The determinants and finance consequence of balanced scorecard implement : the case of listed companies in Thailand / Wasatorn Shutibhinyo = ปัจจัยที่มีผลกระทบและผลทางการเงินของการประยุกต์การบริหารเชิงดุลยภาพ : กรณีศึกษาบริษัทจดทะเบียนในประเทศไทย
The objectives of this study are threefold: (1) to explore the BSC application among firms listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investments (MAI) by employing a developed framework of Balanced Scorecard (BSC) stage classification considering BSC attributes embedded in firms' performance measurement systems, (2) to study the determinants that influence firms' reaching higher stages of BSC application, and (3) to study the fianancial consequence of BSC implementation. This study obtains both primary and secondary data from questionnaires sent to CFO's of the listed firms and from SET Market Analysis and Reporting Tool (SETSMART), respectively. The statical techniques employed in this study include logistic regression analysis for cross-sectional data. The data anaklyses are based on 0.10 significance level. Based on 73 useable survered respondents, it is found that the proportions of BSC-adopted and BSC-implemented firms are 26%, respectively. The determinant study finds that the external factor (environment uncertainty), the structural factors (participation, formalization, interconnectedness and information system) and the attitudinal factor (attitude toward BSC) are positively associated with the extent to which firms reach higher stages of BSC application. The structural factors also found to be indirectly associated with raching higher states of BSC application through the attitudinal factor. Futhermore, it is found that the executional factors (top management support, CFO's involvement, team and training) are directly associated with the extent to which firms reach the implementation stage of BSC application and indirecly through the attitudinal factor. Regarding the study of the financial consequence of BSC implementation in terms of return on equity (ROE) improvement, the results support the notion that firm with the BSC implemnetation are likely to have higher (ROE improvement than those at the lower level of BSC application.