1 استاد گروه مدیریت بازرگانی، دانشکده مدیریت و حسابداری دانشگاه علامه طباطبایی، تهران
2 استادیار گروه مدیریت بازرگانی، دانشگاه ارومیه، ارومیه، ایران
عنوان مقاله [English]
This paper aims at studying the strategic alignment between financial strategy and subsystems including investment strategy, financing strategy, dividend strategy, and working capital strategy based on a comprehensive model (based on strategic reference points, SRP's). Three alignment models could be identified in the strategic management literature: rational, natural and comprehensive. The comprehensive model is based on process view in strategic management that its implementation is a function of formulation (focus, internal or external– SRP1) and control (low or high – SRP2). In this paper, at first, we identify typologies of financial and subsystem strategies based on SRP, and then the relationship between these strategies are studied. Using the case study strategy, Exir Drug Company was selected for empirical study and types of financial and subsystem strategies were calculated in 2001-2008. The results showed that, when the financial strategy type of Exir is moderate willing to risk taking, the performance (Tobin's Q and ROA) is more than when the financial strategy type is moderate willing to risk avoidance. The conclusion is that when there is alignment between financial and subsystem strategies, there is high performance (Tobin's Q and ROA).