PROFITABILITY OF COMPANIES THAT USE BALANCED SCORECARD (BSC) VERSUS COMPANIES THAT USE ONLY FINANCIAL PERFORMANCE INDICATORS

This study aims to verify whether there is impact difference on the profitability of companies that use financial and nonfinancial performance indicators as proposed in the Balanced Scorecard (BSC) and companies that use only financial performance indicators. The survey includes companies listed in the magazines Valor 1000 and Exame Maiores e Melhores and, as for the sample, publicly traded companies listed in both publications, representing 169 companies. In the survey conducted to determine whether or not the company uses BSC, out of the 169 companies contacted, 65 responded and 104 did not answer the questioning. Out of the 65 respondents, 19 use and 46 don't use BSC. The indexes were extracted from the financial statements and the non-financial administration reports and explanatory notes. Three financial indicators were selected and, for the non-financial perspectives, for enterprises using BSC, through content analysis, were identified indicators that characterize the customer perspectives, internal processes and learning and growth. For the analysis of company results before and after the implementation of BSC, hypotheses were developed for the indicators that showed a correlation coefficient more expressive. The one-tailed test indicated a high correlation in the indicators of learning and growth perspective and a lower one from the costumer perspectives and internal processes. Although the evidences are not conclusive, it is concluded that there is a difference in the profitability of enterprises that use financial and nonfinancial performance indicators compared to the ones using just the indicators of financial performance.