شناسایی و بررسی اثر ریسک های زنجیرۀتأمین بر عملکرد مالی شرکت های بورسی
محورهای موضوعی : مدیریت صنعتی گرایش زنجیره تأمینعلیرضا شهرکی 1 , محمدرضا اصغریان 2
1 - دانشیارگروه مهندسی صنایع، دانشکده مهندسی شهید نیکبخت، دانشگاه سیستان و بلوچستان، زاهدان، ایران.
2 - دانشجوی کارشناسی ارشد، گروه مهندسی صنایع، دانشکده مهندسی شهید نیکبخت، دانشگاه سیستان و بلوچستان، زاهدان، ایران
کلید واژه: اندازه گیری ریسک, ریسک و عملکرد, ریسک زنجیرۀتأمین, عملکرد مالی,
چکیده مقاله :
محققان از مدت¬ها پیش پیگیر این بودند که بفهمند چگونه ریسک¬های زنجیرۀتأمین بر عملکرد مالی شرکت تأثیر می¬¬گذارد. اما نمی¬توانند در بررسی¬های نظری و تجربی خود ادعا کنند که چگونه ریسک¬های زنجیرۀتأمین بر عملکرد مالی شرکت تأثیر می¬گذارد. هدف مقاله ما بررسی ارتباط بین ریسک¬های زنجیرۀتأمین و عملکرد مالی شرکت است. ما با استفاده از داده¬های نظرسنجی و صورت¬های مالی، چگونگی اثرگذاری ریسک¬های زنجیرۀتأمین بر عملکرد مالی شرکت را از منظر عملکرد مالی نهایی بررسی می¬کنیم. یافته¬های به¬دست آمده در مورد اهمیت ریسک خاص صنعت، ریسک سازمانی، ریسک فرآیند کسب¬و¬کار داخلی و ریسک تقاضا، با مطالعات پیشین سازگار است. ما دریافتیم که ریسک تقاضا دارای عملکرد مالی نهایی (MFP) -0.20 است. که بالاترین تأثیر منفی در بین متغیرهای ریسک می¬باشد. یافته¬ها هم¬چنین نشان می¬دهند که ریسک خاص صنعت، دارای عملکرد مالی نهایی (MFP) -0.16 می¬باشد که با وجود عدم تأثیر مستقیم بر عملکرد مالی، دومین تأثیر منفی است. همچنین ما فرض نمی¬کنیم که برآوردهای گزارش¬شده در مورد عملکرد مالی نهایی برای همه کسب و¬ کارها در کشورهای دیگر اعمال شود. با این¬حال، تحقیقات آینده می¬تواند یافته¬های ما را گسترش دهد. این مطالعه، نظرسنجی و داده¬های مالی را با هم ترکیب می¬¬کند تا چگونگی اثرگذاری ریسک¬های زنجیرۀتأمین بر عملکرد مالی شرکت را تحلیل کند. به-خصوص، روشی را برای برآورد روابط علت و معلولی کمی بین ریسک زنجیرۀتأمین و عملکرد مالی شرکت فراهم می-کند، که به این عنوان مهم در تحقیقات در زمینه مدیریت زنجیرۀتأمین توجه کمتری شده است.
Researchers have been pursuing for a long time to understand how supply chain risks affect the financial performance of companies, yet, they cannot claim this in their theoretical and empirical studies The purpose of the present study is to examine the relationship between supply chain risks and the financial performance of the company. Using survey data and financial statements, we investigate how supply chain risks affect the firm financial performance from the perspective of marginal financial performance(MFP). The findings regarding the importance of industry-specific risk, organizational risk, internal business process risk, and demand risk are consistent with previous studies. We found that demand risk has a final marginal financial performance (MFP) of -0.20, which is the highest negative impact among risk variables. The findings also show that industry-specific risk has a final marginal financial performance (MFP) of -0.16. Although there is no direct impact on financial performance, it is a second negative impact. We also do not assume that the reported estimates of marginal financial performance apply to all businesses in other countries. However, future research can expand our findings. This study combines survey and property data to analyze how supply chain risks affect firm's financial performance. In particular, it provides a method to estimate quantitative causal relationships between supply chain risk and firm financial performance, which has received less attention in supply chain management research.
Adams, R., Bessant, J., & Phelps, R. (2006). Innovation management measurement: a review. International Journal of Management Reviews, 8(01), 21-47. doi:10.1111/j.1468-2370.2006.00119.x
Ahmadi, M. R., Jafaripour, M., Mazaheri, E., & Armen, Seyed A. (2022). The role of risk management in adjusting single and multi-factor pricing models of capital assets and their comparability with the GRS approach. Financial knowledge of securities analysis, 15(54), 135-148. http://sid.ir/paper/1063278/en
Bavarsad, B., Boshagh, M., & Kayedian, A. (2014). A study on supply chain risk factors and their impact on organizational performance. International Journal of Operations and Logistics Management, 3(03), 192-211. https://www.researchgate.net/publication/301222276
Brindley, C. (2004). Supply Chain Risk, Ashgate Publishing, Farnham. https://www.routledge.com
Chan, F. T. S., & Qi, H. J. (2003). An innovative performance measurement method for supply chain management. Supply Chain Management: An International Journal, 8(03) 209-223.doi:10.1108/13598540310484618
Cao, M., & Zhang, Q. (2011). Supply chain collaboration: impact on collaborative advantage and firm performance. Journal of Operations Management, 29(03), 163-180. doi:10.1016/j.jom.2010.12.008
Chen, I. J., & Paulraj, A. (2004). Towards a theory of supply chain management: the constructs and measurements. Journal of Operations Management, 22(02), 119-150. doi:10.1016/j.jom.2003.12.007
Cohen, M. A., & Moon, S. (1990). Measuring supply chain performance. International Journal of Operations and Production Management, 19(03), 275-292. doi:10.1108/01443579910249714
Codal site related to companies accepted in Tehran Stock Exchange, WWW.Codal.ir
Colicchia, C., & Strozzi, F. (2012). Supply chain risk management: a new methodology for a systematic literature review. Supply Chain Management: An International Journal, 17(04), 403-418. doi:10.1108/13598541211246558
Esfahani Zanjani, M., Najafi, A., Naghiloo, A. & Mohammadi, N. A. (2019). Explanation of meta-analysis of supply chain sustainability and risk management issues. Journal of explorations of business management, 12(23), 217-245. doi:10.22034/bar.2020.11611.3008
Ellis, S. C., Henry, R. M., & Shockley, J. (2010). Buyer perceptions of supply disruption risk: a behavioral view and empirical assessment. Journal of Operations Management, 28(01),34-46.doi:10.1016/j.jom.2009.07.002
Finch, P. (2004). Supply chain risk management. Supply Chain Management: An International Journal, 9(02), 183-196. doi:10.1108/ 13598540410527079
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation model with unobservable variables and measurement error. Journal of Marketing Research, 18(01), 39-50. doi:10.2307/3151312
Fynes, B., De Burca, S., & Voss, C. (2005). Supply chain relationship quality, the competitive environment and performance. International Journal of Production Research, 43(16), 3303-3320.doi:10.1080/ 00207540500095894
Gaudenzi, B., & Borghesi, A. (2006). Managing risks in the supply chain using the AHP method. International Journal of Logistics Management, 17(01), 114-136. doi:10.1108/09574090610663464
Ghadge, A., Dani, S., Chester, M., & Kalawsky, R. (2013). A systems approach for modelling supply chain risks. Supply Chain Management: An International Journal, 18(05), 523-538. https://ssrn.com/abstract =2240340
Handfield, R. B., & Nichols, E. L. (1999). Supply Chain Management, Prentice-Hall, Upper Saddle River, NJ. https://books.google.com
Hora, M., & Klassen, R. D. (2013). Learning from others’ misfortune: Factors influencing knowledge acquisition to reduce operational risk. Journal of Operations Management, 31(Nos 1-2), 52-61. doi:10.1016/j.jcom.2021.100164
Harington, D. (2008). Confirmatory Factor Analysis, Oxford university press, New York.NY. https://books.google.com
Hamid, N., & Purbawangsa, I. (2022). Impact the board of directions on financial performance and company capital: Risk management as an intervening variable. journal of co-operative organization and management, 10(02). doi:10.1016/j.jcom.2021.100164
Jiang, B., Baker, R., & Frazier, G. (2009). An analysis of job dissatisfaction and turnover to reduce global supply chain risk: evidence from China. Journal of Operations Management, 27(02), 169-184. doi:10.1016/j.jom.2007.09.002
Kache, F., & Seuring, S. (2014). Linking collaboration and integration to risk and performance in supply chains via a review of literature reviews. Supply Chain Management: An International Journal, 19(Nos 5/6), 664-682. doi:10.1108/SCM-12-2013-0478
Kaplan, A. (1990). Evaluating and modifying covariance structure models: a review and recommendation. Multivariate Behavioral Research, 25(02), 137-155. doi:10.1207/s15327906mbr2502_1
Kraljic, P. (1983). Purchasing must become supply management. Harvard business review, 61(05), 109-117. https://www.abaspro.com.ar
Kline, R. B. (2010). Principles and Practice of Structural Equation Modeling. The Guilford Press, New York, NY, 1-534. https://books.google.com
Lanier, D., Jr, Wempe, W. F., & Zacharia, Z. G. (2010). Concentrated supply chain membership and financial performance: chain- and firm-level perspectives. Journal of Operations Management, 28(01), 1-16. doi:10.2139/ssrn.1189324
Lau, C. M., & Sholihin, M. (2005). Financial and nonfinancial performance measures: how do they affect job satisfaction? The British Accounting Review, 37(04), 389-413. doi:10.1016/j.bar.2005.06.002
Lee, H., & Billington, C. (1993). Material management in decentralized supply chains. Operations Research, 41(05), 835-847. https://www.jstor.org/stable/171650
Lee, S. Y. (2007). Structural Equation Modeling: A Bayesian Approach, John Wiley & Sons, West Sussex. “Cause, consequence and control: towards a theoretical and practical model of operational risk. Journal of Operations Management, 21(02), 205-224. https://www.wiley.com
Mahajan, P., & Singh, F. (2013). How do pre-slowdown financial characteristics impact the firms’ relative financial performance during economic recession? An empirical investigation. Asia-Pacific Journal of Management Research and Innovation, 9(04), 369-378. doi:10.1177/2319510X14523105
Miller, K. (1991). A framework for integrated risk management in international business. Journal of International Business Studies, 23(02), 311-331. doi:10.1057/palgrave.jibs.8490270
Pfohl, H. C., & Gomm, M. (2009). Supply chain finance: optimizing financial flows in supply chains. Logistics Research, 1(03), 149-161. doi:10.1007/s12159-009-0020-y
Pradhan, S. K., & Routroy, S. (2016). Supply management integration model for Indian manufacturing industries. International Journal of Operations & Production Management, 36(07)781-802. doi:10.1108/ijopm-02-2015-0088
Rao, S., & Goldsby, T. J. (2009). Supply chain risks: a review and typology. The International Journal of Logistics Management, 20(01), 97-123. doi:10.1108/09574090910954864
Rehman, A., Jajja, M., & Farooq, S. (2022). Manufacturing Planning and Control driven Supply Chain Risk management: A dybamic capability perspective. Journal of transportation research part E: logistics and transportation review, Vol.167(3), 102933. doi:10.1016/j.tre.2022. 102933
Ritchie, B., & Brindley, C. (2007). Supply chain risk management and performance: a guiding framework for future development. International Journal of Operations & Production Management, 27(03), 303-322. doi:10.1108/01443570710725563
Ritchie, B., & Marshall, D. (1993). Business Risk Management, Chapman & Hall, London, 1-365. https://books.google.com
Rotaru, K., Wilkin, C., & Ceglowski, A. (2014). Analysis of SCOR’s approach to supply chain risk management. International Journal of Operations & Production Management, 34(10), 1246-1268. doi:10.1108/IJOPM-09-2012-0385
Salehi, F. (2019). Presenting a model with the aim of reducing supply chain risk cost with a hybrid approach. Management Accounting, 13(45), 155-167. https://sanad.iau.ir/Journal/jma/Article/816789
Saklofske, D. H., & Zeidner, M. (1995). International Handbook of Personality and Intelligence, Plenum Press, New York, NY. https://books.google.com
Salancik, G. R., & Pfeffer, J. (1980). The effects of ownership and performance on executive tenure in U.S. corporations. Academy of Management Journal, 23(04), 653-664. doi:10.2307/255554
Seyfi, F., & Erza, A. H. (2019). The effect of financial risks on the efficiency of Tehran Stock Exchange companies. Financial knowledge of securities analysis, 13(45),1-13.https://journals.srbiau.ac.ir/article _15406.html
Schoenherr, T., Tummala, V. M. R., & Harrison, T. P. (2008). Assessing supply chain risks with the analytic hierarchy process: providing decision support for the off-shoring decision by a U.S. manufacturing company. Journal of Purchasing and Supply Management, 14(02), 100-111. doi:10.1016/j.pursup.2008.01.008
Selviaridis, K., & Norrman, A. (2014). Performance-based contracting in service supply chains: a service provider risk perspective. Supply Chain Management: An International Journal, 19(02), 153-172. doi:10.1108/SCM-06-2013-0216
Shi, M., & Yu, W. (2013). Supply chain management and financial performance: literature review and future directions. International Journal of Operations & Production Management, 33(10), 1283-1317. doi:10.1108/IJOPM-03-2012-0112
Simangunsong, E., Hendry, L. C., & Stevenson, M. (2012). Supply-chain uncertainty: a review and theoretical foundation for future research. International Journal of Production Research, 50(16), 4493-4523. doi:10.1080/00207543.2011.613864
Stratton, R., & Warburton, R. D. H. (2003). The strategic integration of agile and lean supply. International Journal of Production Economics, 85(02), 183-198. doi:10.1016/S0925-5273(03)00109-9
Tang, C. S. (2006). Perspectives in supply chain risk management. International Journal of Production Economics, 103(02), 451-488. doi:10.1016/j.ijpe.2005.12.006
Timme, S. G., & Wanberg, E. (2011). How supply chain finance can drive cash flow. Supply Chain Management Review, 15(01), 18-24. https://www.researchgate.net
Tracey, M., Lim, J. S., & Vonderembse, M. A. (2005). The impact of supply-chain management capabilities on business performance. Supply Chain Management: An International Journal, 10(03), 179-191. doi:10.1108/13598540510606232
Tranfield, D., Young, M., Partington, D., Bessant, J., & Sapsed, J. (2003). Knowledge management routines for innovation projects: developing a hierarchical process model. International Journal of Innovation Management, 7(01), 27-49. doi:10.1142/S1363919603000726
Tsai, M., Liao, C., & Han, C. (2008). Risk perception on logistics outsourcing of retail chains: Model development and empirical verification in Taiwan. Supply Chain Management: An International Journal, 13(06), 415-424. doi:10.1108/13598540810905679
Wallace, L., Keil, M., & Rai, A. (2004). How software project risk affects project performance: an investigation of the dimensions of risk and an exploratory model. Decision Sciences, 35(02), 289-321. doi:10.1111/j.00117315.2004.02059.x
Wuttk, D. A., Blome, C., Foerst, K., & Henke, M. (2013). Managing the innovation adoption of supply chain finance: empirical evidence from six European case studies. Journal of Business Logistics, 34(02), 148-166. doi:10.1111/jbl.12016
Yousefi, N. (2015). Supply chain risk management. The second national conference on mathematics and its applications in engineering sciences, 10-27. https://civilica.com/doc/420674
Yi, Z., Zhoumin, Xie, T., & Li, F. (2023). Financial risk prediction in supply chain finance based on buyer transaction behavior. Elsivier,170(5), 113964. doi:10.1016/j.tre.2022.102611
Zhao, L., Huo, B., Sun, L., & Zhao, X. (2013). The impact of supply chain risk on supply chain integration and company performance: a global investigation. Supply Chain Management: An International Journal, 18(02), 115-131. doi:10.1108/13598541311318773
Zsidisin, G. A. (2003). Managerial perceptions of supply risk. Journal of Supply Chain Management, 39(04), 14-26. doi:10.1111/j.1745-493x.2003.tb00146.x
Zsidisin, G. A., & Ellram, L. M. (2003). An agency theory investigation of supply risk management. Journal of supply chain management, 39(02), 15-27. doi:10.1111/J.1745-493X.2003.TB00156.X
