The Evolution of the Balanced Scorecard in the JSE Top 40: Adaptation, Digital Integration, and Environmental, Social, and Governance Convergence

Dickson Mdhlalose

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

Abstract: The Balanced Scorecard (BSC), originally developed by Kaplan and Norton in 1992, remains one of the most widely referenced strategic performance management frameworks globally. However, the question of whether South Africa's largest corporations, as represented by the JSE Top 40 index, continue to use the BSC as a living strategic instrument or have allowed it to calcify into a static compliance exercise is both empirically underexplored and strategically consequential. This paper examines the current use, adaptation, and perceived effectiveness of the BSC among JSE Top 40 companies, with specific attention to two transformative pressures: digital disruption, which is reshaping the technological infrastructure of performance management; and environmental, social, and governance (ESG) imperatives, which are demanding a fundamental reconceptualisation of the dimensions of corporate value creation. Drawing on an integrative review of 60 peer-reviewed and practitioner sources published between 2020 and 2026, the paper argues that the BSC is neither obsolete nor adequate in its classical form. Rather, a new generation of adaptive, digitally enabled, and ESG-integrated BSC architectures is emerging among leading JSE companies, though uptake is uneven and the quality of adoption varies considerably. The paper contributes a conceptual evolution framework, synthesises the latest empirical evidence on JSE adoption patterns, and offers recommendations for boards, executives, and management accountants seeking to restore the BSC's strategic vitality.

Keywords: Balanced Scorecard (BSC); JSE Top 40; Environmental; Social; and Governance (ESG) integration; Digital performance management; Strategy execution (search for similar items in EconPapers)
JEL-codes: G34 L20 M19 M41 Q56 (search for similar items in EconPapers)
Date: 2026
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