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THE DEVELOPMENT OF AUTHENTIC 
LEADERSHIP AND POSITIVE 
PSYCHOLOGICAL CAPITAL: THE CASE OF 
TRIGLAV INSURANCE COMPANY, THE 
REPUBLIC OF MACEDONIA 
MASTER’S THESIS 
Author: Zage Filipovski 
Mentor: doc. Dr. Sandra Penger
Theoretical model of the thesis
The basic aim of the thesis is: 
• to define the key constructs of Authentic Leadership (AL) 
and Positive Psychological Capital (PPC); 
• to explore the links between the two; 
• to validate these theoretical findings with practical research 
in a company; 
• to analyze, examine and present the existing state of AL 
and PPC of the case study subject Triglav Insurance 
Company and to offer concrete recommendations as to 
how to increase the PPC by fostering AL of the leaders and 
followers.
Components of Authentic Leadership 
o Positive psychological capital a fundamental asset of 
authentic leadership considered a unique and vital 
competitive advantage for contemporary businesses. 
o The positive moral perspective: system of fundamental 
beliefs and values. 
o Self - awareness: being aware of own personal and 
professional characteristics, strengths and weaknesses 
(feelings, professional values and motives). 
o Self - regulation: consists of self-control.. 
o Balanced - processing: objective decision making by taking 
into consideration different and all relevant data and views. 
o Relational transparency: openly sharing information.
Components of Positive Psychological 
Capital 
o Confidence (self-efficacy): people believe in their 
capabilities. 
o Hope: will to succeed; ability of a person to identify, clarify, 
and follow different possible ways to success 
o Optimism: expect good things to happen; expect the best 
outcome; believe to be able to deal with most of the 
situations in the best possible way. 
o Resilience: ability to “bounce back”, to recover from 
negative or positive changes; adaptability, flexibility to 
significant change, the ability to adapt to new circumstances, 
risk or adversity.
Research
Research questions: 
R 1: Does the authenticity of the leader correspond 
to the existing level of PPC in the company? 
R 2: Does the authenticity of the leaders influence 
the development of PPC in a company? 
R 3: Are the instruments for measuring AL and 
PPC adaptive and applicable to Macedonian 
realm and to what extent?
Research Protocol in the Case Study of 
Triglav Insurance Company
Discussion of the results
Average Values of the Survey Results 
per Each Department 
PPC Standard 
deviation 
AL of the 
leader 
Standard 
deviation 
AL self-evaluati 
on 
Standard 
deviation 
Sales 3.74 0.63 4.00 0.30 4.37 0.38 
Damages 3.42 0.75 3.56 0.27 4.29 0.44 
Other 3.51 0.49 3.52 0.26 4.14 0.43 
Total 3.57 0.55 3.67 0.23 4.22 0.37
Correlation Coefficient (R) of the Results of 
the Three Survey Questionnaires 
1. PPC / AL of the 
Leader 
2. PPC / AL self 
-evaluation 
3. AL Self-evaluation 
/ AL of 
the Leader 
0.94 0.55 0.79
Conclusions
Conclusions 
1. The researchers in the field agree that AL is a continuous 
functional process which primarily influences the creation 
and maintenance of PPC as well as building a system of 
values and integrity, providing trust, hope, optimism, 
flexibility, sincerity, and honesty of managers as leaders. 
2. Such performance on the part of leaders influences the 
relationships, attitudes and behaviours of employees. 
They develop ethical responsibility and self-regulation, 
while also developing their followers as authentic leaders, 
fostering positive self-development by identifying people’s 
talents and helping them build these talents into strengths.
Conclusions 
3. Fourthly, all of the abovementioned functional elements will 
motivate employees to perform beyond expectations. 
They will deliver improved results, providing unique 
customized services and products and creating value by 
doing things differently from the company’s rivals. 
4. All these psychological states, correlated with authentic 
leadership, contribute to achieving above-average 
performance over a longer period of time. Such veritable 
sustained performance creates competitive advantage that 
cannot be duplicated by others and results in creating 
longstanding values for shareholders. Luthans, Youseeff 
and Avollio (2007) and Luthans et al. (2004)
Advice for Triglav Insurance Company 
The company can invest in the development of PPC by the 
following actions: 
• providing positive feedback (enhances confidence); 
• fostering participatory planning considering suggestions 
from the front-line staff; 
• empowering and delegating; 
• undertaking regular reviews and constantly exploring 
alternative courses of action (enhancing hope); 
• celebrating positive achievements, even including small 
successes and accomplishments (builds optimism); 
• while enhancing resilience probably requires slightly more 
complex interventions to enhance organizational learning.
Thank you for your attention!

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The DevelopMENT OF Authentic Leadership and Positive psychological capital: The case of Triglav insurance company

  • 1. THE DEVELOPMENT OF AUTHENTIC LEADERSHIP AND POSITIVE PSYCHOLOGICAL CAPITAL: THE CASE OF TRIGLAV INSURANCE COMPANY, THE REPUBLIC OF MACEDONIA MASTER’S THESIS Author: Zage Filipovski Mentor: doc. Dr. Sandra Penger
  • 2. Theoretical model of the thesis
  • 3. The basic aim of the thesis is: • to define the key constructs of Authentic Leadership (AL) and Positive Psychological Capital (PPC); • to explore the links between the two; • to validate these theoretical findings with practical research in a company; • to analyze, examine and present the existing state of AL and PPC of the case study subject Triglav Insurance Company and to offer concrete recommendations as to how to increase the PPC by fostering AL of the leaders and followers.
  • 4. Components of Authentic Leadership o Positive psychological capital a fundamental asset of authentic leadership considered a unique and vital competitive advantage for contemporary businesses. o The positive moral perspective: system of fundamental beliefs and values. o Self - awareness: being aware of own personal and professional characteristics, strengths and weaknesses (feelings, professional values and motives). o Self - regulation: consists of self-control.. o Balanced - processing: objective decision making by taking into consideration different and all relevant data and views. o Relational transparency: openly sharing information.
  • 5. Components of Positive Psychological Capital o Confidence (self-efficacy): people believe in their capabilities. o Hope: will to succeed; ability of a person to identify, clarify, and follow different possible ways to success o Optimism: expect good things to happen; expect the best outcome; believe to be able to deal with most of the situations in the best possible way. o Resilience: ability to “bounce back”, to recover from negative or positive changes; adaptability, flexibility to significant change, the ability to adapt to new circumstances, risk or adversity.
  • 7. Research questions: R 1: Does the authenticity of the leader correspond to the existing level of PPC in the company? R 2: Does the authenticity of the leaders influence the development of PPC in a company? R 3: Are the instruments for measuring AL and PPC adaptive and applicable to Macedonian realm and to what extent?
  • 8. Research Protocol in the Case Study of Triglav Insurance Company
  • 10. Average Values of the Survey Results per Each Department PPC Standard deviation AL of the leader Standard deviation AL self-evaluati on Standard deviation Sales 3.74 0.63 4.00 0.30 4.37 0.38 Damages 3.42 0.75 3.56 0.27 4.29 0.44 Other 3.51 0.49 3.52 0.26 4.14 0.43 Total 3.57 0.55 3.67 0.23 4.22 0.37
  • 11. Correlation Coefficient (R) of the Results of the Three Survey Questionnaires 1. PPC / AL of the Leader 2. PPC / AL self -evaluation 3. AL Self-evaluation / AL of the Leader 0.94 0.55 0.79
  • 13. Conclusions 1. The researchers in the field agree that AL is a continuous functional process which primarily influences the creation and maintenance of PPC as well as building a system of values and integrity, providing trust, hope, optimism, flexibility, sincerity, and honesty of managers as leaders. 2. Such performance on the part of leaders influences the relationships, attitudes and behaviours of employees. They develop ethical responsibility and self-regulation, while also developing their followers as authentic leaders, fostering positive self-development by identifying people’s talents and helping them build these talents into strengths.
  • 14. Conclusions 3. Fourthly, all of the abovementioned functional elements will motivate employees to perform beyond expectations. They will deliver improved results, providing unique customized services and products and creating value by doing things differently from the company’s rivals. 4. All these psychological states, correlated with authentic leadership, contribute to achieving above-average performance over a longer period of time. Such veritable sustained performance creates competitive advantage that cannot be duplicated by others and results in creating longstanding values for shareholders. Luthans, Youseeff and Avollio (2007) and Luthans et al. (2004)
  • 15. Advice for Triglav Insurance Company The company can invest in the development of PPC by the following actions: • providing positive feedback (enhances confidence); • fostering participatory planning considering suggestions from the front-line staff; • empowering and delegating; • undertaking regular reviews and constantly exploring alternative courses of action (enhancing hope); • celebrating positive achievements, even including small successes and accomplishments (builds optimism); • while enhancing resilience probably requires slightly more complex interventions to enhance organizational learning.
  • 16. Thank you for your attention!