of clients

17 = Losses of employees 18 = Information about services 19 = Awards

20 = Marketing

21 = Outside activities 22 = News from society

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1.11. How long is the news article?

Code in numbers.

Reflection of the corporate identity and corporate image of ABN Amro Bank How are the core values of ABN Amro Bank reflected?

01. Integrity

If integrity is reflected, words – or similar words – as ‘integriteit’, ‘integer’, ‘eerlijk’, ‘oprecht’, ‘omkoopbaar’ are present.

0 = Not reflected 1 = Reflected

02. Teamwork

If teamwork is reflected, words – or similar words – as ‘samenwerken’, ‘werken met elkaar’, ‘één team’ are present.

03. Respect

If respect is reflected, words – or similar words – as ‘respectvol’, ‘waardig’,‘waardevol’ are present.

04. Professionality

If professionality is reflected, words – or similar words – as ‘kundig’, ‘professionaliteit’/’professioneel’ are present.

05. Trust

If trust is reflected, words – or similar words – as ‘betrouwbaar’ and ‘vertrouwen’ are present.

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06. Ambition

If ambition is reflected, words – or similar words – as ‘ambitie’ and ‘ambitieus’ are present.

07. Straightforwardness

If straightforwardness is reflected, words – or similar words – as ‘direct’, ‘gaan voor je doel’, ‘onverstoorbaar’ are present.

08. Discipline

If discipline is reflected, words – or similar words – as ‘gedisciplineerd’, ‘dwang’ and ‘discipline’ are present.

09. Independency

If independency is reflected, words – or similar words – as ‘onafhankelijk’, ‘vrij’ and ‘zelfstandig’ are present.

10. Commitment

If commitment is reflected, words – or similar words – as ‘toewijding’, ‘inzet’, ‘trouw’ are present.

11. Transparancy

If transparancy is reflected, words – or similar words – as ‘transparant’ and ‘open’ are present.

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12. Client focus

If client focus is reflected, words – or similar words – as ‘klantgericht’, ‘klantfocus’, ‘klantvriendelijk’ are present.

13. Responsibility

If responsibility is reflected, words – or similar words – as ‘verantwoordelijk(heid)’ are present.

14. Sustainability

If sustainability is reflected, words – or similar words – as ‘sustainable’, ‘duurzaamheid’ and ‘houdbaarheid’ are present.

15. Collaboration

If collaboration is reflected, words – or similar words – as ‘samenwerken’, ‘collaboratie’ and ‘medewerking’ are present.

16. Other

If another core value was reflected than the options mentioned above, please indicate it here.

How is the strategy of ABN Amro Bank reflected? 01. Growth

If growth is reflected, words – or similar words – as ‘groei’, ‘uitbreiding’ or ‘toename’ are present.

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02. Crimp

If crimp is reflected, words – or similar words – as ‘krimp’, ‘afname’ and ‘afstoten’ are present.

03. Reorganization

If reorganization is reflected, words – or similar words – as ‘reorganisatie’, ‘nieuwe beleidsvoering’, ‘verandering’ are present.

04. Outsourcing

If outsourcing is reflected, words – or similar words – as ‘uitbesteding’, ‘overname van taken’ and ‘outsourcen’ are present.

05. Profitability improvement

If profitability improvement is reflected, words – or similar words – as ‘hogere winst’, ‘rendementsverbetering’ are present.

06. High quality of financial solutions

If high quality of financial solutions is reflected, phrases – or similar phrases – as ‘hoge kwaliteit van financiele oplossingen/producten’ are reflected.

07. Benefiting clients

If benefiting clients is reflected, words – or similar words – as ‘klantvoordeel’ and ‘klanten laten profiteren’ are present.