企業動態能力的快速測量

Abstract

While there have been consensus on the definition of dynamic capabilities, their empirical studies are still at infancy. Measurement of dynamic capabilities is important as a firm can diagnose how efficiently it can respond to changes in external environment compared to its competitors in the same industry. Based on the notion of the higher and lower level of capabilities, this study proposes an indicator which allows a firm to understand a snapshot of its dynamic capabilities (higher capabilities), by measuring the relative volatility of its operating margin (i.e. a proxy of zero-level capabilities) against industry average, shown in β1 for the whole period, βinc for industry’s growth (economic boom) period, and βdec for industry’s decline (economic recession) period. For empirical validation, petroleum/refining industry in the North America is investigated during 1990-2012 using quarterly performance. Applied to the resulting 53 firms, ideal scenario for β1 is less than one but more than zero, which demonstrates the firm’s ability to remain stable and low volatility relative to the industry’s fluctuation. Ideal βinc is more than one, meaning that the firm is able to exploit opportunities. Realistic βdec is more than zero and less than one, showing that the firm is able to minimize loss. Regression results also indicates that firms survived until the end of study period have more desirable average β1, βinc, and βdec values and have more firms in the desired βinc and βdec area compared to firms that did not survived, showing that firms survived have more capacity of dynamic capabilities.

While there have been consensus on the definition of dynamic capabilities, their empirical studies are still at infancy. Measurement of dynamic capabilities is important as a firm can diagnose how efficiently it can respond to changes in external environment compared to its competitors in the same industry. Based on the notion of the higher and lower level of capabilities, this study proposes an indicator which allows a firm to understand a snapshot of its dynamic capabilities (higher capabilities), by measuring the relative volatility of its operating margin (i.e. a proxy of zero-level capabilities) against industry average, shown in β1 for the whole period, βinc for industry’s growth (economic boom) period, and βdec for industry’s decline (economic recession) period. For empirical validation, petroleum/refining industry in the North America is investigated during 1990-2012 using quarterly performance. Applied to the resulting 53 firms, ideal scenario for β1 is less than one but more than zero, which demonstrates the firm’s ability to remain stable and low volatility relative to the industry’s fluctuation. Ideal βinc is more than one, meaning that the firm is able to exploit opportunities. Realistic βdec is more than zero and less than one, showing that the firm is able to minimize loss. Regression results also indicates that firms survived until the end of study period have more desirable average β1, βinc, and βdec values and have more firms in the desired βinc and βdec area compared to firms that did not survived, showing that firms survived have more capacity of dynamic capabilities.