Most mission statements incorporate

Most mission statements incorporate common elements. For example, many define the businesses within which a firm will operate— medical products for Johnson and Johnson; adhesives and substrates for 3M— or they can very simply state how a firm will compete in those businesses. Many even define the core values that a firm espouses. Indeed, mission statements often contain so many common elements that some have questioned whether having a mission statement even creates value for a firm. 3 Moreover, even if a mission statement does say something unique about a company, if that mission statement does not influence behavior throughout an organization, it is unlikely to have much impact on a firm’s actions. For example, while Enron was engaging in wide ranging acts of fraud 4 , it had a mission statement that emphasized the importance of honesty and integrity. 5 Research suggests that, on average, mission statements do not affect a firm’s performance.