This study examined hypotheses linking three categories of variables, top management team demography, environmental uncertainty, and firm performance, to the extent to which retail banks engage in a formal strategic planning process. The specific variables studied included: mean tenure, mean age, mean education level, functional background heterogeneity, and education major heterogeneity under team demography; environmental complexity and instability under environmental uncertainty; and performance level and volatility under firm performance. Results show that low tenure mean, functional heterogeneity, environmental complexity, and performance volatlity all had positive effects on strategic planning formality.
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