This paper examines the effect of antecedents (Such as task exceptions and task analysability) and consequences (such as job-relevant information, budget goal level, budget goal acceptance and budget goal commitment) of budgetary participation on job performance. The responses of 135 middle-level managers, drawn from a cross-section of manufacturing firms, to a survey questionnaire, were analysed by using a structural equation modelling (SEM) technique. The results of this Study suggest that task exceptions and task analysability are important antecedents of budgetary participation. The results further suggest that the cognitive effect of participation in goal-setting allows subordinates to gather, exchange and share job-relevant information. The availability of job-relevant information allows subordinates to develop effective strategies or plans, which will help them to exert effort over time, in an attempt to attain their goals. The results support the proposition that setting difficult but attainable budget goals increases subordinates' budget goal level, acceptance, and commitment to the budget goal, which in turn improves job performance.