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Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 5 ( 2013 ) 413 – 422CC BY -NC-ND license. Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013 Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013. K eywords: Accounting ; Management Accounting; Balance Scorecard; 1. L it erature Review The Balance Scorecard method was introduced by Kaplan and Norton(1992, 1996), it has been successfully implemented into a wide range of areas such as manufacturing companies, government units, nonprofit companies, service organizations and other industries around the world ( Said, et.al., 2003.,Banker, et.al., * Corresponding author. Tel.:0030 24610 68063. E-mail address:kartalisdn@gmail.com . 2212-5671 © 2013 The Authors. Published by Elsevier B.V. Open access under CC BY -NC-ND license. Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013 doi: 10.1016/S2212-5671(13)00049-X " id="pdf-obj-0-2" src="pdf-obj-0-2.jpg">

Available online at www.sciencedirect.com

ScienceDirect

Procedia Economics and Finance 5 ( 2013 ) 413 – 422

Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 5 ( 2013 ) 413 – 422CC BY -NC-ND license. Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013 Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013. K eywords: Accounting ; Management Accounting; Balance Scorecard; 1. L it erature Review The Balance Scorecard method was introduced by Kaplan and Norton(1992, 1996), it has been successfully implemented into a wide range of areas such as manufacturing companies, government units, nonprofit companies, service organizations and other industries around the world ( Said, et.al., 2003.,Banker, et.al., * Corresponding author. Tel.:0030 24610 68063. E-mail address:kartalisdn@gmail.com . 2212-5671 © 2013 The Authors. Published by Elsevier B.V. Open access under CC BY -NC-ND license. Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013 doi: 10.1016/S2212-5671(13)00049-X " id="pdf-obj-0-11" src="pdf-obj-0-11.jpg">

International Conference on Applied Economics (ICOAE) 2013

Balance Scorecard and Performance Measurement in a Greek Industry

Nikos Kartalis *, John Velentzas and Georgia Broni

TEI of Western Macedonia, Koila, Kozani,50100, Greece

Abstract

The aim of this paper is to deal with the analysis of the concept of Balance Scorecard and performance measurement in a Tourism company using the case study method. This paper analyze the theoretical and practical approach of strategic Balance scorecard tool, analyzing the advantages and disadvantages, areas that can be applied and the procedures followed in hierarchical order when applied to an industr y. The conclusion is that the Balance Scorecard method (BSC) can be applied as a performance measurement to an industr y in Greece.

© 2013 The Authors. Published by Elsevier B.V.

© 2013 The Authors. Published by Elsevier B.V.

Open access under CC BY-NC-ND license.

Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013

Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013.

Keywords: Accounting; Management Accounting; Balance Scorecard;

  • 1. Literature Review

The Balance Scorecard method was introduced by Kaplan and Norton(1992, 1996), it has been successfully implemented into a wide range of areas such as manufacturing companies, government units, nonprofit companies, service organizations and other industries around the world (Said, et.al., 2003.,Banker, et.al.,

* Corresponding author. Tel.:0030 24610 68063. E-mail address:kartalisdn@gmail.com.

2212-5671 © 2013 The Authors. Published by Elsevier B.V.

Open access under CC BY-NC-ND license.

Selection and/or peer-review under responsibility of the Organising Committee of ICOAE 2013

  • 414 Nikos Kartalis et al. / Procedia Economics and Finance 5 ( 2013 ) 413 – 422

2004;; Zopiatis, 2010). Many researchers as Lipe & Salterio, (2000), in their study provides evidence that despite the Balance Scorecard (BSC) focus on unique, non-financial, division-specific performance measures, individuals still evaluate performance based on common, financial measures. Moreover, many researchers argue that the Balanced Scorecard is a major performance measurement system for many industries because provides a broad performance measurement of both financial and non-financial perspectives (Yap,et.al. 2005; Papalexamdris, et. al 2005; Braam & Nijssen, 2004). Furthemore, Frigo & Krumwiede, (2000) said that Balance Scorecard method has experienced an increase in popularity as a performance measurement system for translating an organization’s mission into goals, aligning individual and organizational goals, actions and performance measures, and measuring processes related to goal achievement. In addition the balanced scorecard (BSC) is one of the most highly rated management tools today ( Atkinson and Epstein 2000; Frigo and Krumwiede 2000; ).

Andra, G. and Robert N.(2006) said that Balance Scorecard (BSC) can help organizations achieve better results when compared to traditional performance measurement system. Many researchers (Fletcher & Smith, 2004; Rickards, 2007) have criticized the limitations of Balance Scorecard (BSC), such as BSC applies a large number of variables that create complex optimization problems. Moreover, Banker, Potter, & Srinivasan, (2000) said that the Balance Scorecard (BSC) does not provide a common scale of measurement, and it lacks a standardized baseline or benchmark to compare performance. Furthermore, Rickards, (2007) said that the Balance Scorecard (BSC) does not have a mathematical model or a weighting scheme. In addition, Banker et al., (2004); Neves & Lourenco, (2008) argues that the BSC does not have a comprehensive index to review the interaction between measures of performance.

In addition several studies as Chen & Chen, (2007); Eilat, Golany, & Shtub, (2008); Najafi, Aryanegad, Lotfi, & Ebnerasould, (2009); Rickards, (2007) have been conducted to solve these limitations of BSC, and researchers have found that data envelopment analysis (DEA) can complement the complexities of BSC.

2.Research Method

The research approach adopted case study involving a business company in Greece. A case study is an empirical inquiry that investigates a contemporary phenomenon within a real-life context where the boundaries between phenomenon and context are not clearly evident, and in which multiple sources of evidence are used (Yin, 1994). Yin (1994) argues that case study research represents the intersection of theory, structures and events.

In qualitative methods, including case research, coding represents another tool to support researchers during early analysis. Codes are especially useful tools for data reduction purposes and having a coding scheme in an appendix helps to facilitate a replication or an extension to a given study and allows the reader to see the logical link between the theoretical model and the codes.

In this way will be studied and evaluated the effectiveness of the performance measurement balanced card as

well as the possible defects.

Saunders et al. (2007), se ts the case study as an "empirical research" that focuses

on a specific incident of "real-life" framework for an organization.

The approach selected for this study is a descriptive case study, in order to determine whether or not existing theory maintained or extended (Saunders et al., 2007). In addition, as reported by the Collis and Hussey (2003), a case study helps the researcher to gain a clearer picture of the dynamics within a single environment. Finally, using a case study, the researcher can gather critical information to formulate a detailed "analysis of success factors" in evaluating and improving .

Nikos Kartalis et al. / Procedia Economics and Finance 5 ( 2013 ) 413 – 422

2.1 Quality research methods

415

The research outlined the application of BSC to a limited company (SA) located in, Serres, Greece This company operates in heavy industry sector. The industry have more than 1000000 euro earnings and have more than 200 employees ..

The first phase involved interviews with managers at various levels of decision making. A number of managers in each department were interviewed, with each of the interviews lasting two hours on average. The interview questions concerned management and procedures followed in performance evaluation. It was understood by the interviewees that the main thrust of the research was about using Balance Scorecard. The interaction between interviewer and interviewee at times led to results that could not have been predicted. Some flexibility in the asking of questions sometimes times led to the interview being extended, sometimes lasting over two hours.

In addition an interview has been set with the Financial Director of the industry and the questions was about, the environment, the challenges and processes of organization. Advantages of semi-structured interviews perhaps the most basic advantage of semi-structured interview is the trans-active (interactive) character of (Ritchie and Lewis 2003). This structure ensures interview immediacy and freedom in his reply when, outlining not only the answers but also the manner in which it was given, impressing many times the personality and experiences. Furthermore this structure allows the flow of the interview should be determined by the answers and moods of when. Finally, the use of semi-structured interview ensures contact face to face avoiding possible incomplete understanding of the subject .

Managers working throughout the year on behalf of the company, while the remaining staff of this work in the context of seasonal employment fluctuations in presenting staff depending on the season. This company although that exists in the field of industry for over four decades has changed ownership in recent years, which makes it a very interesting case study of the application of BSC. Hence the need is reasonable, to measure the effectiveness of the methods used so far, to achieve the strategic objectives, with the use of a strategic tool such as BSC. The questionnaire was summoned to answer the management and staff of the company consists of four aspects in order to accommodate the BSC: customers, innovation, Learning Development Clients internal processes & initially applying a specially designed questionnaire was answered by executives of the company and its customers. The questionnaire included all necessary measurements taking into account all the parameters.

The interviews are divided into three categories: Structured, semi-structured, Unstructured. According to the Saunders et al. (2007) structured are those carried out by an official and standard set of predefined questions. The semi-structured and unstructured interviews are conducted without having to follow a restrictive form of allowing a "flow of discussion" between the two parties, in order to serve the purposes and objectives of the study. The interviews are considered the most valuable research tools and are used predominantly in qualitative primary data collection method by providing a rich source of material. Taking into account the properties and parameters of each interview format for this work was considered the appropriate use of semi- structured interview format.

Internal

EXTERNAL

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3.Results

The first step in the development of research is the creation of S.W.O.T Analysis. Using appropriate questionnaires and interviews with the managers of the company. The results shown in table 1 below.

Table 1. S.W.O.T ANALYSIS

Positive

Negative

Strengths

Positive internal aspects which depend on the same business and may be used

Weaknesses

Positive internal aspects depend on the same business (largely) need improvement

S1 long presence S2 Reputation and prestige

W1 Uncertainty W2 State deficit

S3 Cooperation with major commerce agencies S4 Competitive prices S5 Facilities S6 Innovating products S7 Product Quality

W3 Industry deficit W4 employee uncertainty W5 Old facilities need renovating W6 Sale in Greece W7 High cost

S8

Experienced personnel

W8 past Debts

S9 Promotion

Opportunities Positive external aspects that are not controlled

(Threats) Negative external aspects

that

are

not

by the company but may exploit.

controlled by the company, but they can minimize their impact.

O1 Exports O2 Price reduction O3 Area development O4 Wage cost O5 Government grants to improve facilities O6 staff appraisal systems Optimization O7 Increased sales, O8 the economic crisis works like ' incentive ' to employees to perform better to keep the positions

T1 Bankrupt T2 Country's Economic recession T3 International economic crisis T4 tax increase T5 Negative sales T6 Lack of Credits T7 Competitive companies T8 Liquidity T9 Economic uncertainty

The S.W.O.T. Analysis recorded above the strengths, weaknesses, opportunities and threats in a industry company. All the information collected to establish the strategic tool auto illustrating the aspects that, according to the respondents, characterize and shape the profile of that undertaking.

Nikos Kartalis et al. / Procedia Economics and Finance 5 ( 2013 ) 413 – 422

3.1 Swot matrix

417

The S.W.O.T Analysis constitute the source to set up the S. W. O. T Matrix. In this step the data collected are combined between them, taking into account in critical thinking. Specifically, the data from every aspect of primitives with appropriate elements of another dimension to produce a combination of Possibilities/Opportunities (S/O): according to the possibilities of undertaking that can take advantage of existing opportunities to improve even more Weaknesses/Opportunities (w/o): in accordance with the company's weaknesses that can take advantage of existing opportunities to correct the negative aspects of Opportunities/threats (S/T) : According to the company's capabilities that can prevent any threat, even to work positively Weaknesses/threats (W/T): in accordance with the company's weaknesses that can reduce the impact of threats the strategic objectives that will arise can be broken down into four individual aspects of BSC depending on what fits best with the table 2 below.

Table 2.SWOT MATRIX

Research and Learning

(W6/O1) Alternative Sales

(W4/O6) recruitment process

(S6/T5) innovating products

(S9/O6) staff Optimization

(S7/O1) exports

Internal jobs

 

W1/O7) guarantees to employees since the increase of Sales

(S9/O7) capture large market share

(W1/O3) creation of new jobs

(W1/T1)un confidence among company

(S9/T3) change the picture for competitors

(W5/O5) Renovation of old facilities

(W2/O8) payroll Renegotiation

Customs

 
 

(S1/T4) Adaption of new era

(S2/O7) Holding strong name for increasing sales

(S9/O2) advertising for the change prices

(S3/O2) association with the stands advertising business view

 

Finance

 
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(S5/O5) use of Government grants to improve product facilities

(W3/T5) Change of company profile

(W6/T6) Opening to new investors and customers

(W8/T2) debt settlement

(W7/S4) Adjustment cost of services

  • 3.2 Hierarchical analysis of four aspects (Analytic Hierarchy Process-AHP)

After the creation of S. W. O. T Matrix, the basis of choice of respondents, we create the hierarchical analysis and delineation of these options. This process was attempting to four folds and which of these are most important in relation to the other. Cost gravity pair co mpared to the first step of a hierarchical analysis of four objectives the researcher is asked to construct a table view of respondents ambiences.

Table 3.

 

Research and

Step 1

Finance

Customers

Internal Jobs

Learning

Finance

1

1/2

4

3

Customers

2

1

¼

3

Internal Jobs

1/4

¼

1

1/4

Research

and

Learning

1/3

1/3

1/3

1

Total

3.58

2.08

5.58

4.58

  • 3.3 Adaptation of pairs

In the second step of the hierarchical analysis to estimate the following table, divided by the price of each pair

with all of the corresponding aspect. After calculating the adjusted pair table series is the calculation of the averages of the values of this table to calculate the allocation and distribution of preferences of the

respondents.

.Average rate was calculated by dividing the total of the custom with the crowd ( Table 4).

Table 4.Adjustment

Step 2

 

Customers

Internal Jobs

Research and

Finance

Learning

Finance

0.279

0.240

0.716

0.655

0.472

Customers

0.558

0.480

0.044

0.072

0.288

Internal Jobs

0.069

0.120

0.179

0.054

0.105

Research and

Learning

0.092

0.158

0.059

0.218

0.131

Total

1.000

1.000

1.000

1.000

1.000

  • 3.4 Calculation of averages (m)

The third step in the AIR is the adjustment method of calculated averages in the combinations. This is

accomplished by multiplying each with the corresponding average compare aspects of first step 1 (Gravity Pair Table). Itself creates the following table that shows the values of the custom in comparisons through term of every aspect. whether the results are consistent. (Step 3)

Table 5 Average Adjustment

Finance

Customers

Internal Jobs

Research and Learning

0.472

0.236

1.888

1.416

Nikos Kartalis et al. / Procedia Economics and Finance 5 ( 2013 ) 413 – 422

Total

  • 0.576 0.288

0.072

0.095

  • 0.026 0.026

0.105

0.026

  • 0.043 0.043

0.043

0.131

1.117

0.593

2.108

1.668

419

Rating and cohesion measures to calculate the fourth and last step required both the calculation of scores collected by each one of the four aspects, as well as the calculation of the corresponding cohesion measures which support and show how consistent the results

Table 6

STEP 4

Degree

Measurement

Finance

0,472

2,366

Customers

0,236

2,516

Internal Jobs

1,888

1,116

Research and Learning

1,416

1,177

 

Average

1,792

To check the validity and consistency of results, but also to examine whether the sample was homogeneous, we need to estimate the number of overall coherence (Consistency). This number should not exceed 0.10 (10%) and is calculated in the following way:

CI/RI= Average -4,

3*1.24

=

0,59> 0.10 acceptable

As scores gathered every aspect, what seems clear is that the most important role, according to the respondents plays the financial aspect. Follow the customer aspect with almost twice the gravity from the aspect of learning and development. The basis of gravity and the standings of each aspect, the aspect that will be explained further in this work is the Financial aspect.

Table 7. Hierarchical analysis of the aspect of financial

Step 1

Changing the profile of

Opening to new

Favourable repayment

Cost of services

the company

investors for the exploitation of facilities

debt settlement

adjustment

Changing the profile of the company

1

0,33

0,5

0,33

Opening to new investors for the exploitation of facilities

2

1

0,5

0,33

Favourable repayment

3

2

1

3

debt settlement

Cost of services adjustment

2

1

2

1

Total

8

4,33

4

4,66

  • 420 Nikos Kartalis et al. / Procedia Economics and Finance 5 ( 2013 ) 413 – 422

Table 8.

 

Changing the profile of the

Opening to new investors for the

Favourable

Cost of services

 

STEP 2

repayment debt

company

exploitation of facilities

settlement

adjustment

Changing the profile of the company

0,125

0,076

0,125

0,070

0,099

Opening to new investors for the exploitation of facilities Favourable

0,250

0,230

0,125

0,070

0,168

repayment debt settlement

0,375

0,461

0,250

0,643

0,432

Cost of services adjustment

0,250

0,230

0,500

0,214

0,298

Total

1.000

1.000

1.000

1.000

1.000

Table 9

STEP 3

ADJUSTMENT IN THE MEDIUM TERM

Changing the profile of the company

Opening to new investors for the exploitation of facilities

Favourable repayment debt settlement

Cost of services adjustment

0,099

0,198

0,297

0,596

0,055

0,168

0,336

0,168

0,216

0,216

0,432

0,864

0,098

0,098

0,894

0,298

0,468

0,680

1,959

1,926

4,727

3,434

6,595

3,231

Table 10.

STEP 4

 

Degrees

Cohesion Measures

Changing the profile of the company

0,468

4,727

Opening to new investors for the

0,680

3,434

exploitation of facilities Favourable repayment debt settlement

1,959

6,595

Cost of services adjustment

1,926

3,231

 

AVERAGE 4,496

CI/PI = Average -4

=

0,15> 0.10 not acceptable

3*1,24

Nikos Kartalis et al. / Procedia Economics and Finance 5 ( 2013 ) 413 – 422

421

After the hierarchical analysis of aspect financial, shows that the number of overall coherence (Consistency) is greater than 10%. This shows that there is no great coherence and consistency in the responses of the respondents. This is probably because the survey sample consisted mostly of several employees in the hotel who basically not able to know the financial intricacies of enterprise cm deep.

4. Conclusions

This paper analyze the theoretical and practical approach of strategic Balance scorecard tool, analyzing the advantages and disadvantages, areas that can be applied and the procedures followed in hierarchical order when applied to industry company. The conclusion is that the Balance Scorecard method (BSC) can be applied as a performance measurement to an industry in Greece. Moreover, the four perspectives offers a framework for translating strategic objectives into performance measurements that measure the effects of implemented strategies and provide feedback on the performance of strategic initiatives (Bergen C.W& Benco D, 2004)

Nevertheless, it appears that the most important role, according to those surveyed, occupies the image that shows the business and this classifies as a first priority to change the company's image to the general public. In addition, this follows the strategic objective that calls for adjustment the cost of product. Finally very major view appears to be the settlement of debts ,concerning the economic crisis.

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