Strategic development processes during economic and financial crisis

Martin Horacio Kunc

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Accounting and Organizational Management Management and Organizational Practices Strategic Planning and Analysis

Abstract

Purpose This paper aims to explore the strategy development process followed by firms during the current economic and financial crisis through the relationship between changes in performance measures and strategic success factors. Design/methodology/approach A survey to executives of global firms asking the importance of widely accepted performance indicators and strategic success factors has been performed obtaining 53 usable surveys. Test has been performed to identify respondent bias. Empirical results from the survey are presented and t‐tests have been performed to validate the statistical significance of the change in importance of performance indicators and strategic success factors. Findings The findings suggest that firms followed a reactive strategic development process since they adjusted their strategic direction to the short‐term problems in their performance affected by the economic crisis. While firms may focus their attention to similar set of performance measures during the crisis, their strategic behavior to face the crisis differs. Research limitations/implications While the sample is small (53 respondents), the authors believe that the quality of the respondents, senior managers and directors with responsibility for strategic development processes, compensates for the small number of responses. Practical implications Rehearsing strategies can be a powerful tool to avoid reactive strategic behavior either anticipating environmental constraints through scenario planning or testing the robustness of strategic initiatives using diverse tools like strategic modeling. Originality/value The paper offers an empirical validation of strategic development processes under uncertainty considering the linkage between changes in organizational performance, performance indicators and strategic success factors.

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References

1996Using the balanced scorecard as a strategic management system 1998Reframing Crisis Management 2015Essentials of Business Research Methods 2003Strategic decision speed and firm performance 1991Stale in the Saddle: CEO Tenure and the Match Between Organization and Environment 1993Multiple scenario development: Its conceptual and behavioral foundation 2003Strategic development and SWOT analysis at the University of Warwick 1983High Profit Strategies in Mature Capital Goods Industries: A Contingency Approach.

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