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Investigating the effect of organizational culture on the financial performance of Tehran Stock Exchange companies

Number of pages: 113 File Format: word File Code: 30313
Year: 2014 University Degree: Master's degree Category: Management
Tags/Keywords: Financial performance - Hierarchical culture - Market culture - The special culture of the monarchy - Tribal culture
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  • Summary of Investigating the effect of organizational culture on the financial performance of Tehran Stock Exchange companies

    Dissertation for Master's Degree in Management (M. Sc)

    Financial Orientation

    Abstract

    The purpose of this research is the effect of organizational culture on the financial performance of companies listed on the Tehran Stock Exchange. Cameron and Quinn 2006 questionnaire was used to measure organizational culture, and asset return index was used to measure financial performance using the data available in the financial statements of companies in the period 2018-2019. The method of this research is applied and descriptive survey, and the statistical sample of 64 companies has been selected from the companies that have the most initial capital in terms of capital in the classification of their industry group. The relationship between the components of organizational culture and the financial performance of companies was investigated using Pearson's correlation coefficient, and finally a suitable regression model was fitted. The results showed that, except for the positive and significant relationship between the special culture of aristocracy and financial performance, no significant relationship was confirmed between hierarchical, clan and market culture.

    Key words: financial performance, special culture of aristocracy, hierarchical culture, clan culture, market culture. Today, organizational culture has become increasingly important and has become one of the main topics of management. Organizational culture is a unique pattern of common assumptions, values, and norms that shape the socialization activities, language, symbols, and operations of the organization. It means a system of common inferences that members have towards an organization, and this feature separates two organizations from each other. Knowledge of culture is especially important for managers because they can benefit from the results of this knowledge and find out the way to deal with cultural changes more easily by being more aware of cultural elements. Undoubtedly, the distinction between cultures is common and paying attention to this distinction helps us to better understand the organization. In addition, paying attention to this distinction leads to the classification of cultures. One of the most important advantages of categorizing cultures is that it increases their comparability.  

    1-2- Description and statement of the problem

    Like individuals, organizations also have personalities, and this personality format of the organization is called the culture of that organization (Ghadami and Azari, 2009). The existence of cultural identity, beliefs, values ??and behavioral norms common to the members of the organizations, causes coherence and integrity in the efforts, internal commitment to the organization and a clear understanding of the existential philosophy and direction of the actions and as a result the success of the organizations. In other words, the remarkable success of organizations lies in the powerful intangible factors of organizational culture, in the values ??and beliefs of employees (Zahedi, 2008). In an organization, culture plays different roles; First, culture determines the boundary of the organization. Second, it injects a sense of identity in the members of the organization. Third, culture causes people to have a kind of commitment to something that is much more important than personal interests (Arabi, 2016).

    It is not possible to define organizational culture in a specific format, that is, there is no generally accepted definition (Sharifzadeh and Kazemi, 2015). Denison (2000), considers organizational culture as a powerful force that determines how to act and how operations are performed. He believes that organizational culture refers to basic values, beliefs and principles that serve as a solid foundation for the management system. In addition, both the values ??and beliefs and the management system strengthen those basic principles. These principles and values ??are enduring because they contain specific meanings and implications for the members of the organization. He believes that the message and perception of organizational culture are closely related to organizational strategies and have a great impact on the people who work in the organization. Denison states that culture is not easily seen and contacted; But the people of the organization know it very well in an important way and the law of culture is stronger than any other law. In many organizations, this is the most important message and perception of culture (Iranzadeh and Mahmoudi, 2019). All these perceptions and views can affect the performance of an organization. The influence of the norms and values ??of an organization, which manifests itself in people, has an impact on the organization's performance in different areas, and this issue can also be observed in the financial performance of an organization.Based on this, the question that is discussed in this research is how organizational culture influences the financial performance of companies admitted to the Tehran Stock Exchange. 1-3- Necessity of conducting research In an organization, culture plays different roles and has different tasks. These tasks include:

    Organizational culture gives organizational employees an organizational identity: what makes successful organizations stand out and differentiate them from others is their ability to attract, cultivate and retain talented and creative employees, and employees will in turn develop a deep attachment to the organization.

    Organizational culture facilitates group commitment: organizations that have a strong and capable culture, employees value and organizational goals feel commitment and responsibility. The meaning of organizational commitment is connection and psychological dependence to the organization. in which there is a feeling of being involved in a job, loyalty and belief in organizational values ??(Ataei, 2016). A strong culture characterizes the agreement among the members of an organization in the importance of the beliefs and values ??of the culture. If there is satisfaction and agreement about the importance of values ??and beliefs, that culture is a strong culture, and if there is little agreement, it is a weak culture. Therefore, organizations in which the key values ??of the organization are more accepted and make employees commit to those values ??more, that culture is stronger. All these things should show themselves in the performance of the organization; Especially, this topic should be reflected in the financial performance of the company (Tousi, 2017).

    1-4- Basic research objectives

    1. Measuring the effect of tribal culture on the company's financial performance 2. Measuring the effect of hierarchical culture on the company's financial performance

    3. Measuring the impact of special culture on the company's financial performance

    4. Measuring the impact of market culture on the company's financial performance

    1-5- research hypotheses

    1. There is a significant relationship between tribal culture and the company's financial performance.

    2. There is a significant relationship between the hierarchical culture and the company's financial performance.

    3. There is a significant relationship between the culture of specialism and the financial performance of the company.

    4. There is a significant relationship between the market culture and the financial performance of the company.

    1-6- Temporal and spatial scope of the research

    The spatial scope of this research is the companies accepted in the Tehran Stock Exchange, whose shares were traded during 1388-1992, and its temporal scope also started from Farvardin and ended in September 2013.

    1-7- Operational definition of words

    Financial performance: The financial performance of the company is measured using the rate of return on assets. For this purpose, it is obtained by dividing the net profit over the total assets of the company (Zarei, 1374).

    In this research, this variable is obtained from the division of net profit over the total assets of the company, as defined above.

    Hierarchical culture: the organizational culture corresponding to this organizational form is a formal and structured work environment. Procedures govern what people do. Effective leaders are those who can coordinate and organize well. What the organization seeks in the long term is stability, predictability and efficiency. Official rules and policies keep the organization afloat (Tusi, 1377). Group culture is located in the quadrant of the circle that emphasizes internal focus and flexibility. The obvious core value of this culture is teamwork, openness, participation, and employee growth and development. The organization emphasizes on the development of the working environment of the employees. Where the employees have participation, commitment and loyalty, things will be facilitated (Kochaki Siah Khale et al., 2013).

    In this research, this variable is measured through the answers to questions related to it in the questionnaire.

    Market culture: The term market here is not synonymous with the function of marketing, nor is it related to consumers in the market. Rather, it is said that the organization acts as an organization. This type of organization is oriented towards the external environment instead of internal affairs. Focusing on interacting with external stakeholders, including suppliers, customers, contractors, unions, etc. . . (Iranzadeh and Mahmoudi, 1389). Market culture is located in the quadrant of the circle that emphasizes external focus and stability. The core value of this culture is competition, goal achievement and production.

  • Contents & References of Investigating the effect of organizational culture on the financial performance of Tehran Stock Exchange companies

    List:

    Table of Contents

    Abstract. 1

    Chapter One: General Research

    1-1- Introduction. 3

    1-2- Description and expression of the problem. 3

    1-3- Necessity of doing research. 4

    1-4- The basic objectives of the research. 5

    1-5- research hypotheses. 5

    1-6- The temporal and spatial domain of research. 5

    1-7- Operational definition of words 5

    1-8- Summary of the chapter. 8

    Chapter Two: Theoretical Foundations and Research Background

    2-1- Introduction. 10

    2-2- The concept of culture. 11

    2-3- definitions of culture. 11

    2-4 - Definitions of organizational culture. 11

    2-5- Effective factors in the formation of organizational culture. 15

    2-6- Functions of organizational culture. 17

    2-7 - Levels of organizational culture. 17

    2-8 - Strategies for changing organizational culture. 20

    2-8-1- Measuring organizational culture. 21

    2-9- organizational culture models. 22

    2-9-1- Parsons model (AGIL). 22

    2-9-2- William Ochi model (TheoryZ). 23

    2-9-3-McKendy model (7s). 23

    2-9-4- Shine model. 24

    2-9-5- Kennedy model. .24

    2-9-6- Queen and McGars model. 25

    2-9-7- Jeffrey Sunnyfield model. 26

    2-9-8- Kritner and Kiniki model. 27

    2-9-9- Kurt Levin model. 27

    2-9-10- Lit and stringer pattern. 28

    2-9-11- Baron and Elters' opinion. 29

    2-10- Evaluation criteria of organizational culture classifications. 29

    2-10-1- Simplicity and comprehensibility. 30

    2-10-2- The ability to use different research methods (quantitative/qualitative) 30

    2-10-3- The ability to understand cultural changes. 30

    2-10-4- Having a conceptual framework. 31

    2-10-5- Applicability in all kinds of organizations 31

    2-10-6- Identifying the special feature. 31

    2-10-7- Denison model. 32

    2-11- Classification of organizational culture from the point of view of experts. 34

    2-11-1- Dervis and Miller classification. 34

    2-11-2- Classification of Deshpande and Farley. 36

    2-11-3- Classification of Rex. 36

    2-11-4- Classification of Charles Handy. 37

    2-11-5- Classification of Gaffey and Jones. 37

    2-11-6 - Dale and Kennedy classification. 39

    2-11-7- Farnham and Gantry classification. 40

    2-11-8- Hofstede's classification. 41

    2-12- Typologies of organizational culture. 43

    2-12-1- Cameron and Queen organizational culture typology. 44

     

    2-12-2- The four main types of organizational culture. 45

    2-13- Evaluation of Cameron and Queen organizational culture typology. 46

    2-13-1- Organizational culture typology according to Dennison (1990). 48

    2-13-2- Introduction of four types of organizational culture according to Dennison (1990). 48

    2-14- Financial performance. 50

    2-15- Performance evaluation model. 52

    2-15-1- Performance evaluation accounting model. 52

    2-16- An overview of the conducted research. 54

    2-16-1- Internal research. 54

    2-16-2- Foreign researches. 55

    2-17- Summary of the chapter. 56

    Chapter Three: Research Methodology

    3-1- Introduction. 58

    3-2- Research method. 58

    3-3- Statistical population. 58

    3-4- Statistical sample. 59

    3-5- Research variables. 59

    3-5-1- independent variable. 59

    3-5-2- dependent variable. 59

    3-6- Collection of research data. 59

    3-7- Likert spectrum. 60

    3-8- Reliability and validity of the questionnaire. 61

    3-8-1- Questionnaire validity. 61

    3-8-2- Questionnaire reliability. 61

    3-9- Cronbach's alpha coefficient. 62

    3-10- Data analysis method 63

    3-10-1- Correlation analysis. 63

    3-10-2- Regression. 64

    3-11- Summary of the chapter. 65

    Chapter Four: Analysis

    4-1- Introduction. 67

    4-2- Description of subjects 67

    4-3- Data analysis 71

    4-4- Chapter summary. 78

    Chapter Five: Conclusions and Suggestions

    5-1- Introduction. 80

    5-2- Summary of the research. 80

    5-3- Discussion and conclusion. 83

    5-4- Suggestions. 83

    5-4-1- Practical suggestions. 83

    5-4-2- Suggestions for future research. 84

    Sources and sources. 85

    Appendix A: Questionnaire. 91

    Appendix B: List of sample companies. 94

    ABSTRACT. 95

     

     

     

     

     

    List of tables

    Table 2-1: stability steps and95

     

     

     

     

     

    List of tables

    Table 2-1: Stability and external steps and survival 16

    Table 2-2: Aspects about internal unity. 16

    Table 2-3: A summary of models and classifications regarding investigation in organizational culture. 33

    Table 2-4: An overview of internal research. 54

    Table 5-2: An overview of foreign research. 55

    Table 1-3: Composition of research questionnaire questions. 60

    Table 2-3: Reliability of the research questionnaire. 63

    Table 4-1: Description of subjects by age. 68

    Table 4-2: Descriptive statistics of subjects according to age. 68

    Table 4-3: Description of subjects according to education. 69

    Table 4-4: Descriptive statistics of subjects according to education. 69

    Table 4-5: Description of subjects according to work experience. 70

    Table 6-4: Descriptive statistics of subjects according to professional experience. 70

    Table 4-7: Kolmogorov-Smirnov test results. 71

    Table 8-4: The result of the correlation test of the independent variable of tribal culture with the dependent variable of financial performance. 72

    Table 4-9: The result of the correlation test of the independent variable of hierarchical culture with the dependent variable of financial performance. 72

    Table 10-4: The result of the correlation test of the independent variable of special authoritarian culture with the dependent variable of financial performance. 73

    Table 11-4: Model result for special culture of bureaucracy with financial performance. 73

    Table 12-4: The result of regression fitting of the third hypothesis. 74

    Table 13-4: Coefficients of the third hypothesis model. 74

    Table 14-4: The result of the correlation test of the independent variable of market culture with the dependent variable of financial performance. 75

    Table 15-4: Correlation matrix between research variables. 75

    Table 16-4: Model result for financial performance. 76

    Table 4-17: The result of regression fitting according to all variables 76

    Table 4-18: Coefficients of the whole model. 77

    Sources and references

    Persian sources:

    1. Ardalan, Mohammad Reza and Salimi, Gurban Ali, Rajaipour, Saeed and Maulvi, Hossein, (2007). Investigating the relationship between the unity of the individual, the organization and the organizational culture in public universities in the west of the country (Hamadan, Kermanshah and Kurdistan), Research and Planning Quarterly in Higher Education, No. 47, pp. 97-131.

    2. Professor Hasanlou, Hossein, (2018). Examining the relationship between organizational culture and the desire to evaluate quality in the faculties of behavioral and social sciences of Tehran University, the faculty of psychology and educational sciences.

    3. Stanley M, Davis, (1376). Organizational culture management, translated by Nasser Mirspasi and Gurji, Tehran: Golshan Publications. 4. Arabi, Mohammad, (2016). Fundamentals of Organizational Behavior, first edition, Tehran Institute of Business Studies and Research, pp. 972 974.

    5. Alwani, Seyyed Mahdi, (2010). General Management, Tehran: Nei Publishing.

    6. Alwani, Seyyed Mehdi (2013). Inadequacies of performance evaluation in transformational management, Improvement and Transformation Management Studies Quarterly, No. 43 and 44.

    7. L. Daft, Richard, (2006). Organization Theory and Design, translated by Ali Parsaian and Seyyed Mohammad Arabi, Tehran, Cultural Research Office Publications.

    8. Omidi, Alireza, Tandnois, Fereydoun and Mozafari, Seyyed Amir Ahmad, (2011). The relationship between organizational culture and the effectiveness of knowledge management and organizational effectiveness in some sports organizations in Iran, research and movement behavior quarterly, second volume, number 4, pp. 87-103.

    9. Iranzadeh, Suleiman (1377). Management of organizational culture, first edition, author's publications, Tabriz.

    10. Iranzadeh, Suleiman and Mahmoudi, Mohsen, (1389). Understanding organizational culture based on Denison's model (case study: Polynar Company), Productivity Management Quarterly (Beyond Management), Volume 4, Number 15, pp. 75-53.

    11. Pourkazmi, Mohammad Hossein and Shakri Navaei, Gholamreza, (1388). Investigating the organizational culture of management faculties of Tehran universities and its role in the productivity of faculties, Journal of Human Sciences (special issue of management), number 36, pp. 62-37.

    12. Jafari, Mohammad, (1381). Investigating the effect of organizational culture on police university employees' job satisfaction, Master's thesis of Tarbiat Modares University, Faculty of Human Sciences. 13. Hosseinzadeh, Maryam, (1390). Examining the relationship between organizational culture and change management in elementary schools in Pakdasht city and district 6 of Tehran, Tehran University, Faculty of Psychology and Educational Sciences.

    14. Robbins, Stephen, (1378). Organizational Behavior Management, translated by Omhidaran, Farzad, Meharban Kitab Publications.

    15. Robbins, Stephen, (2017). Fundamentals of Organizational Behavior, translated by: Ali Parsaian and Seyyed Mohammad Arabi, Tehran, Cultural Research Office Publications. 16. Rostami, Sara, (2008).

Investigating the effect of organizational culture on the financial performance of Tehran Stock Exchange companies
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