What have we Learned from Firm Efficiency Research for the Past 35 Years? A Bibliometric Analysis
Keywords:
Firm Efficiency, Data Envelopment Analysis, Bibliometrics, Network Analysis, Research Trend
Abstract
The increasing publication and citation performances of Firm Efficiency research for the past 35 years have attracted scholars to further embark on this area. Hence, the main objective of this study is to explore what scholars have learned from Firm Efficiency research over the past 35 years. This study uses bibliometric analysis to analyze top productive countries, top 10 journals, top 10 prominent authors, top 20 cited articles, and emerging themes. Selected findings indicated that the United States, China and Taiwan are the top three most productive countries in Firm Efficiency research. In addition, five emerging themes were highlighted in Firm Efficiency research for the past 35 years. The five themes were: 1) Stochastic Frontier Analysis in measuring firm productivity and size, 2) Bootstrapping DEA and SFA in measuring firm efficiency, 3) Corporate Governance and Technical Efficiency, 4) DEA as benchmarking in Firm Efficiency, and 5) Capital Structure and Ownership Structure. This study provides three contributions – 1) encourage scholars to observe the trends in publication and citation performances. 2) Allow scholars and authors to collaborate with an expert in Firm Efficiency research in the future, and 3) inspire the authors to look at the potential research gap and future directions in Firm Efficiency research.
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References
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Grewal, R. & Slotegraaf, R. J. (2007). Embeddedness of organizational capabilities. Decision Sciences, 38(3), 451–488.
Grifell-Tatje, E. & Lovell, C. K. (1997). A DEA-based analysis of productivity change and intertemporal managerial performance. Annals of Operations Research, 73, 177–189.
Hardwick, P., Adams, M. & Zou, H. (2011). Board Characteristics and Profit Efficiency in the United Kingdom Life Insurance Industry. Journal of Business Finance and Accounting, 38(7–8), 987–1015.
Ho, C. T. B. (2007). Performance measurement using data envelopment analysis and financial statement analysis. International Journal of Operational Research, 2(1), 26–38.
Ikra, S. S., Rahman, M. A., Wanke, P. & Azad, M. A. K. (2021). Islamic banking efficiency literature (2000--2020): a bibliometric analysis and research front mapping. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 1043–1060.
Jaouadi, S. & Zorgui, I. (2014). Exploring effectiveness and efficiency of banks in Switzerland. International Journal of Academic Research in Business and Social Sciences, 4(4), 313–325.
Jiang, B., Lio, W. & Li, X. (2019). An uncertain DEA model for scale efficiency evaluation. IEEE Transactions on Fuzzy Systems, 27(8), 1616–1624.
Jones, S. R. & Ville, S. P. (1996). Efficient transactors or rent-seeking monopolists? The rationale for early chartered trading companies. The Journal of Economic History, 56(4), 898–915.
Kao, C. & Hwang, S. N. (2010). Efficiency measurement for network systems: IT impact on firm performance. Decision Support Systems, 48(3), 437–446.
Krasnikov, A., Jayachandran, S. & Kumar, V. (2009). The impact of customer relationship management implementation on cost and profit efficiencies: evidence from the u.s. commercial banking industry. Journal of Marketing, 73(6), 61–76.
Kumbhakar, S. C., Ortega-Argilés, R., Potters, L., Vivarelli, M. & Voigt, P. (2012). Corporate R&D and firm efficiency: Evidence from Europe’s top R&D investors. Journal of Productivity Analysis, 37(2), 125–140.
Lauterbach, B. & Vaninsky, A. (1999). Ownership structure and firm performance: Evidence from Israel. Journal of Management and Governance, 3(2), 189–201.
Lopez, R. A. (2005). Trade and growth: Reconciling the macroeconomic and microeconomic evidence. Journal of Economic Surveys, 19(4), 623–648.
Margaritis, D. & Psillaki, M. (2007). Capital structure and firm efficiency. Journal of Business Finance and Accounting, 34(9–10), 1447–1469.
Margaritis, D. & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking and Finance, 34(3), 621–632.
McKinley, V. & Banaian, K. (2005). Central bank operational efficiency: meaning and measurement. Central Banking Publications.
Narasimhan, R., Talluri, S. & Mendez, D. (2001). Supplier Evaluation and Rationalization via Data Envelopment Analysis: An Empirical Examination. Journal of Supply Chain Management, 37(2), 28–37.
Peterson, W., Gjisbers, G. & Wilks, M. (2003). An Organizational Performance Assessment System for Agricultural Research Organizations: Concepts, Methods, and Procedures.
Psillaki, M., Tsolas, I. E. & Margaritis, D. (2010). Evaluation of credit risk based on firm performance. European Journal of Operational Research, 201(3), 873–881.
Rueda, G., Gerdsri, P. & Kocaoglu, D. F. (2007). Bibliometrics and Social Network Analysis of the Nanotechnology Field. PICMET ’07 - 2007 Portland International Conference on Management of Engineering & Technology, 2905–2911.
Sarkis, J. & Cordeiro, J. J. (2001). An empirical evaluation of environmental efficiencies and firm performance: Pollution prevention versus end-of-pipe practice. European Journal of Operational Research, 135(1), 102–113.
Shephard, G. (1953). Unitary groups generated by reflections. Canadian Journal of Mathematics, 5, 364–383.
Simar, L. & Wilson, P. W. (2007). Estimation and inference in two-stage, semi-parametric models of production processes. Journal of Econometrics, 136(1), 31–64.
Su, D. & He, X. (2012). Ownership structure, corporate governance and productive efficiency in China. Journal of Productivity Analysis, 38(3), 303–318.
Sueyoshi, T., Goto, M. & Omi, Y. (2010). Corporate governance and firm performance: Evidence from Japanese manufacturing industries after the lost decade. European Journal of Operational Research, 203(3), 724–736.
Tagashira, T. & Minami, C. (2019). The Effect of Cross-Channel Integration on Cost Efficiency. Journal of Interactive Marketing, 47, 68–83.
Tortosa-Ausina, E., Grifell-Tatjé, E., Armero, C. & Conesa, D. (2008). Sensitivity analysis of efficiency and Malmquist productivity indices: An application to Spanish savings banks. European Journal of Operational Research, 184(3), 1062–1084.
Tyteca, D. (1996). On the measurement of the environmental performance of firms - A literature review and a productive efficiency perspective. Journal of Environmental Management, 46(3), 281–308.
Valiyattoor, V. & Bhandari, A. K. (2020). Outsourcing and firm performance nexus: An analysis using the conventional and panel double-bootstrap procedure. Research in International Business and Finance, 54.
Van Eck, N. J. & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538.
Wang, C. H., Gopal, R. D. & Zionts, S. (1997). Use of Data Envelopment Analysis in assessing Information Technology impact on firm performance. Annals of Operations Research, 73, 191–213.
Wanke, P., Skully, M., Wijesiri, M., Walker, T. & dalla Pellegrina, L. (2022). Does ownership structure affect firm performance? Evidence of Indian bank efficiency before and after the Global Financial Crisis. International Transactions in Operational Research, 29(3), 1842–1867.
Wu, D. (2009). Supplier selection: A hybrid model using DEA, decision tree and neural network. Expert Systems with Applications, 36(5), 9105–9112.
Wu, D. D. (2010). BiLevel programming data envelopment analysis with constrained resources. European Journal of Operational Research, 207(2), 856–864.
Wu, J., Xiong, B., An, Q., Zhu, Q. & Liang, L. (2015). Measuring the performance of thermal power firms in China via fuzzy Enhanced Russell measure model with undesirable outputs. Journal of Cleaner Production, 102, 237–245.
Yeh, T. L. (2011). Capital structure and cost efficiency in the Taiwanese banking industry. Service Industries Journal, 31(2), 237–249.
Yoo, C., Yeon, J. & Lee, S. (2022). Beyond “good company”: The mediating role of innovation in the corporate social responsibility and corporate firm performance relationship. International Journal of Contemporary Hospitality Management, 34(10), 3677–3696.
Zelenyuk, V. & Zheka, V. (2006). Corporate governance and firm’s efficiency: The case of a transitional country, Ukraine. Journal of Productivity Analysis, 25(1), 143–157.
Zeng, J., Ribeiro-Soriano, D. & Ren, J. (2021). Innovation efficiency: a bibliometric review and future research agenda. Asia Pacific Business Review, 27(2), 209–228.
Akhigbe, A., McNulty, J. E. & Stevenson, B. A. (2017). Does the form of ownership affect firm performance? Evidence from US bank profit efficiency before and during the financial crisis. Quarterly Review of Economics and Finance, 64, 120–129.
Al-Shammari, M. A., Banerjee, S. N. & Rasheed, A. A. (2022). Corporate social responsibility and firm performance: a theory of dual responsibility. Management Decision, 60(6), 1513–1540.
Ansah-Adu, K., Andoh, C. & Abor, J. (2011). Evaluating the cost efficiency of insurance companies in Ghana. Journal of Risk Finance, 13(1), 61–76.
Bauer, P. W., Berger, A. N., Ferrier, G. D. & Humphrey, D. B. (1998). Consistency conditions for regulatory analysis of financial institutions: a comparison of frontier efficiency method. Journal of Economics and Business, 50(2), 85–114.
Bouyssou, D. & Marchant, T. (2011). Ranking scientists and departments in a consistent manner. Journal of the American Society for Information Science and Technology, 62(9), 1761–1769.
Capobianco, H. M. P. & Fernandes, E. (2004). Capital structure in the world airline industry. Transportation Research Part A: Policy and Practice, 38(6), 421–434.
Castellani, D. (2002). Export behavior and productivity growth: Evidence from Italian manufacturing firms. Weltwirtschaftliches Archiv, 138(4), 605–628.
Charnes, A., Cooper, W. W. & Rhodes, E. (1978). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429–444.
Chen, C. M., Delmas, M. A. & Lieberman, M. B. (2015). Production frontier methodologies and efficiency as a performance measure in strategic management research. Strategic Management Journal, 36(1), 19–36.
Chen, X., Wang, X., Wu, D. D. & Zhang, Z. (2011). Analyzing firm performance in Chinese IT industry: DEA Malmquist productivity measure. International Journal of Information Technology and Management, 10(1), 3–23.
Chiou, Y. C., Lan, L. W. & Yen, B. T. H. (2012). Route-based data envelopment analysis models. Transportation Research Part E: Logistics and Transportation Review, 48(2), 415–425.
Cruz-Cázares, C., Bayona-Sáez, C. & García-Marco, T. (2013). You can’t manage right what you can’t measure well: Technological innovation efficiency. Research Policy, 42(6–7), 1239–1250.
Cvilikas, A. & Jurkonyte-Dumbliauskiene, E. (2016). Assessment of risk management economic efficiency applying economic logistic theory. Transformations in Business & Economics, 15(3), 207–219.
Delgado, M. A., Farinas, J. C. & Ruano, S. (2002). Firm productivity and export markets: A non-parametric approach. Journal of International Economics, 57(2), 397–422.
Ding, Q., Dong, L. & Kouvelis, P. (2007). On the integration of production and financial hedging decisions in global markets. Operations Research, 55(3), 470–489.
Durand, R. & Vargas, V. (2003). Ownership, organization, and private firms’ efficient use of resources. Strategic Management Journal, 24(7), 667–675.
Durieux, V. & Gevenois, P. A. (2010). Bibliometric indicators: quality measurements of scientific publication. Radiology, 255(2), 342–351.
Dutta, S., Narasimhan, O. & Rajiv, S. (1999). Success in high-technology markets: Is marketing capability critical? Marketing Science, 18(4), 547–568.
Edgeworth, F. Y. (1881). Mathematical psychics: An essay on the application of mathematics to the moral sciences.
Epstein, M. J. & Roy, M.-J. (2001). Sustainability in action: Identifying and measuring the key performance drivers. Long Range Planning, 34(5), 585–604.
Evanoff, D. D. & Israilevich, P. R. (1991). Productive efficiency in banking. Economic Perspectives, 15(4), 11–32.
Garfield, E. (1955). Citation indexes for science: A new dimension in documentation through association of ideas. Science, 122(3159), 108–111.
Grewal, R. & Slotegraaf, R. J. (2007). Embeddedness of organizational capabilities. Decision Sciences, 38(3), 451–488.
Grifell-Tatje, E. & Lovell, C. K. (1997). A DEA-based analysis of productivity change and intertemporal managerial performance. Annals of Operations Research, 73, 177–189.
Hardwick, P., Adams, M. & Zou, H. (2011). Board Characteristics and Profit Efficiency in the United Kingdom Life Insurance Industry. Journal of Business Finance and Accounting, 38(7–8), 987–1015.
Ho, C. T. B. (2007). Performance measurement using data envelopment analysis and financial statement analysis. International Journal of Operational Research, 2(1), 26–38.
Ikra, S. S., Rahman, M. A., Wanke, P. & Azad, M. A. K. (2021). Islamic banking efficiency literature (2000--2020): a bibliometric analysis and research front mapping. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 1043–1060.
Jaouadi, S. & Zorgui, I. (2014). Exploring effectiveness and efficiency of banks in Switzerland. International Journal of Academic Research in Business and Social Sciences, 4(4), 313–325.
Jiang, B., Lio, W. & Li, X. (2019). An uncertain DEA model for scale efficiency evaluation. IEEE Transactions on Fuzzy Systems, 27(8), 1616–1624.
Jones, S. R. & Ville, S. P. (1996). Efficient transactors or rent-seeking monopolists? The rationale for early chartered trading companies. The Journal of Economic History, 56(4), 898–915.
Kao, C. & Hwang, S. N. (2010). Efficiency measurement for network systems: IT impact on firm performance. Decision Support Systems, 48(3), 437–446.
Krasnikov, A., Jayachandran, S. & Kumar, V. (2009). The impact of customer relationship management implementation on cost and profit efficiencies: evidence from the u.s. commercial banking industry. Journal of Marketing, 73(6), 61–76.
Kumbhakar, S. C., Ortega-Argilés, R., Potters, L., Vivarelli, M. & Voigt, P. (2012). Corporate R&D and firm efficiency: Evidence from Europe’s top R&D investors. Journal of Productivity Analysis, 37(2), 125–140.
Lauterbach, B. & Vaninsky, A. (1999). Ownership structure and firm performance: Evidence from Israel. Journal of Management and Governance, 3(2), 189–201.
Lopez, R. A. (2005). Trade and growth: Reconciling the macroeconomic and microeconomic evidence. Journal of Economic Surveys, 19(4), 623–648.
Margaritis, D. & Psillaki, M. (2007). Capital structure and firm efficiency. Journal of Business Finance and Accounting, 34(9–10), 1447–1469.
Margaritis, D. & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking and Finance, 34(3), 621–632.
McKinley, V. & Banaian, K. (2005). Central bank operational efficiency: meaning and measurement. Central Banking Publications.
Narasimhan, R., Talluri, S. & Mendez, D. (2001). Supplier Evaluation and Rationalization via Data Envelopment Analysis: An Empirical Examination. Journal of Supply Chain Management, 37(2), 28–37.
Peterson, W., Gjisbers, G. & Wilks, M. (2003). An Organizational Performance Assessment System for Agricultural Research Organizations: Concepts, Methods, and Procedures.
Psillaki, M., Tsolas, I. E. & Margaritis, D. (2010). Evaluation of credit risk based on firm performance. European Journal of Operational Research, 201(3), 873–881.
Rueda, G., Gerdsri, P. & Kocaoglu, D. F. (2007). Bibliometrics and Social Network Analysis of the Nanotechnology Field. PICMET ’07 - 2007 Portland International Conference on Management of Engineering & Technology, 2905–2911.
Sarkis, J. & Cordeiro, J. J. (2001). An empirical evaluation of environmental efficiencies and firm performance: Pollution prevention versus end-of-pipe practice. European Journal of Operational Research, 135(1), 102–113.
Shephard, G. (1953). Unitary groups generated by reflections. Canadian Journal of Mathematics, 5, 364–383.
Simar, L. & Wilson, P. W. (2007). Estimation and inference in two-stage, semi-parametric models of production processes. Journal of Econometrics, 136(1), 31–64.
Su, D. & He, X. (2012). Ownership structure, corporate governance and productive efficiency in China. Journal of Productivity Analysis, 38(3), 303–318.
Sueyoshi, T., Goto, M. & Omi, Y. (2010). Corporate governance and firm performance: Evidence from Japanese manufacturing industries after the lost decade. European Journal of Operational Research, 203(3), 724–736.
Tagashira, T. & Minami, C. (2019). The Effect of Cross-Channel Integration on Cost Efficiency. Journal of Interactive Marketing, 47, 68–83.
Tortosa-Ausina, E., Grifell-Tatjé, E., Armero, C. & Conesa, D. (2008). Sensitivity analysis of efficiency and Malmquist productivity indices: An application to Spanish savings banks. European Journal of Operational Research, 184(3), 1062–1084.
Tyteca, D. (1996). On the measurement of the environmental performance of firms - A literature review and a productive efficiency perspective. Journal of Environmental Management, 46(3), 281–308.
Valiyattoor, V. & Bhandari, A. K. (2020). Outsourcing and firm performance nexus: An analysis using the conventional and panel double-bootstrap procedure. Research in International Business and Finance, 54.
Van Eck, N. J. & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538.
Wang, C. H., Gopal, R. D. & Zionts, S. (1997). Use of Data Envelopment Analysis in assessing Information Technology impact on firm performance. Annals of Operations Research, 73, 191–213.
Wanke, P., Skully, M., Wijesiri, M., Walker, T. & dalla Pellegrina, L. (2022). Does ownership structure affect firm performance? Evidence of Indian bank efficiency before and after the Global Financial Crisis. International Transactions in Operational Research, 29(3), 1842–1867.
Wu, D. (2009). Supplier selection: A hybrid model using DEA, decision tree and neural network. Expert Systems with Applications, 36(5), 9105–9112.
Wu, D. D. (2010). BiLevel programming data envelopment analysis with constrained resources. European Journal of Operational Research, 207(2), 856–864.
Wu, J., Xiong, B., An, Q., Zhu, Q. & Liang, L. (2015). Measuring the performance of thermal power firms in China via fuzzy Enhanced Russell measure model with undesirable outputs. Journal of Cleaner Production, 102, 237–245.
Yeh, T. L. (2011). Capital structure and cost efficiency in the Taiwanese banking industry. Service Industries Journal, 31(2), 237–249.
Yoo, C., Yeon, J. & Lee, S. (2022). Beyond “good company”: The mediating role of innovation in the corporate social responsibility and corporate firm performance relationship. International Journal of Contemporary Hospitality Management, 34(10), 3677–3696.
Zelenyuk, V. & Zheka, V. (2006). Corporate governance and firm’s efficiency: The case of a transitional country, Ukraine. Journal of Productivity Analysis, 25(1), 143–157.
Zeng, J., Ribeiro-Soriano, D. & Ren, J. (2021). Innovation efficiency: a bibliometric review and future research agenda. Asia Pacific Business Review, 27(2), 209–228.
Published
2023-05-12
How to Cite
Mustaffa, A. H., Bahrudin, N. Z., Sahudin, Z., Abdullah, H., & Abdul Aziz, M. R. (2023). What have we Learned from Firm Efficiency Research for the Past 35 Years? A Bibliometric Analysis. Information Management and Business Review, 15(1(I)SI), 216-227. https://doi.org/10.22610/imbr.v15i1(I)SI.3406
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Research Paper
Copyright (c) 2023 Abd Hadi Mustaffa, Nur Zahidah Bahrudin, Zahariah Sahudin, Hasni Abdullah, Muhammad Ridzuan Abdul Aziz
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