Journal
JOURNAL OF BUSINESS RESEARCH
Volume 67, Issue 9, Pages 2000-2007Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2013.10.011
Keywords
Formal strategic planning; Planning flexibility; Innovativeness; Firm performance
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This study explores the link between financial performance and the formal strategic planning process, planning flexibility, and innovativeness of 448 firms in a multi-industry sample. The results suggest that firms' formal strategic planning processes and planning flexibility are positively associated, and each is positively related to innovativeness. In addition, innovativeness fully mediates the relationships between firm performance and the formal strategic planning process and planning flexibility. (C) 2013 Elsevier Inc. All rights reserved.
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