Benchmarking as a Tool for Company Performance Management and Measurement: Evidence From Individual Firms and Clusters
This paper concerns BenchMarking (BM) and its use as a tool for performance measurement and management of firms. Benchmarking belongs to the most widespread performance measurement systems that aim to bolster competitiveness of undertakings. This paper puts forward an analysis of application of competitive benchmarking among individual firms as well as in organized (institutionalized) clusters. On the basis of data collected through an extensive survey of individual firms and clusters in advanced and transition economies, this paper verifies a hypothesis that mainly firms in advanced economies and firms with longer corporate history prefer the use the benchmarking tool; owing to a deeper mutual trust between these undertakings and their superior experience with performance measurement systems.