Analyses were made on 58 major listed Japanese chemical firms from 2000 to 2010 fiscal terms, which are cyclically divided three periods ; the first restructuring term (2000-2003), the second recovering term (2004-2008) and the third financial crisis term (2009-2010). Out of all various characteristics of individuals firms affecting financial performances, we focused on the execution of business plans for each period and formal processes for entire periods. Also we evaluated those executions by dummy variables. Regression analyses, which identify cause and effect relations taking consideration covariates, show that ROA is positively affected by the evaluated execution of the first and third term ; contrarily negatively by the second term. On the other hand, the rate of increase on share-holders value (RSV), which is considered as an evaluation from capital markets, is positively affected only by the second term. Those somewhat contradicting results, connoting the tenuous link between strategic business plans and financial performances as preceding studies argue, imply that ROA is affected by business control aspects and RSV is affected by extended decision makings on the business opportunities of strategic business plans.
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