سیستم کنترل در شرکت های تجاری چندگانه: از مدیریت عملکرد تا مدیریت استراتژیک

This article discusses the role of control systems in multibusiness companies. The focus is on formulation and implementation of corporate and business unit strategies. Three widely used categories of control models are discussed: (1) models for performance management, (2) models for value-based management, and (3) models for strategic management. The discussion is based upon central normative texts and examples from applications in Nordic companies. The description and discussion of the control models and their features should facilitate decision-making on the design and use of control systems in multibusiness companies.

The primary mission of management is to formulate and implement value-creating strategies. In a multibusiness company, with its many complex activities, that task is especially demanding, as was shown by several European firms that were compelled to change abruptly and drastically during the 1990s — among them BMW, British Aerospace and Ericsson. At these companies, corporate management was forced to downsize money-losing business units (BUs) within their core business. Low stock valuations have made other multibusiness companies prey for corporate raiders, resulting in divestitures and split-ups. Even economically successful multibusiness companies are now questioned by analysts and debaters in a way which formerly was unthinkable. One explanation is that many multibusiness companies find it hard to adjust to the demands of globalization and increasing competition. According to Goold et al. (1994), many problems of adjustment are due to internal routines and processes. In particular, companies seem to find it difficult to formulate a value-creating corporate strategy and to co-ordinate their BUs so that the strategy is implemented and synergies are exploited. A multibusiness company and its corporate management thus face the challenge of creating a control system which aligns the capabilities of the BUs with the competitive marketplace as well as the corporate strategy. Although the problems of many multibusiness companies have contributed to a renewed interest in the role of control systems in the formulation and implementation of strategies, these issues have been under discussion for a long time. One of the pioneers in this area is Robert N. Anthony; the framework which he presented in 1965 is still central today in defining the role of a control system (Anthony, 1965). Under the heading of ‘Management Control’, Anthony discussed the use of financially based models, with measures like Return on Investment (ROI) and Residual Income (RI), in establishing systems of planning and follow-up. In practice, however, it has proven difficult to use these models to create control systems for multibusiness management which further the long-term objectives of owners and the strategies chosen by corporate management. Critics have held that these models focus excessively on short-term financial performance and that for this reason management does not always act in accordance with the long-term interests of the owners. Researchers with backgrounds in financial economics have reacted by elaborating on the original models and re-launching them under names like Economic Value Added (EVA)1 and Cash Flow Return on Investment (CFROI). Any ‘agent problems’ are supposed to be handled by rewarding management through the use of so-called value-based models, which their proponents claim will accurately reflect the creation of shareholder value. In parallel with this development, a growing number of scholars are becoming highly skeptical of all types of financially oriented control models. According to these critics, the focus on financial measures provides a one-sided picture of corporate operations, making effective co-ordination difficult (Johnson and Kaplan, 1987). Models such as the Balanced Scorecard and the Performance Pyramid were developed partly to remedy this shortcoming by providing better co-ordination of corporate business through a combination of financial and non-financial measures. These measures, it is emphasized, are to be clearly linked to the corporate and business strategies of the firm and should thus be a valuable aid in its strategic management (Olve et al., 1999). The presentation will be based on the following three categories of control models for multibusiness management: (1) models for performance management, (2) models for value-based management, and (3) models for strategic management. All were advanced by scholars and practitioners as possible solutions to problems of co-ordination in complex organizations with multiple business units. Empirical studies have also shown that models of this kind have gained wide acceptance at multibusiness companies (Kald and Nilsson, 2000). The purpose of this article is to analyze the fundamental similarities and differences among the three categories of control models and the possible implications for multibusiness management.

The three models of control reflect different conceptions of the relationship between corporate and BU management in a multibusiness company. All three are intended to promote agreement on goals and strategies through a dialogue on preferences and possibilities. All three acknowledge, mobilize and exploit local knowledge in pursuing organizational goals and strategies. How then should companies decide which model to choose? The question is particularly relevant since the three models have been presented as universally applicable. Proponents of value-based management regard it as more advanced than performance management. Others recommend Balanced Scorecards and similar models, claiming that purely financial controls will be misleading. Yet in many boardrooms there must be a preference for controls with a link to external financial reports, i.e. what we call performance management, as best reflecting market expectations. Considering the discussion in the preceding sections, we believe that there will be a general tendency towards the situation depicted in Figure 4. Here, two dimensions are in focus: corporate strategy and organizational level. For different corporate strategies and organizational levels, the figure shows which of the three types of control model can be expected to be most successful. In this context, ‘successful’ means that the control model has a dominant influence on multibusiness management but that elements of other control models may be present. For example, since performance management has long been a well-established method of planning and follow-up, it may be expected to have a certain influence regardless of the corporate strategy or organizational level under discussion. In light of this statement, and of the interplay with other types of informal controls, Figure 4 must be considered a simplification that only describes a number of tendencies. We do believe, however, that it provides a good starting point for companies seeking to analyse and develop their control structure.