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Empirical verification of the balanced scorecard

Aleksander Janeš (Faculty of Management, University of Primorska, Koper, Slovenia)

Industrial Management & Data Systems

ISSN: 0263-5577

Publication date: 4 March 2014

Abstract

Purpose

The development and empirical verification of the balanced scorecard (BSC) model are key parts of the research of a case study on the performance measurement system (PMS) of the Ydria Motors LL Company (YM). The paper aims to discuss these issues.

Design/methodology/approach

The research was performed as a single case study of modelling the BSC for the manufacturing company and founded on complementary use of qualitative and quantitative methods. The central part of the case study is an empirically evaluated layout of the BSC with the Engle-Granger two-step method.

Findings

The results and findings from empirical analysis showed that the methods used are appropriate for inclusion in the methodological approach as they are complementary. Therefore, it can be asserted that the introduction of quantitative methods of continuous data analysis for the implementation of the BSC improved the established approach. In this research, an approach that represents the basis for further work in the field of research in PMSs of companies, with the use of econometric tools, was empirically tested and developed.

Research limitations/implications

The generalization of research findings is limited to only one manufacturing company. With the continuation of the research on other case studies, the preliminary lessons learned can be expanded to other organizations.

Originality/value

Following the research findings, it can be established that the methodology used provides support to organization's decision-making process in real-time and can be used with different strategies scenarios and forecast simulations and thus supports the prioritization of strategic initiatives. In addition, the developed model allows the integration and testing of various performance indicators and the identification and selection of the most appropriate KPIs.

Keywords

  • Slovenia
  • Error correction mechanism
  • Balanced scorecard
  • Performance measurement system
  • Strategic map
  • Causality

Citation

Janeš, A. (2014), "Empirical verification of the balanced scorecard", Industrial Management & Data Systems, Vol. 114 No. 2, pp. 203-219. https://doi.org/10.1108/IMDS-04-2013-0195

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Publisher

:

Emerald Group Publishing Limited

Copyright © 2014, Emerald Group Publishing Limited

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