Planning and financial performance of small, mature firms

Jeffrey S. Bracker · John N. Pearson

350 citations0/0 files storedStrategic Management Journal

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Strategic Planning and Analysis Accounting and Organizational Management Organizational Strategy and Culture

Abstract

Abstract This article develops a classification scheme of planning process sophistication in small firms, categorizes small firms according to planning process sophistication, and examines the relationship between planning process sophistication and the financial performance of a select group of small, mature firms. The study overcomes several methodological shortcomings of prior research on strategic planning and firm performance. Multivariate analysis of variance is used to identify statistically significant differences between the financial performance data of firms that employ structured, strategic plans and those that do not. The results confirm previous research on strategic planning and financial performance. Finally, recommendations are made for future research.

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References

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1991STRATEGIC PLANNING AND FINANCIAL PERFORMANCE: A META‐ANALYTIC REVIEW*2002Internationalization of Small Firms 1987A Review of Strategic Process Research 2005Co-alignment in the resource–performance relationship: strategy as mediator 2002Local Business Leveraging of a Sport Event: Managing an Event for Economic Benefit 2014Exploration and exploitation in established small and medium-sized enterprises: The effect of CEOs' regulatory focus

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