Implementation of the Balanced Scorecard in Large Firms: A Systematic Review
Abstract
In the past three decades, the balanced scorecard has gained traction in numerous sectors and industries, including services and manufacturing, the public and private sectors, and small and large businesses. In addition to being an advanced performance management tool, the balanced scorecard is a crucial instrument for demonstrating exceptional advantages in the strategic management of businesses and for enhancing the internal management level of businesses. The present study examines the function and impact of balanced scorecards within sizable organisations. This study's principal objective was to investigate the function of the balanced scorecard within sizable organisations. This research investigates the effects of the balanced scorecard on sizable organisations across multiple dimensions, encompassing its attributes, efficacy, as well as its merits, and demerits. These various perspectives are then evaluated to represent the overall application and implementation of BSC organisations.
References
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Afrasiabi, A., Chalmardi, M. K., & Baležentis, T. (2022). A novel hybrid evaluation framework for public organizations based on employees’ performance factors. Evaluation and Program Planning, 91, 102020. https://doi.org/10.1016/j.evalprogplan.2021.102020
Asiaei, K., O’Connor, N. G., Moghaddam, M., Bontis, N., & Sidhu, J. (2022b). Corporate social responsibility and performance measurement systems in Iran: A levers of control perspective. Corporate Social Responsibility and Environmental Management, 30(2), 574–588. https://doi.org/10.1002/csr.2375
Aureli, S., & Del Baldo, M. (2019). Performance measurement in the networked context of convention and visitors bureaus (CVBs). Annals of Tourism Research, 75, 92–105. https://doi.org/10.1016/j.annals.2018.12.004
Ax, C., & Bjørnenak, T. (2005). Bundling and diffusion of management accounting innovations—the case of the balanced scorecard in Sweden. Management Accounting Research, 16(1), 1–20. https://doi.org/10.1016/j.mar.2004.12.002
Balaji, M., Dinesh, S., & Parthiban, V. (2018). Applying balanced scorecards to supply chain performance. Industrial & Systems Engineering at Work Magazine, 50(11), 42-47.
Basuony, M. a. K. (2014). The Balanced Scorecard in large Firms and SMEs: A critique of the nature, value and application. Accounting and Finance Research, 3(2). https://doi.org/10.5430/afr.v3n2p14
Beaver, G., & Prince, C. (2004). Management, strategy and policy in the UK small business sector: a critical review. Journal of Small Business and Enterprise Development, 11(1), 34–49. https://doi.org/10.1108/14626000410519083
Beaver, G., (2002). Strategy and Management in the Smaller Enterprise, Strategic Change, (11)4, 175-181. http://dx.doi.org/10.1002/jsc.591
Bhagwat, R., & Sharma, M. K. (2007). Performance measurement of supply chain management: A balanced scorecard approach. Computers & Industrial Engineering, 53(1), 43–62. https://doi.org/10.1016/j.cie.2007.04.001
Bible, L., Kerr, S., & Zanini, M. (2006). The Balanced Scorecard: Here and Back, Management Accounting Quarterly, (7)4, 18-23.
Camilleri, M. A. (2021). Using the balanced scorecard as a performance management tool in higher education. Management in Education, 35(1), 10–21. https://doi.org/10.1177/0892020620921412
Carmona, S., & Gronlund, A. (2003). Measures VS Actions: the Balanced Scorecard in Swedish Law Enforcement, International Journal of Operations & Production Management, (23)12, 1475-1496. http://dx.doi.org/10.1108/01443570310506722
Chow, C. W., Haddad, K. M., & Williamson, J. E. (1997). Applying the Balanced Scorecard to Small Companies, Management Accounting, August, 21-27
Da Costa Ferreira, A. (2017). How managers use the balanced scorecard to support strategy implementation and formulation processes. Tékhne, 15(1), 2–15. https://doi.org/10.1016/j.tekhne.2017.04.001
da Costa Ferreira, A. M. S. (2017). How managers use the balanced scorecard to support strategy implementation and formulation processes. Tékhne, 15(1), 2-15.
Davis, S., & Albright, T. (2004). An Investigation of the Effect of Balanced Scorecard Implementation on Financial Performance, Management Accounting Research, (15)2, 135-153. http://dx.doi.org/10.1016/j.mar.2003.11.001
Fadel, S., Necib, H., Rouaski, K., Challal, M., & Bouaicha, H. (2021). The Balanced Scorecard (BSC) as a Multidimensional Performance Measurement System Tool: Case the Company of Algeria Post. Financial Markets, Institutions and Risks, 5(4). https://doi.org/10.21272/fmir.5(4).87-105.2021
Fatima, T., & Elbanna, S. (2020). Balanced scorecard in the hospitality and tourism industry: Past, present and future. International Journal of Hospitality Management, 91, 102656. https://doi.org/10.1016/j.ijhm.2020.102656
Fernandes, K. J., Raja, V., & Whalley, A. (2006). Lessons from Implementing the Balanced Scorecard in a Small and Medium Size Manufacturing Organization, Technovation, (26), 623-634. http://dx.doi.org/10.1016/j.technovation.2005.03.006
Frederico, G. F., Kumar, V., Kumar, A., & Kumar, V. (2020). Performance measurement for supply chains in the industry 4.0 era: a balanced scorecard approach. International Journal of Productivity and Performance Management, 70(4), 789–807. https://doi.org/10.1108/ijppm-08-2019-0400
Glaveli, N., & Karassavidou, E. (2011). Exploring a possible route through which training affects organizational performance: the case of a Greek bank. International Journal of Human Resource Management, 22(14), 2892–2923. https://doi.org/10.1080/09585192.2011.606113
Guix, M., & Font, X. (2020). The Materiality Balanced Scorecard: A framework for stakeholder-led integration of sustainable hospitality management and reporting. International Journal of Hospitality Management, 91, 102634. https://doi.org/10.1016/j.ijhm.2020.102634
Hansen, E. G., & Schaltegger, S. (2018). Sustainability balanced scorecards and their architectures: Irrelevant or misunderstood? Journal of Business Ethics, 150(4), 937e952.
Hasan, R. U., & Chyi, T. M. (2017). Practical application of balanced scorecarddA literature review. Journal of Strategy and Performance Management, 5(3), 87e103.
Hoque, Z. & James, W. (2000). Linking Balanced Scorecard Measures to Size and Market Factors: Impact on Organizational Performance, Journal of Management Accounting Research, (12), 1-17.
Hvolby, H., & Thorstenson, A. (2000). Performance Measurement in Small and Medium-Sized Enterprises, In Proceedings 3rd International Conference on Stimulating Manufacturing Excellence in SMEs, Coventry University, 324-332.
Inamdar, N. S., Kaplan, R. S., Jones, M. L. H., & Menitoff, R. (2000). The Balanced Scorecard: a strategic management system for multi-sector collaboration and strategy implementation. Quality Management in Healthcare, 8(4), 21-39.
Ittner, C. D., Larcker, D. F., & Randall, T. (2003). Performance Implications of Strategic Performance Measurement in Financial Services Firms, Accounting, Organizations and Society, (28)7-8, 715-741. http://dx.doi.org/10.1016/S0361-3682(03)00033-3
Jonsen, K., & Jehn, K. A. (2009). Using triangulation to validate themes in qualitative studies. Qualitative Research in Organizations and Management: An International Journal, 4(2), 123–150. https://doi.org/10.1108/17465640910978391
Kalender, Z. T., & Vayvay, O ̈. (2016). The fifth pillar of the balanced scorecard: Sustainability. Procedia-Social and Behavioral Sciences, 235,76e83.
Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard—measures that drive performance. Harvard Business Review.
Kaplan, R. S., & Norton, D. P. (1996). The balanced scorecard: Translating strategy into action. Harvard Business Review Press.
Kasperskaya, Y. (2008). IMPLEMENTING THE BALANCED SCORECARD: a COMPARATIVE STUDY OF TWO SPANISH CITY COUNCILS-AN INSTITUTIONAL PERSPECTIVE. Financial Accountability and Management, 24(4), 363–384. https://doi.org/10.1111/j.1468-0408.2008.00458.x
Malina, M. A., & Selto, F. H. (2001). Communicating and Controlling Strategy: An Empirical Study of the Effectiveness of the Balanced Scorecard, Journal of Management Accounting Research, 13, 47-91. http://dx.doi.org/10.2308/jmar.2001.13.1.47
Malmi, T., (2001). Balanced Scorecard in Finnish Companies: A Research Note, Management Accounting Research, (12)2, 207-220. http://dx.doi.org/10.1006/mare.2000.0154
Maran, L., Bracci, E., & Inglis, R. (2018). Performance management systems’ stability: Unfolding the human factor – A case from the Italian public sector. British Accounting Review, 50(3), 324–339. https://doi.org/10.1016/j.bar.2018.01.002
Mathys, N. J., & Thompson, K. R. (2006). Using the balanced scorecard: Lessons learned from the US Postal Service and the Defense Finance and Accounting Service. IBM Center for the Business of Government.
McAdam, R. (2000). Quality Models in an SME Context, International Journal of Quality and Reliability Management, (17)3, 305-323. http://dx.doi.org/10.1108/02656710010306166
Mohammed, Y. N., Salman, W. H., Mohammed, B. H., & Flayyih, H. H. (2020). The Role of Balanced Scorecard in the Integration of Management Control System and the Strategy of Economic Unity. International Journal of Innovation, Creativity and Change. 13(7).
Moores, S., Sayed, N., Lento, C., & Wakil, G. (2022). Leveraging the balanced scorecard to reformulate the strategy of a performing arts theater: a stakeholders’ perspective. Journal of Applied Accounting Research, 24(1), 47–69. https://doi.org/10.1108/jaar-11-2021-0308
Naranjo-Gil, D. (2009). Strategic performance in hospitals. Health Care Management Review, 34(2), 161–170. https://doi.org/10.1097/hmr.0b013e31819e8fd0
Nielsen, S., & Sorensen, R. (2004). Motives, Diffusion and Utilization of the Balanced Scorecard in Denmark, International Journal of Accounting, Auditing and Performance Evaluation, (1)1, 103-124. http://dx.doi.org/10.1504/IJAAPE.2004.004145
Nielsen, S., & Sorensen, R. (2004). Motives, Diffusion and Utilization of the Balanced Scorecard in Denmark, International Journal of Accounting, Auditing and Performance Evaluation, (1)1, 103-124. http://dx.doi.org/10.1504/IJAAPE.2004.004145
Oslon, Eric, M., & Slater, Stanley, F. (2002). The Balanced Scorecard, Competitive Strategy, and Performance, Business Horizons, 11-16
Papalexandris, A., Loannou, G., & Prastacos, G. P. (2004). Implementing the Balanced Scorecard in Greece: A Software Firm's Experience, Long Range Planning, (37)4, 351-366. http://dx.doi.org/10.1016/j.lrp.2004.05.002
Papalexandris, A., Loannou, G., & Prastacos, G. P. (2004). Implementing the Balanced Scorecard in Greece: a Software Firm's Experience, Long Range Planning, (37)4, 351-366. http://dx.doi.org/10.1016/j.lrp.2004.05.002
Quesado, P. R., & Rodrigues, L. L. (2009). FACTORES DETERMINANTES NA IMPLEMENTAÇÃO DO BALANCED SCORECARD EM PORTUGAL. Revista Universo Contábil, 5(4), 94–115. https://bu.furb.br/ojs/index.php/universocontabil/article/download/1630/1093
Raziq, A., & Maulabakhsh, R. (2015). Impact of working environment on job satisfaction. Procedia Economics and Finance, 23, 717-725.
Ribeiro, M. I., Vasconcelos, M. C. C., & Rocha, F. (2019). Monitoring performance indicators in the Portuguese hospitality sector. International Journal of Contemporary Hospitality Management, 31(2), 790–811. https://doi.org/10.1108/ijchm-03-2017-0178
Rigby, D. (2001). Management Tools and Techniques: a Survey, California Management Review, (43)2, 139-160. http://dx.doi.org/10.2307/41166079
Rigby, D., & Bilodeau, B. (2009). Management Tools and Trends 2009 (Boston, MA: Bain & Company).
Rigby, D., & Bilodeau, B. (2018). Management tools & trends. Bain & Company. Inc.: London, UK.
Sainaghi, R., Phillips, P. S., & D’Angella, F. (2019). The balanced scorecard of a new destination product: Implications for lodging and skiing firms. International Journal of Hospitality Management, 76, 216–230. https://doi.org/10.1016/j.ijhm.2018.05.011
Saraiva, H. I. B., & Alves, M. (2015). The use of the Balanced Scorecard in Portugal: Evolution and effects on management changes in Portuguese large companies. Tékhne, 13(2), 82–94. https://doi.org/10.1016/j.tekhne.2016.04.001
Simon, R. (2000). Performance Measurement and Control Systems for Implementing Strategy, Prentice-Hall, Inc., New Jersey.
Speckbacher, G., Bischof, J., & Pfeiffer, T. (2003). A Descriptive Analysis on the Implementation of Balanced Scorecard in German-Speaking Countries, Management Accounting Research, (14)4, 361-387. http://dx.doi.org/10.1016/j.mar.2003.10.001
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Published
2024-07-31
How to Cite
LIU, Zhijun.
Implementation of the Balanced Scorecard in Large Firms: A Systematic Review.
Asian Journal of Accounting and Finance, [S.l.], v. 6, n. 2, p. 1-11, july 2024.
ISSN 2710-5857.
Available at: <https://myjms.mohe.gov.my/index.php/ajafin/article/view/26685>. Date accessed: 09 sep. 2024.
Section
Articles
