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Introduction
The Balanced Scorecard (BSC) model was developed to address the problems and limitations of relying solely on traditional financial measures when business executives are assessing corporate performance (Kaplan and Norton, 1992). The model integrates financial and non-financial measures to combat the historical (lagging) nature of most accounting measurement systems, along with their potential for manipulation by senior executives, misdirection and short-termism (Norreklit et al. , 2008). Thus, the BSC model was designed to combat overreliance on purely financial measurement systems in assessing corporate performance.
While it retains the financial perspective, the BSC model also incorporates three more non-financial perspectives: the customer, internal business processes and innovation (learning and growth) perspectives (Kaplan and Norton, 1992). From its conceptualization up to date, inventors of the BSC model, Kaplan and Norton, have maintained the same four perspectives. The model has achieved worldwide recognition and acceptance as both a performance measurement framework and a corporate planning tool (Bigliardi and Bottani, 2010; Bourguignon et al. , 2004; Taylor and Baines, 2012).
Research aim and objectives
This research article aims at critically reviewing and analyzing the conceptualization of the four perspectives surrounding the BSC model. The review and analysis processes are based on the assessment of pertinent issues surrounding the validity and relevance of the model, especially within an African context. Specifically, the article strives to critically review relevant literature on the BSC model by discussing its background, conceptualization and assumptions; to review and analyze the significance and practical use of the model in the modern business environment; and to review and analyze challenges and limitations that the BSC model has toward fulfilling its mandate of being used as a strategic management tool on corporate performance measurement systems. More focus is given to the cognizance of the uniqueness of Africa's socio-cultural framework, which is different from that of Western society upon which the model was developed.
Research methodology
As the review and conceptual research on BSC model application in Africa, the study was conducted through secondary research using different sources of information as outlined below. The main steps that were followed when designing the review paper included the identification and generation of critical issues regarding perspectives surrounding corporate performance and the BSC model, review of perspectives on performance measurement...