Abstract

This empirical study introduces a combination of financial and nonfinancial performance measurements based on the Balanced Scorecard (BSC) concept for advanced decision science in firm performance management processes. A need exists to confirm the BSC’s true value in the management process for achieving firm performance. The suitable sample size for testing this study’s model was 265 Vietnamese enterprises, all applying the BSC in their business administration. The data were collected using a questionnaire survey administered to the Vietnamese enterprises in Ho Chi Minh City (HCMC). The information was gathered through a questionnaire survey distributed to Vietnamese businesses in HCMC using a convenience sampling technique. The data was input into SPSS to test the study’s model and hypotheses. The study outcomes indicated a significant relationship between BSC usage and the enterprises’ performance. When enterprises changed key factors in the BSC, their overall performance level also changed. The study’s results also indicated that enterprises' overall performance can have financial and nonfinancial components. Based on the results, the researcher recommends that Vietnamese enterprises can reference and apply the valuable data and knowledge provided by this study to restructure their strategic management. Thus, they could attain higher overall performance in their business, management, operational, and manufacturing sectors.