Mission statements and company financial performance revisited

Abstract

The purpose of this research was to explore the components in the content of mission statements and investigate the impact of such statements on company performance. Both qualitative and quantitative approaches were used to explore the mission statements and their impact on performance respectively. Data were obtained from the companies listed in Colombo Security Exchange in Sri Lanka. The results revealed that self-concept, concern for survival, and company products and services are predominant in the contents of mission statements. Moreover, considerable attention is paid to include a staff/employee component in the contents of current mission statements. Finally, it was found that the presence of a mission statement has no impact on company performance. Therefore, managers must be aware that these dominating components when crafting their mission statements.