A Method of Estimating the Determinant of Enterprise Competetiveness

vv

A METHOD OF ESTIMATING THE

DETERMINANT OF ENTERPRISE

COMPETETIVENESS

Olaf Flak*

Abstract

The aim of the article is to propose a method for estimating the determinant of enterprise competitiveness, based on the Competitiveness Integrated Model and the Company Competitiveness Barometer. The article presents a description of The Competitiveness Integrated Model, the current status of research of the Company Competitiveness Barometer, definition and algorithms for estimating the determinant of enterprise competitiveness.

Keywords: competitiveness, competitive potential, strategy of competition,

competitive advantage, competitive positioning, determinant of enterprise competitiveness.

1. Introduction

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äÑGSSDQGWKHPHWKRGRIPHDVXULQJ WKH FRPSDQ\qV FRPSHWLWLYHQHVV ZKLFK LV WKH &RPSDQ\ &RPSHWLWLYHQHVV %DURPHWHU)ODNDQG*äÑGLQSULQW)ODNDQG*äÑGSS

7KHVSHFLILFREMHFWLYHVDUHWRSUHVHQW

v WKHEDVLVRIWKH&RPSHWLWLYHQHVV,QWHJUDWHG0RGHODQGWKHLPSRUWDQFH RIWKHFRQFHSWVLQFOXGHGLQWKDWPRGHO

v GHILQLWLRQ RI WKH GHWHUPLQDQW RI HQWHUSULVH FRPSHWLWLYHQHVV DQG LWV HOHPHQWV

,,02'(51722/6)25%86,1(66$1'121352),725*$1,=$7,2160$1$*(0(17

 3K' $VVLVWDQW 3URIHVVRU 'HSDUWPHQW RI 5DGLR DQG 7HOHYLVLRQ 8QLYHUVLW\ RI 6LOHVLD XO %\WNRZVND E  .DWRZLFHHPDLOMD#RODIIODNFRP

vv

v WKH XVH RI WKH &RPSHWLWLYHQHVV ,QWHJUDWHG 0RGHO XQWLO QRZ DQG WKHFXUUHQWVWDWXVRIUHVHDUFKXQGHUWKH&RPSDQ\&RPSHWLWLYHQHVV %DURPHWHUIUDPHZRUN

v DOJRULWKPV WR FUHDWH D FRKHUHQW GHVFULSWLRQ RI WKH FRPSDQ\ LQ WKH IRUP RI D FDVH VWXG\ VFRULQJ LWV FRPSHWLWLYHQHVV DQG FRPSHWLWLYH SUR[LPLW\RIWKHHQWHUSULVH

v RXWOLQH RI WKH UHVHDUFK GHYHORSPHQW EDVHG RQ WKH &RPSDQ\ &RPSHWLWLYHQHVV%DURPHWHU 7KH DUWLFOH KDV D GLDJQRVWLF DQG VFKHPH GHVLJQ DVSHFW 7KHUHIRUH WKH GHVNUHVHDUFKPHWKRGSUHVHQWDWLRQRIWKHUHVXOWVRIHPSLULFDOUHVHDUFKDQGWKH FDVHVWXG\ZHUHXVHGLQWKHGLDJQRVWLFGLPHQVLRQ'HVLJQLVVXHVZHUHEDVHG RQWKHSURJQRVWLFPHWKRG%LHQLRNSS'XHWRWKHREMHFWLYHVRI WKHDUWLFOHWKHUHVHDUFKSUREOHPDQGWKHUHVHDUFKK\SRWKHVLVZHUHQRWVWDWHG LQLWVFRQWHQWV 2. Theoretical basis ,QWKHOLWHUDWXUHRQWKHVXEMHFWWKHHQWHUSULVHFRPSHWLWLYHQHVVLVGHILQHGLQ PDQ\ZD\V$ZLGHRYHUYLHZRIWKHDSSURDFKHVWRWKLVLVVXHDQGGHILQLWLRQV RIWKHWHUPVFRQQHFWHGZLWKFRPSHWLWLYHQHVVZDVSUHVHQWHGE\WKHDXWKRUVRI WKH PRQRJUDSK r&RPSHWLWLYH RQHV ZLOO VXUYLYHs )ODN DQG *äÑG  SS 

7KHRUHWLFDOEDVLVZKLFKZDVDVWDUWLQJSRLQWIRUGHVLJQLQJWKHPHWKRGIRU HVWLPDWLQJWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVVDQGDVWDUWLQJSRLQW IRU WKH FRQVLGHUDWLRQ RI FRPSDQ\qV FKDUDFWHULVWLFV WKDW PDNH WKH FRPSDQ\ DFKLHYHWKHGHVLUHGUHVXOWVIURPWKHFRQGXFWHGHFRQRPLFDFWLYLW\DQGEHDEOH WR FRPSHWH LQ WKH PDUNHW LV WKH IROORZLQJ GHILQLWLRQ RI FRPSHWLWLYHQHVV r&RPSHWLWLYHQHVV LV D PXOWLGLPHQVLRQDO DWWULEXWH RI WKH FRPSDQ\ UHVXOWLQJ IURP ERWK WKH LQWHUQDO IHDWXUHV DQG WKH DELOLW\ WR FRSH ZLWK H[WHUQDO FLUFXPVWDQFHV&RPSHWLWLYHQHVVLVUHODWLYHWKDWPHDQVWKHUHLVQRDEVROXWH VFDOH IRU PHDVXULQJ FRPSHWLWLYHQHVV  FRPSHWLWLYHQHVV FDQ EH XVHG WR GHVFULEHWKHPXWXDOUHODWLRQVRIHQWHUSULVHVLQWKHPDUNHWs)ODNDQG*äÑG S 6LQFHWKHFRPSDQ\qVFRPSHWLWLYHQHVVLVDQDEVWUDFWDQGJHQHUDOFRQFHSWLW KDVVRPHFRQVWLWXHQWHOHPHQWVZKLFKDUHDOVRHOHPHQWVRIWKH&RPSHWLWLYHQHVV ,QWHJUDWHG0RGHO)ODNDQG*äÑGS7KH&RPSHWLWLYHQHVV,QWHJUDWHG 0RGHOLVVKRZQLQ)LJXUH

vv Figure 1.7KHFRPSHWLWLYHQHVVLQWHJUDWHGPRGHO 6RXUFH)ODNDQG*äÑGS

7KH ILUVW HOHPHQW LV WKH FRPSHWLWLYH SRWHQWLDO VLJQLI\LQJ WKH UHVRXUFHV WKDWHQWHUSULVHKDVRUVKRXOGKDYHWREHDEOHWRXVHWKHPWREXLOGPDLQWDLQ DQGVWUHQJWKHQLWVFRPSHWLWLYHQHVV7KHVHDUHLQDEURDGVHQVHSRVVLELOLWLHV RIWKHFRPSDQ\UHVXOWLQJIURPLWVWDQJLEOHDQGLQWDQJLEOHFDSLWDO&RPSHWLWLYH SRWHQWLDO RI WKH FRPSDQ\ LV DW WKH VDPH WLPH WKH UHODWLYH PXOWLGLPHQVLRQDO FRQFHSW

7KH HQWHUSULVH XVHV WKH FRPSHWLWLYH SRWHQWLDO WKURXJK LWV VWUDWHJ\ RI FRPSHWLWLRQ ZKLFK LV DQ DGRSWHG DFWLRQ SURJUDP DLPHG DW DFKLHYLQJ DFRPSHWLWLYHDGYDQWDJHWRZDUGVWKHHQWLWLHVIURPWKHFRPSHWLWLYHHQYLURQPHQW PLFURHQYLURQPHQW VHUYLQJ WKH EDVLF REMHFWLYHV RI WKH HQWHUSULVH 7KH DIRUHPHQWLRQHGFRPSHWLWLYHDGYDQWDJHLVDFRPSDQ\qVDELOLW\WRGHOLYHUWKH

vv

WDQJLEOHDQGLQWDQJLEOHDVVHWVWRWKHFXVWRPHUYLDWKHPDUNHW7KHFRPSDQ\qV FRPSHWLWLYHDGYDQWDJHLVWKHUHODWLYHPXOWLGLPHQVLRQDOFRQFHSW

$V D UHVXOW WKH FRPSDQ\qV FRPSHWLWLYH SRVLWLRQLQJ LV REWDLQHG ZKLFK LV PHDVXUHG E\ WKH PHDQV RI V\QWKHWLF PDUNHW DQG HFRQRPLF UHVXOWV RI WKH HQWHUSULVHUHVXOWLQJIURPWKHH[WHQWRIXWLOL]DWLRQRIWKHHQWHUSULVHqVFDSDFLW\ WRFRPSHWHQRZDQGLQWKHIXWXUH7KHFRPSHWLWLYHSRVLWLRQLQJRIWKHFRPSDQ\ LVDUHODWLYHPXOWLGLPHQVLRQDOFRQFHSW

:KDW LQIOXHQFHV DQG GHWHUPLQHV WKH DFWLYLW\ RI WKH FRPSDQ\ LV DQ HQYLURQPHQW RI WKH FRPSDQ\ ,Q WKH &RPSHWLWLYHQHVV ,QWHJUDWHG 0RGHO WKH HQYLURQPHQW LV FDOOHG D SODWIRUP RI FRPSHWLWLRQ DQG GHQRWHV D VHW RI FKDUDFWHULVWLFVRIPDFURDQGPLFURHQYLURQPHQWLQZKLFKDFRPSDQ\RSHUDWHV LQDJLYHQLQGXVWU\VHFWRU7KHIHDWXUHVRIWKHPDFURHQYLURQPHQWDUHWKHVDPH IRU HYHU\ FRPSDQ\ RSHUDWLQJ LQ D JLYHQ VHFWRU ZKLOH WKH FKDUDFWHULVWLFV RI PLFURHQYLURQPHQWPD\EHGLIIHUHQWIRUHDFKFRPSDQ\LQWKDWVHFWRU

7KH UHODWLRQVKLSV EHWZHHQ WKH PRGHO HOHPHQWV DQG WKHLU JUDSKLFDO UHSUHVHQWDWLRQDUHSUHVHQWHGLQSUHYLRXVSXEOLFDWLRQVRIWKHDXWKRU)ODNDQG *äÑG  )ODN DQG *äÑG  +\SRWKHVHV FRQFHUQLQJ WKH UHODWLRQVKLS EHWZHHQWKHFRPSHWLWLYHSRWHQWLDODQGWKHVWUDWHJ\RIFRPSHWLWLRQDVZHOODV WKHVWUDWHJ\RIFRPSHWLWLRQDQGFRPSHWLWLYHDGYDQWDJHZHUHDOVRSRVLWLYHO\ YHULILHGLQSUHYLRXVSXEOLFDWLRQVRIWKHDXWKRU)ODNDQG*äÑGSS 

$QWHFHGHQWXVHRIWKHFRPSHWLWLYHPRGHO

7KH DERYHGHVFULEHG &RPSHWLWLYHQHVV ,QWHJUDWHG 0RGHO ZDV WKH EDVLV IRU GHYHORSPHQWRIWKHFRQFHSWRIDQDQQXDOVXUYH\RIFRPSHWLWLYHQHVVRI3ROLVK FRPSDQLHVQDPHO\WKH&RPSDQ\&RPSHWLWLYHQHVV%DURPHWHU)ODNDQG*äÑG SS 7KHILUVWHGLWLRQRIWKH&RPSDQ\&RPSHWLWLYHQHVV%DURPHWHUZDVFDUULHG RXWLQDQGLQFOXGHGRYHUFRPSDQLHV7KHVHFRQGHGLWLRQWRRNSODFH LQZLWKFRPSDQLHVWDNLQJSDUWLQLW6PDOOHUVHFWRULDOGLYHUVLILFDWLRQ RIWKHFRPSDQLHVDQGWKHLUJUHDWHUQXPEHUDOORZHGIRUVWDWLVWLFDOYHULILFDWLRQ RI WKH K\SRWKHVHV RQ WKH UHODWLRQVKLSV EHWZHHQ WKH FRPSHWLWLYH SRWHQWLDO WKH VWUDWHJ\ RI FRPSHWLWLRQ DQG FRPSHWLWLYH DGYDQWDJH u LQ WKH %DURPHWHU TXHVWLRQQDLUH RQO\ WKHVH WKUHH HOHPHQWV RI WKH &RPSHWLWLYHQHVV ,QWHJUDWHG 0RGHOZHUHXVHG)ODNDQG*äÑGSS

,QWKHILUVWKDOIRIWKHWKLUGHGLWLRQRIWKH&RPSDQ\&RPSHWLWLYHQHVV %DURPHWHUZDVKHOGZZZNRQNXUHQF\MQLSU]HWUZDMDSO$OOILYHHOHPHQWVRI WKHPRGHOZKLFKKDYHEHHQRSHUDWLRQDOL]HGLQWKHIRUPRITXHVWLRQVZLWKLQ WKH %DURPHWHU TXHVWLRQQDLUH ZHUH XVHG  TXHVWLRQV DERXW FRPSHWLWLYH SRWHQWLDODERXWWKHVWUDWHJLHVRIFRPSHWLWLRQDERXWFRPSHWLWLYHDGYDQWDJH

vv

DERXWWKHFRPSHWLWLYHSRVLWLRQLQJDQGDERXWWKHSODWIRUPRIFRPSHWLWLRQ $OOTXHVWLRQVLQWKH&RPSDQ\&RPSHWLWLYHQHVV%DURPHWHUKDYHEHHQFORVHG VLQJOHFKRLFHTXHVWLRQV

'XHWRWKHYROXPHRIWKLVSDSHUWKHUHDGHULQWHUHVWHGLQWKHH[DPLQHG HOHPHQWV RI WKH FRPSHWLWLYH SRWHQWLDO WKH VWUDWHJ\ RI FRPSHWLWLRQ DQG FRPSHWLWLYH DGYDQWDJH LV UHIHUUHG WR SUHYLRXV SXEOLFDWLRQV RI WKH DXWKRU )ODN DQG *äÑG  S 1HYHUWKHOHVV WKH QDPHV RI WKH HOHPHQWV RI FRPSHWLWLYHSRVLWLRQLQJDQGWKHSODWIRUPRIFRPSHWLWLRQXVHGLQWKH&RPSDQ\ &RPSHWLWLYHQHVV%DURPHWHUDUHSUHVHQWHGLQ7DEOH Table 1.1DPHVRIWKHHOHPHQWVRIFRPSHWLWLYHSRVLWLRQLQJDQGWKHSODWIRUP RIFRPSHWLWLRQ &RPSHWLWLYHSRVLWLRQLQJ 7KHSODWIRUPRIFRPSHWLWLRQ DELOLW\WRVHWWOHOLDELOLWLHVZKHQ GXH ULVNWRWKHFRPSDQ\IURPFRPSDQLHVLQGHYHORSLQJFRXQWULHV GHEWOHYHO DWWLWXGHRI3ROLVKFXVWRPHUVWRWKHSURGXFWVRUVHUYLFHV RIIHUHGE\FRPSDQLHVLQWKHVHFWRU OHYHORIWKHSHUFHQWDJHPDUNHW VKDUHLQGLFDWRU WKHSRVVLELOLW\RIXVHRIIOH[LEOHIRUPVRIHPSOR\PHQW OHYHORIWKHUHWXUQRQVDOHV

LQGLFDWRU GHJUHHRIWHFKQRORJ\SUHVHUYDWLRQXVHGE\WKHFRPSDQ\LQSDVW\HDUV VDOHVUHYHQXHJURZWK WKHH[WHQWWRZKLFKWKHTXDOLW\RIDSURGXFWRUVHUYLFH GHSHQGVRQWKHTXDOLW\RIVXSSOLHUqVUDZPDWHULDOV LQWHUPHGLDWHV FRPSDQ\qVUHWXUQRQHTXLW\ RZQDQGIRUHLJQ GLIILFXOW\RIFRPSDQ\qVZLWKGUDZIURPWKHFXUUHQWVHFWRU FKDQFHWKDWLQWKHQH[W\HDUWKHFXVWRPHUZLOOEHJLQRZQ SURGXFWLRQRIDSURGXFWRUVHUYLFH WKHH[WHQWWRZKLFKEUDQGDZDUHQHVVLQIOXHQFHVFXVWRPHUVq SXUFKDVLQJGHFLVLRQV WKHGHJUHHRIVLPLODULW\RIVXEVWLWXWHVWRWKHSURGXFWVRU VHUYLFHVRIIHUHGE\FRPSDQ\ ,QSUHYLRXVUHVHDUFKZRUNZLWKWKHXVHRIWKH&RPSDQ\&RPSHWLWLYHQHVV %DURPHWHUEDVHGRQ7KH&RPSHWLWLYHQHVV,QWHJUDWHG0RGHOWZRRSHUDWLRQV RQGDWDFROOHFWHGIURPWKHUHVSRQGHQWVRIWKH%DURPHWHUTXHVWLRQQDLUHKDYH EHHQXVHG

7KH ILUVW RSHUDWLRQ LV UHGXFHG WR UHFRUGLQJ XQDOWHUHG UHVSRQVHV RI WKH UHVSRQGHQWVDVQHZUHFRUGVLQWKHGDWDEDVH7KLVDOORZVIRUODWHUXQOLPLWHG RSHUDWLRQV RQ WKH UHFRUGHG GDWD LQ RUGHU WR GUDZ XS D GHVFULSWLRQ RI WKH UHVSRQGHQWqVFRPSDQ\LQDIRUPRIDFDVHVWXG\DVZHOODVSHUIRUPVWDWLVWLFDO FDOFXODWLRQV

vv 7KHVHFRQGRSHUDWLRQLVXVHGWRFDOFXODWHWKHOHYHORIFRPSHWLWLYHQHVVRI DVXEMHFWHQWHUSULVHLQUHDOWLPHDIWHUFRPSOHWLQJWKH%DURPHWHUTXHVWLRQQDLUH E\WKHQUHVSRQGHQWEDVHGRQWKHGDWDOHIWE\QUHVSRQGHQWVZKRDQVZHUHGLW HDUOLHU$QDVVHVVPHQWRIDVXEMHFWHQWHUSULVHLVPDGHE\WKHPHDQVRIDQDWXUDO QXPEHUIURPDFORVHGLQWHUYDOIURPWRDVUHVXOWVIURPWKHQXPEHURI UHVSRQVHV u  u RQ D VFDOH IURP  WR  SRLQWV IRU HYHU\ DQVZHU 6LQFH WKLVLVDOVRDSDUWRIWKHPHWKRGIRUHVWLPDWLQJWKHGHWHUPLQDQWRIHQWHUSULVH FRPSHWLWLYHQHVVDGHWDLOHGGHVFULSWLRQLVJLYHQEHORZ

7KHLQIHUHQFHEDVHGRQHPSLULFDOGDWDLQWKHWZRDERYHGHVFULEHGZD\V LVVXIILFLHQWIRUYHULILFDWLRQSXUSRVHVRIDSDUWRIWKHK\SRWKHVHVLQWKHILHOG RIHQWHUSULVHFRPSHWLWLYHQHVV)ODNDQG*äÑGSDQGWRGHVFULEHWKH FKDUDFWHULVWLFV RI HQWHUSULVHV LQ SRSXODU VFLHQFH IRUP 7KHUHIRUH WKHVH WZR W\SHVRILQIHUHQFHZLOOEHXVHGLQWKHPHWKRGRIHVWLPDWLQJWKHGHWHUPLQDQWRI HQWHUSULVHFRPSHWLWLYHQHVV+RZHYHULWVHHPVWKDWWKHGLVWDQFHWKDWVHSDUDWHV DJLYHQFRPSDQ\IURPWKHFKDUDFWHULVWLFVRIWKHLGHDOFRPSDQ\LQWKHVHFWRU IROORZLQJWKHUHLVDFODULILFDWLRQRQZKHWKHUWKHUHPD\EHDQLGHDOFRPSDQ\ LQWKHVHFWRUFDQEHGHGXFHGIURPWKHFROOHFWHGGDWD7KLVPHFKDQLVPLVWKH WKLUGFRPSRQHQWRIWKHPHWKRGSURSRVHGLQWKLVDUWLFOH 1RPLQDOGHILQLWLRQRIWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVV ,QWKLVSXEOLFDWLRQWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVVLVGHILQHGDV DJURXSRIWKUHHFRPSHWLQJDWWULEXWHVRIFRPSDQLHVLQWKHPDUNHW7KLVJURXS LQFOXGHV v GHVFULSWLRQRIWKHFKDUDFWHULVWLFVRIHQWHUSULVHqVFRPSHWLWLYHSRWHQWLDO WKH VWUDWHJ\ RI FRPSHWLWLRQ FRPSHWLWLYH DGYDQWDJH FRPSHWLWLYH SRVLWLRQLQJDQGWKHSODWIRUPRIFRPSHWLWLRQLQDIRUPRIDFDVHVWXG\ DOJRULWKP

v DVVHVVPHQW RI HQWHUSULVH FRPSHWLWLYHQHVV LQ D IRUP RI D QDWXUDO QXPEHUIURPDFORVHGLQWHUYDOIURPWRSRLQWVDOJRULWKP ZKHUHLVWKHORZHVWYDOXHDQGLVWKHKLJKHVWFRPSHWLWLYHQHVV YDOXHWKHXSSHUHQGRIWKHUDQJHGHSHQGVRQWKHQXPEHURITXHVWLRQV LQDUHVHDUFKWRRODVGHVFULEHGEHORZ v DVVHVVPHQWRIFRPSHWLWLYHSUR[LPLW\LQWKHIRUPRIDQDWXUDOQXPEHU IURPDFORVHGLQWHUYDOIURPWRDOJRULWKPZKHUHLVWKH ORZHVWYDOXHDQGWKHKLJKHVWYDOXHRIFRPSHWLWLYHSUR[LPLW\LV ,W VKRXOG EH HPSKDVL]HG WKDW DOO WKH DERYH DWWULEXWHV QDPHO\ WKHLU GHWHUPLQDWLRQ DOJRULWKPV DUH EDVHG RQ IROORZLQJ PHWKRGRORJLFDO DVVXPSWLRQV

v WKHUHLVQRWKHRUHWLFDOPRGHORIDQDQVZHUWKDWLVDEVROXWHO\FRUUHFW IRU DQ\ VHFWRU RI HFRQRP\ WKH SODWIRUP RI FRPSHWLWLRQ YDOLG IRU

vv

D ORQJHU SHULRG RI WLPH GHILQLQJ WKH FKDUDFWHULVWLFV RI WKH PRVW FRPSHWLWLYHHQWHUSULVHV)ODNDQG*äÑGS

v FRPSDULVRQ RI HQWHUSULVH FRPSHWLWLYHQHVV FDQ RQO\ WDNH SODFH LQ DUHODWLYHZD\2OV]HZVNDDQG3LZRQL.U]HV]RZVNDS v FKDUDFWHULVWLFVRIWKHPRVWFRPSHWLWLYHFRPSDQLHVLQWKHVHFWRUDUH

IRFXVHGRQVRPHRIWKHYDOXHVRIWKHVHIHDWXUHVEXWWKHUHLVDORZ SUREDELOLW\ WKDW FRPSDQLHV ZLWK H[WUHPH WUDLWV EHORQJ WR WKH PRVW FRPSHWLWLYHRQHVLQWKHVHFWRU%LHþDQG'RELHJDäD.RURQD SS 7KHILUVWRIWKHDIRUHPHQWLRQHGDVVXPSWLRQVLPSOLHVWKDWWKHUHLVQRSHUIHFW EXVLQHVVPRGHOZKLFKFDQEHFRPSDUHGWRRWKHUFRPSDQLHVLQWKHVHFWRU7KLV OLPLWDWLRQPDNHVLWQHFHVVDU\WRORRNIRURWKHUZD\VWRREWDLQDrSDWWHUQsDQG DVROXWLRQLVDQDVVHVVPHQWRIWKHFRPSHWLWLYHSUR[LPLW\ (OHPHQWVRIWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVV 7KHDIRUHPHQWLRQHGHOHPHQWVRIWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVV UHTXLUHWKHLURZQQRPLQDODQGRSHUDWLRQDOGHILQLWLRQV 7KHILUVWDQGPHWKRGLFDOO\VLPSOHVWGHWHUPLQDQWqVHOHPHQWLVWKHGHVFULSWLRQ RI WKH FRPSDQ\qV FKDUDFWHULVWLFV LQ D IRUP RI D FDVH VWXG\ DOJRULWKP  $OJRULWKPXVHGIRULWVSUHVHQWDWLRQLVLQIDFWQRPLQDOGHILQLWLRQDYHUEDO UHSUHVHQWDWLRQRIUHFRUGVLQWKHGDWDEDVHUHVXOWLQJIURPWKHDQVZHUVJLYHQE\ WKHUHVSRQGHQWDERXWDSDUWLFXODUFRPSDQ\7RHVWDEOLVKLWWKHGDWDFROOHFWHG RSHUDWLRQDOGHILQLWLRQKDYHWREHLQWHUSUHWHGLQWKHGDWDEDVHDQGWKHLUFRGH IRUPWUDQVODWHGLQWRDQDWXUDOODQJXDJH 7KHVHFRQGHOHPHQWRIWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVVLVDQ DVVHVVPHQWRIWKHFRPSHWLWLYHQHVVRIDFRPSDQ\LQDIRUPRIDQDWXUDOQXPEHU IURPDFORVHGLQWHUYDOIURPWRSRLQWVDOJRULWKP&RPSHWLWLYHQHVV DVVHVVPHQWKDVWKHIROORZLQJQRPLQDOGHILQLWLRQLWLVDGLIIHUHQFHEHWZHHQ WKHGRPLQDQWYDOXHVRIFRPSHWLWLYHQHVVFRPSRQHQWVDQGWKHYDOXHVRIWKHVH HOHPHQWVLQWKHDXGLWHGFRPSDQ\ZLWKRXWWDNLQJLQWRDFFRXQWWKHGLVWULEXWLRQ RIWKHVHYDOXHVLQWKHSOHQLWXGHRIDOOVXUYH\HGHQWHUSULVHV

$OJRULWKP  XVHG IRU LWV FDOFXODWLRQ DQG ZKLFK LV DOVR LWV RSHUDWLRQDO GHILQLWLRQKDVEHHQSUHVHQWHGLQSUHYLRXVSXEOLFDWLRQVE\WKHDXWKRURQWKH WRSLF RI &RPSDQ\ &RPSHWLWLYHQHVV %DURPHWHU )ODN DQG *äÑG  LQ SULQWEXWGXHWRWKHFODULW\RIWKHIROORZLQJDUJXPHQWLWVEULHIGHVFULSWLRQLV SUHVHQWHGEHORZ

7KH IDFW WKDW WKH UHVSRQGHQWV HVSHFLDOO\ WKRVH ILOOLQJ WKH TXHVWLRQQDLUH RQOLQHH[SHFWDQLPPHGLDWHUHVXOWRIWKHLUDFWLRQVSURPSWHGWKHDXWKRUVRI WKH%DURPHWHUWRGHYHORSDQDOJRULWKPIRUFDOFXODWLQJWKHUHVXOWVRQOLQHZKLFK RQWKHRQHKDQGZRXOGHYDOXDWHDWHVWHGFRPSDQ\LQUHDOWLPHZLWKRXWDSUH

vv GHILQHGSDWWHUQRIFRPSHWLWLYHQHVVDQGRQWKHRWKHUKDQGZRXOGEHIDLUDQG DFFXUDWH3URFHGXUHRIWKHDOJRULWKPLVLOOXVWUDWHGLQWKHH[DPSOHLQ7DEOH Table 2. 7KHH[DPSOHRIDVVHVVLQJWKHQUHVSRQGHQWqVFRPSHWLWLYHQHVV Question in a questionnaire +RZLVWKHNQRZOHGJHDERXWWKHHQWHUSULVHFROOHFWHG"

YDULDEOH Possible answers FRPSOHWHSDSHU elaborations unrelated SDSHU GRFXPHQWV FRPSOHWH electronic elaborations unrelated electronic GRFXPHQWV in HPSOR\HHV heads a 1XPEHURIHDFK DQVZHUDPRQJWKH QUHVSRQGHQWV  6 _{ } 8 b &RQWUDFWXDOYDOXHIRU WKHQXPEHURIDQVZHUV      F 1XPEHURISRLQWV_{JLYHQIRUWKHDQVZHU}      [ $QVZHURIWKH_{QUHVSRQGHQW} [

7DEOH  SUHVHQWV WKH H[DPSOH RI D TXHVWLRQ IRU ZKLFK WKH QXPEHU RI DQVZHUV RI Q UHVSRQGHQWV LQ JLYHQ FDWHJRULHV LV LQGLFDWHG E\ YDULDEOH D $VVXPHWKDWQUHVSRQGHQWDQVZHUHGLQDFFRUGDQFHZLWKWKHr[sYDULDEOH [ 7KH PD[LPXP QXPEHU RI SRLQWV WKDW WKH UHVSRQGHQW ZRXOG UHFHLYH LI WKHLU DQVZHU ZDV FRPSDWLEOH ZLWK WKH PRVW FRPPRQ UHVSRQVH rXQUHODWHG HOHFWURQLFGRFXPHQWVsZRXOGEHYDULDEOHE7KHYDULDEOHEVKRZVWKH QXPEHURISRLQWVWKH\FRXOGJHWIRUVKRZLQJDGLIIHUHQWDQVZHULQSURSRUWLRQ WRWKHPD[LPDOQXPEHURISRLQWVDQGWKHUHVSRQVHIUHTXHQF\GHVFULEHG E\WKHYDULDEOHDLQWKLVFDVHUHVSRQVHV6LQFHQUHVSRQGHQWDQVZHUHG rXQUHODWHGSDSHUGRFXPHQWVsWKH\VFRUHGLQDSSUR[LPDWLRQSRLQWVRXWRI SRVVLEOHYDULDEOHF

3RLQWV IRU DOO TXHVWLRQV YDULDEOH F RI DOO TXHVWLRQV LQ D UHVHDUFK WRRO FDQEHDGGHGDQGWKHLUVXPLVLQWKHUDQJHIURPWRUHVXOWLQJIURPWKH QXPEHURIUHVSRQVHVuuRQDVFDOHIURPWRSRLQWVIRUHDFKUHVSRQVH ,W VKRXOG EH HPSKDVL]HG WKDW LQ WKH &RPSDQ\ &RPSHWLWLYHQHVV %DURPHWHU FRPSRQHQWVRIFRPSHWLWLYHQHVVSRWHQWLDOVWUDWHJ\DGYDQWDJHDQG FRPSHWLWLYHSRVLWLRQLQJDUHDVVHVVHGFRPSRQHQWVEHORQJLQJWRWKHSODWIRUP DUHQRWHYDOXDWHGVHH)ODNDQG*äÑGSS $OJRULWKPDIWHUQHZHQWU\IRUHDFKTXHVWLRQLQWKHGDWDEDVHXSGDWHVWKH FRQYHQWLRQDOYDOXHRISRLQWVILUVWE\VHDUFKLQJIRUWKHUHVSRQVHqVPD[LPXP IUHTXHQF\DQGJLYLQJWKLVDQVZHUSRLQWVDQGWKHQDOORFDWLQJWRWKHDQVZHURI WKHQUHVSRQGHQWWKHQXPEHURISRLQWVUHVXOWLQJIURPWKHUHODWLYHIUHTXHQF\ RI WKH UHVSRQVH YDULDEOH E LQ WKH PD[LPDO UHVSRQVH UDWH WKH PD[LPXP

vv

YDOXHRIWKHYDULDEOHD,QWKLVZD\WKH,7WRROrOHDUQVsKRZWKHIROORZLQJ UHVSRQGHQWVDQVZHUDQGRQWKLVEDVLVLWVHWVWKHFULWHULDRIDZDUGLQJSRLQWVIRU WKHQH[WUHVSRQGHQW,WVKRXOGEHHPSKDVL]HGWKDWWKHHYDOXDWLRQRIHQWHUSULVHqV FRPSHWLWLYHQHVV LV QRW EDVHG RQ DQDO\VLV RI WKH IUHTXHQF\ RI DOO UHVSRQVHV WRWKHTXHVWLRQEXWRQDFRPSDULVRQRIWKHIUHTXHQF\RIDUHVSRQVHFKRVHQ E\WKHUHVSRQGHQWLQWKHH[DPSOHDQVZHUrXQUHODWHGSDSHUGRFXPHQWVsWR DUHVSRQVHZLWKDPD[LPDOIUHTXHQF\LQWKHH[DPSOHWKHDQVZHUrXQUHODWHG HOHFWURQLFGRFXPHQWVs3RLQWVDZDUGHGWRWKHVXEMHFWFRPSDQ\DUHLQGLFDWLYH DQGVXEMHFWWRPHDVXUHPHQWHUURUGHFUHDVLQJZLWKDQLQFUHDVHRIWKHQXPEHU RIUHVSRQVHVUHFRUGHGLQWKHGDWDEDVH

7KH WKLUG HOHPHQW RI WKH GHWHUPLQDQW RI HQWHUSULVH FRPSHWLWLYHQHVV LV DQDVVHVVPHQWRIFRPSHWLWLYHSUR[LPLW\LQDIRUPRIDQDWXUDOQXPEHUIURP FORVHG LQWHUYDO IURP  WR  DOJRULWKP  7KH FRPSHWLWLYH SUR[LPLW\ LV QRPLQDOO\GHILQHGKHUHDVDGLIIHUHQFHEHWZHHQWKHGRPLQDQWYDOXHVRIWKH FRPSRQHQWVRIFRPSHWLWLYHQHVVLQWKHRYHUDOOSOHQLWXGHRIVXEMHFWHQWHUSULVHV DQGYDOXHVRIWKHVHHOHPHQWVLQWKHDQDO\]HGFRPSDQ\WDNLQJLQWRDFFRXQW WKHGLVWULEXWLRQRIWKHVHYDOXHVLQWKHSOHQLWXGHRIVXUYH\HGHQWHUSULVHV7KH GLIIHUHQFH LQ WKH GHILQLWLRQ RI FRPSHWLWLYH SUR[LPLW\ DOJRULWKP  DQG WKH DERYHGHILQLWLRQRIWKHHYDOXDWLRQRIFRPSHWLWLYHQHVVDOJRULWKPLVZRUWK QRWLQJ7KLVGLIIHUHQFHLQWKHFDVHRIFRPSHWLWLYHSUR[LPLW\FRQVLVWVLQWKH UHIHUHQFH RI D GLVWULEXWLRQ RI YDOXHV LQ WKH RYHUDOO SOHQLWXGH RI VXUYH\HG HQWHUSULVHVZKHUHDVWKHDVVHVVPHQWRIFRPSHWLWLYHQHVVGRHVQRWDSSO\WRWKLV GLVWULEXWLRQ

,W VKRXOG EH HPSKDVL]HG WKDW WKH FRQFHSW RI FRPSHWLWLYH SUR[LPLW\ LV EDVHGRQFRQVLGHUDWLRQVPDGHLQWKHZRUNVRI:&]DNRQZKRZURWH WKDWrWKHFDWHJRU\RISUR[LPLW\KDVDGLUHFWRULQGLUHFWXVHLQH[SODLQLQJWKH NH\SUREOHPVLQVFLHQFHRIPDQDJLQJ,QSDUWLFXODULWFRQWULEXWHVWRDEHWWHU XQGHUVWDQGLQJ RI VRXUFHV RI WKH FRPSHWLWLYH DGYDQWDJH WKDW DUH EH\RQG WKH ERXQGDULHV RI HQWHUSULVHs &]DNRQ  S  %RVFKPD  S  $VLPLODUDSSURDFKWRWKLVFDWHJRU\LVSUHVHQWHGE\3.OLPDVLQKLV ZRUNV 7KH FRPSHWLWLYH SUR[LPLW\ KRZHYHU LV D UHYHUVH RI RUJDQL]DWLRQDO SUR[LPLW\ZKLFKLVUHIOHFWHGLQDQRSHUDWLRQDOGHILQLWLRQRIWKHWHUP

$OJRULWKP  XVHG IRU LWV FDOFXODWLRQ DQG WKH RSHUDWLRQDO GHILQLWLRQ LV VKRZQLQ7DEOHWRJHWKHUZLWKDQH[DPSOHRIDGHVLJQDWLRQRIWKHFRPSHWLWLYH SUR[LPLW\IRUUHDVRQVRIFODULW\IRULWVRQO\RQHHOHPHQW

vv

Table 3.7KHH[DPSOHRIDVVHVVLQJWKHQUHVSRQGHQWqVFRPSHWLWLYHSUR[LPLW\

Question

in a questionnaire +RZLVWKHNQRZOHGJHDERXWWKHHQWHUSULVHFROOHFWHG"

YDULDEOH Possible answers FRPSOHWHSDSHU elaborations unrelated SDSHU GRFXPHQWV FRPSOHWH electronic elaborations unrelated electronic GRFXPHQWV in HPSOR\HHV heads a 1XPEHURIHDFK DQVZHUDPRQJWKH QUHVSRQGHQWV  6   8 b &RQWUDFWXDOYDOXHIRU WKHQXPEHURIDQVZHUV      F 1XPEHURISRLQWV_{JLYHQIRUWKHDQVZHU}      [ $QVZHURIWKH_{QUHVSRQGHQW} [ \ &RPSHWLWLYHSUR[LPLW\_{IRUWKLVTXHVWLRQ}  7DEOHSUHVHQWVWKHVDPHTXHVWLRQDV7DEOH$VEHIRUHWKHQXPEHURI UHVSRQVHVRIQUHVSRQGHQWVLQHDFKFDWHJRU\LVLQGLFDWHGE\WKHYDULDEOHDQ UHVSRQGHQWDQVZHUHGLQDFFRUGDQFHZLWKWKHVLJQr[s7KHPD[LPXPQXPEHU RISRLQWVWKDWWKLVUHVSRQGHQWFRXOGUHFHLYHLIKLVDQVZHUZDVFRPSDWLEOHZLWK WKH PRVW FRPPRQ UHVSRQVH rXQUHODWHG HOHFWURQLF GRFXPHQWVs ZRXOG EH YDULDEOHE7KHYDULDEOHELQGLFDWHVKRZPDQ\SRLQWVWKH\FRXOGJHW IRUDGLIIHUHQWDQVZHUSURSRUWLRQDOO\WRWKHPD[LPDOQXPEHURISRLQWV DQG IUHTXHQF\ RI D UHVSRQVH YDULDEOH D 6LQFH Q UHVSRQGHQW DQVZHUHG rXQUHODWHGSDSHUGRFXPHQWVs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 LQDPD[LPXPIUHTXHQF\RIDUHVSRQVH6LPLODUO\DVLQWKHFDVHRIDOJRULWKP WKH,7WRROrOHDUQVsKRZIROORZLQJUHVSRQGHQWVDQVZHUDQGRQWKLVEDVLVLW VHWVFULWHULDWRDZDUGSRLQWVIRUWKHQH[WUHVSRQGHQW 7KHQWKHFRPSHWLWLYHSUR[LPLW\LVFDOFXODWHGDVWKHVXPRIWKHYDULDEOH \IRUHDFKTXHVWLRQDQGFRPSDUHGWRWKHVXPRIWKHPD[LPDOYDOXHVRIWKH YDULDEOHEIRUDOOWKHTXHVWLRQVRIDUHVHDUFKWRRO7KHYDULDEOH\LVWKHGLIIHUHQFH EHWZHHQWKHPD[LPXPSRLQWYDOXHIRUWKHQXPEHURIUHVSRQVHVYDULDEOHE LQWKHH[DPSOHDQGWKHQXPEHURISRLQWVVFRUHGIRUWKHDQVZHUWRWKH

vv

TXHVWLRQYDULDEOHFLQWKHH[DPSOH,QWKHDERYHH[DPSOHWKHYDULDEOH \IRUWKHVDPSOHTXHVWLRQLV

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ZRXOGYDU\ DQGGHSHQGRQWKHGLVWULEXWLRQRIFRPSDQ\qVFKDUDFWHULVWLFVLQWKHVHFWRU$W WKDWWLPHWKHUHZRXOGEHQRSRVVLELOLW\RIFRPSDULQJWKHFRPSHWLWLYHSUR[LPLW\ IRUFRPSDQLHVEHORQJLQJWRGLIIHUHQWVHFWRUV

$ YDOXH RI  LQGLFDWHV WKH VPDOOHVW SUR[LPLW\ WKDW LV WKH ELJJHVW GLIIHUHQFHEHWZHHQWKHFKDUDFWHULVWLFVRIFRPSHWLWLYHQHVVFRPSRQHQWVRIWKH VXEMHFWQHQWHUSULVHDQGDOOWKHGRPLQDQWPRVWFRPPRQIHDWXUHVRIWKHQ VXEMHFWHQWHUSULVHVLQWKHVHFWRU$YDOXHRIPHDQVWKHJUHDWHVWSUR[LPLW\ LHWKHVPDOOHVWGLIIHUHQFHEHWZHHQWKHFKDUDFWHULVWLFVRIWKHFRPSHWLWLYHQHVV FRPSRQHQWV RI WKH VXEMHFW Q HQWHUSULVH DQG DOO WKH GRPLQDQW PRVW FRPPRQIHDWXUHVRIWKHQVXEMHFWHQWHUSULVHVLQWKHVHFWRU,QWKHODWWHUFDVH WKHVXEMHFWHQWHUSULVHZRXOGKDYHDOOWKHFKDUDFWHULVWLFVVXFKDVWKHGRPLQDQW FKDUDFWHULVWLFVRIHQWHUSULVHVLQWKHVHFWRU+RZHYHULWLVDWKHRUHWLFDOYDOXH FRPSDUDEOHWRWKHFRQFHSWRILQILQLW\LQQXPEHUWKHRU\,IVRWKHHQWHUSULVH ZRXOGKDYHrSLFNHGXSsWKHGRPLQDQWIHDWXUHVRIDOOHQWHUSULVHVLQWKHVHFWRU 7KLVZRXOGEHDQLGHDOFRPSDQ\LQWHUPVRIEXVLQHVVFRPSHWLWLYHQHVV7KH PRVWFRPSHWLWLYHFRPSDQ\ZRXOGKDYHDOOWKHPRVWFRPPRQFKDUDFWHULVWLFV RIRWKHUFRPSDQLHVEXWQRWRIRQHRIWKHH[LVWLQJFRPSDQLHVEXWWKHHQWLUH SOHQLWXGHRIWKHVHFRPSDQLHV

/DWHU LQ WKLV DUWLFOH H[DPSOHV RI WKH FRPSDQ\qV FRPSHWLWLYH SURILOH GHVLJQDWLRQ EDVHG RQ HPSLULFDO GDWD FROOHFWHG LQ WKH IUDPHZRUN RI WKH &RPSDQ\&RPSHWLWLYHQHVV%DURPHWHUDUHSUHVHQWHG,WVKRXOGEHQRWHG WKDWWKHPHWKRGRIHVWLPDWLQJWKHGHWHUPLQDQWRIHQWHUSULVHFRPSHWLWLYHQHVVLQ SDUWLFXODUDOJRULWKPVDQGGHVFULEHGDERYHLVEDVHGRQWKHDVVXPSWLRQWKDW FRPSRQHQWVRIFRPSHWLWLYHQHVVHYDOXDWHGTXHVWLRQVDERXWWKHSODWIRUP VWUDWHJ\FRPSHWLWLYHDGYDQWDJHDQGSRVLWLRQLQJDUHDVVHVVHG6XFKDFWLRQKDV EHHQLPSOHPHQWHGRQO\LQWKHIUDPHZRUNRIWKH&RPSDQ\&RPSHWLWLYHQHVV %DURPHWHU  ,Q  WKH %DURPHWHU FRQWDLQHG  TXHVWLRQV LQVWHDG RI  DQG WKHUHIRUH LQ WKH H[DPSOHV EHORZ WKH OLPLW YDOXHV RI SRLQWV IRU WKH HOHPHQWVRIWKHFRPSHWLWLYHSURILOHDUHDVIROORZV

vv

v DVVHVVPHQW RI FRPSHWLWLYH SUR[LPLW\  ! GXH WR WKH PHDVXUHPHQWVWDQGDUGL]DWLRQWKLVLQWHUYDOGRHVQRWFKDQJHGHSHQGLQJ RQWKHQXPEHURITXHVWLRQVLQWKHUHVHDUFKWRRO

0RUH LQIRUPDWLRQ RQ WKH UHVXOWV RI WKH &RPSDQ\ &RPSHWLWLYHQHVV %DURPHWHUFDQEHIRXQGLQSUHYLRXVSXEOLFDWLRQVRIWKHDXWKRU)ODNDQG *äÑGSS

([DPSOHVRIWKHFRPSHWLWLYHSURILOHVRIFKRVHQFRPSDQLHV

7DEOH  SUHVHQWV WKH FRPSHWLWLYH SURILOH RI WKH PRVW FRPSHWLWLYH 3ROLVK FRPSDQ\ WKDW WRRN SDUW LQ WKH &RPSDQ\ &RPSHWLWLYHQHVV %DURPHWHU  &RPSDQ\EHORQJHGWRWKHVHUYLFHVHFWRU Table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PRGHUDWH$WWKHVDPHWLPHWKHFRPSDQ\GRFXPHQWVRIUHDOL]HGSURMHFWV LQLWLDWLYHVDQGSURGXFWLRQSURFHVVHVRQO\LQDPRGHUDWHGHJUHH

3URIHVVLRQDO H[SHULHQFH RI HPSOR\HHV ZKR SHUIRUP WKH PRVW FULWLFDO DFWLYLWLHV LQ WKH FRPSDQ\ ZDV KLJK7KHH[WHQWWRZKLFKWKHHPSOR\HHLVIUHHWRFKRRVHKRZWRSHUIRUPWDVNVGHSHQGVRQWKHW\SHRI WDVN,QWKHVWXGLHGFRPSDQ\HPSOR\HHVFDQJHWWRNQRZWKHFRPSDQ\qVVWUDWHJ\GXULQJPHHWLQJVZLWK VXSHUYLVRUV7KHDWWHQWLYHUHDGHUZLOOQRWLFHWKDWWKHVHWKUHHFKDUDFWHULVWLFVRIWKHFRPSHWLWLYHSRWHQWLDO DUHLGHQWLFDOWRWKHIHDWXUHVVKRZQE\WKHOHDVWFRPSHWLWLYHFRPSDQ\ 'HFODUHGGHWHULRUDWLRQRUREVROHVFHQFHHFRQRPLFDORIH[LVWLQJIL[HGDVVHWVLVPRGHUDWH 6WUDWHJ\RI FRPSHWLWLRQ 7KHUHVSRQGHQWUHSUHVHQWLQJWKHFRPSDQ\GHFODUHGWKDWLQWKHILHOGRIWKHVWUDWHJ\RIFRPSHWLWLRQWKH VXEMHFWFRPSDQ\KDVDYHU\G\QDPLFGHYHORSPHQWRIPDUNHWLQJVNLOOVDQGVKRZVWKHFDUHRIPDLQWDLQLQJ WKHKLJKUHSXWDWLRQ(IIRUWVDUHDOVRPDGHLQWKHILHOGRISXEOLFUHODWLRQV+RZHYHUWKHUHLVQRWHQGHQF\ WRHPSOR\PHWKRGVDLPHGDWrVOLPPLQJsWKHRUJDQL]DWLRQLQFOXGLQJOHDQPDQDJHPHQW $FFRUGLQJWRWKHFRPSDQ\UHSUHVHQWDWLYHQXPHURXVDFWLRQVWRPDLQWDLQDVWURQJSRVLWLRQRIWKHFRP SDQ\qVEUDQGVXFKDVSUHSDULQJDWUDGHRIIHUIRUHDFKRIWKHFOLHQWVLQGLYLGXDOO\DQGDWWKHVDPHWLPH WU\LQJWRFUHDWHRZQPDUNHWQLFKHVDUHWDNHQ7KHDXGLWHGFRPSDQ\XVHVPRGHUQPHWKRGVRIPDUNHWLQJ UHVHDUFKLQRUGHUWRUHDFKWKHULJKWFXVWRPHUWDUJHWJURXS $FWLYLWLHVWKDWLQFUHDVHWKHFRPSDQ\q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DQGPHHWLQDIDLUO\ KLJKGHJUHHJHQHUDOO\DFFHSWHGFULWHULRQRIEHLQJHQYLURQPHQWDOO\IULHQGO\7KHFRPSDQ\RIWHQSODQV WKHLUREVROHVFHQFHEHIRUHLQWURGXFLQJWKHSURGXFWWRWKHPDUNHWIURPWRSHUFHQWRIFXVWRPHUVDUH FRYHUHGE\WKHOR\DOW\SURJUDP $VVHVVPHQWRI FRPSHWLWLYHQHVV ! SRLQWVYHU\KLJKFRPSHWLWLYHQHVV

vv (OHPHQWVRI FRPSHWLWLYH SURILOH $VVHVVPHQWFRQWHQWDQGYDOXH $VVHVVPHQWRI FRPSHWLWLYH SUR[LPLW\ ! SRLQWVYHU\KLJKFRPSHWLWLYHSUR[LPLW\FRPSDQ\KDVPDQ\GRPLQDQWIHDWXUHVLQRWKHUFRPSDQLHVRIWKHVHFWRU 7DEOHSUHVHQWVWKHFRPSHWLWLYHSURILOHRIWKHOHDVWFRPSHWLWLYH3ROLVK FRPSDQ\ZKLFKWRRNSDUWLQWKH&RPSDQ\&RPSHWLWLYHQHVV%DURPHWHU &RPSDQ\EHORQJHGWRWKHVFLHQFHDQGKLJKHUHGXFDWLRQVHFWRU Table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qV HPSOR\HHVDVORZ,QFRQWUDVWWKHFRPSDQ\GRFXPHQWVWKHSURMHFWVLQLWLDWLYHVDQGSURGXFWLRQ SURFHVVHVWRDKLJKH[WHQW 3URIHVVLRQDOH[SHULHQFHRIWKHPRVWFULWLFDOFRPSDQ\qVHPSOR\HHVZDVYHU\KLJKDQGWKHGHJUHH WRZKLFKWKHHPSOR\HHLVIUHHWRFKRRVHKRZWRSHUIRUPWDVNVGHSHQGVRQWKHW\SHRIWDVN,QWKH VXEMHFWFRPSDQ\HPSOR\HHVFDQJHWWRNQRZWKHFRPSDQ\qVVWUDWHJ\GXULQJWKHPHHWLQJVZLWK WKHLUVXSHUYLVRUV 3HUVRQSDUWLFLSDWLQJLQWKHVWXG\HVWLPDWHGWKDWGHWHULRUDWLRQDQGREVROHVFHQFHHFRQRPLFDORI H[LVWLQJIL[HGDVVHWVLVKLJK 6WUDWHJ\RIFRP SHWLWLRQ ,QWHUPVRIWKHVWUDWHJ\RIFRPSHWLWLRQWKHVXEMHFWFRPSDQ\KDVDYHU\G\QDPLFGHYHORSPHQWRI PDUNHWLQJVNLOOVDQGVKRZVWKHFDUHRIKLJKUHSXWDWLRQ(IIRUWVDUHDOVRPDGHLQWKHILHOGRISXEOLF UHODWLRQV,QDGGLWLRQPXOWLSO\PHDVXUHVDUHPDGHWRPDLQWDLQDVWURQJSRVLWLRQRIWKHFRPSDQ\qV FRPPHUFLDOEUDQG +RZHYHUWKHUHLVQRWHQGHQF\WRHPSOR\PHWKRGVDLPHGDWrVOLPLQJsWKHRUJDQL]DWLRQLQFOXGLQJ OHDQ PDQDJHPHQW $FFRUGLQJ WR D FRPSDQ\ UHSUHVHQWDWLYH WUDGH RIIHU LV QRW SUHSDUHG IRU WKH QHHGVRIHDFKFOLHQWLQGLYLGXDOO\DQGDWWKHVDPHWLPHWKHFRPSDQ\LVQRWWU\LQJWRFUHDWHRZQ PDUNHWQLFKHV6XEMHFWFRPSDQ\GRHVQRWDSSO\PRGHUQPHWKRGVRIPDUNHWLQJUHVHDUFKLQRUGHU WRUHDFKWKHULJKWWDUJHWJURXS $FWLYLWLHVWKDWLQFUHDVHWKHFRPSDQ\qVFRPSHWLWLYHQHVVPD\LQFOXGHWKHIDFWWKDWWKHVXEMHFWFRP SDQ\LVORRNLQJIRUPRUHFRPSHWLWLYHFRRSHUDWRUVIXQFWLRQLQJWKDQNVWRWKHXVHRIRXWVRXUFLQJ$W WKHVDPHWLPHLWPDNHVXVHRIHFRQRP\RIVFDOHDQGH[SHULHQFHEXWLWGRHVQRWDSSO\EHQFKPDU NLQJWDUJHWHGWRVHDUFKIRUVRXUFHVRIORZHULQJFRVWVRISURGXFWLRQRUVHUYLFHVRIIHUHG &RPSHWLWLYH DGYDQWDJH 7KHPDLQREMHFWLYHRIWKHFXUUHQWSULFLQJVWUDWHJ\IRUDOOSURGXFWVDQGVHUYLFHVDOWRJHWKHULVWKH VXUYLYDOWKHGLIILFXOWWLPHVLQWKHPDUNHW$WWKHVDPHWLPHKRZHYHUWKHEX\HURIWKHFRPSDQ\qV SURGXFWVPD\QRWQHJRWLDWHWKHSULFH7KHGLVWULEXWLRQV\VWHPHQVXUHVWLPHO\GHOLYHU\RISURGXFWV RUVHUYLFHVWRDIDLUO\KLJKH[WHQW+RZHYHUWKHFOLHQWGRHVQRWKDYHWKHSRVVLELOLW\RIWHVWLQJWKH SURGXFWRUVHUYLFHEHIRUHSXUFKDVLQJ 7KHFRPSDQ\QHYHUSODQVWKHSURGXFWOLIHF\FOHEHIRUHODXQFKLQJWKHSURGXFW1RQHRILWVFXVWR PHUVLVFRYHUHGZLWKDOR\DOW\SURJUDP 1RQHRIWKHSURGXFWVDUHFRYHUHGE\WKHZDUUDQW\HJDIUHHDIWHUSXUFKDVHVHUYLFHUHSDLURU UHSODFHPHQW7KHFRPSDQ\qVSURGXFWVPHHWJHQHUDOO\DFFHSWHGFULWHULDRIEHLQJHQYLURQPHQWDO O\IULHQGO\DWDIDLUO\ORZOHYHO7KHFRPSDQ\QHYHUSODQVWKHSURGXFWRUVHUYLFHqVREVROHVFHQFH EHIRUHWKH\DUHLQWURGXFHGWRWKHPDUNHWDQGQRQHRIWKHFXVWRPHUVDUHFRYHUHGE\WKHOR\DOW\ SURJUDP

vv (OHPHQWVRI FRPSHWLWLYH SURILOH $VVHVVPHQWFRQWHQWDQGYDOXH $VVHVVPHQWRI FRPSHWLWLYHQHVV ! SRLQWVYHU\ORZFRPSWHWLWLYHQHVV $VVHVVPHQWRI FRPSHWLWLYH SUR[LPLW\ ! SRLQWVORZFRPSHWLWLYHSUR[LPLW\FRPSDQ\KDVIHZGRPLQDQWIHDWXUHVLQRWKHUFRPSDQLHVRIWKHVHFWRU 7. Conclusion

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äÑG%UDWLVODYDSS References %LHQLRN +  3RGVWDZ\ ]DU]ñG]DQLD SU]HGVLöELRUVWZHP 0HWRG\ ]DU]ñG]DQLD.DWRZLFH:\GDZQLFWZR$( %LHþ:'RELHJDäD.RURQD%'XF]NRZVND3LDVHFND0.DVLHZLF]6 3LHUĈFLRQHN =  Skuteczne strategie :DUV]DZD :\GDZQLFWZR &,0

%RVFKPD 5$  3UR[LPLW\ DQG ,QQRYDWLRQ $ &ULWLFDO $VVHVVPHQW

5HJLRQDO6WXGLHV 39

%RVVDN -: %LHþNRZVNL :  0LöG]\QDURGRZD ]GROQRĈè

NRQNXUHQF\MQD NUDMX L SU]HGVLöELRUVWZ :\]ZDQLD GOD 3ROVNL QD SURJX XXI wieku:DUV]DZD:\GDZQLFWZR6*+

&]DNRQ:+LSRWH]DEOLVNRĈFL3U]HJOñG2UJDQL]DFML )ODN2*äÑG*.RQNXUHQF\MQLSU]HWUZDMñ:DUV]DZD'LILQ )ODN 2 *äÑG *  %DURPHWU .RQNXUHQF\MQRĈFL 3U]HGVLöELRUVWZ

:\QLNLEDGDþHPSLU\F]Q\FK3U]HJOñG2UJDQL]DFML

)ODN 2 *äÑG *  &RQFHSW 5HVHDUFK RI WKH &RPSHWLWLYHQHVV RI (QWHUSULVHVLQ6HOHFWHG&RXQWULHVLQWKH(XURSHDQ8QLRQ,Q60DMWDQ (G$NWX¿OQHSUREOÇP\SRGQLNRYHMVIÇU\SS%UDW\VäDZD 9\GDYDWHüVWYR(.21±0

vv

)ODN 2 *äÑG *  LQ SULQW .RQFHSFMD L SU]\NäDG PHWRG\ EDGDQLD NRQNXUHQF\MQRĈFL SU]HGVLöELRUVWZ =HV]\W\ 1DXNRZH 8QLZHUV\WHWX

Ekonomicznego w Katowicach.

*RU\QLD 0  /XND NRQNXUHQF\MQD QD SR]LRPLH SU]HGVLöELRUVWZD

DSU]\VWñSLHQLH3ROVNLGR8QLL(XURSHMVNLHM3R]QDþ:\GDZQLFWZR$(

.LOPDV32SHUDFMRQDOL]DFMDEOLVNRĈFLRUJDQL]DF\MQHM3UDFH1DXNRZH

8QLZHUV\WHWX(NRQRPLF]QHJRZH:URFäDZLX

/RPEDQD -(  Competitiveness and Trade Policy Problems in

Agricultural Export*RULQJHQ8QLYHUVLW\RI*RWLQJHQ

2OV]HZVND % 3LZRQL.U]HV]RZVND (  3DUWQHUVWZR ] NOLHQWDPL V]DQVñ ]ZLöNV]HQLD NRQNXUHQF\MQRĈFL SU]HGVLöELRUVWZ ,Q $ 6]SOLW (G3U]HGVLöELRUVWZRLUHJLRQZ]MHGQRF]RQHM(XURSLHS.LHOFH :\GDZQLFWZR$NDGHPLLćZLöWRNU]\VNLHM

3LHUĈFLRQHN =  .RQFHSFMH NRQNXUHQF\MQRĈFL SU]HGVLöELRUVWZD