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اثر هیبریدی راهبردهای تمایز و رهبری هزینه بر ارزش افزوده اقتصادی شرکتهای بورسی: رویکرد مزیت رقابتی پایدار | ||
| فصلنامه علمی پژوهش های اقتصاد صنعتی | ||
| دوره 9، شماره 33، پاییز و زمستان، مهر 1404، صفحه 146-168 اصل مقاله (1.31 M) | ||
| نوع مقاله: کاربردی | ||
| شناسه دیجیتال (DOI): 10.30473/jier.2026.75921.1514 | ||
| نویسنده | ||
| سمانه نورانی آزاد* | ||
| استادیار گروه اقتصاد،دانشکده مدیریت و اقتصاد، دانشگاه پیام نور، تهران، ایران. | ||
| چکیده | ||
| هدف محوری پژوهش حاضر بررسی معمای مزیت رقابتی پایدار و ارزش افزوده اقتصادی بنگاههای فعال بورسی است. در واقع این پژوهش تلاش دارد که ضمن بررسی اثرات راهبرد تمایز و رهبری هزینه اثرات تعاملی این دو راهبرد را بر ارزش افزوده بنگاه ارزیابی نماید. بدین منظور دادههای 141 شرکت فعال در بورس اوراق بهادار به روش حذف سیستماتیک در بازه زمانی 1393 تا 1402 از صورتهای مالی این شرکتها استخراج و به روش گشتاورهای تعمیمیافته دو مرحلهای سیستمی SYS-GMM به این مهم پرداخته شد. نتایج پژوهش گویای آن است که راهبرد تمایز با اثر مثبت و معنادری ارزش افزوده بنگاهها اقتصادی را افزایش داده است؛ درحالیکه رهبری هزینه تاثیر معناداری نداشته است. علاوه براین اثر هیبریدی راهبرد تمایز و هزینه باعث خلق ارزش آفرینی و افزایش ارزش افزوده اقتصادی بنگاهها شده است؛ در این میان اثر تمایز در مقایسه با اثرات مبتنی بر همافزایی راهبردهای تمایز و رهبری هزینه با شدت بیشتری باعث ارتقای ارزش افزوده اقتصادی شده است. همچنین نتایج بررسی اثر متغیرهای کنترلی مؤید آن است که هرچند جریان نقدینگی با اثر مثبت تاثیر معناداری بر ارزش افزوده نداشته است؛ اما بقیه متغیرها با توجه به ساختار نهادی و مدیریتی بنگاهها اثر منفی و معناداری بر ارزش افزوده شرکت گذاشتهاند. از اینرو به مدیران شرکتها توصیه میشود که علاوه بر سرمایهگذاری در داراییهای نامشهود نظیر تحقیق و توسعه، برندینگ، ارتقای کیفیت و نوآوری محصول به عنوان محرک اصلی خلق ارزش افزوده با تمرکز بر اثرات تعاملی (همافزایی) تمایز و رهبری هزینه ارزش افزوده اقتصادی پایدارتری ایجاد کنند. | ||
| کلیدواژهها | ||
| مزیت رقابتی پایدار؛ راهبرد تمایز؛ راهبرد رهبری هزینه؛ اثر هیبریدی؛ گشتاورهای تعمیمیافته دومرحلهای سیستمی SYS-GMM | ||
| عنوان مقاله [English] | ||
| Synergistic Effects of Differentiation and Cost Leadership on Economic Value Add: A Sustainable Competitive Advantage Perspective | ||
| نویسندگان [English] | ||
| samaneh noraniazad | ||
| Assistant Professor of Economics, Management and Economics Faculty, Payame Noor University, Tehran, Iran. | ||
| چکیده [English] | ||
| This study investigates the primary determinants of sustainable competitive advantage and Economic Value Added (EVA) for publicly traded firms. Beyond assessing their individual impacts, the research explicitly evaluates the interactive (hybrid) effects of differentiation and cost leadership strategies on firm EVA. Financial data were systematically extracted from the statements of 141 listed companies over the period from 2014 to 2023. These data were then analyzed using the two-stage System Generalized Method of Moments (SYS-GMM) estimator. The findings reveal that the differentiation strategy exerts a positive and significant impact on EVA. Conversely, cost leadership alone does not yield a significant effect. Crucially, the hybrid effect of combining both differentiation and cost leadership strategies is found to enhance value creation and increase EVA. Interestingly, the individual effect of differentiation promotes EVA with greater intensity than the synergistic effects of the combined strategies. Regarding control variables, cash flow shows a positive but statistically insignificant effect. However, the remaining control variables exert a negative and statistically significant influence on value added, reflecting institutional and managerial characteristics of the firm. Consequently, the study recommends that corporate managers prioritize investment in intangible assets—such as branding and product innovation—as the principal drivers of value creation. Furthermore, firms should leverage the synergistic effects of differentiation and cost leadership to achieve a more sustainable EVA. | ||
| کلیدواژهها [English] | ||
| Sustainable Competitive Advantage, Differentiation Strategy, Cost Leadership Strategy, Hybrid Effect, System Generalized Method of Moments (SYS-GMM) | ||
| مراجع | ||
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