The role of Key Performance Indicators as a performance management tool in implementing corporate strategies: A critical review of the literature

Ivo Hristov, Antonio Chirico and Riccardo Camilli

FINANCIAL REPORTING, 2022, vol. 2022/1, issue 1, 117-151

Abstract: Over recent decades, organizations have moved into highly competitive markets that force companies to implement Performance Management Systems (PMSs) to keep monitoring strategy alignment and activities. In this context, this paper provides a Systematic Literature Review (SLR) on the use of Key Performance Indicators (KPIs) in PMSs. Relevant and useful papers have been selected for the analysis and the final 60-paper sample has been studied by means of con-tent analysis and descriptive statistics. The relevant findings have been reported across categories (i.e. value drivers, practices and measures, contextual drivers, and critical issues), such as increasing the use of KPIs supporting sustainable de-velopments and a dichotomy between qualitative and quantitative indicators. In particular, authors revealed the need for a KPI strategical formulation and for a cultural factor aimed at ensuring the effective integration of quantitative, qualita-tive and sustainable development indicators. Therefore, a conceptual model was developed in order to guide managers through the criticalities and the recently reported requirements. This review addresses the KPIs? implementation from both a systemic and critical point of view; these aspects made our study really useful for practitioners of all application sectors.

JEL-codes: M41 (search for similar items in EconPapers)
Date: 2022
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