Conceptualisation of the Balanced Scorecard (BSC) model

James Kamwachale Khomba

12 citations0/0 files storedInternational Journal of Commerce and Management

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Accounting and Organizational Management Accounting Theory and Financial Reporting Corporate Governance and Management

Abstract

Abstract Purpose This paper aims to review and analyze the validity and relevance of the conceptualization of the Balanced Scorecard (BSC) model, especially within an African context. The BSC model was developed to address the problems and limitations of relying solely on traditional financial measures. This paper carries out a critical review and detailed analysis on perspectives surrounding the BSC model. Design/methodology/approach The paper critically reviews relevant literature on the BSC model by focusing on the pertinent issues surrounding the applicability of the BSC model in modern business environment. A critical review of conceptualization issues regarding the BSC model especially with a focus toward its application within an African framework was also done. Findings It is established that the BSC model plays a pivotal role in assisting business executives in making holistic long-term management decisions. However, the model puts undue emphasis on shareholders' wealth maximization at the sacrifice of other equally important stakeholders. The model puts less emphasis or completely ignores such stakeholders as competitors, suppliers, lenders, government, the local community and the natural environment. The model is fraught with many conceptualization assumptions that are not realistic in the modern environment. Practical implications It is envisaged that the study should add to the literature on corporate performance measures and the BSC model. The revelations gained through this paper will enable researchers to have an open mind on the way the BSC model is supposed to be modified and applied for various business environments. Originality/value The revelations of the paper point out application limitations of the BSC model, there is an imperative need to upgrade and redesign the BSC model to reflect realities of modern business activities, especially within an African context.

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1992The balanced scorecard : measures that drive performance 1997The balanced scorecard: Translating strategy into action 1992The balanced scorecard--measures that drive performance.2012The Practice of Management 2008The five competitive forces that shape strategy.2003Strategy Maps: Converting Intangible Assets into Tangible Outcomes 1999Performance management: a framework for management control systems research 2001Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part I

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