Purpose-This study investigates the links between strategy, execution, and financial performance with particular attention to the underlying performance drivers that describe how a company executes strategy to create financial value. Methodology-This study empirically investigates companies in the United States and 22 other countries over a 20-year period (11 successive 10n-year periods: 1988-2007): (1) to compare financial performance characteristics of HPC versus non-HPC; (2) to study the sustainability of performance in HPC; and (3) to identify the companies that exit or
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