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\definecolor{GJMediumGrey}{HTML}{6D6E70} \definecolor{GJLightGrey}{HTML}{929497} \renewenvironment{abstract}{% \setlength{\parindent}{0pt}\raggedright \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt \textcolor{GJBlue}{\large\bfseries\abstractname\space} }{% \vskip8pt \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt } \usepackage[absolute,overlay]{textpos} \makeatother \usepackage{lineno} \linenumbers \begin{document} \author[1]{Md. Sadrul Islam Sarker} \author[2]{Md. Ataur Rahman} \affil[1]{ Begum Rokeya University} \renewcommand\Authands{ and } \date{\small \em Received: 8 December 2017 Accepted: 3 January 2018 Published: 15 January 2018} \maketitle \begin{abstract} The prime aim of the paper is to examine the relationship between strategic management and financial performance of Non-Governmental Organizations (NGOs) with special attention on RDRS Bangladesh. The research was a case study. The study adopted a self-administered questionnaire survey for assessing strategic management practices and financial performance of RDRS Bangladesh in the perception of RDRS Staffs. Strategic management assesses both the internal and external environments to formulate strategy, implement the strategy, and evaluate the success of the strategy. The study used census survey which involved the use of the entire population of seventy (70) as a sample. Primary data was collected using a questionnaire. The study made use of descriptive, correlation and regression statistics in analyzing the data that was collected with the aid of the Statistical Package for Social Sciences. The findings of the study demonstrated that strategy evaluation and control had the strongest effect on the financial performance of RDRS Bangladesh. The paper recommended for adopting effect strategic management practices to ensure competitiveness and gain sustainable financial performance of RDRS Bangladesh. \end{abstract} \keywords{strategy, management, NGOS, RDRS, bangladesh.} \begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) \textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark} \end{textblock*} \begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) \textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}} \end{textblock*} \let\tabcellsep& \section[{Introduction}]{Introduction}\par trategic management can be defined as a set of long-term managerial decisions and actions that help to determine the long-term performance of an organization {\ref (Wheelen and Hunger, 2006)}. Actually, strategic management is a process concerned with the analysis of environments, strategy formulation, strategy implementation and monitoring evaluation and control of its strategies and objectives \hyperref[b4]{(Allison \& Kaye, 2005;} {\ref David, 2009;} {\ref Morden, 2007;} {\ref Pitts \& Lei, 2003;}\hyperref[b45]{Thompson \& Strickland;}\hyperref[b47]{Wheelen \& Hunger;} {\ref Wheelen \& Hunger, 2006;}\hyperref[b49]{Wright et al., 1998)}. According to {\ref Bryson (1988)} Strategic management is related to identifying of long-range targets, scanning of the organization's internal and external environments, appraising the organization's structures and resources, matching these to the challenges that the organization face, identifying stakeholders and building alliances, prioritizing and developing actions plan, and making adjustments to fulfill long-run performance objectives. Each and every organization is engaged with strategic management for a number of factors {\ref (Porter, 1981;}\hyperref[b36]{Stacey, 2007)}. Both for-profit organizations and Non-Governmental organizations (NGOs) can avail benefits from the application of strategic management \hyperref[b4]{(Allison \& Kaye, 2005;}\hyperref[b19]{Kaplan \& Norton, 2001;}\hyperref[b10]{Banuelas \& Antony, 2002)}. Strategic management focuses on formulating formal policy for determining an organization's long-run objective, developing plans in the context of the internal and external environment, and undertaking appropriate action to reach those objectives {\ref (Goldsmith, 1997)}. Non-Governmental organizations (NGOs) are called as development organizations and it serves the community in a number of ways: health, education, poverty alleviation, environmental protection and community work, agriculture, culture, sport, democracy and human rights, economic development, social service and women \hyperref[b37]{(Shubair 2003)}. Strategic management of NGOs is more complex due to the organizational structure and culture and complexities associated with them. NGO strategy must focus on social development, long-term sustainability to beneficiaries and core competency. \hyperref[b23]{Lewis (2003)} pointed out that NGOs work in contexts which are characterized by complexity, risks, and financial uncertainty. the key challenges for the NGO sector are reduced funding supports from donor agencies, inadequate corporate support to long-term development goals, lack of professionalism in NGO management practices, long-term institutional sustainability, competition for resources, organizational culture, inappropriate strategic management, poor decision making , lack of special skills needed, absence of criteria for staff selection, inexperience in managing relations with government and media competing for scarce resources (e.g., funds, human resources etc.), changes in the external environment, and resource constraints. {\ref (Fowler, 1997;} {\ref Koteen, 1997} . In recent years, the number of Non-Governmental Organizations (NGOs) in Bangladesh has grown substantially. As the NGOs sector has expanded it also has experienced keen competition particularly due to scarce donor resources, their requirements distinct evidence of program impact and program efficiency. Therefore, the use of strategic management is very much necessary. Previous studies provided evidence of the importance of using strategic management \hyperref[b1]{(Acquaah, 2007;}\hyperref[b2]{Abor \& Biekpe, 2007)}. No research has been conducted on the context of the relationship between strategic management and NGO sector in Bangladesh. Therefore, this research has been undertaken to determine the relationship between strategic management and financial performance of NGOs using RDRS as a case. More precisely, the main objective of this study is to show the extent to which strategic management practices induce the financial performance of RDRS Bangladesh II. \section[{Literature Review a) Concept of Strategic Management}]{Literature Review a) Concept of Strategic Management}\par Strategic management is the analysis of business environment, formulation, implementation and monitoring, evaluation and review of the implementation process in order to ensure that long-run objectives of an organization are accomplished efficiently and effectively \hyperref[b44]{(Tapera, 2014)}. According to Wheelen and Hunger (1998), strategic management is a set of managerial decisions and actions that determine the long-term performance of an enterprise. This involves environmental scanning (both internal and external), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. \section[{b) Strategic management practices}]{b) Strategic management practices}\par Strategic management comprises of four stages: environmental scanning (awareness), strategy formulation, strategy implementation and strategy evaluation {\ref (Thomson\& Strickland, 2003;} {\ref Wheelen \& Hunger, 2006)}. \section[{c) Environmental Scanning}]{c) Environmental Scanning}\par According to Hunger and Wheelen (2003) environmental scanning is the monitoring, evaluating and disseminating of information from the external (opportunities and threats) and internal (strengths and weaknesses) environment to key people within the corporation. Environmental analysis is a process of studying the external and internal environments in which an organization operates \hyperref[b5]{(Analoui \& Karami, 2003)}. So, environmental scanning is concerned with identifying economic, technological, political-legal and sociocultural factors that affect the operations of an organization. \section[{d) Strategy Formulation}]{d) Strategy Formulation}\par According to Machuki, Aosa, \& Letting, (2012) formulation of a strategy involves the designing and developing a long-range course of action for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses, It is concerned with defining the mission, determining objectives, developing strategies and setting policy. \section[{e) Strategy Implementation}]{e) Strategy Implementation}\par Strategy implementation is the application of the intended strategy with a view to attaining the long-term objective of an organization (Murgor, 2014). Strategy implementation focuseson who, where, when and how of reaching desired goals and objectives. \hyperref[b47]{Wheelen and Hunger (2011)} contended that strategy implementation is the execution of a strategic plan to accomplish the long-run objectives of an organization. According to Favaro (2015), strategy implementation is the making strategies and policies into effect with the help of programs, procedures, and budgets. \section[{f) Strategy Evaluation and Control}]{f) Strategy Evaluation and Control}\par Strategy evaluation is the appraisal of strategy whether it works better or not .it is concerned assessment, monitoring and taking corrective measures to the best serve of the strategy {\ref (Thomson \& Strickland, 2003)}. According to Pearce and Robinson (2008), strategic control is concerned with tracking the strategy as it is being implemented, detecting problems or changes when deemed necessary and making the necessary adjustments. \section[{g) Concept of Financial Performance}]{g) Concept of Financial Performance}\par Performance measures are tools used to manage and improve an organization's operations. Richard etal (2009) described the financial performance of an organization is measurable in profits, return on investments and return on assets. According to \hyperref[b16]{Herman and Renz (1997)} \section[{h) Non-Governmental Organizations in Bangladesh}]{h) Non-Governmental Organizations in Bangladesh}\par Non-Governmental organizations (NGOs) are the types of organizations that have no commercial purpose and serve the community in the respect of health, education, poverty alleviation, environmental protection and community work, agriculture, culture, sport, democracy and human rights, economic development, social service and women \hyperref[b37]{(Shubair 2003}). Morris et al., (2010) described a not-for-profit organization as a type of organization typically serves the society and any profit realized by this type of organizations is reinvested back in the organization. According to \hyperref[b25]{Morris et al., (2008)} not-for-profit organizations could be classified as philanthropic organizations (involved with organizing resources to support people in need and are motivated by the humanitarian purposes); advocacy organizations (concerned with supporting different social causes or initiative such as care and protection of the environment or animals and so forth); and mutual benefit organizations ( focus on providing services to a large clientele sometimes at a subsidized fee below the actual cost) . In socio-economic development of Bangladesh, Non-Governmental Organizations put undeniable contribution. NGO Affairs Bureau NGO-AB) was founded in 1990 with a view to facilitating NGOs initiatives for the socio-economic development of underprivileged people through enhancement and proper utilization of foreign donations in Bangladesh. As of June 2016, the NGO Affairs Bureau (NAB) of the Government of Bangladesh (GOB) had a total registered number of 2495 NGO of which 2244 local and 251 international NGOs. After the independence of Bangladesh in 1971, Bangladesh became a site for Non-Governmental Organizations. Primarily NGOs stressed on relief and rehabilitation activities after the War of the liberation of Bangladesh and succeeding natural calamities after that international and local NGOs shifted their operations to long-term development activities where the govt. operations cannot reach \hyperref[b29]{(Lewis, 1997)}. Now, the main role of NGOs in Bangladesh is helping deprived rural mass through facilitating self -employment generation, education, health care, nutritional status, family planning, financing and so on \hyperref[b35]{(Siciliano, 1997)}. Currently, there are many prominent local and international NGOs in Bangladesh like BRAC, ASHA, Grameen Bank, Proshikha, CARE, Action Aid, World Vision, TMSS, SKS, and RDRS Bangladesh. But, most Non-Government organizations (NGOs) in Bangladesh is now facing challenges in respect of sustainable financial performance .without improving financial performance, NGOs cannot contribute to the socio-economic development of the people of Bangladesh. Therefore, in these circumstances, NGOs operations should be conducted in a manner that could maintain and retain financial performance and where strategic management could work best (Boyne \& Walker, 2004) \section[{i) An overview of RDRS Bangladesh}]{i) An overview of RDRS Bangladesh}\par A Non-Governmental Organization (NGO) founded in 1972 for providing relief and rehabilitation assistance to the people of the greater Rangpur-Dinajpur region is known as RDRS (Rangpur, Dinajpur Rural Service) Bangladesh immediately It is listed under NGO affairs bureau and regulated by a trustee board consisting of leading players from the public-spirited sector in Bangladesh. The vision of RDRS core development program is to achieve meaningful political, social and economic empowerment of the rural and marginal people. RDRS is now a major multi-sectorial development agency focused on underprivileged and distressed people of 38 district of Bangladesh. RDRS Bangladesh delivers different development opportunities and services to 3,720, 458 homeless and peripheral families in 15 districts, and work with 385 communitybased organizations seeking to empower their grassroots members. It also maintains staffing of over 3,000, over 90\% of who are field-based (RDRS Bangladesh, Annual report, 2016). \section[{j) Empirical Review}]{j) Empirical Review}\par A number of studies have been executed to determine the relationship between the utilization of formal planning and performance in NGOs. \hyperref[b18]{Jenster \& Overstreet (1990)} and Odom \& Boxx (1988) claimed that embracing and practicing formal planning by NGOs was connected to organizational performance in terms of access to funding. According to \hyperref[b11]{Bartunek (1984)} {\ref 2008}) conducted a study on the impact of strategic planning on non-profits organizations using the balanced scorecard approach and he found a significant relationship between strategic planning and NGOs' financial performance. Besides, \hyperref[b23]{Lewis (2003)} investigated a research on the management of Non-Governmental organizations in the developing a world where he found that strategic management excelled the competitiveness of NGOs. Moreover, the study result of Stone, Bigelow, \& Crittenden (1999) concluded that strategic management had a significant effect on the financial performance of NGOs. Strategic management practices in NGOs result in more productive outcomes in nonprofits' performance \hyperref[b38]{(Smith, 2008)}. Furthermore, Hu, Kapucu \& O'Byrne (2014), found in a study that strategic management had an impact on the way NGOs serve community needs and deliver their programs and services. Conducting a survey on twenty small community-based organizations. Moreover, Lecy et al. (2012) investigated Non-governmental and not-for-profit organizational effectiveness in which they found NGO effectiveness is dominated by conceptual works. \hyperref[b39]{Schmid (1992)} concluded that organizational change will affect strategy implementation. Reid, Brown, McNerney \& Perri (2014) adopted a study to describe the relationship between strategic planning and strategic management practices and overall organizational success using large-scale survey and they found fully 93 percent of the most successful organizations had impact on their organization's overall success due to strategic management. \section[{k) Conceptual}]{k) Conceptual}\par Framework and Hypotheses Development\par The conceptual framework of this study is based on the previous literature review. Indeed, this study hypothesizes that effective environmental analysis, strategy formulation strategy implementation and strategy evaluation and control can lead to increase financial performance of RDRS Bangladesh The aspects of strategic management include environmental scanning, strategy formulation strategy implementation, and strategy evaluation and control and financial performance of RDRS include fundraising efficiency, financial transparency, program financial efficiency, and administrative efficiency. \section[{Independent Variables Dependent Variables}]{Independent Variables Dependent Variables} \section[{Research Methodology a) Research design}]{Research Methodology a) Research design}\par Neuman (2006) described research design is a detailed plan of how a research study is to be conducted. The study used a descriptive design. Descriptive research interprets an accurate profile of people's events or situations \hyperref[b30]{(Robson, 2002)}. The key purpose of descriptive research is to provide information on the characteristics of a population. A descriptive study tries to discover answers to who, what, when, where and sometimes how questions {\ref (Cooper \& Schindler, 2003)}. \section[{b) Population and Sampling}]{b) Population and Sampling}\par The population of this research is all manpower employed at RDRS Bangladesh central office Rangpur. The census survey sampling technique was used for the study and it refers to the entire population as a sample. The study used census sampling procedure which will involve the population of seventy (70) as a sample. A census is attractive for small populations and eliminates sampling error and provides data on all the individuals in the population \hyperref[b21]{(Kothari, 2003)}. \section[{c) Data Collection}]{c) Data Collection}\par Both primary and secondary data were collected. Primary data was collected through the use of a questionnaire; the questionnaires consist of three sections. Section (A) is intended to gather demographic information of respondents; Section (B) of the questionnaire consists of 21 items used to evaluate the extent to which four strategic management practices, including environmental scanning, strategy formulation, strategy implementation, and strategy evaluation and control, are applied in the operations of NGOs case as RDRS Bangladesh and rated anonymously by the respondents on a 5-point Likert scale of 1 = "strongly disagree" to 5 = "strongly agree". Section (C) of the questionnaire measures the financial performance of NGOs by the variables namely: program efficiency, administrative efficiency, and fundraising efficiency. NGOs' financial performance was measured using a multi-item scale on program efficiency, administrative efficiency and fundraising efficiency adapted from previous studies \hyperref[b6]{(Analoui \& Samour, 2012;} {\ref Mosley et al., 2002)}. The questionnaire used for data collection was pre-checked to determine whether questions and directions are clear and understandable to respondents of RDRS Bangladesh or not. For this, a panel of experts having academic and practical experience and knowledge in NGOs were chosen to examine the justifications of the questions in the questionnaire for the subject. Secondary data was collected through reviewing records of the study relevant to the topic from journal, newspapers, books, magazines, website and any other relevant documentaries as well as publications. \section[{d) Data analysis and presentation}]{d) Data analysis and presentation}\par Data in this study was presented and analyzed using descriptive statistics (mean, percentage, standard deviation, and coefficient variance) and inferential statistics (correlation test and regression). The regression analysis was also done with the aid of the Statistical Package for Social Sciences and Microsoft excels to determine the effect of strategic management on the financial performance of RDRS Bangladesh. In testing the hypotheses, correlation test and regression test were used. \section[{IV.}]{IV.} \section[{Data Analysis, Results, and Discussion}]{Data Analysis, Results, and Discussion}\par a) Response Rate A self-administered questionnaire was used to collect data from the target population. The response rate is the number of questionnaires returned divided by sample size and the result multiplied by one hundred {\ref (De Vaus, 2002)}. A response rate Table \hyperref[tab_8]{4}.1 was developed. From the 80 respondents, 70 responded while 10 did not respond. This formed a response rate of 87.5\%. This response rate was considered satisfactory to analyze the relationship between strategic management and financial performance of RDRS Bangladesh (A non-governmental organization). The response rate of 50\% is adequate for data analysis while 60\% is good and above 70\% is considered a very good response rate for data analysis (Bryman \& Bell, 2007; Mugenda \& Mugenda, 2009). \section[{b) Biographic Profile and Discussions}]{b) Biographic Profile and Discussions}\par The biographic information of this study was gender, age, education level, experience and work department of the respondents. According to Nadkarni and Herrmann (2010), demographic variables such as age, education, and experience allow researchers to make effective decisions regarding the interest of the study. \section[{Gender Distribution}]{Gender Distribution}\par Descriptive statistical analysis was done on the data obtained from the field regarding the gender of the respondents as summarized in table 4.2 \hyperref[tab_8]{4}.2 shows information about the gender of the respondents and revealed that there were 64.3\% male respondents and 35.7\% female respondents. This means that opinion represented by respondents in relation to strategic management and financial performance of RDRS Bangladesh was from both male and female. Therefore, the results obtained could be attributed to either gender. \section[{Respondents Age}]{Respondents Age}\par This study sought information about the age of the respondents. Data obtained from the field regarding the age of the respondents was statistically analyzed and the results summarized in Table \hyperref[tab_8]{4}.3 The descriptive statistics on data about the gender distribution of the respondents showed that 20 (28.6\%) of the respondents were aged between 21-30 years while those aged between 31-40 years were 22 (31.4\%). These two age brackets represented 60 \% of the total number of respondents implying that the most active age of employees comprised more than half of the population involved in this study. 18(25.7\%) respondents were aged 41-50 years while those aged above 50 years were 10representing 14.3 \%. \section[{Respondents Academic Qualifications}]{Respondents Academic Qualifications}\par This study also sought information about the respondents' academic qualification. Data obtained from the field on this question was statistically analyzed and the results summarized in Table \hyperref[tab_8]{4}.4 as follows: In the context of the level of education, 21.4\% (15) had a bachelor's degree while 78.6\% (55) had a master's degree. Whereas it is appreciable that the majority of the corporations' employees have a master's degree education, this implies that organizations have the ability to make complex unstructured decisions in a rapidly changing and hypercompetitive business environment. \section[{Respondents' length of experience}]{Respondents' length of experience}\par This study also sought information about the length of service of respondents in RDRS Bangladesh. Data obtained from the field on this question was statistically analyzed and the results summarized in Table \hyperref[tab_8]{4}.5 as follows: The Relationship between Strategic Management and Financial Performance of Non-Governmental Organizations (NGOS): Evidence from RDRS Bangladesh\par The results in Table \hyperref[tab_8]{4}.5 indicate that on experience, 15 (21.4\%) of the respondents had experience of fewer than 5 years, 15(21.4\%) between 5-10 years, 20(28.6\%) between 11-15 years, and 20 (28.6\%) over 15 years of experience at the organization. \section[{Respondents' worked department}]{Respondents' worked department}\par This study also sought information about the distribution of respondents worked department. Data obtained from the field on this question was statistically analyzed and the results summarized in Table \hyperref[tab_8]{4} From the descriptive statistic results in Table \hyperref[tab_8]{4}.6, it was established that majority of the respondents were under the education department. The results were that 10 (14.3\%) of the respondents were under social organization department, while 7 (10\%) were under women rights department, 8 (11.4\%) were under the health department, 10 (14.3\%) were under the agriculture department, 5(7.1\%) were under the Human resource department, 3(4.3\%) were under the finance department, 7(10\%) were under the Microfinance department, 2(2.9\%) were under the Procurement department and 3(4.3\%) were under Monitoring department. \section[{c) Statistical Tests and Discussions}]{c) Statistical Tests and Discussions}\par Multiple linear regression analysis was performed to examine the relationship between the dependent variable (Financial Performance of RDRS Bangladesh) and the independent variable (Strategic management). Strategic management was defined as determining Environmental Scanning (ES), strategy formulation (SF), strategy implementation (SI), strategy evaluation and control (SEC). This was done to examine whether if Strategic management variables predict financial performance of RDRS Bangladesh. The important values of discussion were the coefficient of determination R2 and correlation coefficient r which in the case of the current study states the degree of association between strategic management variables and financial performance of RDRS Bangladesh.\par The regression is calculated using the basic regression model as follows.FP(Y) = ? 0 +? 1 X 1 + ? 2 X 2 + ? 3 X 3 + ? 4 X 4 + ?i\par The equation explains the relationship between FP(Y)= Financial Performance of RDRS Bangladesh, ? 0 = Model constant, ? 1 , 2,3 = the model regression coefficients, X 1 = Environmental scanning(ES), X 2 = Strategy Formulation (SF) (S, X 3 =Strategy Implementation(SI), X 4 = Strategy Evaluation and Control (SEC), and ? i = error term. At 5\% significant level the following strategic Management variables, namely ES, SF, SI and SEC had 0.003, 0.015 0.867 and 0.000 levels of significance respectively. Thus ES and SEC were found in this study to be more statistically significant while SF and SI were not. In addition, a multiple regression analysis was also conducted to determine the relationship between the financial performance of RDRS Bangladesh and the four variables of strategic management. Therefore, a unit increase in analyzing environmental scanning, strategy formulation, strategy implementation, and strategy evaluation and Control causes a 20.6\%, 23 \%, 21.1\%, and 48.6 \% increase in RDRS Bangladesh financial performance respectively. Therefore RDRS Bangladesh is required to emphasize on analyzing environmental scanning, strategy formulation, strategy implementation and strategy evaluation and control for improving its financial performance.\par This study also examines four hypotheses. For testing hypothesis, the regression result was used, with the significance level of ?0.05. The critical value for acceptance and rejection was to reject the null hypothesis if the p-value was ? 0.05. \section[{Managerial implications}]{Managerial implications}\par This study focuses on the relationship between strategic management and financial performance of RDRS Bangladesh. The study recommends that in conducting the organizational operation, RDRS Bangladesh should study the factors of environment and formulate effective strategies in light of the environmental scanning for success and gaining competitive advantage from NGOs programs. In addition, RDRS Bangladesh needs to pay attention to the careful implementation of effective strategies and thereafter there is a need to monitor, evaluate and control the functions of RDRS Bangladesh in order to improve the financial performance of RDRS Bangladesh. \section[{V. Conclusion, Recommendations and Future Work}]{V. Conclusion, Recommendations and Future Work}\par This research examines four strategic management variables (environmental scanning, strategy formulation, strategy implementation, and strategy evaluation and control) in the perception of employees, managers, program officers and program coordinators who employed at RDRS Bangladesh in respect to financial performance ( fundraising efficiency, financial transparency, program financial efficiency and administrative efficiency). The study found that strategic management adopted by RDRS Bangladesh including environmental scanning, strategy formulation, strategy implementation, and strategy evaluation and control. The results of the study indicated that among strategic management variables strategic evaluation and control had a single biggest positive influence on the financial performance of RDRS Bangladesh. Especially, it is statistically proved that there was 50.8 percent of the corresponding change in the financial performance of RDRS Bangladesh for every change in the four variables of strategic management. These findings are supported with previous studies, for example, Analoui \& Samour (2012), \hyperref[b13]{Bryson (2011)}, {\ref Hatten (1982)} and Mosley et al. {\ref (2012)}. Therefore, strategic management is an important factor for organizational subsistence to ensure financial performance of RDRS Bangladesh.\par The study concludes that effective application of strategic management in NGOs sector has a sound influence on financial performance. The study recommended that RDRS Bangladesh should continue practicing effective strategic management practices for enhanced financial as well as an organizational performance by facing challenges in the NGOs sector in Bangladesh. The study also recommended that RDRS Bangladesh should ensure to have a strong strategy evaluation and control to confirm sustain financial performance.\par This research work was solely based on the perception of staffs of RDRS Bangladesh. Therefore the study result was confined to this single NGO and it did not cover the entire NGOs sector in Bangladesh. so future research work should be undertaken by considering all NGOs in Bangladesh and it might produce the result that would generalize the findings. Moreover, future re-research should be explored the impact of strategic management on NGOs and Banking sector of Bangladesh. \begin{figure}[htbp] \noindent\textbf{41} \par \begin{longtable}{P{0.408\textwidth}P{0.17\textwidth}P{0.272\textwidth}} Item\tabcellsep Frequency\tabcellsep Percent\\ Valid questionnaires\tabcellsep 70\tabcellsep 87.5\%\\ Invalid\tabcellsep 10\tabcellsep 12.5\%\\ Total\tabcellsep 80\tabcellsep 100\%\end{longtable} \par \caption{\label{tab_3}Table 4 . 1 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{42} \par \begin{longtable}{P{0.13076923076923078\textwidth}P{0.27461538461538465\textwidth}P{0.20923076923076925\textwidth}P{0.2353846153846154\textwidth}} \tabcellsep Gender\tabcellsep Frequency\tabcellsep Percent\\ \tabcellsep Male\tabcellsep 45\tabcellsep 64.3\\ Valid\tabcellsep Female\tabcellsep 25\tabcellsep 35.7\\ \tabcellsep Total\tabcellsep 100\tabcellsep 100\\ Table\tabcellsep \tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_4}Table 4 . 2 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{43} \par \begin{longtable}{P{0.04047619047619047\textwidth}P{0.44523809523809527\textwidth}P{0.1538095238095238\textwidth}P{0.21047619047619048\textwidth}} \tabcellsep Age\tabcellsep Frequency\tabcellsep Percent\\ \tabcellsep 21-30 Years\tabcellsep 20\tabcellsep 28.6\\ \tabcellsep 31-40 Years\tabcellsep 22\tabcellsep 31.4\\ Valid\tabcellsep 41-50 Years\tabcellsep 18\tabcellsep 25.7\\ \tabcellsep Above 51 Years\tabcellsep 10\tabcellsep 14.3\\ \tabcellsep Total\tabcellsep 70\tabcellsep 100\end{longtable} \par \caption{\label{tab_5}Table 4 . 3 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{44} \par \begin{longtable}{P{0.032196969696969696\textwidth}P{0.4314393939393939\textwidth}P{0.26401515151515154\textwidth}P{0.12234848484848486\textwidth}} \tabcellsep \tabcellsep : Educational Information\tabcellsep \\ \tabcellsep Education level\tabcellsep Frequency\tabcellsep Percent\\ \tabcellsep Bachelor's degree\tabcellsep 15\tabcellsep 21.4\\ \tabcellsep Master's degree\tabcellsep 55\tabcellsep 78.6\\ Valid\tabcellsep Doctoral degree\tabcellsep 0\tabcellsep 0\\ \tabcellsep Total\tabcellsep 70\tabcellsep 100\end{longtable} \par \caption{\label{tab_6}Table 4 . 4}\end{figure} \begin{figure}[htbp] \noindent\textbf{45} \par \begin{longtable}{P{0.03632478632478633\textwidth}P{0.4867521367521367\textwidth}P{0.13803418803418804\textwidth}P{0.18888888888888888\textwidth}} \tabcellsep Experience\tabcellsep Frequency\tabcellsep Percent\\ \tabcellsep Less than 5 years\tabcellsep 15\tabcellsep 21.4\\ \tabcellsep 5-10 years\tabcellsep 15\tabcellsep 21.4\\ Valid\tabcellsep 11-15 years\tabcellsep 20\tabcellsep 28.6\\ \tabcellsep Above 15 years\tabcellsep 20\tabcellsep 28.6\\ \tabcellsep Total\tabcellsep 70\tabcellsep 100\end{longtable} \par \caption{\label{tab_7}Table 4 . 5 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{4} \par \begin{longtable}{P{0.018973214285714284\textwidth}P{0.5046875\textwidth}P{0.1669642857142857\textwidth}P{0.159375\textwidth}} \tabcellsep \tabcellsep 6: Worked department\tabcellsep \\ \tabcellsep Worked department\tabcellsep Frequency\tabcellsep Percent\\ \tabcellsep Social organization\tabcellsep 10\tabcellsep 14.3\\ \tabcellsep Women rights\tabcellsep 7\tabcellsep 10\\ \tabcellsep Health\tabcellsep 8\tabcellsep 11.4\\ \tabcellsep Education\tabcellsep 15\tabcellsep 21.4\\ \tabcellsep Agriculture\tabcellsep 10\tabcellsep 14.3\\ Valid\tabcellsep Human resource\tabcellsep 5\tabcellsep 7.1\\ \tabcellsep Finance\tabcellsep 3\tabcellsep 4.3\\ \tabcellsep Microfinance\tabcellsep 7\tabcellsep 10\\ \tabcellsep Procurement\tabcellsep 2\tabcellsep 2.9\\ \tabcellsep Monitoring\tabcellsep 3\tabcellsep 4.3\\ \tabcellsep Total\tabcellsep 70\tabcellsep 100\end{longtable} \par \caption{\label{tab_8}Table 4 .}\end{figure} \begin{figure}[htbp] \noindent\textbf{47} \par \begin{longtable}{P{0.85\textwidth}} © 2018 Global Journals\end{longtable} \par \caption{\label{tab_9}Table 4 . 7 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{1} \par \begin{longtable}{P{0.34679999999999994\textwidth}P{0.047599999999999996\textwidth}P{0.0816\textwidth}P{0.1428\textwidth}P{0.23120000000000002\textwidth}} Model\tabcellsep R\tabcellsep R Square\tabcellsep Adjusted R Square\tabcellsep Std. Error of the Estimate\\ 1\tabcellsep .712 a\tabcellsep .508\tabcellsep .477\tabcellsep .2515310\\ \multicolumn{3}{l}{a. Predictors: (Constant), SM=SEC, SI, SF, ES}\tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_10}Table 1 .}\end{figure} \begin{figure}[htbp] \noindent\textbf{4} \par \begin{longtable}{P{0.08651626442812173\textwidth}P{0.2675760755508919\textwidth}P{0.12040923399790136\textwidth}P{0.18997901364113326\textwidth}P{0.010703043022035676\textwidth}P{0.0847324239244491\textwidth}P{0.03746065057712487\textwidth}P{0.05262329485834207\textwidth}} \tabcellsep \multicolumn{7}{l}{The Relationship between Strategic Management and Financial Performance of Non-Governmental}\\ \tabcellsep \multicolumn{5}{l}{Organizations (NGOS): Evidence from RDRS Bangladesh}\tabcellsep \\ Year 2018\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ 8\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ Volume XVIII Issue VII Version I\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ ( ) B\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ Global Journal of Management and Business Research\tabcellsep Environmental Scanning(ES) Strategy Formulation (SF) Strategy Implementation (SI) Strategy Evaluation\tabcellsep Model Regression Residual Total Model Regression Residual Total Model Regression Residual Total Model Regression\tabcellsep \multicolumn{2}{l}{9: Regression result ANOVA Sum of Squares df .343 1 8.008 68 8.351 69 Sum of Squares df .339 1 8.012 68 8.351 69 Sum of Squares df .007 1 8.345 68 8.351 69 Sum of Squares df 3.044 1}\tabcellsep Mean Square .343 .118 Mean Square .339 .118 Mean Square .007 .123 Mean Square 3.044\tabcellsep F 2.913 F 2.881 F .053 F 39.012\tabcellsep Sig. .092 a Sig. .094 a Sig. .818 a Sig. .000 a\\ \tabcellsep and Control(SEC)\tabcellsep Residual\tabcellsep 5.307\tabcellsep 68\tabcellsep .078\tabcellsep \\ \tabcellsep \tabcellsep Total\tabcellsep 8.351\tabcellsep 69\tabcellsep \tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep Coefficients\tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep Model\tabcellsep B\tabcellsep \multicolumn{2}{l}{Std. Error}\tabcellsep Beta\tabcellsep t\tabcellsep Sig.\\ \tabcellsep (Constant)\tabcellsep 3.277\tabcellsep \tabcellsep .398\tabcellsep \tabcellsep 8.225\tabcellsep .000\\ \tabcellsep ES\tabcellsep .164\tabcellsep \tabcellsep .096\tabcellsep .203\tabcellsep 1.707\tabcellsep .092\\ \tabcellsep © 2018 Global Journals 1\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_11}Table 4 .}\end{figure} \begin{figure}[htbp] \noindent\textbf{4} \par \begin{longtable}{P{0.48926533523537796\textwidth}P{0.12913694721825963\textwidth}P{0.04243937232524964\textwidth}P{0.03819543509272468\textwidth}P{0.004243937232524964\textwidth}P{0.027282453637660485\textwidth}P{0.032132667617689015\textwidth}P{0.017582025677603422\textwidth}P{0.02121968616262482\textwidth}P{0.016975748930099857\textwidth}P{0.013338088445078458\textwidth}P{0.009094151212553494\textwidth}P{0.006062767475035664\textwidth}P{0.003031383737517832\textwidth}} \tabcellsep Variables\tabcellsep Mean\tabcellsep SD\tabcellsep \tabcellsep ES\tabcellsep SF\tabcellsep SI\tabcellsep SEC\tabcellsep FE\tabcellsep FT\tabcellsep PFE\tabcellsep AE\tabcellsep OF P\\ \tabcellsep ES\tabcellsep 4.11\tabcellsep .429\tabcellsep \tabcellsep 1\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep SF\tabcellsep 4.08\tabcellsep .365\tabcellsep \tabcellsep .151\tabcellsep 1\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep SI\tabcellsep 3.76\tabcellsep .496\tabcellsep \tabcellsep -.201\tabcellsep .042\tabcellsep 1\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep SEC\tabcellsep 3.90\tabcellsep .479\tabcellsep \tabcellsep -.166\tabcellsep -.095\tabcellsep .091\tabcellsep 1\tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep FE\tabcellsep 3.86\tabcellsep .453\tabcellsep \tabcellsep .016\tabcellsep .143\tabcellsep -.062\tabcellsep .292 *\tabcellsep 1\tabcellsep \tabcellsep \\ \tabcellsep FT\tabcellsep 4.01\tabcellsep .546\tabcellsep \tabcellsep -.135\tabcellsep .003\tabcellsep .216\tabcellsep .889 **\tabcellsep .340 **\tabcellsep 1\tabcellsep \\ \tabcellsep PFE\tabcellsep 3.86\tabcellsep .469\tabcellsep \tabcellsep .009\tabcellsep .087\tabcellsep -.191\tabcellsep .385 **\tabcellsep .803 **\tabcellsep .276 *\tabcellsep 1\\ \tabcellsep AE\tabcellsep 4.06\tabcellsep .506\tabcellsep \tabcellsep .680 **\tabcellsep .342 **\tabcellsep .077\tabcellsep .081\tabcellsep .149\tabcellsep .267 *\tabcellsep .181\tabcellsep 1\\ \tabcellsep OFP\tabcellsep 3.95\tabcellsep .347\tabcellsep \tabcellsep .203\tabcellsep .202\tabcellsep .028\tabcellsep .604 **\tabcellsep .785 **\tabcellsep .694 **\tabcellsep .773 **\tabcellsep .578 **\tabcellsep 1\\ \tabcellsep \multicolumn{7}{l}{**. Correlation is significant at the 0.01 level (2-tailed).}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep \multicolumn{6}{l}{*. Correlation is significant at the 0.05 level (2-tailed).}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \tabcellsep \multicolumn{7}{l}{The correlation coefficients between strategy}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{formulation and the four financial performance indicators}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{were 0.143 with fundraising efficiency, .0.003 with}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{financial transparency, 0.087 with program financial}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{2}{l}{efficiency, 0.342}\tabcellsep with\tabcellsep \multicolumn{5}{l}{administrative efficiency}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{respectively. The correlation coefficients between}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{strategy implementation and the four financial}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{performance indicators were-0.062 with fundraising}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{efficiency ,0.216 with financial transparency,-0.191 with}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{program financial efficiency and 0.077 with}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{administrative efficiency and finally the correlation}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{coefficients between strategy evaluation and control and}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{the four financial performance variables were 0.292}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ with\tabcellsep fundraising\tabcellsep \multicolumn{3}{l}{efficiency,889}\tabcellsep with\tabcellsep \multicolumn{2}{l}{financial}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{transparency, 0.385 with program financial efficiency}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{and, 0.081 with administrative efficiency .so it can be}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{noted that correlation analysis revealed both positive}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ and\tabcellsep negative\tabcellsep \multicolumn{2}{l}{relationship}\tabcellsep \multicolumn{2}{l}{between}\tabcellsep \multicolumn{2}{l}{strategic}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{8}{l}{management and financial performance of RDRS}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{2}{l}{Bangladesh.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_12}Table 4 .}\end{figure} \footnote{© 2018 Global Journals} \backmatter \par Ho 1 : There is no impact of environmental scanning on the financial performance of RDRS Bangladesh. Ha 1 : There is an impact of environmental scanning on the financial performance of RDRS Bangladesh.\par The results presented in Table {\ref 4}.9 show that the F value was 2.913 with a p-value of 0.094 and the value of t was .225 with p-value 0.092 since p-value was > 0.05, we shall accept the null hypothesis.\par Ho 2 : There is no impact of strategy formulation on the financial performance of RDRS Bangladesh.\par Ha 2 : There is an impact of strategy formulation on the financial performance of RDRS Bangladesh.\par The results displayed in Table {\ref 4}.9 show that the F value was 2.881 with a significant level = 0.094, t value was 6.840with p-value of 0.094 this result revealed that H 02 is accepted. Thus strategy formulation has no significant impact on the financial performance of RDRS Bangladesh. Ho 3 : There is no impact of strategy implementation on the financial performance of RDRS Bangladesh. Ha 3 : There is an impact of strategy implementation on the financial performance of RDRS Bangladesh.\par The results displayed in Table {\ref 4}.9 show that the F value was .053 with a significant level = 0.818, t value was 12.030 with the p-value of 0.818 this result revealed that H 03 is accepted. Therefore; statistically it is proved that strategy implementation has no significant impact on the financial performance of RDRS Bangladesh. Ho 4 : There is no impact of strategy evaluation and control on the financial performance of RDRS Bangladesh. Ha 4 : There is an impact of strategy evaluation and control on the financial performance of RDRS Bangladesh.\par The results displayed in Table {\ref 4}.9 show that the F value was 39.012with a significant level = 0.000, t value was 8.135 with a p-value of 0.000. So, Ho 4 is rejected. This indicated that the strategy evaluation and control has an impact on the financial performance of RDRS Bangladesh. Table {\ref 4}.9 also showed the coefficients (Beta) for the environmental scanning, strategy formulation, and strategy implementation and strategy evaluation and control (0.203, 0.202, 0.028 and 0.604). These results indicated that strategy evaluation and control had the highest effect on financial performance of RDRS Bangladesh.\par Table {\ref 4}.9 below shows means, standard deviation, and Pearson correlations for the research variables. The mean and standard deviation of environmental scanning are 4.11 and 0.429, respectively. The mean and standard deviation of strategy formulation are 4.08 and 0.365, respectively. The mean and standard deviation of strategy implementation are 3.76 and 0.496, respectively. The mean and standard deviation of strategy evaluation and monitoring are 3.90 and 0.479, respectively. The mean and standard deviation for financial performance are 3.95 and 0.347 respectively. Means and standard deviations of the sub-scales of financial performance are also presented in Table {\ref 4}.9.\par Table {\ref 4}.9 also demonstrates that strategy formulation and strategy evaluation had a significant positive correlation with financial performance indicators and environmental scanning and strategy implementation had a negative correlation with financial performance indicators. The correlation coefficients between environmental scanning and financial performance variables (fundraising efficiency, financial transparency, program financial efficiency, and administrative efficiency) were 0.016,-0.135, 0.009, and 0.680 respectively. \begin{bibitemlist}{1} \bibitem[Kothari and Chui (ed.) ()]{b21}\label{b21} \textit{}, M Kothari , C Chui . U.S. Patent and Trademark Office (ed.) 2003. Washington, DC. 589. 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