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Causal Relationships In The Balanced Scorecard: A Serbian Banking Perspective

Author

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  • Nađa Đurić
  • Andrijana Đurđević

Abstract

This paper examines causeand- effect relationships within the balanced scorecard (BSC), focusing on the case of commercial banks operating within the territory of Serbia. Despite the widespread application of the BSC as a strategic management tool, the literature presents diverse conclusions regarding the efficacy of its cause-and-effect relationships. The research aims to investigate the interrelationships between perspectives, with a specific focus on the financial perspective and its causal factors. A study was conducted on five banks operating in the territory of Serbia using the method of documentation analysis, and data were collected for the period from 2010 to 2023. The conclusions are based on the results of simple panel data regression and multiple panel data regression. The results obtained provide empirical support for previously established cause-and-effect relationships within the BSC framework and also highlight new implications of causality among perspectives.

Suggested Citation

  • Nađa Đurić & Andrijana Đurđević, 2025. "Causal Relationships In The Balanced Scorecard: A Serbian Banking Perspective," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 70(244), pages 87-119, January –.
    • Handle: RePEc:beo:journl:v:69:y:2025:i:244:p:87-119
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    More about this item

    Keywords

    BSC (balanced scorecard); balanced scorecard perspectives; causality; banking sector;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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