Evaluation of Pharmaceutical Companies Introduced in Tehran Stock Exchange Using Balanced Scorecard Method and Data Envelopment Analysis
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Abstract
Background: Pharmaceutical science is one of the most dynamic scientific fields in the production of new science and technology due to its tremendous impact on improving health. Techniques such as DEA (data envelopment analysis) and BSC (balanced scorecard) are tools that cannot be considered alternative techniques. The main purpose of this study is to evaluate the efficiency of pharmaceutical companies introduced in the Tehran Stock Exchange based on the model Balanced Scorecard, and using data envelopment analysis. Methods: In the beginning, performance evaluation indicators from four perspectives: financial, customer, internal processes, and learning and growth; then the efficiency of these companies is considered based on the indicators considered in the model (BSC), measured using (DEA). The statistical population of this study consisted of 13 pharmaceutical companies operating in Iran and listed on the Tehran Stock Exchange. After collecting data, the efficiency rating of pharmaceutical companies was calculated using the output-driven CCR model. This model has been implemented using DEA-Solver software. Results: The results of the model implementation include efficiency scores for each decision unit. As a result, companies that have a rating of 1 are effective. Others are considered ineffective. The results show that out of the 13 pharmaceutical companies surveyed, 9 companies are effective and the rest are ineffective. Conclusion: As a result, companies that have a score of 1 are efficient and compared to other units, they have relatively better used their resources and obtained better results.
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[2] H. Dehghan Manshadi; bank branch performance model using a combination of balanced scorecard, data envelopment analysis, and artificial neural networks (Sepe Bank branches, Yazd province), master's thesis in management. February 2018
[3] C. Baldwin, K. Clark; Capabilities and Capital Investment: New Perspectives on Capital Budgeting. Journal of Applied Corporate Finance. (1992).5(2): pp. 67-82.
[4] S. Mojdeh; Multidimensional assessment of supply chain performance: OLAP application. The second national performance management conference. 1384. Tehran University of Management.
[5] M. Daneshvar; Design and explanation of the performance evaluation model of Dana insurance branches using the technique of data envelopment analysis. Humanities master's thesis .1385. Tarbiat Modares University.
[6] A. Agha Rafiei; Performance evaluation of Iran Insurance Joint Stock Company. Thesis of Master of Business Administration.1383. Mazandaran University, Faculty of Social Sciences.
[7] S. Gohar; An introduction to organizational improvement. Today's management magazine. 1375. Volume 9, No. 3 and 4.
[8] G. Kanji; Performance Measurement System, Total Quality Management. (2002). Vol.13, No.5.
[9] A. Agha Rafiei; Performance evaluation of Iran Insurance Joint Stock Company. Thesis of Master of Business Administration. 1383. Mazandaran University, Faculty of Social Sciences.
[10] E. Roghanian, A. Foroughi; AN empirical study of Iranian regional airport using robust data envelopment analysis. International Journal Of Industrial Engineering Computations. 2010. 65-72.
[11] F. Malek; Organization efficiency. Mehr. 1369.Tadbir magazine, No. 5.
[12] R. Kaplan, S. Norton;. Strategy oriented organization, translated by P. Bakhtiari. Industrial Management Organization. 2016.5th edition
[13] Z. Radnor; BSuccess factors for implementing the balanced scorecard in an NHS multi-agency setting. International Journal of Health Care Quality Assurance. (2003). Vol.16 No.2, pp. 99-108.
[14] S.H Chen, C.C Yang, J.Y. Shiau; The application of balanced scorecard in the performance evaluation of higher education. The TQM Magazine. (2006). Vol. 18 No. 2, pp. 190-205.
[15] S. Cohen, D. Thiraios, M. Kandilorou; Performance parameters interrelations from a balanced scorecard perspective An analysis of Greek companies. Managerial Auditing Journal.(2008).Vol. 23 No. 5, pp. 485-503.
[16] M. Mehrgan; Quantitative models in evaluating the performance of organizations. University of Tehran Management Publications. 2015.
[17] A. Adel and D. Gholamrezaei; Ranking the country's provinces with the data coverage analysis approach (using human development indicators). Iranian Economic Research Quarterly. 1385. Year 8. Number 27. Pages 153-173.
[18] A. Charnes, W.W. Cooper, C.T.Clark , B.Golany. A development study of data envelopment analysis in measuring the efficiency of maintenance units in the U.S. Air Forces.Annals of Operations Research,2,95-112. 1985.
| Files | ||
| Issue | Vol 10 No 3 (2024) | |
| Section | Original Article(s) | |
| Keywords | ||
| Pharmaceutical science Balanced Scorecard (BSC) Data Envelopment Analysis (DEA) Efficiency evaluation Tehran Stock Exchange Performance evaluation | ||
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How to Cite
1.
Aghaei FS, Annabi M. Evaluation of Pharmaceutical Companies Introduced in Tehran Stock Exchange Using Balanced Scorecard Method and Data Envelopment Analysis. JPPM. 2025;10(3).
