Results and discussion
Table 1 shows the estimated average productivity for each of the four firm categories.
Consistent with previous research, the results show a significant association between
vertical alignment and productivity. More specifically, traditional planners have a higher
PC/VA and a lower VA/E than moderate and advanced planners. The results do not show
a significant difference in productivity between moderate top-down and moderate
bottom-up planners. This is not in line with the statement by some researchers that the
bottom-up approach is superior to the top-down approach (in terms of firm performance).
In comparing the productivity for moderate and advanced planners no significant
difference in PC/VA can be shown and VA/E is significantly higher for advanced than
for moderate planners. In the relationship between HRM and financial performance,