The Innovativeness and Usage of the Balanced Scorecard Model in SMEs

Zdenka Dudic, Branislav Dudic, Michal Gregus, Daniela Novackova and Ivana Djakovic
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Zdenka Dudic: Faculty of Economics and Engineering Management, University Business Academy, 21102 Novi Sad, Serbia
Branislav Dudic: Faculty of Economics and Engineering Management, University Business Academy, 21102 Novi Sad, Serbia
Michal Gregus: Faculty of Management, Comenius University in Bratislava, 814 99 Bratislava, Slovakia
Daniela Novackova: Faculty of Management, Comenius University in Bratislava, 814 99 Bratislava, Slovakia
Ivana Djakovic: Faculty of Technical Sciences, University of Novi Sad, 21102 Novi Sad, Serbia

Sustainability, 2020, vol. 12, issue 8, 1-22

Abstract: By using the balanced scorecard model, a company is able to identify its advantages, as well as its deficiencies, and thus improve its business. The introduction of innovations and the implementation of innovative activities in companies are key for gaining a competitive advantage. There is no ideal model that would measure the non-financial, non-tangible perspectives of a company (such as customer perspective, the perspective of research and innovation, and the perspective of internal processes). The main goal of this paper is researching the applicability of the balanced scorecard model in small- and medium-sized companies as the basis for a model for assessing innovative activities in the Republic of Slovakia and the Republic of Serbia. First, a hypothetical model was created based on theoretical data from world scientific articles. Then, the structural equation model (SEM model) was created, based on the conducted research in 223 companies and the obtained results.

Keywords: balanced scorecard (BSC) model; innovations; innovative activities; SEM; small- and medium-sized companies (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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