Resumen de Learning to create value through the ‘balanced scorecard' model: an empirical study

Jordi Perramon Costa, Alfredo Rocafort Nicolau, Llorenç Bagur Femenías, Josep Llach

• This paper tries to identify the process of creating value by analysing the cause–effect relationships within the perspectives of the balanced scorecard (BSC) model suggested by Kaplan and Norton [(1992). The Balanced Scorecard – measures that drive performance. Harvard Business Review, 70(1), 71–89]. The paper is based on 253 firms from the region of Catalonia (Spain). The main finding of the article is that using a BSC is a good way to understand how the value is created through the investment in human resources. The cause–effect relationships within the perspectives of the BSC model are validated. A formal, systematic and large-scale methodology has been used, giving answer to the claim by the academics for the use of path modelling methodologies to prove the effectiveness of the model. In addition, the internal dimensions of the four perspectives have been validated, too. The conclusions reached in the article may be of interest for both academics and professionals to understand the logical flow of consequences produced by any decision.