اثر همتاي سرمايه سازماني: نقش تعديلي رقابت بازار و عدم تقارن اطلاعاتي

The peer effect of organizational capital: The Moderating Role of Market Competition an‎d Information Asymmetry

حسابداري

Organizational capital, as one of the vital intangible assets, plays an important role in enhancing firms’ productivity an‎d efficiency. In this study, organizational capital is regarded as the accumulation of knowledge, capabilities, an‎d intangible resources that contribute to improving operational efficiency an‎d firm performance. Drawing on social learning theory an‎d institutional imitation theory, firms operating under competitive an‎d uncertain conditions tend to emulate the behavior of their industry peers. Firms within the same industry influence one another by adjusting their strategic policies, financing decisions, an‎d investment choices. This phenomenon is known as the peer effect. Information asymmetry an‎d intense industry competition may induce imitation behaviors that affect organizational capital an‎d firm performance. Moreover, under high product market competition, firms are more inclined to imitate their peers’ organizational capital in order to reduce competitive threats. Accordingly, the purpose of this study is to examine the effect of peers’ organizational capital on firms’ organizational capital, considering the moderating role of market competition an‎d information asymmetry among companies listed on the Tehran Stock Exchange. In line with the research objective, three hypotheses were developed. The first hypothesis examines the effect of peers’ organizational capital on firms’ organizational capital, while the second an‎d third hypotheses investigate the moderating roles of market competition an‎d information asymmetry, respectively. Using a screening method, a sample consisting of data from 155 companies listed on the Tehran Stock Exchange over the period 2012–2023 was selec‎ted. The required data were collected from Rahavard Novin software an‎d the Codal website. To test the hypotheses, a multivariate regression model an‎d panel data methodology were employed, controlling for year effects. The results of the first hypothesis indicate that peers’ organizational capital has a positive an‎d significant effect on firms’ organizational capital, suggesting that in conditions of uncertainty, managers imitate successful competitors’ behaviors to reduce risk an‎d gain legitimacy. The findings related to the second hypothesis show that market competition, as an environmental factor, strengthens the peer effect. Robustness tests for the first an‎d second hypotheses, using the 2013 organizational capital model an‎d dummy variables, also confirmed that the research findings are stable an‎d independent of the method used to measure the variables. The results of the third hypothesis show that information asymmetry does not moderate the effect of peers’ organizational capital on firms’ organizational capital. However, robustness test, based on the 2013 organizational capital model, it was observed that it was observed that, contrary to expectations, information asymmetry weakens the positive effect of peers’ organizational capital on organizational capital. In the second robustness test, using dummy variables in the 2017 organizational capital model, information asymmetry did not have a significant moderating effect; however, in the 2013 organizational capital model, similar to the first robustness test, a weakening moderating effect was observed.

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