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This study empirically investigates the antecedent, mediating, and outcome variables of budgetary participation in Turkey. Turkey is an interesting setting to investigate the impact of budgetary participation on job satisfaction and performance because of its unique cultural and institutional factors. We propose that the information asymmetry between superiors and subordinates creates the need for budgetary participation, and the outcomes of budgetary participation (i.e., job satisfaction and performance) will be mediated by goal commitment and role ambiguity. Based on a questionnaire survey of 194 mid-level managers in Turkey, we find that role ambiguity mediates the budgetary participation–job satisfaction and budgetary participation-performance relationships. The results are consistent with the view that the primary benefit of budgetary participation is to decrease role ambiguity, leading to more job satisfaction and better performance. Furthermore, we find that goal commitment mediates the budgetary participation-performance relationship. This result suggests that participation in the budgeting process increases goal commitment, which in turn leads to better performance. This study will be beneficial for companies in general and for organizations in developing countries in particular to realize that budgetary participation alone does not improve job satisfaction and performance. Rather, it is the increased commitment and decreased role ambiguity that results from managers' participation in the budgetary process that improves job satisfaction and performance. JEL Classifications: D21, G32, L1, M41.