Examination of the relationship between rational strategic planning and company performance has received a great deal of attention in the strategic management research over the past four decades. Although an extensive literature suggests a positive relationship, several authors support the opposite view. This paper contributes to this important debate for both researchers and managers, with an emphasis on the operationalization of the concepts of rational strategic planning and company performance. A quantitative empirical study conducted among European, North American, Asian and Middle Eastern companies, reveals a positive association between rational strategic planning and company performance.