The Usage of the Perspectives Comprising the BSC from the Family Firm’s Point of View : A Case Study Influenced by the Spirit of Gnosjö
Abstract: Even though family firms play a significant role in the economy, research regarding family firms is relatively new and is still an emerging field of study. Family firms possess specific characteristics distinguishing them from nonfamily firms. Moreover, there are other issues within the family firm research that has not been fully explored, and one of them is management accounting and control. Researchers have suggested that more research is needed on performance measurement focusing on both financial and non-financial information. A tool that includes both financial and non-financial measures is the Balanced Scorecard (BSC). As family firms are influenced by its location, the phenomenon known as the spirit of Gnosjö will be taken into consideration throughout the thesis. The aim of this thesis is to explore the usage of the perspectives comprising the BSC in SME family firms operating within the region of Gnosjö. In order to fulfill the purpose, a case study was carried out. The data was collected by conducting interviews. Further, the sampling process resulted in interviewing 13 participants in four companies. The findings show that all four companies use the perspectives comprising the BSC, however, the findings also indicate that the usage is influenced by familiness and the companies’ location. Further, this study confirms that using stewardship theory in family firms is suitable, aligning with previous research, specifically in SME family firms. Finally, we can conclude that formalized management accounting systems are not fully prevalent among the family firms.
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