Value-based Management System e performance. Il ruolo di moderazione della strategia ibrida e della turbolenza ambientale.

This paper contributes to the Value-based Management (VBM) literature by providing empirical evidence on the performance effects that arise from the adoption of value-based management systems. Through the analysis of two contingency factors – strate-gy, measured by the firm’s hybrid strategic positioning, and environment, analyzed by the degree of environmental uncertainty – the present study tries to explain if and how the adoption of VBMS impact on firm performance. Focusing on 367 non-financial firms indexed in the MSCI Europe index during the pe-riod 2013-2018, the paper represents the first effort to investigate the role of the firm’s strategic positioning and environmental turbulence in affecting the relationship between VBM systems and firm performance. In particular, the study highlights how VBM can become a powerful tool for managing the need of flexibility that arise from internal and external contextual factors, thus en-hancing firm performance.