Analysis of covariance (ANCOVA) was conducted to determine whether the four
planning modes differed in terms of productivity, after the effect of the strategic planning
dummy and the effect of firm size (number of employees), capital intensity and industry
characteristics (munificence, dynamism and complexity) as covariates was removed.
Capital intensity was measured as the tangible fixed assets divided by the number of
employees, industry munificence and dynamism was calculated by the procedure
suggested by Keats and Hitt (1988) and industry complexity was calculated by using the
MINL formula (Schmalensee, 1977).