PUTTING A HEART INTO THE BALANCED SCORECARD MODEL: VALUE-DRIVEN OR VALUES-DRIVEN?
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 4, Issue 2
Abstract
The Kaplan and Norton (1992) Balanced Scorecard model was designed for Western countries that operate within a capitalistic system. Africa differs from the Western society with regard to many economic and socio-cultural dimensions. The study aimed at establishing whether or not there is a requirement that a different understanding of perspectives on the Balanced Scorecard model could be conceptualised and developed specifically for organisations in Africa. A structured questionnaire deployed as a primary source of data collection. The survey questionnaire targeted at corporate executives. Exploratory factor analysis and correlation analysis were employed to analyse the primary data that was collected. Through the exploratory factor analysis and correlation analysis, the study identified the four perspectives of the Ubuntu Sustainability Business (USB) model: (1) Relationships and culture perspective for organisation’s continued stakeholder dialogue and relationships (2) Stakeholder perspective for recognition of contributions by individual stakeholders, (3) Value creation perspective for maximum economy, efficiency and effectiveness for maximum organisational wealth, and (4) Corporate conscience (Resource allocation) perspective for equitable allocation of organisational wealth to all stakeholders. The study results represent necessary but not sufficient conditions for proof of causal relationships of the four perspectives. There is a need for further research employing experimental methods on longitudinal cases that empirically investigate the causality relating to individual perspectives of the USB model. Contribution of the study includes facilitation of design and change in accounting and auditing principles and practices, review and design of best corporate planning and performance measurement systems, review and design of government and industrial policies and regulations, and change of approaches in management consultancies and research. The four perspectives on the new USB model represent African ideologies that are driven by their socio-cultural values as are enshrined under the African Ubuntu philosophy.
Authors and Affiliations
Prof J. Kamwachale Khomba| (Corresponding Author) Department of Management Studies University of Malawi, Private Bag 303, Blantyre 3, Malawi E-mail: jkkhomba@poly.ac.mw or jkkhomba@gmail.com, Prof F. N. S. Vermaak| Department of Financial Management Sciences University of Pretoria, 0002 Pretoria, Republic of South Africa Email: frans.vermaak@up.ac.za, Prof D. G. Gouws| Department of Financial Management Sciences University of Pretoria, 0002 Pretoria, Republic of South Africa Email: daan.gouws@up.ac.za
Keywords
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- EP ID EP10590
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