An Influence of Lean Manufacturing Practices on Firm Performance Measured by Balanced Scorecard: A Case Study of Manufacturing Firms in Thailand
- : Lean manufacturing practices, Firm performance, Balanced scorecard, Manufacturing firms, JIT implementation, Waste elimination, Participation, Thailand.
The study aimed to (1) investigate the extent and level of lean manufacturing practices as well as firm performance measured by balance scorecard of manufacturing firms in Thailand, and to (2) examine the influence of lean manufacturing practices on firm performance measured by balanced scorecard of manufacturing firms in Thailand. By using simple random sampling, 400 medium-sized manufacturing firms were used as samples in this study. Descriptive analysis, correlation matrix, and multiple regressions were used to analyze the data. The study found JIT implementation and waste elimination practices were in a high level of influence, whilst participation was in a medium level. Regarding firm performance, all perspectives of balanced scorecard were in high level. In addition, the study found a positive influence of waste elimination on balanced scorecard, while there was no significant influence of participation and JIT implementation on balanced scorecard. The main value of this study is its contribution to formulating national policy based on two disparate aspects of the academic discipline of management science. Manufacturing firms can consider the benefit of lean manufacturing practices in both financial and non-financial performance. In terms of research limitations, the study focused only on a small number of medium-sized manufacturing firms in Thailand.