Application of Resource-Based View Theory in Assessing of Efficiency of Companies Accepted in Tehran Stock Exchange by Data Envelopment Analysis
الموضوعات :Zahra Moradi 1 , Mona Ghilavi 2 , Mohammad Hamed Khan Mohammadi 3 , Zohreh Hajiha 4
1 - Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran
2 - Department of Accounting , Damavand Branch, Islamic Azad University, Damavand, Iran
3 - Department of Accounting, Damavand Branch, Islamic Azad University, Damavand, Iran
4 - Department Of Accounting, East Tehran Branch, Islamic Azad University, Tehran, Iran
الکلمات المفتاحية: Resource-based view (RBV) theory, Competitive Advantage, Data Envelopment Analysis (DEA),
ملخص المقالة :
Resource-based view (RBV) theory analyzes and interprets company's resources in order to find out how organizations gain a competitive advantage. This theory fo-cuses on the implications of the complicated features of a company as the resources for excellent performance and comparative advantage. According to this view, capa-bilities and resources of the company are the main factors in explaining the func-tional results or competitive advantage. Resources can be considered as inputs which enable companies to do their activities. The purpose of this research is to introduce a resource-based theory for calculating the efficiency score of accepted companies in Tehran Securities Exchange by using Data Envelopment Analysis (DEA). In this regard, the financial statements of 190 companies accepted in the exchange for the 2009 – 2018 period have been analysed. Efficiency indicators, which include 4 categories of resources (10 inputs) and 5 outputs, have formed the axis of the mentioned technique. The results of implementing this model for compa-nies with the efficiency score of one, indicates first a minimal input consumption compared to competing companies in the same industry while producing more out-put, and second, using the resource-based view theory (integration of tangible and intangible resources) enables the company to push the boundaries of efficiency. Finally, it can be said that utilizing minimum and maximum resources simultaneous-ly leads to a focus strategy-type competitive advantage.
[1] Ahadzadeh, M., Khamseh, E., and Mohammadi, F., Evaluation of Bank Branch Performance Using Weight Control Approach in Data Envelopment Analysis, Journal of Financial Engineering and Securities Management, 2019, 10(40), P.1-28.
[2] Almarri , K., and Gardiner , P. ,Application of resource-based view to project management research: supporter and opponents ,Procedia – Social and Behavioral Sciences, 2014, 119, P.437- 445. Doi.org/10.1016/j.sbspro.2014.03.049.
[3] Alavi , S. A ., and Allah Verdi , A. A., Evaluation of the Efficiency of Pharmaceutical Companies Accepted in Tehran Securities Exchange by Using the Dynamic DEA Method, Ninth National Conference on Data Envelopment Analysis - National Development, Islamic Azad University Bojnourd Branch, 2017, P. 1-14 .
[4] Aref Manesh, Z., Rahmani, A., Presentation of a model for the Evaluation of Unobserved Assets in Companies Accepted in the Tehran Securities Exchange, Journal of Management Accounting, 2015, 26, P.81–112.
[5] Azar, A., Daneshvar , M., and Rezazali , M., Designing of Performance Measurement Model for Insurance Branches by Using DEA Technique (Case Study of Dana Insurance), Journal of Humanities and Social Sciences, 2006, 23،P. 62-35.
[6] Barney, JB., Firm resources and sustained competitive advantage, Journal of Management ,1991 , 17(1) ,P.99-120. Doi.org/10.1177/014920639101700108.
[7] Barney, JB., Organizational culture: Can it be a source of sustained competitive advantage? , Academy of Management Review , 1986 ,11, P.656-665. Doi.org/10.5465/amr.1986.4306261.
[8] Bentley, KA. , Omer, T.C., and Sharp , N.Y. , Business strategy, financial reporting irregularities, and audit effort, Contemp. Account. Re, 2013, 30 (2) ,P.780–817. Doi.org/10.1111/j.1911-3846.2012.01174.x
[9] Bontis , N., Intellectual capital: an exploratory study that develops measures and models, Management Decision, 1998 , 36 (2) , P.63-76. Doi.org/10.1108/00251749810204142.
[10] Chehab , A., Liu, J ., and Xiao, Y., More on intangibles: Do stockholders benefit from brand values? ,Global Finance Journal ,2016 ,30,P.1-9. Doi.org/10.1016/j.gfj.2015.12.001.
[11] Chen, J., Zhu, Z., Yuan, X., Measuring intellectual capital: a new model and empirical study, Journal of Intellectual Capital, 2004, 5 (1) ,P.195 – 212. Doi.org/10.1108/14691930410513003.
[12] Dibachi, H., Behzadi, M.H., Izadikhah, M., Stochastic Modified MAJ Model for Measuring the Efficiency and Ranking of DMUs, Indian Journal of Science and Technology, 2015, 8(8), P. 1-7, Doi: 10.17485/ijst/2015/v8iS8/71505
[13] Esfandiar, M., Saremi M., Jahangiri Nia, H., Assessment of the efficiency of banks accepted in Teh-ran Stock Exchange using the data envelopment analysis technique, Advances in Mathematical Finance and Applications,2018, 3(2), P. 1-11. Doi: 10.22034/AMFA.2018.540815.
[14] Fahy, J., The resource-based view of the firm: Some stumbling-blocks on the road to understanding sustainable competitive advantage, Journal of European Industrial Training , 2000, 24, P.94-104. Doi.org/10.1108/03090590010321061.
[15] Galbreath, J.T., Determinants of Firm Success: A Resource-Based Analysis Doctor of Philosophy, Curtin University of Technology, Australia,2004.
[16] Galbreath, J., Which resources matter the most to firm success? An exploratory study of resource-based theory, Technovation ,2005, 25 (9) , P.979-987. Doi.org/10.1016/j.technovation.2004.02.008.
[17] Gardberg , N. A ., and Fombrun، Ch. ,Corporate citizenship: creating intangible assts across institutional environments, Academy of Management Review, 2006, 31 (2) ,P. 329-346. Doi.org/10.5465/amr.2006.20208684.
[18] Grant , R.M. , Contemporary strategy analysis ,(4thed) Blackwell Publishers, Oxford, England,2000.
[19] Habib, A ., and Hasan, M .Mo, Business strategy, overvalued equities, and stock price crash risk, Research in International Business and Finance,2017 ,39, P.389–405. Doi.org/10.1016/j.ribaf.2016.09.011.
[20] Inmyxai, S., and Takahashi, Y., The effect of firm resources on business performance of male-and female-headed firms in the case of Lao micro- small- and medium-sized enterprises (MSMEs) , International Journal of Business and Information ,2010, 5(1) ,P.63-90. Doi.org/10.5539/ijbm.v5n4p37.
[21] Ittner, C.D., Larcker, D.F., and Rajan, M.V. ,The choice of performance measures in annual bonus contracts, Account. Rev,1997 ,72 (2) , P.231–255.
[22] Izadikhah, M., Improving the Banks Shareholder Long Term Values by Using Data Envelopment Anal-ysis Model. Advances in Mathematical Finance and Applications, 2018, 3(2), P. 27-41. Doi: 10.22034/AMFA.2018.540829.
[23]Izadikhah, M., Farzipoor Saen, R., Ahmadi, K., How to assess sustainability of suppliers in the presence of dual-role factor and volume discounts? A data envelopment analysis approach, Asia-Pacific Journal of Operational Research, 2017, 34 (03), Doi: 10.1142/S0217595917400164
[24] Izadikhah, M., Khoshroo, A., Energy management in crop production using a novel fuzzy data envelopment analysis model, RAIRO-Oper. Res., 2018, 52 (2), P. 595-617, Doi: 10.1051/ro/2017082
[25] Izadikhah, M., Farzipoor Saen, R., Ranking sustainable suppliers by context-dependent data envelopment analysis. Ann Oper Res, 2020, 293, P.607–637, Doi: 10.1007/s10479-019-03370-4
[26] Jahanshahlo, Gh., Hossein Zadeh, F., and Nikou Maram, H., Data Envelopment Analysis and its Applications, Publication of Azad University, Science and Research branch,2010.
[27] Joulaei, M., and Mirbolouki,M., Reduction of DEA-Performance Factors Using Rough Set Theory: An Application of Companies in the Iranian Stock Exchange,Advances in Mathematical Finance and Applications,2020,5(1),P.53-67. Doi:10.22034/amfa.2019.1868389.1223 .
[28] Kannan, D., and Sousa Jabbour, AB. , Selecting green suppliers based on GSCM practices: Using fuzzy TOPSIS applied to a Brazilian electronics company. In European Journal of Operational Research, 2014,233(2) P.432-447. Doi.org/10.1016/j.ejor.2013.07.023.
[29] Kapareliotis, I., and Panopoulos , A. , The determinants of brand equity ,Journal of Managerial Finance , 2010 ,36(3), P.225-233.
[30] Khajavi, Sh., Ghayori Moghadam, A .,and GHafari ,M. J., Data Envelopment Analysis Technique, a complementary for Traditional Financial Analysis ,Accounting and Audit Reviews,2010, 60 ,P.41-56.
[31] Khoshroo, A., Izadikhah, M., Emrouznejad ,A. , Improving energy efficiency considering reduction of CO2 emission of turnip production: A novel data envelopment analysis model with undesirable output approach,2018, Journal of cleaner production,187,P.605-615. Doi.org/10.1016/j.jclepro.2018.03.232.
[32] Lajili, K. ، and Ze ´ghal, D., Market performance impacts of human capital disclosures, Journal of Accounting and Public Policy،2006، ,25(2), P.171–194. Doi.org/10.1016/j.jaccpubpol.2006.01.006.
[33] Leonidou, L.C. , Leonidou, .N. , Fotiadis , T.A. , and zeriti , A., Resources and capabilities as drivers of hotel environmental marketing strategy: Implications for competitive advantage and performance, Tourism management, 2013, 35, P.94-110. Doi.org/10.1016/j.tourman.2012.06.003 .
[34] Madhani , P. M. ,The Resource - Based View (RBV): Issues and Perspectives ,A Journal of Research of Prestige Institute of Management ,2010, 1, P.43-55.
[35] Martin , R. L.,and Moldoveanu , M. C., Capital versus talent: The battle that.s reshaping business, Harvard Business Review ,2003, 81, P.36–41.
[36] Maury, Be., Sustainable competitive advantage and profitability persistence: Sources versus outcomes for assessing advantage, Journal of Business Research ,2018 ,84,P.100-113. Doi.org/10.1016/j.jbusres.2017.10.051.
[37] Meutia,T., and Ismail, T., The Development of Entrepreneurial Social Competence and Business Network to Improve Competitive Advantage And Business Performance of Small Medium Sized Enterprises: A Case Study of Batik Industry In Indonesia, Procedia - Social and Behavioral Sciences , 2012 ,65,P.46–51. Doi.org/10.1016/j.sbspro.2012.11.089.
[38] Miles, R.E ., and Snow, C.C., Organizational Strategy, Structure, and Process، Stanford University Press, Stanford, CA,2003.
[39] Miyagawa, Ts. , and Hisa, Sh., Measurement of Intangible Investment by Industry and Economic Growth in Japan, Policy Research Institute, Public Policy Review, 2013, 9 (2), P.405-432.
[40] Moradi, Mo., and Sepahvandi, S., The Impact of Competitive Strategies on Financial Stability and Risk Sustainability, Financial Accounting Research ,2015, 3,P. 75-90.
[41] Namazi و M ., and Mosavi Nejad , S .R., Investigating the Relationship between Unobserved Assets and Financial Performance in the Companies Accepted in Tehran Securities Exchange, Journal of Investment Knowledge, 2016, 20 , P.243–262.
[42] Othmana, R., Roshayani ,A., Nooraslinda, A. A., Siti Maznah ,M .A., Organizational Resources and Sustained Competitive Advantage of Cooperative Organizations in Malaysia,Procedia , Social and Behavioral Sciences, 2015,170,P.120 – 127. Doi.org/10.1016/j.sbspro.2015.01.021.
[43] Peykani, P., Mohammadi, E., Rostamy-Malkhalifeh, M., Hosseinzadeh Lotfi, F., Fuzzy Data Envelopment Analysis Approach for Ranking of Stocks with an Application to Tehran Stock Exchange, Advances in Mathematical Finance and Applications,2019, 4(1), P. 31-43. Doi: 10.22034/AMFA.2019.581412.1155.
[44] Peykani, P. , Mohammadi, E., Seyed Esmaeili, F., Stock evaluation under mixed uncertainties using robust DEA model, Journal of Quality Engineering and Production Optimization,2019, 4(1), P.73-84.
[45] Peykani ,P., and Mohammadi, E. , Interval network data envelopment analysis model for classification of investment companies in the presence of uncertain data, Journal of Industrial and Systems Engineering, 11(Special issue: 14thInternational Industrial Engineering Conference),2018,P.63-72.
[46]Peykani ,P., Mohammadi ,E . , Emrouznejad ,A. , Pishvaee ,M. S. , and RostamyMalkhalifeh ,M. , Fuzzy data envelopment analysis: an adjustable approach, Expert Systems with Applications,2019, 136, P.439-452. Doi: 10.1016/j.eswa.2019.06.039.
[47]Peykani ,P., Mohammadi ,E . , Emrouznejad ,A. , Pishvaee ,M .S. , RostamyMalkhalifeh ,M. ,and Jabbarzadeh ,A., A novel fuzzy data envelopment analysis based on robust possibilistic programming: possibility, necessity and credibility-based approaches, RAIRO-Operations Research, 2018, 52(4), P.1445-1463. Doi: 10.1051/ro/2018019.
[48]Peykani, P., and Mohammadi, E., Window Network Data Envelopment Analysis: An Application to Investment Companies, International Journal of Industrial Mathematics,2020,12(1), P. 89-99.
[49] Porter M.E., Towards a Dynamic Theory of Strategy, Strategic Management Journal ,1996 ,12, P.95- 119.
[50] Pulic, A., VAIC-An accounting tool for IC management, International Journal of Technology Management,2000, 20(5-8), P.702-714. Doi.org/10.1504/ijtm.2000.002891.
[51] Pulic , A., Intellectual capital-does it create or destroy value? , Measuring Business Excellence,2004, 8(1), P.62-68 hors: Ante Pulic. Doi.org/10.1108/13683040410524757 .
[52] Rajiv, D. B., ، Raj, M., and Arindam, T., Does a Differentiation Strategy Lead to More Sustainable Financial Performance than a Cost Leadership Strategy? Management Decision, 2014, 52, P.872 – 896. Doi.org/10.1108/MD-05-2013-0282.
[53] Rostamy-Malkhalifeh , M. ,and seyed Esmaeili, F. , Computing the efficiency interval of decision making units (DMUs) having interval inputs and outputs with the presence of negative data, Journal of New Researches in Mathematics,2016,1(4),P.5-14.
[54] Sahay, A ., and Piliai ,A., Differential impact of advertising and distribution expenditure on Tobin's Q, Journal of IndianBusiness Research, 2009, 1(2/3), P.77-94. Doi.org/10.1108/17554190911005309.
[55] Sigera, In., and Cahoon, St., Processes Adopted to Integrate Intangible Resources in Global Acquisitions among Container Lines: Perceptions of Acquirer and Acquired, The Asian Journal of Shipping and Logistics,2018 ,34, P.1-11 .Doi.org/10.1016/j.ajsl.2018.03.001.
[56] Sueyoshi ,T., and Mika , G. ,Can R&D Expenditure Avoid CorporateBankruptcy? Comparison between Japanese Machinery and ElectricEquipment Industries Using DEA–Discriminant Analysis, European Journal of Operational Research ,2009 ,196, P.289–311. Doi.org/10.1016/j.ejor.2008.02.021.
[57] Sydler, R., Haefliger, S., Robert , P., Measuring intellectual capital with financial figures: can we predict firm profitability, European Management Journal , 2014 ,32 ,P.244 -259. Doi.org/10.1016/j.emj.2013.01.008 .
[58] Tavana, M., Izadikhah, M., Di Caprio, D. , and Farzipoor Saen ,R. , A new dynamic range directional measure for two-stage data envelopment analysis models with negative data, Computers & Industrial Engineering,2018,115,P.427-448. Doi.org/10.1016/j.cie.2017.11.024.
[59] Tone, K., Toloo, M., Izadikhah, M., A modified slacks-based measure of efficiency in data envelopment analysis, European Journal of Operational Research, 2020, 287 (2), P. 560-571, Doi: 10.1016/j.ejor.2020.04.019.
[60] Wyatt , A., and Frick, H. ,Accounting for investments in human capital: A review, AustralianAccounting Review, 2010, 20(3) , P.199–220. Doi.org/10.1111/j.1835-2561.2010.00104.x.
