Determinants of Strategic Financial Planning and Its Role in Improving Sustainable Financial Performance: An applied study in a sample of Iraqi banks
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Abstract
This study aims to analyze the determinants of strategic financial planning and measure their impact on sustainable financial performance in the Iraqi banking sector. The study examined three main dimensions of strategic financial planning determinants: internal determinants (organizational structure, financial resources, managerial capabilities, and financial information systems), external determinants (economic environment, legislation and regulations, market competition, and financial technology), and human determinants (financial competencies, planning culture, and strategic financial leadership). In addition, four dimensions of sustainable financial performance were addressed: sustainable profitability, liquidity and financial stability, balanced financial growth, and stakeholder value added. The study employed a descriptive-analytical approach, utilizing a questionnaire as the primary data collection tool from a representative sample of Iraqi banks, supplemented by in-depth interviews with twelve financial managers. The findings revealed that the three groups of strategic financial planning determinants collectively explain 68.7% of the variance in sustainable financial performance. Human determinants ranked first in terms of influence (Beta = 0.412), followed by internal determinants (Beta = 0.385), and then external determinants (Beta = 0.248). The results also uncovered a significant positive interaction effect among the three determinant groups, contributing an additional 1.7%–3.3% improvement in sustainable financial performance. The study recommends investing in human capital development, strengthening financial organizational structures, advancing financial information systems, and adopting modern financial technology—all aimed at achieving sustainable financial performance that ensures long-term growth and stability.
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