The development of an effective corporate vision is a necessary issue for corporate performance, and it is a key issue for corporate sustainable development as well. The recognition of questions like “what is the role of corporate vision in corporate performance” is directly related to the attitude and practice of entrepreneurs and managers toward the development of corporate vision as well as the effectiveness of the corporate vision itself. To better answer the questions concerning the role of corporate vision development and effectively guide the practice of corporations, the authors study the pathways and mechanisms by which corporate visions operate to assist businesses in achieving high performance.
The article completes the construction of indicators to measure each dimension of the corporate vision in line with social cognitive theory and analyzes the relationship between corporate vision and corporate performance by combining qualitative comparative analysis (QCA) and necessary condition analysis (NCA) research methods. The article provides insights into the logic of constructing and adjusting corporate visions from a process perspective.
The mechanisms by which corporate visions can be articulated, accepted and transformed within the organization are also the means by which corporate visions can improve corporate performance. In a dynamic environment, the corporate vision setting and acceptance process integrates the requirements of various stakeholders, leading to the adjustment and acceptance of the corporate vision. As a result, the vision has continuous validity in a changing environment. Both start-ups and non-start-ups can benefit from the guidance provided by a strong corporate vision in overcoming a variety of issues and obstacles to produce strong business performance.
This is the first study that shows the relationship between corporate vision and corporate performance from a process perspective. The authors are interested in understanding which characteristics for building a corporate vision are more accepted by organizational members and, in turn, create high corporate performance. The authors also explore the conditions for corporate vision acceptance. This research has positive implications for shedding some light on the mechanisms by which corporate visions improve corporate performance.
