The Effect of Entrepreneurial Orientation on the Intra-Firm Value Chain Efficiency in Tehran Stock Exchange

The company's value creation for shareholders, customers and even the society is created through the optimal efficiency of the value chain, and entrepreneurial orientation in the company, including innovation, has a significant impact on improving the performance of the value chain and, as a result, creating a superior competitive advantage and the success of the company in a completely dynamic business environment. The meaning of the company's value chain is the activities and six stages, namely Research and Development (R&D), Design, Production, Marketing, Distribution and Customer Service. Based on this, in the current research, the effect of entrepreneurial orientation on the efficiency of the company's value chain and its market value has been investigated. The statistical population of the research includes all the companies listed to the Tehran Stock Exchange, which were selected as a statistical sample using a screening of 127 companies and were investigated in a ten-year period (2012-2021). Three dimensions (innovation, risk-taking, and proactiveness) were used to measure entrepreneurial orientation and the efficiency of the value chain was also measured using accounting data and the Stochastic Frontier Analysis (SFA) in Stata 14 software. To measure the market value of the company, Tobin's Q index was used. The results of the multivariable linear regression showed at the 95% confidence level, entrepreneurial orientation has a positive and significant effect on the efficiency of the value chain and Tobin's Q index of the company. On the other hand, the efficiency of the company's value chain also improves the Tobin's Q index. In addition, the results of the mediation analysis showed that the efficiency of the company's value chain has a mediating role in the relationship between entrepreneurial orientation and Tobin's Q index of the company.