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The purpose of firms and its influence on formulating their missions and visions

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dc.title The purpose of firms and its influence on formulating their missions and visions en
dc.contributor.author Slinták, Karel
dc.contributor.author Dvorský, Ján
dc.relation.ispartof Montenegrin Journal of Economics
dc.identifier.issn 1800-5845 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2019
utb.relation.volume 15
utb.relation.issue 2
dc.citation.spage 15
dc.citation.epage 29
dc.type article
dc.language.iso en
dc.publisher Economic Laboratory for Transition Research
dc.identifier.doi 10.14254/1800-5845/2019.15-2.2
dc.subject Mission statement en
dc.subject profit en
dc.subject shareholder value en
dc.subject service to society en
dc.subject vision statement en
dc.description.abstract The aim of this article is to investigate the relationship between firm's purpose (i.e., profit, shareholder value or service to society) and the formulation of its mission and vision. The article is based on quantitative research in the form of questionnaires distributed among 200 companies. To verify the above relationship, six hypotheses were put forward. They were verified with the test of good fit and the T-test. We found statistically significant differences between the perception of firm's purpose and revenues of firms, and formulation of their mission and vision. On the other hand, no statistically significant differences were noticed between concrete mission interpretation and firm's purpose. It was revealed that most of enterprises perceive their purpose as profit (61%). The purpose of enterprise in the form of profit-making negatively influences firm’s formulation of mission. Out of the total number of enterprises without mission (in written form), 74% of them are oriented toward profit-making. Mission is formulated by 67% of enterprises. Of these, the most frequent formulation of mission is similar to goals and strategy (36%) and what firms do (34%). Of the total number of companies (200) only 13.5% of them have the mission that reflects the company's reason being. More than half of enterprises (54%) formulated their mission and vision, but 27% of them exist without it. The absence of vision very often leads to reluctance to formulate firm's mission. Out of the total number of enterprises without formulated mission 82% of them are without written formulation of vision. Based on our research it can be stated that third of the surveyed enterprises did not formulate their mission and 40% of companies did not formulate their vision. © 2019, Economic Laboratory for Transition Research. All rights reserved. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1008826
utb.identifier.obdid 43880275
utb.identifier.scopus 2-s2.0-85067925643
utb.identifier.wok 000485971400002
utb.source j-scopus
dc.date.accessioned 2019-08-13T10:17:23Z
dc.date.available 2019-08-13T10:17:23Z
dc.rights Attribution 3.0 Unported
dc.rights.uri http://creativecommons.org/licenses/by/3.0/
dc.rights.access openAccess
utb.contributor.internalauthor Slinták, Karel
utb.contributor.internalauthor Dvorský, Ján
utb.fulltext.affiliation KAREL SLINTAK 1, JAN DVORSKY 2 1 Ph.D., Tomas Bata University in Zlín, Faculty of Management and Economics, Czech Republic; E-mail: slintak@utb.cz 2 Ph.D., Tomas Bata University in Zlín, Faculty of Management and Economics, Czech Republic; E-mail: j1dvorsky@utb.cz
utb.fulltext.dates Received November 17, 2018 Revised from December 25, 2018 Accepted January 20, 2018 Available online June 15, 2019
utb.wos.affiliation [Slintak, Karel; Dvorsky, Jan] Tomas Bata Univ Zlin, Fac Management & Econ, Zlin, Czech Republic
utb.scopus.affiliation Tomas Bata University in Zlín, Faculty of Management and Economics, Czech Republic
utb.fulltext.faculty Faculty of Management and Economics
utb.fulltext.faculty Faculty of Management and Economics
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