TO PURSUE OR NOT: WHY NIGERIAN DEPOSIT BANKS NEED TO EMBRACE THE BALANCED SCORECARD
Abstract
The balanced scorecard as one of the strategic performance measurement tools has changed the face of performance assessment in management and has been widely discussed and analyzed since Kaplan and Norton introduced the concept in the early 1900s. However, this is not so in developing economies. In Nigeria, particularly in the banking sector, the need to use the balanced scorecard as a basis for managing and measuring performance is at a low. Using the stakeholder theory, this study discussed the importance of the balanced scorecard as a tool to manage firm performance and stakeholders’ needs. It recommended that Nigerian banks implement and fully utilize the balanced scorecard as a strategic performance tool.
Key Words: Balance Score Cards, Strategic Management Tools, Nigerian Banks
CITATION: Enyinnah, N., Enyinnah, A., Njoku, P., & Nwachukwu, C. E. (2022). To pursue or not: Why Nigerian deposit banks need to embrace the balanced scorecard. The Strategic Journal of Business & Change Management, 9 (4), 789 – 800.
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DOI: http://dx.doi.org/10.61426/sjbcm.v9i4.2451
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