Investigating the association of mission statement and performance using the component and stakeholder approaches in an emerging market

Abstract This study explores the mission statement–performance relationship of 247 Philippine-listed firms by employing the practical component and theoretical stakeholder approaches to studying mission statements. Using content and regression analyses, results indicate that: (1) the existence of a mission statement and the inclusion of customer in the statement are positively and significantly associated with performance; and (2) the inclusion of society and public image is negatively and significantly associated with performance. Aside from contributing to the growing body of theory-based, quantitative research on mission statements, this study offers another view within an emerging market context. Furthermore, it reinforces the value of having a mission statement and the importance of acknowledging salient and dominant stakeholders in the statement.