Research notes and communications strategic planning as competitive advantage
从资源视角重新评估战略规划与绩效的关系，认为战略规划虽能创造经济价值但易被模仿，实证发现其与财务绩效的关系因行业规划均衡状态而异。
Abstract Since 1970, over forty empirical studies have examined the performance consequences of formal strategic planning. This line of research has drawn heavy criticism from reviewers on methodological grounds, and has produced confusing, apparently contradictory results. This article reevaluates the planning‐performance relationship from a resource perspective, arguing that strategic planning does not satisfy the criteria for sustainable competitive advantage– although it may produce economic value, it is easily imitated and may be substitutable. The article suggests that previous studies produced inconsistent results because they did not account for the dissemination of strategic planning over time, or for industry differences in strategic planning factor markets. An empirical test in two industries finds that formal strategic planning and financial performance are unrelated in a ‘planning equilibrium’ industry, but positively related in an industry with strategic planning factor market imperfections.