بررسی و رتبه‌بندی عملکرد شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران با استفاده از شاخص‌های رقابت در بازار محصول به کمک روش‌های CRITIC و WASPAS
محورهای موضوعی : -مدیریت مالی بهداشت و درمانپیام شجاعی 1 , نویدرضا نمازی 2 * , نیما خادمی 3 , فاطمه عابدی 4
1 - دانشیار، گروه مدیریت بازرگانی، دانشگاه شیراز، فارس، ایران
2 - استادیار، گروه حسابداری، دانشگاه شیراز، فارس، ایران
3 - دانشجوی کارشناسی‌ارشد مدیریت بازرگانی، دانشگاه شیراز، فارس، ایران
4 - دانشجوی کارشناسی‌ارشد مدیریت بازرگانی، دانشگاه شیراز، فارس، ایران
کلید واژه: شرکت‌های دارویی, رقابت در بازار محصول, بورس اوراق بهادار, روش کریتیک, روش واسپاس.,
چکیده مقاله :
مقدمه: در محیط رقابتی امروزه، بررسی عملکرد صنایعی مانند صنعت داروسازی که علاوه بر جنبه اقتصادی، تاثیرات مستقیمی بر شرایط زیستی و سلامتی افراد جامعه دارد دارای اهمیتی دوچندان است. در نتیجه، هدف اصلی پژوهش حاضر بررسی و رتبه‌بندی شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران است.
روش پژوهش: پژوهش حاضر از نظر نوع هدف، کاربردی و مبتنی بر فنون کمی و روش‌های تصمیمگیری چند معیاره است. تعداد 25 شرکت دارویی به عنوان نمونه در بین سال‌های 1389 تا 1398 مورد بررسی قرار گرفتند. با بررسی ادبیات موضوعی، 8 شاخص رقابت در بازار محصول استخراج شد. سپس دادههای لازم با استفاده از نرمافزار رهآورد نوین جمعآوری شد و با کمک نرمافزار اکسل بر اساس روش‌هایCRITIC و WASPAS مورد تجزیه و تحلیل قرارگرفت. در ادامه از روش CRITIC به منظور اولویتبندی و محاسبه شاخص‌ها و از تکنیک WASPAS به منظور رتبه‌بندی شرکت‌های نمونه استفاده شد.
یافته‌ها: یافتههای پژوهش نشان داد که در بین شاخص‌های رقابت در بازار محصول، شاخص هرفیندال هیرشمن و Q توبین دارای بیشترین وزن و شاخص لرنر تعدیل شده دارای پائینترین وزن هستند. افزون بر این، در رتبه‌بندی کلی شرکت‌های دارویی، شرکت سینا دارو بهترین عملکرد را دارد. پس از آن، شرکت دارو رازک در رتبه دوم و شرکت‌های پارس دارو و فرآورده تزریقی مشترکاً در رتبه سوم قرار گرفتند. هم‌چنین، شرکت‌های داروسازی کوثر و پخش هجرت، به ترتیب، در ردههای پائین فهرست رتبهبندي عملکرد قرار گرفتند.
نتیجه‌گیری: با توجه به یافتههای این پژوهش، شرکت‌های برتر میتوانند گزینههای بهتری برای ذینفعان باشند.
Introduction: In today's competitive environment, evaluating the performance of industries such as the pharmaceutical industry, which, in addition to the economic aspect, has direct effects on the living conditions and health of people in society, has a double importance. As a result, the main goal of the current research is to evaluate and rank the pharmaceutical companies listed on the Tehran Stock Exchange.
Methods: For this purpose, a sample of 25 pharmaceutical companies were investigated between 2010 and 2019. By reviewing the subject literature, 8 indicators of competition in the product market were extracted. Then, the necessary data was collected using the Rahvard Novin software and analyzed with the help of Excel software based on the CRITIC and WASPAS methods. CRITIC method was used in order to prioritize and calculate indicators and WASPAS technique was used in order to rank sample companies.
Results: The Results of the research showed that among the indices of competition in the product market, the Herfindahl-Hirschman index and Tobin's Q index have the highest weight and the adjusted Lerner index has the lowest weight. In addition, in the general ranking of pharmaceutical companies, Sina Daru has the best performance. After that, Razak Daru Company was ranked second, and Pars Daru and Faravarde Tazrighi Company were jointly ranked third. Also, Kausar Pharmaceuticals and Hijrat Broadcasting Companies were placed in the lower ranks of the performance ranking list, respectively.
Conclusion: According to the Results of this research, top companies can be better options for beneficiaries.
1- Thi Viet Nguyen N, Nguyen CT, Ho PT, Thi Nguyen H, Van Nguyen D. How does capital structure affect firm’s market competitiveness? Cogent Economics & Financeو 2021 Jan 1; 9(1): 2002501.
2- Varadarajan R. Customer information resources advantage, marketing strategy and business performance: A market resources-based view. Industrial Marketing Management, 2020 Aug 1; 89: 89-97.
3- Markarian G, Santalo J. Product market competition, information and earnings management. Journal of Business Finance & Accountingو 2014 Jun; 41(5-6): 572-99.
4- Healy RK. How will performance evaluation perform. Journal of Portfolio Management. 1988:15-9.
5- Dadashi I, Asghari M, Zarei S, Jafari Baei M. Examining the Effect of Capital Structure and Financing on the Technical Efficiency of Pharmaceutical Companies Listed on the Stock Exchange. Journal of Health Accounting, 2013 Mar 21; 2(1): 1-9.
6- Hejazi R, Mir Hossein M, DaneshvarFarhad M. The impact of market, liquidity, and momentum on major stock price changes. Financial accounting and auditing research, 2015; 7(26): 1-9.
7- Vakili Fard, H., and Mohammadi, S. Change auditor and type of audit report. Financial Accounting and Auditing Research, 2015; 7(25): 39-54.
8- Hanifi, F., Fallah Shams, M., Abolfazli, L. Survey of the effects fundamental variables on stock price. Journal of Investment Knowledge, 2013; 2(6): 177-94.
9- Barzegar, Gh., Pakdin-Amiri, A. R., and Pakdin-Amiri, M. Designing a structural equation model for investigation effective financial factors on stock price index in Tehran Stock Exchange. Financial Accounting, 2010; 1(4): 26-42.
10- Akbari, S M. R., Dadars-Moghadam, A., and Hazare, A. Relashinship between Financial ratios and share prices of agricultural industries in stock Exchange of iran. Journal of Agricultural Economics Research, 2017; 9(1(33)): 165-76.
11- Asante AD, Zwi AB. Factors influencing resource allocation decisions and equity in the health system of Ghana. Public Health, 2009 May 1; 123(5): 371-77.
12- Aliyari, A., Vahdat, S., Mahfoozpour, S., Moshiri tabrizi, H. Investigating the Status of Management Based on Economic Evaluation Evidence in the Pharmaceutical Field of the Health System of Iran and Selected Countries: A Comparative Study. Journal of healthcare management, 2023; 13(4): 23-35.
13- Schmid EF, Smith DA. Managing innovation in the pharmaceutical industry. Journal of commercial biotechnology, 2005 Oct 1; 12(1): 50-57.
14- Farjamfar, S., Hajihassani, F. Identification and Ranking of Innovation Management Routines in the Pharmaceutical Industry (Case Study: Royan Daru Company). Journal of healthcare management, 2022; 13(1): 59-69.
15- Askarzadeh, GR., & Kargar Shooroki, O. Evaluation of Pharmaceutical Companies Listed on the Stock Exchange Using AHP and SAW Methods. 6th National Conference on Humanities and Management Studies; 2018.
16- Chizari MH., Mehrjardi RZ, Sadrabadi MM, Mehrjardi FK. The impact of intellectual capitals of pharmaceutical companies listed in Tehran stock exchange on their market performance. Procedia Economics and Finance, 2016 Jan 1; 36: 291-300.
17- Pourabdolahian tehrani, R., Talebnia, G., asadnia, J. Evaluation and ranking of factors affecting the profitability of pharmaceutical companies listed on the Tehran Stock Exchange using a hybrid model of fuzzy hierarchical analysis process. Journal of Investment Knowledge, 2021; 10(38): 487-98.
18- Lim H, Rokhim R. Factors affecting profitability of pharmaceutical company: an Indonesian evidence. Journal of Economic Studies, 2021 Jul 1; 48(5): 981-95.
19- Sheela SC, Karthikeyan K. Financial performance of pharmaceutical industry in India using dupont analysis. European Journal of Business and Management, 2012; 4(14): 84-91.
20- Laksmana I, Yang YW. Product market competition and corporate investment decisions. Review of Accounting and Finance, 2015 May 11; 14(2): 128-48.
21- Lakonishok J, Shleifer A, Vishny RW. Contrarian investment, extrapolation, and risk. The journal of finance, 1994 Dec; 49(5): 1541-78.
22- Choua J, Ng L, Sibilkov V, Wang Q. Product market competition and corporate governance. Review of Development Finance, 2011 Apr 1; 1(2): 114-30.
23- Barr Rosenberg KR, Lanstein R. Persuasive evidence of. Streetwise: The Best of the Journal of Portfolio Management; 1998 Feb 8:48.
24- Fama EF, French KR. The cross‐section of expected stock returns. the Journal of Finance, 1992 Jun; 47(2): 427-65.
25- Breen WJ, Korajczyk RA. On selection biases in book-to-market based tests of asset pricing models. Northwestern Universi& Workingpaper, 1993; 167.
26- Kordestani GR, Mohammadi MR. A study of the relationship between product market competition and earnings management. Procedia Economics and Finance, 2016 Jan 1; 36: 266-73.
27- Namazi, M., Ebrahimi, Sh. Examining the relationship between the competitive structure of the product market and stock returns. Financial Accounting Experimental Research Quarterly, 2011; 2 (1): 9-27.
28- Booth LD, Zhou J. Market power and dividend policy: a risk-based perspective. Available at SSRN 1296940; 2008 Nov 6.
29- Sharma V. Stock returns and product market competition: Beyond industry concentration. Review of Quantitative Finance and Accounting, 2011 Oct; 37: 283-99.
30- Boone J. A new way to measure competition. The Economic Journal, 2008 Aug 1; 118(531): 1245-61.
31- Van Leuvensteijn M, Bikker JA, Van Rixtel AA, Sørensen CK. A new approach to measuring competition in the loan markets of the euro area. Applied economics, 2011 Sep 1; 43(23): 3155-67.
32- Diakoulaki D, Mavrotas G, Papayannakis L. Determining objective weights in multiple criteria problems: The critic method. Computers & Operations Research, 1995 Aug 1; 22(7): 763-70.
33- Zavadskas EK, Kalibatas D, Kalibatiene D. A multi-attribute assessment using WASPAS for choosing an optimal indoor environment. Archives of Civil and Mechanical Engineering, 2016 Mar; 16: 76-85.
34- Alinezhad Sarokolaei Mehdi, Alinia Esbokolaei Tayebe. Financial Ranking of Petrochemical, Pharmaceutical and Automotive Companies Using Multi-Criteria Decision Making in Iranian Capital Market. Journal of Financial Economics (Financial Economics and Development), 2020; 13(49 ): 237-56.
35- Mohammadi, A., Dastyar, H. Evaluating Efficiency of Pharmaceutical Companies and Their Ranking via Data Envelopment Window Analysis. Journal of Health Accounting, 2013; 2(3): 23-39