HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

Rentabilité des sociétés de construction en région wallonne et en région de Bruxelles-Capitale: impact du balanced scorecard

Husquinet, Florian ULiège
Promotor(s) : Chanteux, Anne ULiège
Date of defense : 6-Sep-2016/12-Sep-2016 • Permalink :
Title : Rentabilité des sociétés de construction en région wallonne et en région de Bruxelles-Capitale: impact du balanced scorecard
Translated title : [en] Profitability of construction companies in the Walloon Region and in the Brussels-Capital Region : Impact of the balanced scorecard
Author : Husquinet, Florian ULiège
Date of defense  : 6-Sep-2016/12-Sep-2016
Advisor(s) : Chanteux, Anne ULiège
Committee's member(s) : Catania, Gabriele ULiège
Grutman, Sébastien 
Language : French
Number of pages : 82
Keywords : [en] balanced scorecard
[en] performance
[en] construction
[en] profitability
[en] civil engineering
[en] management control
[en] performance measurement
[fr] tableau de bord prospectif
[fr] construction
[fr] génie civil
[fr] rentabilité
[fr] performance
Discipline(s) : Business & economic sciences > Accounting & auditing
Target public : Researchers
Professionals of domain
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] The balanced scorecard is a strategic management tool that, on one hand, helps developing strategy and translating it into objectives and, on the other hand, provides a dashboard composed of key financial and non financial indicators that evaluate the completion of these strategic objectives. According to prior empirical studies, the balanced scorecard has a positive impact on financial performance. Nevertheless, it seems that contextual factors have a key role in this success. Since no research has specifically studied the impact of the balanced scorecard in the construction sector, this thesis aims at finding out its financial consequences (return on assets) in this sector in the Walloon Region and in the Brussels-Capital Region, both located in Belgium. Descriptive results show that this population of companies does not put an emphasis on the development of strategic performance measurement tools such as the balanced scorecard. This was the main reason that led to a lack of empirical evidences to conclude on this research question. However, companies that have a return on assets above average generally develop better their strategy and their strategic indicators. So far, no statistical proof could substantiate this descriptive finding. Additional findings show that the size of the company has an impact on its use of strategic indicators. Moreover, for companies that employ at least 50 workers, it is clear that the development of a strategy plan has a significant positive impact on return on assets. Given all these results, the thesis proposes opportunities for future research.


  • Husquinet, Florian ULiège Université de Liège > Master sc. gest., fin. spéc. fin. analysis & aud (ex 2e ma.)


Committee's member(s)

  • Catania, Gabriele ULiège Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > UER Finance et Droit
    ORBi View his publications on ORBi
  • Grutman, Sébastien
  • Total number of views 159
  • Total number of downloads 225

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