Performance eva‎luation of Strategic Projects in Family Businesses Using the Balanced Scorecard (BSC): A Case Study of Keystone Kish Company

10/20/2026 12:00:00 AM

The present study aimed to eva‎luate the performance of strategic projects in family businesses, focusing on Keystone Kish Company. The importance of this topic stems from the fact that family businesses, while benefiting from opportunities such as commitment an‎d family cohesion, also face challenges like emotional decision-making an‎d informal structures, which can significantly influence the success of large-scale projects. This research employed a mixed-method approach (qualitative–quantitative). In the qualitative phase, a single-case study was conducted through seven semi-structured interviews with managers an‎d shareholders. Key performance indicators were identified an‎d analyzed using Braun an‎d Clarke’s thematic analysis. In the quantitative phase, based on the qualitative findings an‎d the Balanced Scorecard framework, a questionnaire was designed across six dimensions an‎d distributed among managers an‎d key employees. Quantitative data were analyzed using descriptive an‎d inferential statistics (including Cronbach’s alpha an‎d Friedman test) in SPSS. Findings revealed that the “strategy” an‎d “internal processes” dimensions demonstrated the highest performance, highlighting organizational cohesion an‎d alignment of projects with corporate objectives as major strengths. Conversely, the “learning an‎d growth” dimension showed the weakest performance, indicating shortcomings in human resource development an‎d succession planning. The “customer” dimension emerged as a strong point, while the “financial” dimension was assessed as relatively favorable but vulnerable. The “governance” dimension, despite family cohesion, faced challenges such as intergenerational conflicts an‎d resistance to formal structures. The results emphasize that sustainable success of strategic projects in family businesses requires balanced development across the Balanced Scorecard dimensions. In particular, strengthening organizational learning, enhancing financial mechanisms, an‎d moving toward professional governance structures are essential for long-term growth an‎d continuity.

شركت‌هاي خانوادگي , پروژه‌هاي استراتژيك , ارزيابي عملكرد , كارت امتيازي متوازن

Family businesses , strategic projects , performance eva‎luation , Balanced Scorecard

Saghar Zaeri Amirani

Mostafa Jafari