Strategic development processes during economic and financial crisis

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, the...

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