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Performance indicators used in the management control systems of 18 Australian manufacturing and service firms are analyzed and critiqued. Investigation is conducted into whether movements in non‐accounting based indicators are associated with, or imitate, accounting based indicators of performance. The pitfalls of exclusive reliance on accounting based indicators are highlighted. The results are consistent with the notion that non‐accounting based indicators are associated with accounting based indicators in a more complex way than anticipated.
Natalie Buckmaster (2000) studied this question.