Sudhindra Bhat, Dr. Sahil Arora


The modern business organizations are increasingly paying attention toward strategic foresight. Strategic
foresight denotes the methods, the actors, the process and the system needed to enhance the competitive position
of a company. The aim of this paper was to study the in􀃸uence of strategic foresight capabilities on the performance of banks evidence from
Baltic States. Data from 150 respondents was analyzed using structural equation modeling (SEM). There are 􀃶ve strategic foresight
dimensions such as information scope, method usage, people, formal organization and culture are identi􀃶ed with the help of factor analysis.
The results revealed that strategic foresight capabilities viz., information scope, method usage, people and formal organization strongly
in􀃸uence on the performance of banks in the Baltic States. One strategic foresight capability culture does not in􀃸uence the performance of


Strategic Foresight, Performance Of Banks, Baltic States, Factor Analysis, Structural Equation Modeling.

Full Text:



Ahuja, G., Coff, R.W. and Lee, P.M. (2005), Managerial foresight and attempted rent appropriation:insider trading on knowledge of imminent breakthroughs, Strategic Management Journal, 26(9), 791-808.

Al-Mohammad, S. (2010). Market orientation, new product development and new product performance: a model and test,Jordan Journal of Business and Administration, 6(4), 555-580

Alsan, A (2008). Corporate foresight in emerging markets: Action research at a multinational

company in Turkey. Futures, 40(1), 47–55.

Amsteus, M. (2008). Managerial foresight: concept and measurement. Foresight, 10(1), 53-66.

Amsteus, M. (2012). The origin of foresight, World futures: The journal of general evolution, 68(6), 390-405.

Ansoff, HI (1980). Strategic issue management,Strategic Management Journal, 1(2), 131–148.

Ansoff, H. I., J. Avener, R. G. Brandenburg, F. E. Portner and R. Radosevich (1971). Acquisition Behavior of U.S. Manufacturing Firms. Vanderbilt University Press, Nashville, TN.

Armstrong, J. S. (1986). The value of formal planning for strategic decisions: Reply, Strategic Management Journal, 7(2), 183–185.

Ashton, W. B., Johnson, A. K., & Stacey, G. S. 1996. Monitoring science and technology

for competitive advantage. Competitive Intelligence Review, 7(1): 115-126.

Basim Abbas KRAIDY Jassmy and Zaki Muhammad ABBAS Bhaya(2016). Strategic Orientation and Effects on Organizational Performance- Analytical Study in Real Estate Banks in Al–Dewaniya Province, Proceedings of the International Management Conference, 10(1), 200-212.

Becker, P (2002). Corporate Foresight in Europe: A First Overview. University of Bielefeld:

Institute for science and technology studies. Bielefeld.

Bezold, C.( 2010).Lessons from using scenarios for strategic foresight, Technological Forecasting & Social Change, 77( 9), 1513-1518.

Bootz, J.P.( 2010). Strategic foresight and organizational learning: A survey and critical analysis, Technological Forecasting & Social Change, 77(9), 1588 – 1594.

Christensen, C (2013). The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail. Boston, MA: Harvard Business Review Press.

Daheim, C. & Uerz, G. (2008). Corporate foresight in Europe: from trend based logics to open foresight, Technology Analysis & Strategic Management, 20 (3), 321–336.

Day, GS and PJ Schoemaker (2005). Scanning the periphery. Harvard Business Review,

(11), 135.

Do Hyung Lee, Suk Bong Choi & Won Jun Kwak (2015). The Effects of Four Dimensions of Strategic Orientation on Firm Innovativeness and Performance in Emerging Market Small- and Medium-Size Enterprises, Emerging Markets Finance and Trade, . 50(5)

Durst, C, M Durst, T Kolonko, A Neef and F Greif (2014). A holistic approach tostrategic foresight: A foresight support system for the German Federal Armed Forces.Technological Forecasting and Social Change, 97(2), doi: 10.1016/j.techfore.2014.01.005.

Eastlack, J. O. and P. R. McDonald (1970). CEOs’ role in corporate growth, Harvard Business Review, 48(3), 150–163.

Eyad I. Atwa (2013). The impact of strategic intelligence on firm performance and the role of strategic flexibility an emprical research in biotechnology industry, University of Petra, Amman-Jordan.

Fink, A. Marr, B. Siebe, A. Kuhle, J.P. (2005). The future scorecard: combining external and internal scenarios to create strategic foresight, Management Decision, 43(3), 260 – 381.

Gavetti, G., Greave, H.R., Levinthal, D.A., and Ocasio, W. (2012). The Behavioural Theory of the Firm: Assessment and Prospects, The Academy of Management Annals, 6(1), 1-40.

Gayer, C., (2004). Introduction to strategic intelligence. Global Intelligence Alliance,1-10.

Greenley, G. E. (1986). Does strategic planning improve company peformance?, Long Range Planning, 19,101–109.

Grim, T. (2009). Foresight Maturity Model (FMM): Achieving Best Practices in the Foresight Field, Journal of Futures Studies, 13(4), 69 – 80.

Gup, B. E. and D. D. Whitehead (1989). Strategic planning in banks: Does it pay?, Long Range Planning, 22, 124–130.

Hamel, G. and Prahalad, C., (1994). Competing for the Future, Harvard Business Review, 72(4), 122-128.

Hao, S. & Song, M. (2016). Technology-driven strategy and firm performance: Are strategic capabilities missing links?. Journal of Business Research, 69(2), 751-759.

Harrison, J. Wicks, A. (2013). Stakeholder Theory, Value, and Firm Performance. Business Ethics Quarterly, 23(1), 97-124.

Heger, T and R Rohrbeck (2012). Strategic foresight for collaborative exploration of new

business fields. Technological Forecasting and Social Change, 79(5), 819–831.

Herold, D. M. (March 1972). Long range planning and organizational performance: A cross validation study, Academy of Management Journal, 91–102.

Higgins, J. M. and J. W. Vincze (1993). Strategic Management: Concepts and Cases. Dryden Press, Chicago, IL

Horton, A. (1999). A simple guide to sucessful foresight, Foresight: The Journal of Futures studies, strategic thinking and policy, 1 (1), 5-9.

Hult, G., Ketchen, D. & Slater, S. (2005). Market orientation and performance: an integration of disparate approaches. Strategic Management Journal, 26, 1173-1181.

Ittner, C. D. and D. F. Larcker (1998). Are nonfinancial measures leading indicators of financial performance? An analysis of customer satisfaction,Journal of Accounting Research,36(Supplement), 1-35

John S. Ratcliffe, (2006).Challenges for corporate foresight: towards strategic prospective through scenario thinking, Foresight, 8(1),39-54

Kai Jannek jannek and Klaus Burmeister (2007). Corporate Foresight in Small and Medium-Sized Enterprises, The European Foresight Monitoring Network, 1-4.

Karger, D. W. and Z. A. Malik (December 1975). Long-range planning and organizational perform ance’, Long Range Planning, 60–64.

Kumar, K., Subramanian, R. & Strandholm, K. (2011). Market orientation and performance:Does organizational strategy matter? Journal of Applied Business Research, 18(1).

Langerak, F., Hultink, E. J. & Robben, H. S. J (2004). The impact of market orientation, product advantage, and launch proficiency on new product performance and organizational performance. Journal of Product Innovation Management, 21(2), 79-94.

Lau, C. (2011). Team and organizational resources, strategic orientations and firm performance in a transitional economy. Journal of Business Research, 64, 1344-1351.

Letza. S.R. (1996). The design and implementation of the balanced business score card : Analysis of three companies in practice, Business Process Re-engineering & Management Journal, 2(3), 54-76.

May, GH (2009). Foresight and futures in Europe: An overview. Foresight, 11(5), 57–67.

Mintzberg, H. (1990). ‘The design school: Reconsidering the basic premises of strategic management’, Strategic Management Journal, 11(3), 171–195.

Mintzberg, H. (1994). The fall and rise of strategic planning, Harvard Business Review, 72(1), 107–114.

Morgan R.E & Strong C.A. (2003). Business Performance and Dimensions of Strategic Orientation, Journal of Business Research, 56(1), 163-176.

Nasution, H., Mavondo, F., Matanda, M. & Ndubisi, N. (2011). Entrepreneurship :Its relationship with market orientation and learning orientation and as antecedents to innovation and customer value,Industrial marketing management, 40, 336-345.

Neef, A and C Daheim (2005). Corporate foresight: The European experience. World Future Society, 7–9.

Neely, A., Mills, J., Platts, K., Gregory, M., Richards, H. (1994), Realizing strategy through measurement, International Journal of Operations & Production Management, 14 (3),140- 52.

Obeidat, B.Y. (2016). The Effect of Strategic Orientation on Organizational Performance: The Mediating Role of Innovation. International Journal of Communications, Network and System Sciences, 9, 478-505.

Öner, MA and SG Beser (2011). Assessment of corporate foresight project results: Case of

a multinational company in Turkey. Foresight, 13(2), 49–63.

Pearce, J. A. and R. B. Robinson (1994). Strategic Management: Formulation, Implementation, and Control. Irwin, Homewood, IL

Pinter, D (2013). Applications, Limitations and Effects of Corporate Foresight Methods – Towards an Evaluation Framework for Innovation Management. XXIV ISPIM Conf. – Innovating in Global Markets: Challenges for Sustainable Growth, Finland.

Porter, ME (1981). The contributions of industrial organization to strategic management.

Academy of Management Review, 6(4), 609–620.

Reger, G (2001). Technology foresight in companies: From an indicator to a networkand process perspective. Technology Analysis and Strategic Management, 13(4),533–553.

René Rohrbeck and Hans Georg Gemünden (2011). Corporate Foresight: Its Three Roles in Enhancing the Innovation Capacity of a Firm, Technological Forecasting and Social Change, 78(2), 231-243.

Richard, P. Devinney, T. Yip, G. Johnson, G. (2009). Measuring Organizational Performance: Towards Methodological Best Practice, Journal of Management,35(3), 718-804.

Ringland, G.. 2010. The role of scenarios in strategic foresight, Technological Forecasting & Social Change, 77(9), 1493-1498

Rodney McAdam, Brian Bailie, (2002). Business performance measures and alignment impact on strategy: The role of business improvement models, International Journal of Operations & Production Management, 22(9), 972-996.

Rohrbeck, R (2008). Towards a best-practice framework for strategic foresight: Buildingtheory from case studies in multinational companies. In IAMOT, 2008 Proc. Creatingand Managing a Knowledege Economy, 15 pp. Dubai, UAE: S.n.

Rohrbeck, R. Arnold, H.M. Heuer, J. (2007). Strategic Foresight in multinational enterprises – a case study on the Deutsche Telekom Laboratories, ISPIM – Asia Conference, 1-12.

Rohrbeck, R and HG Gemünden (2011). Corporate foresight: Its three roles in enhancing the innovation capacity of a firm. Technological Forecasting and Social Change, 78(2), 231–243.

Salomo, S., Talke, K., & Strecker, N. (2008). Innovation field orientation and its effect on innovativeness and firm performance. Journal of Product Innovation Management, 25(6), 560-576.

Shrader, C. B., L. A. Taylor and D. R. Dalton (1984). Strategic planning and organizational performance: A critical review, Journal of Management, 10, 149–171.

Thune, S. S. and R. J. House (August 1970). ‘Where long-range planning pays off’, Buisness Horizons, 81–87.

Treyer, Sébastien. Changing perspectives on foresight and strategy: from foresight project management to the management of change in collective strategic elaboration processes, Technology Analysis & Strategic Management21.3 (2009): 353-362.

Thune, S. S. and R. J. House (August 1970). ‘Where long-range planning pays off’, Buisness Horizons, 81–87.

Tzu, S.,( 2013). The strategy of law firms. BPP Legal Awareness Society, 1-15.

Vecchiato, R (2012). Environmental uncertainty, foresight and strategic decision making: An integrated study. Technological Forecasting and Social Change, 79(3), 436–447.

Vecchiato, R and C Roveda (2010). Strategic foresight in corporate organizations: Handling the effect and response uncertainty of technology and social drivers of change. Technological Forecasting and Social Change, 77(9), 1527–1539.

Vishnevskiy, K, O Karasev and D Meissner (2014). Integrated roadmaps and corporate

Foresight as tools of innovation management: The case of Russian companies, Technological Forecasting and Social Change.

Voros, J (2003). A generic foresight process framework. Foresight, Foresight, 5(3), 10–21

WillieEe. Hopkins and Shirley A. Hopkins (1997). Strategic Planning–Financial Performance Relationships in Banks: A Causal Examination, Strategic Management Journal, 18(8), 635–652.

Yang, Y., Wang, Q., Zhu, H. & Wu, G. (2012). What are the effective strategic orientation for new product success under different environment? An empirical study of Chinese businesses. Journal of Product Innovation Management, 2, 166-179.


  • There are currently no refbacks.