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Strategic Planning And Financial Performance: A Meta‐Analytic Review

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  • Brian K. Boyd

Abstract

After two decades of research, the effect of strategic planning on a firm's performance is still unclear. While some studies have found significant benefits from planning, others have found no relationship, or even small negative effects. Interpretation of these findings is confounded by the fact that many of these studies base their findings on a small number of firms. This article uses meta‐analysis to aggregate the results of 29 samples on a total of 2496 organizations. Cumulation of previous studies found modest correlations between planning and nine performance measures. Extensive measurement problems suggest that these findings underestimate the true relationship between planning and performance.

Suggested Citation

  • Brian K. Boyd, 1991. "Strategic Planning And Financial Performance: A Meta‐Analytic Review," Journal of Management Studies, Wiley Blackwell, vol. 28(4), pages 353-374, July.
    • Handle: RePEc:bla:jomstd:v:28:y:1991:i:4:p:353-374
    DOI: 10.1111/j.1467-6486.1991.tb00286.x
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    Cited by:

    1. Ozkan, Kubilay S.L., 2020. "International market exit by firms: Misalignment of strategy with the foreign market risk environment," International Business Review, Elsevier, vol. 29(6).
    2. Catherine M. Daily & S. Trevis Certo & Dan R. Dalton & Rungpen Roengpitya, 2003. "IPO Underpricing: A Meta–Analysis and Research Synthesis," Entrepreneurship Theory and Practice, , vol. 27(3), pages 271-295, July.
    3. Safal Batra & Sunil Sharma & Mukund R Dixit & Neharika Vohra, 2018. "Does strategic planning determine innovation in organizations? A study of Indian SME sector," Australian Journal of Management, Australian School of Business, vol. 43(3), pages 493-513, August.
    4. Krzysztof Borodako & Jadwiga Berbeka & Michał Rudnicki, 2021. "Innovation Orientation in Business Services," Books, Edward Elgar Publishing, number 19897.
    5. E Tapinos & R G Dyson & M Meadows, 2011. "Does the Balanced Scorecard make a difference to the strategy development process?," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 62(5), pages 888-899, May.
    6. Christine A. Kabui & Vincent N. Machuki & John K. Yabs & James M. Njihia, 2018. "Strategic Planning Process Intensity and Formality Impact on the Performance of Accredited Universities in Kenya," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(9), pages 153-153, August.
    7. Snezhana Hristova & Dimitar Kovachevski & Ivona Mileva, 2019. "Strategic Thinking In Macedonian Family Businesses: Perceptions And Practices," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 72-78, February.
    8. César Omar López à vila & Norma Pontet Ubal, 2020. "Complementary break-even point with economic value added," Documentos de Investigación 128, Universidad ORT Uruguay. Facultad de Administración y Ciencias Sociales.
    9. Peng, Xue Bing & Liu, Yue Ling & Jiao, Qi Qi & Feng, Xiao Bin & Zheng, Bei, 2020. "The nonlinear effect of effectuation and causation on new venture performance: The moderating effect of environmental uncertainty," Journal of Business Research, Elsevier, vol. 117(C), pages 112-123.
    10. Ozlem Ayaz Arda & Erkan Bayraktar & Ekrem Tatoglu, 2019. "How do integrated quality and environmental management practices affect firm performance? Mediating roles of quality performance and environmental proactivity," Business Strategy and the Environment, Wiley Blackwell, vol. 28(1), pages 64-78, January.
    11. Maribel Guerrero & David Urbano & Fernando Herrera, 2019. "Innovation practices in emerging economies: Do university partnerships matter?," The Journal of Technology Transfer, Springer, vol. 44(2), pages 615-646, April.
    12. Filippo Zanin & Eugenio Comuzzi, 2019. "Scenarizzazione e pianificazione strategica nei contesti complessi," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2019(1 suppl.), pages 95-120.
    13. Masood Nawaz Kalyar & Nosheen Rafi & Awais Nawaz Kalyar, 2013. "Factors Affecting Corporate Social Responsibility: An Empirical Study," Systems Research and Behavioral Science, Wiley Blackwell, vol. 30(4), pages 495-505, July.
    14. Alexey Bereznoy, 2019. "Corporate Foresight In The Strategy Of Multinationals," HSE Working papers WP BRP 97/STI/2019, National Research University Higher School of Economics.
    15. Rakesh Gupta & Sriparna Basu, 2014. "Influence of Dimensions of Strategic Orientation on the Growth of Small Firms and Resources as Moderating Variables," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 39(4), pages 461-476, November.
    16. Mohamed Laid Ouakouak, 2018. "Does a strategic planning process that combines rational and adaptive characteristics pay off ? Evidence from European firms," Australian Journal of Management, Australian School of Business, vol. 43(2), pages 328-349, May.

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