Balanced Scorecards in Finnish Companies: A Research Note

Posted: 26 May 2001

See all articles by Teemu Malmi

Teemu Malmi

Aalto University School of Business


The Balanced Scorecard (BSC) seems to be the latest management fashion to sweep the organizational world. Despite its apparent popularity, we have only limited systematic, research-based evidence on BSC applications. This study aims to find out how BSCs are applied in Finland and why companies adopt them. The study comprised a series of semi-structured interviews in 17 organizations. It appears that BSCs are used basically in two different ways. The first approaches management by objectives. The second is to us BSCs merely as an information system. Moreover, our findings suggest that the idea of linking measures together based on assumed cause-and-effect relationships was not well understood by the early adopters of BSCs. In explaining the popularity of BSCs in Finland, supply-side forces seem to have an important role. These results, as well as the definition of the BSC, are discussed and ideas for further research are presented.

Keywords: Balanced Scorecard; Non-financial measurement; Performance management

JEL Classification: M40, M46

Suggested Citation

Malmi, Teemu, Balanced Scorecards in Finnish Companies: A Research Note. Available at SSRN:

Teemu Malmi (Contact Author)

Aalto University School of Business ( email )

P.O. Box 21220
Aalto, 00076
+358 40 5100827 (Phone)

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