The Effect of Strategic Focus Dimensions on Relational Capital in Family and Non-Family Firms in the Tehran Stock ExChange

Document Type : مقاله مستخرج از پایان نامه

Authors

1 M.A. Business Administration, Shahed University

2 Associate Professor , Shahed University

Abstract

Aim and Introduction: Until the last few decades, there was a belief that the reason for the backwardness of developing countries was the lack of financial and physical capital. Based on this belief, countries focused their efforts on ad-dressing this issue by attracting physical and financial capital through various means. In the past, capital expenditure was prioritized, but it is now evident that relying solely on this type of capital is insufficient for a country's development. Nations that leverage knowledge-based human resources and robust knowledge infrastructures, along with the capacity to manage physical and financial capital effectively, will position themselves for comprehensive growth. In today's world, the creation and accumulation of wealth often stem from intangible assets. The economic success of the most efficient organizations demonstrates that value creation depends more on intangible assets than on physical and financial ones. The concept of relational capital has gained global attention in the past decade from a theoretical perspective. It is recognized as a valuable resource for organi-zations and, ultimately, for the country. The level of attention and its expansion have shown a remarkable pace, making it a strategic indicator for a country's development. Today, what makes organizations competitive is the effective management of knowledge and other intangible assets, such as their relational capital. The purpose of this study is to investigate the impact of strategic focus dimensions on relational capital in family and non-family companies listed on the Tehran Stock Exchange.
Methodology: This research employs a descriptive and correlational approach to data collection, utilizing structural equation modeling. This research is applied research in terms of its purpose. The statistical population of the research in-cludes managers of family and non-family companies listed on the Tehran Stock Exchange. There are 38 family companies and 757 non-family companies. The sample size using the Cochran formula is 34 for family companies and 255 for non-family companies, employing the cluster random sampling method. The main tool for data collection is a researcher-developed questionnaire that utilizes the indicators and questions from Debicki et al.'s (2020) study.
Finding: In this research, the main hypothesis that the dimensions of strategic focus on relational capital in family and non-family companies listed on the Tehran Stock Exchange were confirmed. Additionally, two sub-hypotheses were confirmed, while four sub-hypotheses were rejected.
Main hypothesis: The dimensions of strategic focus have an effect on relational capital in family and non-family companies listed on the Tehran Stock Ex-change.
The first sub-hypothesis states that market orientation affects relational capital in family and non-family companies listed on the Tehran Stock Exchange.
The second sub-hypothesis states that entrepreneurial orientation has no effect on relational capital in family and non-family companies listed on the Tehran Stock Exchange.
The third sub-hypothesis examines whether learning orientation affects relational capital in family and non-family companies listed on the Tehran Stock Exchange.
Fourth sub-hypothesis: Family ownership does not moderate the relationship be-tween market orientation and relational capital.
Fifth sub-hypothesis: Family ownership does not moderate the relationship be-tween entrepreneurial orientation and relational capital.
Sixth sub-hypothesis: Family ownership does not moderate the relationship be-tween learning orientation and relational capital.
Discussion and Conclusion: The general conclusion that can be drawn is that ownership type, whether family or non-family, does not moderate the relation-ship between strategic focus and relational capital. In other words, this relation-ship does not significantly differ between the two categories of companies listed on the Tehran Stock Exchange. Therefore, it is necessary to mention that in practice, family companies, which are not numerous in the Tehran Stock Exchange, are unable to leverage their capabilities in market orientation, entrepreneurial orientation, and learning orientation to enhance relational capital effectively. In other words, there is no significant difference in this relationship between both categories of companies. Therefore, family companies should focus on enhancing and utilizing these capabilities more effectively, as outlined in the following suggestions:

Consider the impact of strategic focus dimensions on family and non-family companies and the difference it makes in their strategies.
Invest in family-owned companies because the markets trust these companies and provide them with many facilities.

For future research, it is suggested:

Pathology of lack of superiority of family-owned companies in Tehran Stock Exchange, in raising relational capital using the dimensions of strategic concen-tration.
Using other variables in the used research model.
This research can be conducted in other statistical communities as well. De-pending on the demographics, social norms, cultural aspects, and preferences of the individuals in that particular society, different outcomes may be obtained.

Keywords

References

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Commercial Strategies
Volume 19, Issue 20
September 2022
Pages 51-72

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