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AKSIYADORLIK JAMIYATLARIDA FAOLIYAT SAMARADORLIGINI
O'LCHASHNING KENG QAMROVLI ASOSI SIFATIDA BALANSLANGAN
KO'RSATKICHLAR TIZIMINI QO'LLASH
Tursunaliyev Ibroximjon Usmonali o‘g‘li
Toshkent davlat iqtisodiyot universiteti
ORCID: 0009-0004-3267-6213
Annotatsiya.
Ushbu maqolaning maqsadi balanslangan ko'rsatkichlar tizimini (BSC)
ommaviy savdo kompaniyalari faoliyatini o'lchash uchun kompleks tizim sifatida qo'llashni
o'rganishdir. Balanslangan ko'rsatkichlar tizimi strategik boshqaruv vositasi bo'lib, moliyaviy va
nomoliyaviy ko'rsatkichlarni o'z ichiga olgan holda tashkilot faoliyatining yaxlit ko'rinishini
ta'minlaydi. Ushbu tadqiqot ochiq ma'suliyatli kompaniyalar kontekstida BSC tizimining
afzalliklari, muammolari va amaliy qo'llanilishini o'rganadi.
Kalit so'zlar:
samaradorlikni o'lchash, balanslangan ko'rsatkichlar tizmi, aktsiyadorlik
jamiyatlari, asosiy ko'rsatkichlar.
ПРИМЕНЕНИЕ СИСТЕМЫ СБАЛАНСИРОВАННЫХ ПОКАЗАТЕЛЕЙ В
КАЧЕСТВЕ КОМПЛЕКСНОЙ СИСТЕМЫ ИЗМЕРЕНИЯ ЭФФЕКТИВНОСТИ
ДЕЯТЕЛЬНОСТИ АКЦИОНЕРНЫХ ОБЩЕСТВ
Турсуналиев Иброхимжон Усмонали угли
Ташкентский государственный
экономический университет
Аннотация
.
Целью данной диссертации является изучение применения системы
сбалансированных показателей (BSC) в качестве комплексной системы измерения
эффективности деятельности акционерных компаний. Сбалансированная система
показателей –
это инструмент стратегического управления, который обеспечивает
целостное представление об эффективности деятельности организации путем
включения финансовых и нефинансовых показателей. В этом исследовании изучаются
преимущества, проблемы и практическое внедрение системы BSC в контексте
акционерных обществ.
Ключевые слова:
измерение эффективности, сбалансированная система
показателей, акционерные общества, ключевые показатели эффективности
.
UO
‘
K: 657.01:658(575.1)
II SON - FEVRAL, 2024
223-229
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THE APPLICATION OF BALANCED SCORECARD SYSTEM AS A COMPREHENSIVE
PERFORMANCE MEASUREMENT FRAMEWORK FOR JOINT STOCK COMPANIES
Tursunaliev Ibrokhimjon Usmonali ugli
Tashkent state university of Economics
Annotation.
This thesis aims to explore the application of the Balanced Scorecard (BSC)
system as a comprehensive performance measurement framework for joint stock companies. The
Balanced Scorecard is a strategic management tool that provides a holistic view of organizational
performance by incorporating financial and non-financial measures. This research investigates
the benefits, challenges, and practical implementation of the BSC system in the context of joint
stock companies.
Key words:
performance measurement, balanced scorecard, joint stock companies, key
performance indicators.
Introduction
Joint stock companies are a significant component of the nonpublic sector, contributing
positively to economic growth and attracting the attention of various academics. Enterprise
performance evaluation is a method of analysis used to examine an organization's current state
and potential for sustainable growth. It serves as a roadmap for internal self-evaluation and the
creation of future development initiatives. Methods for evaluating enterprise performance are
always evolving, and the impacts of their use can differ based on the particular research
techniques employed. Consequently, a suitable joint stock company evaluation technique has a
big influence on how accurately it represents the true performance level of businesses.
Nevertheless, there are a few issues with the JSC performance evaluation system. Performance
indicator types are, on the one hand, singular and biased. Currently, the primary foundation of
the JSC's performance evaluation system is a range of financial indicators that show the
profitability, solvency, asset position, and operating growth status of businesses. One of the
most crucial elements for corporate organizations is performance measurement. Performance
measurement is an attempt by management to assess how each responsibility center's
implemented tasks performed in relation to the predetermined benchmarks in a management
control system of a business organization. Establishing reward and punishment schemes for
employees strengthens performance measurement, which makes it a useful tool for corporate
control.
These days, the Balanced Scorecard (BSC), Key Performance Indicator Assessment (KPI),
Management by Objectives (MBO), and Economic Value Added (EVA) are the most widely
utilized performance evaluation techniques. Among them, BSC offers various benefits and is
frequently used in performance evaluation as a strategy-based performance management
technique. The four primary evaluation elements of BSC are learning and growth, internal
processes, financial, and customers. These dimensions represent the interests of shareholders,
customers, employees, and other stakeholders. The significance of each component is
determined by the index's weight, which is a measure of how essential the enterprise's strategic
objectives are. The BSC dimensions are connected to one another and have a specific causal
relationship with one another.
This study examines performance evaluation of joint stock companies based on BSC. A
new performance evaluation system is established from the four perspectives of finance,
customers, internal processes, and learning and growth. These factors are combined with the
production and operation features of JSC and associated industry policies. It can support the
early achievement of strategic objectives and enhance JSC's business performance
management. It can also serve as a guide for developing an enterprise performance assessment
system.
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Literature review.
Several academics have examined LC's performance using a variety of techniques, such as
operating, financial, and comprehensive performance. Li et al., for instance, examined the
agricultural LC's operating efficiency using the DEA model (Li, Piao, et al., (2020).
In contrast to other research, this work creatively included two input variables
—
asset
impairment loss and business tax and surcharge
—
into the examination of variables that can
influence the operating efficiency of agricultural LC. Ban et al. used the TOPSIS approach and
the Fuzzy Analytic Hierarchy Process to study the performance level of JSC (Ban and Bogdan,
2020).
This article created an index system with fifteen indexes, seven of which were
nonfinancial and eight of which were financial. Furthermore, the outcomes demonstrated that
nonfinancial indicators would also significantly affect JSC's overall performance. Ban et al.
chose 18 financial indicators and determined the weight of each indicator using the standard
deviation (SD) approach. Their focus was on the financial performance evaluation of listed
retail firms. Among these financial indicators, they discovered through empirical investigation
that the leverage ratio had the biggest effect on listed retail firms. Nguyen et al first used BSC in
the development of corporate performance evaluation metrics. This strategy has the advantage
of considering both internal and external process indicators in addition to standard
performance indicators like financial, quality, and service objectives. Then, using the evaluation
laboratory, decision experiment, and network analysis process method in combination with the
grey system theory, managers were able to eliminate the ambiguity and uncertainty that they
frequently experienced when making decisions. Performance measurement is the process of
evaluating how well an organization is doing in reaching the goals and objectives it has set out
to support the accomplishment of its mission. This involves evaluating the efficacy and
efficiency of its operations. The primary aim of performance appraisals is to incentivize staff
members to meet pre-established behavior standards and organizational goals in order to
generate the intended actions and outcomes.
A method for measuring performance that will evaluate both financial and non-financial
performance is the balanced scorecard. The goal of the balanced scorecard is to evaluate a
company's performance from four distinct perspectives. Figure 1 displays each dimension's
central idea.
Figure 1. Evaluation dimension of balanced scorecard
(Kaplan and Norton, 2003)
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Thus, accordint to Hsu, Liou and Lo, it is essential for joint stock companies to implement
BSC to construct performance evaluation index system. First, it enhances the framework for
evaluating enterprise performance (Lu, Hsu et al. 2018). The majority of enterprise
performance metrics used today are financial ones, however enterprise performance is
influenced by a wide range of factors, making it impossible to accurately assess the success of
some functionally comprehensive departments. The use of BSC can force managers to focus on
factors other than financial metrics, which can greatly increase the effectiveness of
management and operation inside the company. Furthermore, according to Kaufman et al. it
facilitates the achievement of business strategic objectives (Kaufman, Barry and other 2019).
Despite having a clear corporate vision and set of strategic goals, the enterprise's strategic
planning is not well-executed, integrated, or suited to the day-to-day activities of its workforce.
According to Muda et al. BSC is a useful tool for performance management in addition to being
a scientific approach to strategic performance evaluation (Muda, Roosmawati and other 2018).
It can break down strategic objectives and narrow them down into targeted performance
evaluation indicators, which helps businesses monitor and strengthen their strategic
implementation. Additionally, as Sarraf and Nejad (2020) said it encourages workers'
excitement for their jobs. According to Hsu and Lin (2021) Employee enthusiasm for
performance reviews will decrease if managers and staff are unable to effectively communicate
and provide feedback, as this will cause the assessments to not fairly represent the needs of the
workforce. Dincer and Yuksel (2019) think that through the tiered decomposition of strategic
objectives, BSC may bring together all departments and personnel at all levels of an
organization, improving staff comprehension of business planning and strategic objectives.
Research methodology.
In the article, the methods of comparison, analysis and synthesis, induction and
deduction, grouping and analysis are widely used.
Results and Discussion.
Company A is taken as an example and we calculated quantitative indicators data for
2022, namely financial data. We collect data using questionnaires for metrics like employee and
customer satisfaction. Table 1 displays the total performance results of enterprise A, which are
obtained by summing the scores of each performance evaluation index.
Based on the computation, enterprise A's 2022 total performance evaluation score is
107.52. The enterprise meets the exceptional criterion when we compare the computation
results with the joint stock companies' performance evaluation standard value. In general,
enterprise A does well. Here is a thorough examination from a number of angles. First, over half
of the whole score comes from the financial dimension, where the performance evaluation's
overall score is 58.41. The financial dimension index has a pretty high weight, but it also
demonstrates that firm A's financial condition is excellent in 2022. The financial dimension was
enhanced by the growth rates of business income, return on net assets, and total assets, all of
which surpassed the goal value. Second, when considering the customers dimension, the overall
performance evaluation score is 27.63, indicating positive outcomes for market share,
customer acquisition rate, and satisfaction. It demonstrates that consumers of business A are
happy with the company's goods and services on the one hand, and it also helps the business
gain from the improved market development on the other. Nevertheless, the percentage of
propaganda expenses fell short of the desired level, suggesting that business A has to increase
the focus of product publicity. Thirdly, the index of production plan completion rate makes a
significant contribution to the overall performance evaluation score of 9.27 from the standpoint
of internal processes.
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Table 1
Application outcomes for enterprise A's BSC performance evaluation system
This is primarily because business A takes advantage of the industry's development
potential and sees a considerable increase in sales revenue, both of which encourage employees
to perform better on a personal level. Additionally, enterprise A's input rate of research and
development expenditures has increased but still has to be enhanced. Finally, the performance
evaluation's overall score is 12.21 when looking at learning and development. The real value of
this dimension and the enterprise's intended value differ somewhat, particularly in terms of
the rate of increase in R&D spending and staff expansion. Therefore, businesses must consider
the actual demands of their workforce and keep refining their incentive and salary structures.
Businesses should set up a reliable and efficient organizational responsibility structure to
guarantee that the BSC performance appraisal system is implemented correctly. First and
foremost, businesses must establish specialized performance assessment teams. High-level
businesses can act in the role of team leaders, grasping the overarching goals of performance
evaluation and promptly resolving any issues that arise during the process of putting it into
practice. Second, businesses must set up established procedures for conducting business. It
helps businesses streamline their laborious and complicated tasks, increasing productivity and
elevating internal management standards. Lastly, businesses assign rights and responsibilities
by outlining the duties of various departments and employees in order to inform workers of
their rights and obligations.
The BSC performance management system is a complex and large-scale initiative that
breaks down an organization's strategic goals into departments and even individual goals.
82
author’s development.
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Therefore, for it to be implemented effectively, all employees of firms must actively participate.
The enterprise management should prioritize playing the role of leader. Second, the key players
in fostering corporate performance and deeply enhancing workers' comprehension of the BSC
performance evaluation system and their roles are the personnel across all departments. The
performance evaluation system can only be successfully implemented when departments and
levels collaborate and oversee one another. Since business A's staff members currently only
have a cursory awareness of BSC, the management can increase their comprehension by
holding knowledge competitions or thematic training sessions.
The outcomes of the enterprise performance assessment should be carefully integrated
with the incentive systems, including performance-based pay and bonuses, hiring promotions,
training and selection, rewards, and reference evaluation. We can only completely mobilize
employees' excitement when we play the role of performance evaluation, which requires a close
integration with their actual demands. Businesses should also promptly, openly, and clearly
provide feedback to employees on the outcomes of performance reviews so they can identify
and address any areas of weakness. To improve the issues found in the performance evaluation
on time, leaders should also increase their daily communication with subordinate employees,
pay attention to their needs and ideas, comprehend their working status and advancement, and
listen intently to their opinions and suggestions.
Conclusion.
We narrow the company's strategic objectives to 24 indicators from four dimensions by
examining LC's present performance evaluation techniques and merging them with their goals.
We then use the BSC method to develop a performance evaluation system for LC. Second, we
create a thorough performance evaluation model for enterprise A. The evaluation's final score
is 107.52, which suggests that enterprise A is performing well. Thirdly, we proposed the
relevant guarantee measures, namely creating and strengthening the organizational
responsibility mechanism, raising employee awareness and participation, and strengthening
the application mechanism for performance evaluation results, in order to improve BSC's
implementation in business A.
The performance evaluation system for enterprise A has only been designed at the
enterprise level in this study; the departmental and individual levels have not been thoroughly
examined. There is still a lot of uncharted territory for investigation, and further studies should
be possible in the future. Furthermore, the expert scoring approach is mostly used in this
research to determine the weight of the assessment index. Even if industry professionals and
experts are consulted, there is considerable subjectivity involved. More research is still needed
to determine how to make the performance evaluation index system as scientific and useful as
possible, as well as how to increase the weight of the index's correctness and impartiality.
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