The Dynamic Analysis of Performance of Pharmaceutical Companies Listed on the Tehran Stock Exchange by Using the Integrative Window Data Envelopment Analysis and the Malmquist Index

Pharmaceutical industry plays an essential role in the development of health in the country. This industry faces some problems such as the inappropriate use of productive capacity, so it is necessary to do a research in this field. By using the financial indicators, it is possible to compare the performance of various current companies in the industry, and by setting a pattern, provide the field of progress for companies.
This research is applied in terms of purpose; considering the method of data collection, it is descriptive, and according to the type, it is a quantitative research. In this research, in order to measure the dynamic efficiency and to rank the companies listed on the Tehran Stock Exchange, a combination of Window Data Envelopment Analysis method and Malmquist index has been used. Therefore, by using 11 effective indices and by applying DEAP Software Version 2.1, the performance of 16 pharmaceutical companies has been investigated during the period of 2009-2014.
The alterations of the total productivity in the pharmaceutical industry has decreased in the studied period, and the main reason of this reduction is the alterations of managerial, scale and technological efficiency.
The results of the research show that instead of temporary analysis, it is possible to present a more accurate evaluation of the performance of companies by using dynamic analysis of the performance with the combination of two methods of Window Data Envelopment Analysis and Malmquist index, and by considering the analysis of displacement of efficient frontier.