Toward a Subjective Measurement Model for Firm Performance
| Autor | Juliana Bonomi Santos - Luiz Artur Ledur Brito |
| Cargo | Lancaster University Management School, Lancaster, UK - Fundação Getúlio Vargas, EAESP/FGV, São Paulo, SP, Brazil |
Available online at
http://www.anpad.org.br/bar
BAR, Rio de Janeiro, v. 9, Special Issue,
art. 6, pp. 95-117, May 2012
Toward a Subjective Measurement Model for Firm Performance
Juliana Bonomi Santos *
E-mail address: j.bonomisantos@lancaster.ac.uk
Lancaster University Management School
Lancaster, UK.
Luiz Artur Ledur Brito
E-mail address: luiz.brito@fgv.br
Fundação Getúlio Vargas – EAESP/FGV
São Paulo, SP, Brazil.
* Corresponding author: Juliana Bonomi Santos
Management Science Department, Lancaster University Management School, Lancaster University, Lancaster,
LA1 4YX, UK.
Copyright © 2012 Brazilian Administration Review. All rights reserved, including rights for
translation. Parts of this work may be quoted without prior knowledge on the condition that
the source is identified.
J. B. Santos, L. A. L. Brito 96
BAR, Rio de Janeiro, v. 9, Special Issue, art. 6, pp. 95-117, May 2012 www.anpad.org.br/bar
Abstract
Firm performance is a relevant construct in strategic management research and frequently used as a dependent
variable. Despite this relevance, there is hardly a consensus about its definition, dimensionality and
measurement, what limits advances in research and understanding of the concept. This article proposes and tests
a measurement model for firm performance, based on subjective indicators. The model is grounded in
stakeholder theory and a review of empirical articles. Confirmatory Factor Analyses, using data from 116
Brazilian senior managers, were used to test its fit and psychometric properties. The final model had six first-
order dimensions: profitability, gr owth, customer satisfaction, employee satisfaction, social performance, and
environmental performance. A second-order financial performance construct, influencing growth and
profitability, correlated with the first-order intercorrelated, non-financial dimensions. Results suggest dimensions
cannot be used in terchangeably, since they represent different aspects of firm performance, and corroborate the
idea that stakeholders h ave different demands that need to be managed independently. Researchers and
practitioners may use the model to fully treat performance in empirical studies a nd to understand the impact of
strategies on multiple performance facets.
Key words: firm performance; confirmatory factor analysis; measurement model; subjective indicators.
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