Influence of business performance measurement systems and corporate sustainability concept to overal business performance: “save the planet and keep your performance”

111 1, XX, 2017 Business Adminis a ion and Managemen DOI: 10.15240/ ul/001/2017-1-008 In oduc ion The examina ion o he measu ing co po a e pe o mance issues is dedica ed o many au ho s om di e en poin s o iew: he ela ionship o he s a egy and s a egic o ien a ion o he business pe o mance (Mo gan & S ong, 2003); he iew o a s a egic measu emen pe o mance sys em h ough s a egic agenda and decision-making as a esul o he p ocess o ( e) o mula ing s a egy (Bisbe & Malagueño, 2012); he e ec o s a egic measu emen pe o mance sys em on he impo an a ibu es o he s a egy o mula ing p ocess (Gimbe e al., 2010); he e ec o s a egic pe o mance measu emen sys em o human esou ces and co po a e esul s (Ben o & Whi e, 2014); he use o he p ocess pe o mance measu emen (Tuček e al., 2013); he ela ions among cus ome sa is ac ion, cus ome loyal y and i nancial pe o mance o a comme cial bank (Belás & Gabčo á, 2016); he me hodology o p edic ion and de ec ion o he ways o sol ing demanding si ua ions in manage ial wo k, wi h ob ious implica ions in pe o mance o manage s and in e i ciency o business pe o mance managemen (Lajčin, F anko ský, & Š e ko, 2012); he model o acquisi ion ac i i y in i nancial sec o (Ko auš e al., 2015); pe o mance managemen and public co po a e go e nance wi h ega d o ela ionships wi h bo h ex e nal (s akeholde s) and in e nal (poli icians and managemen ) ac o s (Romolini e al., 2015). Many o he empi ical s udies ealized a ound he wo ld in ecen yea s ha e also con i med he ela ionship be ween s a egic planning and business pe o mance (Rudd e al., 2008). I we a e alking abou he need and abili y o he sys em o adap and ope a e in he long e m pe iod wi h he o ien a ion o economic, en i onmen al and social pe o mance o en e p ise, we e e o a co po a e sus ainabili y pe o mance measu emen sys em (Sea cy, 2012). Acco ding o Male ic e al. (2015) i seems ha i exis s some suppo o exis ence o a business case o co po a e sus ainabili y. Using Tobin´s q was ounded ha co po a e sus ainabili y is s ongly associa ed wi h ma ke alue (Lo & Sheu, 2007, p. 355); he g ea e engagemen in sus ainabili y ac i i ies can lead o a g ea e inno a ion, which in u n leads o g ea e i nancial and ma ke pe o mance (Male ic e al., 2015). On he o he hand, he analysis o link be ween co po a e social esponsibili y (in ou iew a na owe concep as co po a e sus ainabili y) and he pe o mance indica o s showed ha he link be ween hese a iables is nega i e. These esul s co e his e ec only du ing he i s yea s in which sus ainabili y ac ions a e applied. I will be necessa y o examine a longe ime pe iod (López e al., 2007). All o hese au ho s s a e ha in he esea ch i is s ill necessa y o p o ide a clea e unde s anding. The aim o his pape is o iden i y he ela ionship be ween selec ed managemen ools and concep s o a ious de elopmen phases o s a egic pe o mance measu emen sys ems o o e all business pe o mance measu ed by indica o ROE. Simila ly he aim is o iden i y he ela ionship be ween he sus ainabili y index and indica o ROE as a key aspec in e ms o he cu en ex emely ad ancing clima e c isis. INFLUENCE OF BUSINESS PERFORMANCE MEASUREMENT SYSTEMS AND CORPORATE SUSTAINABILITY CONCEPT TO OVERAL BUSINESS PERFORMANCE: “SAVE THE PLANET AND KEEP YOUR PERFORMANCE” Ras isla Rajnoha, Pe a Lesníko á, Vladimí K ajčík EM_1_2017.indd 111EM_1_2017.indd 111 13.3.2017 16:58:5713.3.2017 16:58:57 112 2017, XX, 1 Ekonomika a managemen 1. A B ie O e iew o he Pe o mance Measu emen Sys ems As he epo o RSA Tomo ow’s Company shows (Neely e al., 2000), he achie emen o sus ainable co po a e success in he demanding wo ld ma ke depends on he ele an en e p ises indica o s o he measu emen o business pe o mance. Cu en ly, s a egic pe o mance managemen and measu ing sys em can signi i can ly con ibu e o achie ing and sol ing his gap. F om ou poin o iew and a e ex ensi e li e a u e esou ces sea ch, we s a e ha he issue o business pe o mance measu emen sys em was passed he ollowing phases: measu emen sys ems based on pu ely i nancial indica o s, non- i nancial pe o mance measu emen indica o s (impac o echnological inno a ions, en i onmen , e c.), KPI, BSC, Business In elligence knowledge in o ma ion suppo and i nally he sus ainabili y pe o mance measu emen sys em. 1.1 Financial Business Pe o mance Measu emen Sys em In he pas , he majo i y o co po a e p ac ice me hods we e concen a ed o measu e co po a e pe o mance e e s o mainly he i nancial pe o mance. Wi hin hese measu emen sys ems is based on adi ional accoun ing sys em (Ahmed e al., 1999). The ea ly pe o mance measu es we e app op ia e o e alua e di isional and manage ial pe o mance o he use o s anda d cos ing and a iance analysis o con ol p oduc ion ac i i ies (Chenhall & Lang i eld-Smi h, 2007, p. 266). Cos managemen is one o he mos impo an issue o company pe o mance and company i nancial managemen (No ák & Popesko, 2014). T adi ional business pe o mance measu es ha e mos ly i nancial cha ac e which measu es he a e o e u n on in es men , cash l ow and p o i ma gins (Gunaseka an & Kobu, 2007). These measu es ha e been c i icized due o hei educed abili y o using o comp ehensi e pe o mance measu emen . Value based managemen sys em came up wi h an inno a ion in he o m o indica o EVA (Sha ma & Kuma , 2010). F om 80s he adi ional accoun ing measu es ha e been c i icized in e ms o hea ily o ien ed na u e owa d in e nal compa isons o cos s and e enues, also a li le a en ion o he ex e nal en i onmen ; o misleading signals o con inuous imp o emen and inno a ion, wo ked well o indus ial e a (Kaplan & No on, 2005); o his o ical and backwa d cha ac e (I ne & La cke , 1998); u he mo e hey a e ocused he ou come ins ead o being p ocess o ien ed (Yeniy , 2003). Sho comings o adi ional measu emen sys ems igge ed a e olu ion in he business pe o mance measu emen (Kenne ley & Neely, 2002). The e olu ion is a adical decision and changes om he p ocessing o i nancial measu es as a basis o measu ing pe o mance o hei p ocessing as one o a wide se o measu emen s. The inadequacy o adi ional measu emen sys ems poin ed also Resea ch Ins i u e o Managemen Accoun an s (1996), when only 15% o esponden s conside ed hei measu emen sys em as suppo ing he objec i es, while 43% o esponden s conside ed i o be inadequa e (Bu gess e al., 2007). This showed ha en e p ises can eplace exis ing adi ional measu emen sys ems o hose ha e l ec hei cu en objec i es and business su oundings (Kenne ley & Neely, 2002). The esul s om he da a o manu ac u ing en e p ises show ha en e p ises wi h mo e ex ensi e pe o mance measu es mainly objec i e and subjec i e non i nancial measu es ha e highe pe o mance (Van de S ede e al., 2006). 1.2 S a egic Business Pe o mance Measu emen Sys em Pe o mance measu emen sys em de i ne Gimbe , Bisbe and Mendoza (2010) as a se o i nancial and non- i nancial measu es o suppo en e p ise decision-making by collec ing, p ocessing and analyzing quan i i ed in o ma ion ega ding i s pe o mance and p esen ed in a b ie e iew. A subse is a S a egic Pe o mance Measu emen Sys em (SPMS), whose ypical ea u e is he design o hese sys ems o suppo decision making by manage s h ough i nancial and also non- i nancial indica o s co e ing di e en pe spec i es and which in combina ion enables o ans o m s a egy in o a comp ehensi e se o pe o mance measu es (Chenhall, 2005). SPMS con ibu es o he achie emen o s a egic goals h ough h ee mechanisms: a be e unde s anding o he links be ween di e en policy p io i ies, e ec i e communica ion be ween he objec i es and ac i i ies and he e i cien alloca ion o esou ces and asks (Dossi & Pa eli, 2010). EM_1_2017.indd 112EM_1_2017.indd 112 13.3.2017 16:58:5713.3.2017 16:58:57 113 1, XX, 2017 Business Adminis a ion and Managemen The mos ypical example o such sys ems is a BSC. BSC me hodology has become popula since hei in oduc ion by Kaplan and No on in 1992. The sys em i sel has unde gone de elopmen in e ms o he change om a adi ional poin o iew o measu e pe o mance owa ds a p ocess whe e he business is able o measu e wha i wan s, while in ol ing and in angible asse s (Pe kins e al., 2014). Non- i nancial indica o s a e conside ed as he d i e s he u u e i nancial pe o mance o he company (Tangen, 2004). This is indica ed by he esul s o esea ch he global consul ing i m Bain & Company in 2015, whe e he ool BSC was one o he six mos widely used managemen ools among en e p ises all o e he wo ld (Rigby & Bilodeau, 2015). This ac con i ms he assump ion ha en e p ises conside his ool o be a necessa y and e ec i e in s a egy implemen ing and measu ing business pe o mance. On he o he hand, i is impo an o misunde s and he BSC as a mi aculous ool which somehow imp o e business pe o mance (Pe kins e al., 2014). In Slo akia o Czech Republic ha e been also add essed se e al esea ch o his issue in he ecen pas , he e may be men ioned e.g. esea ch o he SPSM and BSC me hodology applica ion in business p ac ice. Ga u o á p esen s he esul s o he i s exhaus i e su ey in Slo ak en e p ises implemen ing BSC (Ga u o á, 2011). O he simila esea ch based on a ques ionnai e su ey ob ained om he 91 companies om Czech Republic. The s udy indica es ha he e is a posi i e signi i can ela ionship be ween managemen ools and echniques u iliza ion and o ganiza ional pe o mance (A onina, 2015). The nex su ey ealized in Czech Republic was ocusing on he e alua ion he impac o he use o BSC in o de o achie e g ea e i nancial pe o mance o businesses, depending on he size and business sec o on a sample o mic o, small, medium and la ge en e p ises. This su ey showed ha ou o a o al sample o 350 en e p ises, only 13% o hem use BSC concep . Fo companies using he BSC we e conside ed only hose businesses ha ac i ely use his ool a leas wo yea s. The e ec o he BSC use and i s impac on i nancial pe o mance was es ed using i nancial indica o s ROA and ROE. The esea ch esul s also did no con i m ha he BSC use con ibu es o imp o ed i nancial pe o mance o he company. In he esea ch was used a sample o 167 en e p ises (Knápko á e al., 2014). Impo an will be also i s implemen a ion, as e idenced by he esul s o such esea ch in Slo akia, implemen a ion o he BSC sys em only h ough he so wa e solu ions can lead o a alse unde s anding o he meaning o BSC by manage s, which is also a common eason o ailu e o implemen a ion o his sys em (Šol és & Ga u o á, 2015). Simila esul s ha e also b ough o he o eign esea ch, which s a es, ha he BSC a e associa ed wi h highe measu emen sys em sa is ac ion, bu exhibi almos no associa ion wi h economic pe o mance (I ne e al., 2003). Ano he impo an o eign esea ch, howe e , says ha i he BSC is used p ima ily o s a egic managemen , hen i will also b ing highe i nancial pe o mance (B aam & Nijssen, 2004). 1.3 Business In elligence as a Key Knowledge In o ma ion Suppo o Business Pe o mance Measu emen Sys em The business impac o SPMS is a ec ed by in o ma ion echnology a iables (In e ne usage, ERPs, in o ma ional echnology ools) (Ben o e al., 2014). Especially ERP II – BI (Business In elligence) ep esen s he sys em ha p o ides he abili y o analyze business in o ma ion in o de o suppo and imp o e managemen decision making (Elbashi e al., 2008). Toge he wi h he acili a ing he decisions communica ion is in his way suppo ed he co po a e pe o mance managemen (Melche e al., 2004). Fo BI success a e necessa y he echnological capabili ies such as da a quali y, use access and he igh and whole in eg a ion o BI wi h o he exis ing sys ems (Işik e al., 2013). Se e al s udies a e de o ed o he in l uence o in o ma ion echnology on business pe o mance. Acco ding o he Ben o e al. (2014) is e iden ha in o ma ion echnology a iables con ibu e signi i can ly o he business impac o SPMS. Excep o abo e men ioned bene i s, he using o BI imp o es he o e all en e p ise pe o mance (Ranjan, 2009). I he pe o mance measu emen sys ems a e suppo ed by app op ia e IT pla o ms i will imp o e iden i i ca ion o s eng hs and weaknesses o en e p ise, con inuous imp o emen e c. (Nudu upa i & Bi i ci, 2005) which ul ima ely can lead o he imp o emen EM_1_2017.indd 113EM_1_2017.indd 113 13.3.2017 16:58:5813.3.2017 16:58:58 114 2017, XX, 1 Ekonomika a managemen o business pe o mance. Pe ini and Pozzebon (2009) sugges ha BI sys em akes an impo an ole in imp o ing o implemen a ion and moni o sus ainable p ac ices. The lack o in o ma ion suppo dec eases he eliabili y o in o ma ion and also inhibi s hei in eg a ion wi h ano he indica o o complex decision making. Highe -quali y, lowe -cos in o ma ion is a key o unlocking mo e sou ces o i nance o SMEs (Belás e al., 2016). The su ey ca ied ou on he sample o 164 en e p ises ope a ing in Slo akia in es iga ed he implemen a ion, espec i ely using o BI in ela ion o company ROE alue. The esul s show ha only 7% o en e p ises ha e implemen ed and use a sys em o BI, whe eby hese companies belong o he g oup wi h he ROE mo e han 4%. On his basis is displayed he hypo hesis ha he use o he BI sys em will a ec he highe business pe o mance. E en 71% o en e p ises no conside an implemen ing his sys em in o he p ac ice. The esea ch esul s showed ha in he case ha companies do no ha e he BI in o ma ion sys em as a complex sys em and no ake in o accoun i s implemen a ion hey end o ha e a lowe le el o pe o mance. On he o he hand, businesses ha cu en ly use BI sys em hey achie e a be e pe o mance wi h a ROE o mo e han 4%. I ollows ha he BI sys em has a majo impac on business pe o mance (Rajnoha e al., 2016). 1.4 Sus ainable Pe o mance Measu emen Sys em A comp ehensi e iew o he business is no possible wi hou neglec ing he social and en i onmen al aspec s, while highligh ing only he economic aspec would no e l ec he di e si y o p ocesses occu ing in he en e p ise in ela ion o he a ious en i ies ha a e pe o m in he business (Ma ko á, 2012). Fo hese easons has disco e ed a new ool o measu ing pe o mance – T iple Bo om Line (TBL). The esponsibili y o a business is no jus abou gene a ing economic p o i (p o i ), bu also abou ca ing o socie y as a whole (people) and he en i onmen (plane ). These h ee elemen s a e he basis o TBL (Fauzi e al., 2010). This amewo k o measu ing pe o mance c ea ed by J. Elking on wen beyond he adi ional measu e o p o i and e u n on owne alue wi h ega ds o en i onmen al and social dimensions. The co po a e sus ainable concep is based on he globally-o ien ed concep o sus ainable de elopmen . In gene al, he mos accep able de i ni ions a e hose ha come om he epo o he Wo ld Commission o he Uni ed Na ions En i onmen and De elopmen . The en i onmen al indica o s being assessed can be o ganized in o 3 majo g oups o en i onmen al indica o s: en i onmen al quali y, en i onmen ally esponsible beha iou , and consump ion o en i onmen al se ices (S eimikiene, 2014). The measu emen o sus ainabili y is equi ed due o se e al easons (Ju igo á & Lencséso á, 2015). Co po a e sus ainabili y s a egy is essen ial o sus ainable de elopmen , bu also o he success ul managemen o he company h ough he ela ed social, legal, poli ical and economic equi emen s in e ms o ma ke compe i ion (Schal egge e al., 2012). The social, legal and poli ical en i onmen , which a e c ea ed by s a e, play an impo an ole (Vi gle o á e al., 2016). In he sus ainabili y issue a e used he sus ainably o ien ed key pe o mance indica o s. This indica o s measu e p og ess owa d sus ainabili y and demons a e he en i onmen al, social and economic impac s. Acco ding o Keeble e al. (2003) di i cul ies in pe o mance measu ing acc ue mainly om he en e p ise complex o ganiza ional s uc u e wi h di e en ade l ows, unc ions and p ojec s. In o de o be able o measu e co po a e sus ainabili y was de eloped se e al me hods and models. Global Repo ing Ini ia i e c ea ed epo ing guidelines which p o ide a amewo k o he con en o he in o ma ion included in he co po a e social esponsibili y epo (Sea cy, 2012). The aim o composi e index o sus ainable de elopmen c ea ed by Gla ic and K ajnc is o p o ide a simpli i ed and quan i i ed iew o he in eg a ed in o ma ion on sus ainable de elopmen in case o a mo e comp ehensi e numbe o indica o s. Index can be used o in o m and suppo decision-making abou de elopmen ends and e e ing o he po en ial oppo uni ies o imp o emen in he sus ainabili y a eas (Gla ic & K ajnc, 2005). As we ha e al eady men ioned he ela ionship be ween co po a e sus ainabili y and business pe o mance has ca ied on many esea ch deba es. Some esea ches decla e a posi i e ela ionship be ween co po a e sus ainabili y/co po a e social esponsibili y EM_1_2017.indd 114EM_1_2017.indd 114 13.3.2017 16:58:5813.3.2017 16:58:58 115 1, XX, 2017 Business Adminis a ion and Managemen Au ho Desc ip ion Eccless, Pe kins and Se a eim „High sus ainabili y“ en e p ises ou pe o med hei coun e pa s in e m o s ock ma ke pe o mance and accoun ing c i e ia (ROA, ROE). The en i onmen al, social and go e nance pe o mance can con ibu e o i nancial pe o mance. Lo and Sheu Using Tobin´s q was ounded ha co po a e sus ainabili y is s ongly associa ed wi h ma ke alue. Se aes and Tamayo CSR has a posi i e impac on i nancial pe o mance in ela ion o high ad e ising in ensi y. Coch an and Wood Wi hin indus y g oups he i nancial a iable mos s ongly co ela ed wi h CSR is asse age. A e con olling o asse age, using a la ge sample, and indus y- speci i c con ol g oups, he e s ill is weak suppo o a link be ween CSR and i nancial pe o mance. Pa a and K ausz En e p ises which ha e been me c i e ia o CSR/sus ainabili y ha e gene ally been shown o ha e i nancial pe o mance a leas on a pa , i no be e , han o he en e p ises. Koh, Qian and Wang I exis s he posi i e ela ionship be ween sus ainabili y pe o mance and i nancial pe o mance. This ela ionship is mode a ed by a i m’s i nancial dis ess isk. Waddock and G a es Be e co po a e social pe o mance seems o be posi i ely ela ed o be e i nancial pe o mance. I can be in e p e ed in bo h di ec ions (be e i nancial pe o mance may lead o imp o ed sus ainabili y pe o mance and ice e sa, ce e is pa ibus). Male ic e al. G ea e engagemen in sus ainabili y ac i i ies can lead o a g ea e inno a ion, which in u n leads o g ea e i nancial and ma ke pe o mance. Ay azyan and A anasye The ole o he s a e and egional go e nmen s in he de elopmen o inno a ion space o suppo sus ainable inno a i e pe o mance is emphasized. López e al. The analysis o link be ween CSR (in ou iew a na owe concep as co po a e sus ainabili y) and he pe o mance indica o s showed ha he link be ween hese a iables is nega i e. I will be necessa y o examine a longe ime pe iod. Ga cia Cas o e al. The posi i e ela ionship be ween social pe o mance and i nancial pe o mance which was ound in mos o he p e ious esea ch becomes a non-signi i can o e en a nega i e while he endogenei y is aken in o accoun . Hawn and Ioannou Symbolic ac ions o en i onmen al, social and go e nance ha e a highe impac on ma ke alue in he p esence o highe in angible asse s, and ha a la ge gap be ween symbolic and subs an i e ac ions has a highe posi i e e ec on i m pe o mance. Subs an i e ac ions ha e a lowe o no signi i can impac on ma ke alue (e en hough hey ha e a signi i can posi i e e ec on ROA in he p esence o highe in angibles). Ba on, Ha jo o and Jo Fo he ull da ase CFP and CSP a e ound o be la gely un ela ed, which is consis en wi h he heo ies in which CSP p o ides p oduc di e en ia ion o he social ma ke line is ho izon al. This, howe e , is an equilib ium ela ionship and does no imply he absence o a causal ela ion be ween CSP and CFP o indi idual i ms. The absence o an empi ical ela ion be ween i nancial pe o mance and social pe o mance o he p esence o a posi i e ela ion o consume indus ies and a nega i e ela ion o indus ial indus ies does no mean ha he e is no causal ela ion o an indi idual i m. Sou ce: Eccless e al. (2012); Se aes and Tamayo (2013); Coch an and Wood (1984); Pa a and K ausz (1996); Koh e al. (2014); Waddock and G a es (1997); Lo and Sheu (2007); Male ic e al. (2015); Ay azyan and A anasye (2016); López e al. (2007); Ga cia Cas o e al. (2010); Hawn and Ioannou (2012); Ba on, Ha jo o and Jo (2012) Tab. 1: O e iew o ela ionship be ween co po a e sus ainabili y and business pe o mance EM_1_2017.indd 115EM_1_2017.indd 115 13.3.2017 16:58:5813.3.2017 16:58:58 116 2017, XX, 1 Ekonomika a managemen (CSR), some a gue ha he e is no co ela ion. In Table 1 we p esen ed some i ndings in i eld o business pe o mance. Based on esul s o ou esea ch we inclined o au ho s, who s a e ha i exis a posi i e co ela ion be ween co po a e sus ainabili y and i nancial pe o mance. S a egic managemen ool BSC can also e e o he co po a e sus ainabili y concep . In his sense he ‘sus ainable BSC’ ex ends he adi ional pe spec i es wi h pe spec i e on he en i onmen and socie y. Ea lie s udies iden i i ed he exis ence o he ela ionship be ween he cha ac e is ics o en ep eneu s and business pe o mance, bu he esul s we e s ill inconclusi e (Kozubíko á e al., 2015). This may co e he cen al equi emen o he co po a e sus ainabili y concep in con inuous imp o emen o business pe o mance in economic, en i onmen al and social e ms (Figge e al., 2002). Based on his, i is e iden link be ween pe o mance measu emen sys ems in eac ion business sec o o he p esen ends and oppo uni ies. Due o he aim o pape and om ou analy ical iew de i ned phases o pe o mance measu emen sys ems, we ocused on iden i ying he impac o he selec ed ools used in he indi idual phases o o e all business pe o mance measu ed by indica o ROE. This aim we ha e ans o med in o he esea ch hypo heses. 2. Objec i es, Da a Collec ion and Me hodology 2.1 Objec i es and Resea ch Hypo hesis The aim o his pape is o iden i y he ela ionship be ween selec ed managemen ools and concep s o a ious de elopmen phases o s a egic pe o mance measu emen sys ems o o e all business pe o mance measu ed by indica o ROE. Simila ly he aim is o iden i y he ela ionship be ween he sus ainabili y index and indica o ROE as a key aspec in e ms o he cu en clima e c isis. To iden i y he ela ionship be ween selec ed managemen ools and o e all co po a e pe o mance, we o ma ed he ollowing esea ch hypo hesis: H1: We assume ha businesses applying he BSC me hodology will achie e signi i can ly highe pe o mance. H2: We assume ha i businesses use a sys em o key pe o mance indica o s (KPI) will achie e highe le el o pe o mance. H3: We assume ha businesses applying in addi ion o i nancial indica o s and also non- i nancial indica o in he o m o mo e o ien a ion on he en i onmen will achie e be e pe o mance. H4: We assume ha a s onge emphasis on non- i nancial, s a egic indica o s and en i onmen has no signi i can ly nega i e impac on he i nancial pe o mance o he company, and hey c ea e a Sus ainable Pe o mance Measu emen Sys em. 2.2 Da a Collec ion The i s s age o p ima y esea ch p esen ed que ying selec ed sample o Slo ak en e p ises in he o m o an online ques ionnai e ocused on he use o selec ed pa ame e s o pe o mance measu emen sys em. The emphasis was on he in es iga ion o impac hese pa ame e s on he o e all business pe o mance measu ed by ROE. In he second phase o esea ch, we ocused on explo ing issues o measu ing co po a e sus ainabili y h ough a sus ainable de elopmen composi e index in a pa icula manu ac u ing en e p ise and i s impac on pe o mance. The conclusion con ained assessmen o achie emen s and iden i i ca ion o mu ual ela ionship and s a egic pe o mance measu emen sys em and measu ing co po a e sus ainabili y. Da a abou he p ima y da abase o 1,457 en e p ises om selec ed indus ies o he Slo ak Republic ( he g ea es ex en was en e p ises ep esen ed by enginee ing, wood and au omo i e indus ies) we ecei ed om in o ma ion o a ious indus ial associa ions and hose we ha e subsequen ly supplemen ed by o he companies on he basis o ex ensi e online su ey. The ques ionnai e was dis ibu ed in wo consecu i e ounds. Fi s ia e-mail ( ime o comple ion was wo mon hs, low la ency – he e we e comple ed only 45 esea ch ques ionnai es), subsequen ly we a e he e o e used in he second ound he o m o elephone and he mos common o m o ace- o- ace in e iew ( ime o comple ion was nex wo mon hs, he e we e i lled o he 119 esea ch ques ionnai es). A e hese wo consecu i e ounds he ques ionnai es we e co ec ly comple ed by 164 en e p ises in he end. We conside he size o he esea ch sample as being su i cien ly ep esen a i e EM_1_2017.indd 116EM_1_2017.indd 116 13.3.2017 16:58:5813.3.2017 16:58:58 117 1, XX, 2017 Business Adminis a ion and Managemen and his is 11.26% sha e o he o al numbe o companies su eyed. Fo his, we could iden i y and analyze pa ame e s o measu ing and managing co po a e pe o mance, a key i nding was he size o ROE. Based on his, we ha e inco po a ed he companies o he pe o mance ca ego ies (6 in e als o scale), which a e in l uenced by he lowe equency educed o 3 espec i ely 2 pe o mance en e p ise ca ego ies. We ealized ha mo e app op ia e indica o would be he indica o EVA, bu o i s de e mina ion i is necessa y o know he cos s o he own capi al, which is in ou condi ions a he un ealis ic. The e o e, we ha e used mo e accessible indica o ROE. In iew o he sensi i i y o he da a we ha e scale a alue o 0% o o e 10%. Mo eo e we conside ed 6% o ROE as he mode a e alue eached in su eyed en e p ises. Speci i ca ion o en e p ises is shown in Fig. 1. 2.3 Me hodology In he quan i a i e pa o he esea ch, we did no ocus only on adi ional i nancial ools; g ea e emphasis was he e o e pu o he BSC and KPI. In he a ea o non- i nancial indica o s, we ocused on companies and hei o ien a ion o he en i onmen . The esul s ob ained by ques ionnai e su ey we e p ocessed by s a is ical me hods, whe eby we excep o selec ed a iables o desc ip i e s a is ics o one a iable ( equency, ela i e p opo ions) used mainly Chi-squa e es o independence. I is used o es he ca ego ical a iable wea he he e is a ela ionship be ween hese a iables o no . In he analyzing his ela ionship we s a ed om Pi o Tables and Pi o coe i cien s. The analysis o he di e ence be ween obse ed (empi ical) and expec ed ( heo e ical) equency we used Pea son chi-squa e es . Besides his, we ha e also used a simila M-V chi-squa e es , which is based on he heo y o maximum likelihood and is used in case he e is a eal be ween a iables dependen . The hypo hesis was e i i ed a he 5% signi i cance le el (α = 0.05). In he quali a i e pa o he esea ch we ha e c ea ed in he condi ion o pa icula en e p ise a composi e index o sus ainabili y which we cons uc ed based on he wo k o K ajnc and Gla ič (2005). Fo he analysis o indus ial en e p ise in he au omo i e indus y, we aimed o ex ac he necessa y da a om ele an a eas and o comple e hem by sub-indices in o a single composi e index. In he analysis, we can poin ou ha he company is p ima ily ocused on achie ing economic pe o mance, and belongs o he middle o he pollu an , which means ha he en i onmen al ocus lies p ima ily on he issue o was e. In e ms o social a eas i is an en e p ise ha p o ides o i s employees many ad an ages. The da a we ha e ob ained o a gi en en e p ise, we compa ed he ime pe iod o six yea s (2009-2014). The ollowing Table 2 con ains indica o s o he a ea in he speci i ed uni s o he pe iod, and i s dis ibu ion co esponds classi i ed based on he GRI guidelines. In he economic i eld we included he adi ional indica o s (x1i) used in accoun ing as well as in angible asse s. Di ec impac on he pe o mance o he en e p ise is mainly he quali y o p oduc ion, which is exp essed h ough e o a e (PPM – Pa s pe million) and he cos o he claims. Indica o s o socio-social Fig. 1: The segmen a ion o en e p ises su eyed in o he pe o mance g oups Sou ce: own EM_1_2017.indd 117EM_1_2017.indd 117 13.3.2017 16:58:5813.3.2017 16:58:58 118 2017, XX, 1 Ekonomika a managemen a ea (x2i) e l ec he a i ude o en e p ises o in e nal g oups (employees) and ex e nal g oups (public). En i onmen al indica o s (x3i) in ol e mainly he a eas o consequences on he en i onmen wi hin he indi idual ypes o ma e ials in he p oduc ion. These include a balanced iew o he en i onmen al consequences o he inpu s and ou pu s o he company. Subsequen ly, we assigned o hese indica o s a cha ac e ; he posi i e impac on he sus ainable de elopmen o en e p ise (x+ ji) and he nega i e impac (x– ji) . Because o he indica o s we e exp essed in di e en uni s o measu emen , he no maliza ion o hei alue was needed. One me hod ha can be used is he calcula ion o s anda d indica o s using he ela ionships (1) and (2). No maliza ion o indica o s o posi i e impac is ca ied ou acco ding o equa ion (1) and no maliza ion o indica o s o nega i e e ec s is ca ied ou acco ding o equa ion (2): (1) (2) Fo he pu poses o assessmen he impo ance o indi idual indica o s in he g oups in ela ion o he sus ainable de elopmen o en e p ise, i is necessa y es ablish he weigh s o ele an indica o s (wji). In ou wo k, we apply AHP (Analy ical Hie a chy P ocess) me hod o de e mine weigh s. De ailed desc ip ion o his me hodology is s a ed by Saa y (2008). A e hese p ocedu es we p oceed o he cons uc ion he sub-indices o sus ainabili y (IS, j) o each g oup o indica o s. These sub- indices a e calcula ed as a weigh ed a e age o he indi idual s anda dized indica o s a he ime o he ele an se o indica o s as ollows: (3) Finally, he indi idual sub-indices o sus ainabili y a e agg ega ed in o a single composi e index o sus ainable de elopmen a he ime as he weigh ed a e age o he indi idual sub-indices o sus ainabili y as ollows: (4) Composi e index has helped us o de elop an o e all pic u e o he a eas o co po a e sus ainabili y wi h he un eiling o isible ese es and po en ial oppo uni ies Economic indica o s Social indica o s En i onmen al indica o s Sales (€) Dona ions (€) Elec ici y consump ion (MWh) P o i (€) T aining cos s (€) Na u al gas consump ion (m3) Capi al expendi u e (€) 13 h and 14 h sala y (% om g oss wage) Consump ion o LPG, p opane bu ane ( ) R&D cos s (€) Ze o absence (%) Fuel consump ion ( ) O he i nes and penal ies (€) No. o wo ke s acciden s (numbe ) Wa e consump ion (m3) A e age alue o PPM (numbe ) The numbe o days due o wo k acciden s Was e ( ) The cos o claims (€) Gende inequali y (%) In es men s in he en i onmen (€) Fines and penal ies (€) Sou ce: own Tab. 2: Indica o s om di e en a eas o co po a e sus ainabili y EM_1_2017.indd 118EM_1_2017.indd 118 13.3.2017 16:58:5813.3.2017 16:58:58 119 1, XX, 2017 Business Adminis a ion and Managemen o imp o emen . Finally, we in es iga ed he impac a e o index on pe o mance indica o ROE h ough Spea men´s coe i cien . 3. Resea ch Resul s 3.1 Non-T adi ional Measu es and hei Impac on Business Pe o mance Wi hin he ame o using ools, espec i ely concep s conduci e o imp o ing he pe o mance, we ocused on he less equen ly used ools in he o m o BSC me hodology. We we e in e es ed in a sub-analysis, whe he his concep has a majo impac on he o e all pe o mance o en e p ises. The ollowing Tables 3 and 4 indica ed achie emen s h ough selec ed s a is ical es s. F om he Tables 3, 4 we can see ha he BSC me hodology has a demons able impac on he business pe o mance and he alue in e ms o esidues, i is clea ha he use o he me hodology can be achie ed abo e- a e age pe o mance (ROE alue o 7%). I he en e p ises do no use he BSC me hodology, hey will achie e an a e age o e en below- a e age pe o mance (ROE o 7% o less), which also e l ec s he hypo hesis H1. F om p e ious da a – Tables 5, 6, we can conclude ha he KPI sys em a ec s he pe o mance o en e p ises, while om he esidue da a is e iden ha businesses using KPI hey achie e a be e pe o mance wi h ROE o 4%. I ollows ha he hypo hesis H2 is also con i med. In e ms o non- i nancial indica o s we paid a en ion o especially o ien a ions on he en i onmen and analysis esul s (Tabs. 7, 8) e ealed s a is ically signi i can dependence o business pe o mance and he o ien a ion o he en i onmen , and simila ly as in he p e ious case, en e p ises ypically achie e be e business pe o mance wi h ROE o 4%. The sample analysis o all ele an sec o s (164 en e p ises) showed ha on he o e all pe o mance ha e impac s excep o adi ional indica o s such as ou pu o i nancial accoun ing also o he ac o s. While he use o BSC me hodology and KPI was o eseen S a is ics Chi-squa e d p Pea son´s chi-squa e 12.78406 d = 2 p = .00167 M-V chi-squa e 10.11521 d = 2 p = .00636 Con ingency coe i cien .2689137 C ame ´s V .2791981 Sou ce: own The obse ed equency Expec ed equency Obse ed minus he expec ed equencies ( esidue) BSC is no used BSC is used To al BSC is no used BSC is used To al BSC is no used BSC is used To al G oup 1 68 4 72 65.41463 6.58537 72.0000 2.58537 -2.58537 0.0000 G oup 2 58 3 61 55.42073 5.57927 61.0000 2.57927 -2.57927 0.0000 G oup 3 23 8 31 28.16463 2.83537 31.0000 -5.16463 5.16463 0.0000 Row o al 149 15 164 149.0000 15.0000 164.0000 0.00 0.00 0.00 Sou ce: own No e: G oup 1 (ROE ˂ 0, 0-2%); G oup 2 (ROE 2-4%, 4-7%); G oup 3 (ROE 7-10%, o e 10%). 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Vladimí K ajčík, Ph.D. Рan-Eu opean Uni e si y Facul y o In o ma ics ladimi [email p o ec ed] EM_1_2017.indd 127EM_1_2017.indd 127 13.3.2017 16:59:0113.3.2017 16:59:01 128 2017, XX, 1 Ekonomika a managemen Abs ac INFLUENCE OF BUSINESS PERFORMANCE MEASUREMENT SYSTEMS AND CORPORATE SUSTAINABILITY CONCEPT TO OVERAL BUSINESS PERFORMANCE: “SAVE THE PLANET AND KEEP YOUR PERFORMANCE” Ras isla Rajnoha, Pe a Lesníko á, Vladimí K ajčík Nowadays he dissa is ac ion wi h only i nancial indica o s has led o a ocus on non- adi ional a eas o pe o mance measu emen as Balanced Sco eca d, en i onmen indica o s and o he s. Mo eo e many ecen s udies has ocused on he co po a e sus ainabili y concep and pe o mance measu emen in e connec ion. The aim o his pape is o iden i y he ela ionship be ween selec ed managemen ools and concep s o a ious de elopmen phases o s a egic pe o mance measu emen sys ems o o e all business pe o mance measu ed by indica o ROE. Simila ly he aim is o iden i y he ela ionship be ween he sus ainabili y index and indica o ROE as a key aspec in e ms o he cu en clima e c isis. Ou mos impo an i ndings b ing new in o ma ion and knowledge o he s a egic ans o ma ion om adi ional business pe o mance measu emen sys em o s a egic and sus ainable pe o mance measu emen sys em. Speci i cally we ound ou ha he BSC me hodology has a demons able impac on he business pe o mance. Also KPI sys em and o ien a ion on he en i onmen a ec he pe o mance o en e p ises. In he case ha companies do no ha e he knowledge in o ma ion sys em as a complex sys em and do no ake in o accoun i s implemen a ion hey ended o ha e a lowe le el o pe o mance. This means ha he BI knowledge in o ma ion sys em has a majo impac on business pe o mance. Rega ding o he co po a e sus ainabili y concep we can con i m ha he di ec mode a e co ela ion is appa en be ween economic sub-index and also composi e index o sus ainable de elopmen and indica o o ROE. The connec ion o en i onmen al and social sub-index sepa a ely o ROE had no been shown su i cien ly. Based on esul s we can conclude ha he index o sus ainable de elopmen is a challenge o en e p ises e l ec ing a g owing need o change pu ely sho - e m o ien ed, consume is pa e ns o p oduc ion and consump ion. Key Wo ds: Business pe o mance, i nancial measu es, non- i nancial measu es, s a egic pe o mance measu emen sys em, knowledge in o ma ion sys em, sus ainabili y measu emen sys em. JEL Classi i ca ion: M21, M14. DOI: 10.15240/ ul/001/2017-1-008 EM_1_2017.indd 128EM_1_2017.indd 128 13.3.2017 16:59:0113.3.2017 16:59:01