Present the Value Creation Model in SMEs Listed on Tehran Stock Exchange: Strategic Factors in the Internal and External Environment

Document Type : Original Article

Authors

1 Ph.D Student of Financial Management, Department of Financial Management, Qazvin Branch, Islamic Azad University

2 Associate Professor, Department of Accounting, Qazvin Branch, Islamic Azad University, Qazvin, Iran. Corresponding Author

3 Professor, Department of Industrial Management, Department of Management and Accounting , Shahid Beheshti University, .

Abstract

Today, due to the increase in global competition and environmental uncertainty, the success of companies depends on creating value for stakeholders, especially shareholders, and creating wealth for them, and this issue is only possible in the shadow of the analyzing of strategic factors in the internal and external environment; On the other hand, the importance of value creation for small and medium-sized companies is twofold with regard to their long-term sustainability goals. The present study is applied research in terms of the type of use and descriptive-correlational research based on structural equation modeling in terms of data collection. The statistical population of the research includes experts and managers of small and medium enterprises. Experts' Cronbach's alpha coefficient was used to confirm the validity of the questionnaire and to determine its reliability. Data analysis was performed with SPSS software and Smart PLS. The results of data analysis showed that the 5 hypotheses of the present study are confirmed and significant at the 95% level. The highest path coefficient is related to the effect of value creation on the maximum wealth of shareholders with 0.981.

Keywords

References

  • فهرست منابع و مآخذ

    الف. منابع فارسی

    • استیری، روح االله و مشیری، بنیامین (1391)، ابزارهای تامین مالی بنگاه‌های دانش بنیان، مجموعه مقالات دومین کنفرانس بین المللی توسعه نظام تأمین مالی در ایران.
    • اسدی، فریده (1394)، تاثیر مدیریت مالی راهبردی بر پیشرفت مالی سازمان، کنفرانس بین المللی مدیریت و علوم انسانی.
    • اعتمادی حسین و احمدی گرجی جلیل (1396)، بررسی اثر ارتباط سیاسی بر سرمایه‌گذاری و کاهش محدودیت‌های تامین مالی در بورس اوراق بهادار تهران، تحقیقات حسابداری و حسابرسی، 9، 34، 4-23.
    • پیرایی خسرو و شهسوار محمد رضا (1388)، تاثیر متغیرهای کلان اقتصادی بر بازار بورس ایران، پژوهش های رشد و توسعه پایدار (پژوهش‌های اقتصادی)، 9، 21-38.
    • چناری و نوری‌فرد (1393)، مطالعۀ ارتباط برخی جنبه‌های اصول راهبری شرکتی با ارزش افزودۀ سهامدار در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، پژوهشنامه اقتصاد و کسب و کار، 7، 55-66.
    • حجازی رضوان و خادمی صابر ( 1392)، تأثیر عوامل اقتصادی و ویژگی‌های شرکتی بر ساختار سرمایه شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، پژوهش‌های حسابداری مالی، 2، 1-16.
    • حیدری‌کیا مریم و حسین‌زاده مصطفی (1398)، تاثیر ساختار سرمایه و عوامل کلان اقتصادی بر عملکرد مالی و ارزش شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، پژوهشنامه بازرگانی، 90، 33-54.
    • برادران حسن زاده، رسول؛ بادآور نهندی، یونس؛ بابایی، قادر حسین (1391)، بررسی رابطه بین برخی مکانیزم های حاکمیت شرکتی با ارزش ایجاد شده برای صاحبان سهام و ارزش افزوده اقتصادی، بررسی های حسابداری و حسابرسی، 19، 68، 1-16.
    • رضایی، عماد و عباسی، ابراهیم (1395)، تاثیر سرمایه فکری بر نسبت ارزش افزوده اقتصادی به سود حسابداری و نسبت ارزش افزوده بازار به سود حسابداری، فصلنامه پژوهش های حسابداری مالی و حسابرسی، 8، 31، 127-144.
    • فرهانیان، سید محمدجواد و دعایی میثم (1392)، پایداری شرکتی و ضرورت توجه به آن در بازار سرمایه ایران، ماهانه بازار سرمایه ایران، 104.
    • رهنمای رودپشتی، فریدون و محسنی، عبدالرضا (1397)، ارتباطات سیاسی، سود نقدی و بازده سهام در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، دانش مالی تحلیل اوراق بهادار، 11، 38، 129-144.
    • قره‌چه منجیه، ابولفضلی، ابولفضل (1386)، بررسی عوامل راهبردی جهت کسب مزیت رقابتی، فصلنامه پیام مدیریت، 25، 33-65.
    • گلقندشتی، مریم و آقابابائی، محمدابراهیم (1397)، تاثیر منابع تامین مالی بر رشد شرکت‌های کوچک و متوسط پذیرفته شده در بورس اوراق بهادار تهران، فصلنامه اقتصاد مالی، 44، 143-160.
    • مشایخ، شهناز و اسماعیلی مریم (1385)، بررسی رابطه کیفیت سود و برخی از جنبه‌های اصول راهبردی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، بررسی های حسابداری و حسابرسی، 41.
    • هلالی نسب، عماد (1399)، اهمیت نقش بنگاه‌های کوچک و متوسط در اقتصاد، پژوهشنامه مدیریت و مهندسی صنایع، 2، 56-67.

     

    ب. منابع انگلیسی

    • Ahmadian, A., & Jafari Nia, S. (2019). Identifying and Prioritizing the Key Factors of Strategic Planning Success in Iran E-Businesses. Journal of Strategic Management Studies, 10(38), 47-68.‏ 20.1001.1.22286853.1398.10.38.3.9.
    • Albuquerque, R., FOS, V. & Schroth, E. (2021). Value creation in shareholder activism. Journal of Financial Economics.‏ https://doi.org/10.1016/ j.jfineco.2021.09.007.
    • Ali, BJ, & Anwar, G. (2021). Intellectual capital: A modern model to measure the value creation in a business. International journal of Engineering, Business and Management, 5(2), 31-43.‏ https://dx.doi.org/10.22161/ijebm.5.2.4.
    • Alodat, A. Y., Salleh, Z., Hashim, H. A., & Sulong, F. (2021). Corporate governance and firm performance: empirical evidence from Jordan. Journal of Financial Reporting and Accounting.‏ DOI: 1108/jfra-12-2020-0361.
    • Anaman, K. A., & Agyei‐Sasu, F. (2012). Impact of democratic political transition on the performance of business firms in Ghana. Economic Papers: A journal of applied economics and policy, 31(3), 391-400. https://doi.org/10.1111/j.1759-3441.2011. 00151.x.
    • Banerjee, R., & Majumdar, S. (2020). Determinants of shareholder value creation-platform versus traditional business models. International Journal of Business Performance Management, 21(1-2), 230-244.‏ ijbpma:v:21:y:2020:i:1/2:p:230-244.
    • Broccardo, L., & Zicari, A. (2020). Sustainability as a driver for value creation: A business model analysis of small and medium entreprises in the Italian wine sector. Journal of Cleaner Production, 259, 120852.‏ https://doi.org/10.1016/j.jclepro.2020.120852.
    • Chortareas, G., & Noikokyris, E. (2021). Investment, firm-specific uncertainty, and financial flexibility. Journal of Economic Behavior & Organization, 192, 25-35.‏ https://doi.org/10.1016/j.jebo.2021.09.042.
    • Climent, R. C., & Haftor, D. M. (2021). Value creation through the evolution of business model themes. Journal of Business Research, 122, 353-361.‏ https://doi.org /10.1016/j.jbusres.2020.09.007.
    • Dobbs,R., Koller,T. (2005). Measuring long-term performance. The Mckinsey Quarterly 2005 Special edition: Value and performance , pp. 16-27.
    • Dapiran, G. P., & Kam, B. H. (2017). Value creation and appropriation in product returns management. The International Journal of Logistics Management.‏ DOI: https:// doi.org/10.1108/IJLM-11-2015-0199.
    • Dyduch, W., Chudziński, P., Cyfert, S., & Zastempowski, M. (2021). Dynamic capabilities, value creation and value capture: Evidence from SMEs under Covid-19 lockdown in Poland. Plos one, 16(6), e0252423. https://doi.org/10.1371 /journal. pone.0252423.
    • Dyer, J. H., Singh, H., & Hesterly, W. S. (2018). The relational view revisited: A dynamic perspective on value creation and value capture. Strategic Management Journal, 39(12), 3140-3162.‏ https://doi.org/10.1002/smj.2785.
    • Falchi de Magalhães, F. L., Antonio Gaspar, M., Mezzomo Luciano, E., & Rodrigues Napolitano, D. M. (2021). Information technology governance: legitimation, theorization and field trends. REGE Revista de Gestão, 28(1).‏ DOI 10.1108/REGE-01-2020-0001.
    • Fornell,C.,Larker, D.F.(1981). Evaluating Structural equation models with unobservable variables and measurement error.Journal of Marketing Research, 18 (1) , 5-39.
    • Freeman, R. E. (1994). The Politics of Stakeholder Theory, Business Ethics Quarterly 4(4), 409–422, https://doi.org/10.2307/3857340.
    • Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166(1), 3-18.‏ https://doi.org/10.1007/s10551-019-04112-z.
    • Ghobakhloo, M., Sabouri, M. S., Hong, T. S., & Zulkifli, N. (2011). Information technology adoption in small and medium-sized enterprises; an appraisal of two decades literature. Interdisciplinary Journal of Research in Business, 1(7), 53-80.‏
    • Goedhart, M., & Koller, T. (2020). The value of value creation. McKinsey Quarterly, 16.‏
    • Gu, X., Hasan, I., & Zhu, Y. (2019). Political influence and financial flexibility: Evidence from China. Journal of Banking & Finance, 99, 142-156.‏ https://doi.org/10.1016/j.jbankfin.2018.12.002.
    • Gupta, K., Goel, S., & Bhatia, P. (2020). Intellectual capital and profitability: Evidence from Indian pharmaceutical sector. Vision, 24(2), 204-216.‏ https://doi.org 10.1177/ 09 722 62920914108.
    • Hilmola, O. P. (2020). Role of inventory and assets in shareholder value creation. Expert Systems with Applications: X, 5,‏ https://doi.org/ 10. 1016/j.eswax.2020.100027.
    • Huang, P., Lu, Y., & Wee, M. (2020). Corporate governance analysts and firm value: Australian evidence. Pacific-Basin Finance Journal, 63, 101430.‏.https://doi.org/ 10.1016/j.pacfin.2020.101430.

    ·         Kaufmann, G.(2018). Aligning the concepts of Lean and Value-based Management :Operations and Financial Functions at the System Level (Contributions to Management Science), springer, 1st ed. 2020 Edition ,  ISBN-10: ‎ 3030384691.

    • Kullak, F. S., Baker, J. J., & Woratschek, H. (2021). Enhancing value creation in social purpose organizations: Business models that leverage networks. Journal of Business Research, 125, 630-642.‏ https://doi.org/10.1016/j.jbusres.2020.01.069.
    • Kurznack, L., Schoenmaker, D., & Schramade, W. (2021). A model of long-term value creation. Journal of Sustainable Finance & Investment, 1-19.‏ https://doi.org /10.1080/20430795.2021.1920231.
    • Lawshe, C. H. (1975). A quantitative approach to content validity. Personnel psychology, 28(4), 563-575.‏
    • Lee, J., and Kwon,H.B., (2017), " Progressive performance modeling for the strategic determinants of market value in the high-tech oriented SMEs", J. Production Economics. Vol. 183, pp. 91-102.
    • Li, X. Y. & Sun, C. (2015). “A Study on the Core Values of the Brand”, Journal of Service Science and Management, 8, PP. 868-873.
    • Li, X., Nosheen, S., Haq, N. U., & GAO, X. (2021). Value creation during fourth industrial revolution: Use of intellectual capital by most innovative companies of the world. Technological Forecasting and Social Change, 163, 120479.‏ https:// doi.org/10.1016/j.techfore.2020.120479.
    • Lowry, D., & Xie, Y. (2009). Socioeconomic status and health differentials in China: convergence or divergence at older ages? Population Studies Center Research Report 09-690, https://www.psc.isr.umich.edu/pubs/pdf/rr09-690.pdf.
    • Mäenpää, M., (2016) ,The Importance of Shareholder Value in Decision-Making, Business Economics. VAASAN AMMATTIKORKEAKOULU UNIVERSITY OF APPLIED SCIENCES.
    • Mladenow, A., Fuchs, E., Dohmen, P., & Strauss, C. (2012). Value creation using clouds: Analysis of value drivers for start-ups and small and medium sized enterprises in the textile industry. In 2012 26th International Conference on Advanced Information Networking and Applications Workshops, 1215-1220, IEEE.‏ DOI: 1109/WAINA.2012.210.
    • Moneva‐Abadía, J. M., Gallardo‐Vázquez, D., & Sánchez‐Hernández, M. I. (2019). Corporate social responsibility as a strategic opportunity for small firms during economic crises. Journal of Small Business Management, 57, 172-199.‏ https://doi.org/10.1111/jsbm.12450.
    • Muafi, M., Gusaptono, R. H., Effendi, M. I., & Novrido, C. (2021). The information technology (IT) adoption process and e-readiness to use within Yogyakarta Indonesian small medium enterprises (SME). International Journal of Information and Communication Technology Research to Use within Yogyakarta Indonesian Small Medium Enterprises (SME),2(1), 29-37.‏
    • Nesadurai, H. E. (2018). New constellations of social power: states and transnational private governance of palm oil sustainability in Southeast Asia. Journal of Contemporary Asia, 48(2), 204-229.‏ https://doi.org/10.1080/00472336.2017.1390145.
    • Nwachukwu, C., & Vu, H. M. (2020). Strategic flexibility, strategic leadership and business sustainability nexus. International Journal of Business Environment, 11(2), 125-143.‏
    • Palazzo, M., Vollero, A., & Siano, A. (2020). From strategic corporate social responsibility to value creation: An analysis of corporate website communication in the banking sector. International Journal of Bank Marketing.‏ https://doi.org/10.1108/IJBM-04-2020-0168.
    • Porter, M. E., & Kramer, M. R. (2019). Creating shared value. In managing sustainable business(pp. 323-346). Springer, Dordrecht.‏ https://doi.org/10.1007/978-94-024-1144-7_16.
    • Rabetino, R., Kohtamäki, M., & Federico, J. S. (2021). A (re) view of the philosophical foundations of strategic management. International Journal of Management Reviews, 23(2), 151-190.‏ https://doi.org/10.1111/ijmr.12244.
    • Rashidirad, M., & Salimian, H. (2020). SMEs’ dynamic capabilities and value creation: the mediating role of competitive strategy. European Business Review.‏ https://doi.org/10.1108/EBR-06-2019-0113.
    • Ritala, P., Albareda, L., & Bocken, N. (2021). Value creation and appropriation in economic, social, and environmental domains: Recognizing and resolving the institutionalized asymmetries. Journal of Cleaner Production, 290, 125796.‏ https:// doi.org/10.1016/j.jclepro.2021.125796.
    • Salehi, M., & Zimon, G. (2021). The effect of intellectual capital and board characteristics on value creation and growth. Sustainability, 13(13), 7436.‏ https://doi.org/10.3390/su13137436.
    • Sandberg, E., Pal, R., & Hemilä, J. (2018). Exploring value creation and appropriation in the reverse clothing supply chain. The International Journal of Logistics Management.‏ https://doi.org/10.1108/IJLM-10-2016-0241.
    • Schilling, L., & Seuring, S. (2021). Sustainable value creation through information technology-enabled supply chains in emerging markets. The International Journal of Logistics Management.‏ https://doi.org/10.1108/IJLM-04-2021-0206.
    • Signori, S., San-Jose, L., Retolaza, J. L., & Rusconi, G. (2021). Stakeholder value creation: Comparing ESG and value added in European companies. Sustainability, 13(3), 1392.‏ https://doi.org/10.3390/su13031392.
    • Sjödin, D., Parida, V., Jovanovic, M., & Visnjic, I. (2020). Value creation and value capture alignment in business model innovation: A process view on outcome‐based business models. Journal of Product Innovation Management, 37(2), 158-183.‏ https://doi.org/10.1111/jpim.12516.
    • Smith, H. J. (2003). The shareholders vs. stakeholder’s debate. MIT Sloan Management Review, 44(4), 85-90.‏
    • Stiglitz, J. E. (2016). Inequality and economic growth.‏The Political Quarterly,Wiley Online Library, 86(1), 134-155. https://doi.org/10.1111/1467-923X.12237.
    • Tamini, L. D., & Valéa, A. B. (2021). Investment in research and development and export performances of Canadian small and medium‐sized agri‐food firms. Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, 69(3), 311-336.‏
    • Tamulevičienė, D., & Androniceanu, A. (2020). Selection of the indicators to measure an enterprise’s value and its changes in the controlling system for medium-sized enterprises. Entrepreneurship and Sustainability Issues, 7(3), 1440-1458.‏ https:// doi.org/10.1111/cjag.12296.
    • Tapaninaho, R., & Kujala, J. (2020). Stakeholder value creation: Legitimating business sustainability. Handbook of Business Legitimacy: Responsibility, Ethics and Society, 383-397.‏ https://doi.org/10.1007/978-3-030-14622-1_31.

     

     

     

Interdisciplinary Studies on Strategic Knowledge
Volume 6, Issue 23
December 2022
Pages 205-234

Files

Share

How to cite

Statistics