Benchmarking with macroeconomic uncertainty
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Benchmarking in its current form fails to account for the macroeconomic fluctuations which have a bearing upon the benchmark which firms strive to better as well as the performance of the firms themselves. Using the Macroeconomic Uncertainty Strategy Analysis (MUST) model developed by Oxelheim and Wihlborg, a framework will be developed in order account for said macroeconomic effects, filtering the distortions allowing assessment of the underlying performance of the firms analysed. It is expected that the framework will reveal that the competitiveness of some firms differs from their reported performance, highlighting a need for policy changes in the quality and depth of information communicated internally and externally to the firm.