A Resilience-Based Model for Performance Assessment of Companies Listed in Tehran Stock Exchange During Economic and Environmental Crisis

Document Type : Research Article


1 Faculty of Social Science, Imam Khomeini International University, Qazvin, Iran

2 Faculty of Management, Tarbiat Modares University, Tehran, Iran


Companies are faced with serious challenges in environmental and economic crisis. It may become a threat to their financial performance and viability. Thus, there is an urgent need for being resilient in the event of any disruption. The present study aims to assess the performance of companies listed in Tehran Stock Exchange in terms of resilience factors. A standardized questionnaire containing resilience factors is designed to collect data from managers and staff. The effect of resilience factors on performance in the crisis period is examined by data envelopment analysis (DEA) method. It is observed that performance is greatly affected by management commitment, awareness, self-organization, and competitiveness and an improvement in them enables the companies to be more resilient during environmental and economic crisis period. An integrated approach to the performance optimization of companies is first developed. It may be a useful framework for any type of company to identify the most important resilience factors in economic crisis.


Abbott, M., and Doucouliagos, C. (2003). The efficiency of Australian universities: a data envelopment analysis. Economics of Education Review, 22(1), 89-97.‏
Abech, M.P., Berg, G.A., Delis, M.G., Guimarães, L.B., and Woods, D.D. (2006, April). Analyzing resilience of an oil distribution plant. In 2006 IEEE Systems and Information Engineering Design Symposium (pp. 216-221). IEEE.‏
Ahmadi, A., Moridi, A., and Sarang, A. (2017). Integrated Planning of Water Resources Based on Sustainability Indices, a Case Study: Hamoon-Jazmorian Basin. Environmental Energy and Economic Research, 1(1), 61-74.‏
Anyfantis, I., Boustras, G., and Karageorgiou, A. (2018). Maintaining occupational safety and health levels during the financial crisis–a conceptual model. Safety Science, 106, 246-254.‏
Azadeh, M.A., and Ebrahimipour, V. (2002, April). An integrated approach for assessment of manufacturing sectors based on machine performance: the cases of automotive and food and beverages industries. In Proceeding of the Second International Conference on Manufacturing on Complexity University of Cambridge, UK.‏
Azadeh, A., and Ebrahimipour, V. (2004). An integrated approach for assessment and ranking of manufacturing systems based on machine performance. International Journal of Industrial Engineering: Theory, Applications and Practice, 11(4), 349-363.‏
Azadeh, A., Ghaderi, S.F., Anvari, M., Izadbakhsh, H.R., Rezaee, M.J., and Raoofi, Z. (2013). An integrated decision support system for performance assessment and optimization of decision-making units. The International Journal of Advanced Manufacturing Technology, 66(5-8), 1031-1045.‏
Azadeh, A., Salehi, V., Ashjari, B., and Saberi, M. (2014). Performance evaluation of integrated resilience engineering factors by data envelopment analysis: The case of a petrochemical plant. Process Safety and Environmental Protection, 92(3), 231-241.‏
Azadeh, A., Haghighi, S.M., and Salehi, V. (2015). Identification of managerial shaping factors in a petrochemical plant by resilience engineering and data envelopment analysis. Journal of Loss Prevention in the Process Industries, 36, 158-166.‏
Azadeh, A., Salehi, V., and Mirzayi, M. (2016). The impact of redundancy and teamwork on resilience engineering factors by fuzzy mathematical programming and analysis of variance in a large petrochemical plant. Safety and health at Work, 7(4), 307-316.‏
Azadeh, A., Salmanzadeh-Meydani, N., and Motevali-Haghighi, S. (2017). Performance optimization of an aluminum factory in economic crisis by integrated resilience engineering and mathematical programming. Safety Science, 91, 335-350.‏
Azadeh, A., Asadzadeh, S. M., and Tanhaeean, M. (2017). A consensus-based AHP for improved assessment of resilience engineering in maintenance organizations. Journal of Loss Prevention in the Process Industries, 47, 151-160.‏
Barker, K., Ramirez-Marquez, J.E., and Rocco, C.M. (2013). Resilience-based network component importance measures. Reliability Engineering and System Safety, 117, 89-97.‏
Brueller, D., Brueller, N.N., Brueller, R., and Carmeli, A. (2019). Interorganisational relationships in times of decline: implications for organisational resilience. Applied Psychology.‏
Bruneau, M., Chang, S.E., Eguchi, R.T., Lee, G.C., O’Rourke, T.D., Reinhorn, A.M, and Von Winterfeldt, D. (2003). A framework to quantitatively assess and enhance the seismic resilience of communities. Earthquake Spectra, 19(4), 733-752.‏
Charnes, A., Cooper, W.W., and Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429-444.‏
Christopher, M., and Peck, H. (2004). Building the resilient supply chain. The International Journal of Logistics Management, 15(2), 1-14.‏
Costella, M.F., Saurin, T.A., and de Macedo Guimarães, L.B. (2009). A method for assessing health and safety management systems from the resilience engineering perspective. Safety Science, 47(8), 1056-1067.‏
Field, C.B., Barros, V., Stocker, T.F., and Dahe, Q. (Eds.). (2012). managing the risks of extreme events and disasters to advance climate change adaptation: special report of the intergovernmental panel on climate change. Cambridge University Press.‏
Giannakis, E., and Bruggeman, A. (2017). Economic crisis and regional resilience: Evidence from Greece. Papers in Regional Science, 96(3), 451-476.‏
Gonçalves, L., Navarro, J.B., and Sala, R. (2019). Spanish validation of the Benchmark Resilience Tool (short-form version) to evaluate organisational resilience. Safety Science, 111, 94-101.
Heeks, R., and Ospina, A.V. (2019). Conceptualising the link between information systems and resilience: A developing country field study. Information Systems Journal, 29(1), 70-96.‏
Hollnagel, E., Nemeth, C.P., and Dekker, S. (Eds.). (2008). Resilience engineering perspectives: remaining sensitive to the possibility of failure (Vol. 1). Ashgate Publishing, Ltd.
Hollnagel, E., Nemeth, C.P., and Dekker, S. (Eds.). (2008). Resilience Engineering Perspectives: Preparation and Restoration (Vol. 2). Ashgate Publishing, Ltd.
Huber, S., van Wijgerden, I., de Witt, A., and Dekker, S.W. (2009). Learning from organizational incidents: Resilience engineering for high-risk process environments. Process Safety Progress, 28(1), 90-95.‏
Hwang, S.N., and Tong-Liang, K. (2006). Measuring managerial efficiency in non-life insurance companies: an application of two-stage data envelopment analysis. International Journal of Management, 23(3), 699.‏
Jaeckel, J.K. (2014). Capital, Exploitation and Economic Crisis.‏
Ji, Y.B., and Lee, C., (2010). Data envelopment analysis. Statistic Journal. 10(2), 267-280.
Klazinga, N. (2000). Re-engineering trust: the adoption and adaption of four models for external quality assurance of health care services in western European health care systems. International Journal for Quality in Health Care, 12(3), 183-189.‏
MacAskill, K., and Guthrie, P. (2014). Multiple interpretations of resilience in disaster risk management. Procedia Economics and Finance, 18, 667-674.‏
Madni, A.M., and Jackson, S. (2009). Towards a conceptual framework for resilience engineering. IEEE Systems Journal, 3(2), 181-191.‏
McDaniels, T., Chang, S., Cole, D., Mikawoz, J., and Longstaff, H. (2008). Fostering resilience to extreme events within infrastructure systems: Characterizing decision contexts for mitigation and adaptation. Global Environmental Change, 18(2), 310-318.
‏McDonald, N. (2017). Organisational resilience and industrial risk. In Resilience Engineering (pp. 155-180). CRC Press.‏
Miller, A., and Xiao, Y. (2007). Multi-level strategies to achieve resilience for an organisation operating at capacity: a case study at a trauma centre. Cognition, Technology and Work, 9(2), 51-66.‏
Mitroff, I.I. (2000). Managing crises before they happen: What every executive and manager needs to know about crisis management. AMACOM/American Management Association.‏
Mousavi, S.R., Rashedi, H., and Nabi Bidhendi, G. (2018). Role of crisis management in reducing socio-psychological vulnerabilities after natural disasters (case study: citizens of Bam city). Environmental Energy and Economic Research, 2(3), 187-196.‏
Olya, A. (2018). Provide a Post-crisis Water Supply Solution in the Branch of District 3 of Tehran. Environmental Energy and Economic Research, 2(2), 101-109.‏
Pal, R., Torstensson, H., and Mattila, H. (2014). Antecedents of organizational resilience in economic crises - an empirical study of Swedish textile and clothing SMEs. International Journal of Production Economics, 147, 410-428.‏
Pant, R., Barker, K., and Zobel, C.W. (2014). Static and dynamic metrics of economic resilience for interdependent infrastructure and industry sectors. Reliability Engineering and System Safety, 125, 92-102.‏
Rose, A. (2004). Defining and measuring economic resilience to disasters. Disaster Prevention and Management: An International Journal, 13(4), 307-314.‏
Rose, A., and Liao, S.Y. (2005). Modeling regional economic resilience to disasters: A computable general equilibrium analysis of water service disruptions. Journal of Regional Science, 45(1), 75-112.‏
Rose, A. (2007). Economic resilience to natural and man-made disasters: Multidisciplinary origins and contextual dimensions. Environmental Hazards, 7(4), 383-398.‏
Rose, A., and Krausmann, E. (2013). An economic framework for the development of a resilience index for business recovery. International Journal of Disaster Risk Reduction, 5, 73-83.‏
Saurin, T.A., and Júnior, G.C.C. (2011). Evaluation and improvement of a method for assessing HSMS from the resilience engineering perspective: A case study of an electricity distributor. Safety Science, 49(2), 355-368.‏
Shapouri, M., and Hassanzadeh Moghimi, O. (2018). RDF Production from Municipal Wastes (Case Study: Babol City). Environmental Energy and Economic Research, 2(2), 137-144.‏
Sharma, S. (1996). Applied multivariate techniques. John Wiley & Sons. Inc, New York.‏
Shirali, G.A., Mohammadfam, I., and Ebrahimipour, V. (2013). A new method for quantitative assessment of resilience engineering by PCA and NT approach: A case study in a process industry. Reliability Engineering and System Safety, 119, 88-94.
Shirali, G.A., Salehi, V., Savari, R., and Ahmadiangali, K. (2018). Investigating the effectiveness of safety costs on productivity and quality enhancement by means of a quantitative approach. Safety Science, 103, 316-322.‏
Shirali, G., Shekari, M., and Angali, K.A. (2018). Assessing reliability and validity of an instrument for measuring resilience safety culture in sociotechnical systems. Safety and Health at Work, 9(3), 296-307.
Siahmansori, E., and Mahmoudzadeh, A. (2018). Crisis management study of using nano-technology in the petrochemical industry. Environmental Energy and Economic Research, 2(3), 197-206.‏
Stephenson, A. V. (2010). Benchmarking the resilience of organisations.‏
Sawalha, I. H. S. (2015). Managing adversity: understanding some dimensions of organizational resilience. Management research review, 38(4), 346-366.‏
Tierney, K. J. (1997). Business impacts of the Northridge earthquake. Journal of Contingencies and Crisis Management, 5(2), 87-97.‏
Tonts, M., Plummer, P., and Argent, N. (2014). Path dependence, resilience and the evolution of new rural economies: Perspectives from rural Western Australia. Journal of Rural Studies, 36, 362-375.‏
Vaez-Alaei, M., Baboli, A., and Tavakkoli-Moghaddam, R. (2018, December). A new approach to integrate resilience engineering and business process reengineering design. In 2018 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM) (pp. 778-782). IEEE.‏
Weeks, J. (2011). Capital, exploitation and economic crisis. Routledge
Woods, D.D., and Wreathall, J. (2008). Stress-strain plots as a basis for assessing system resilience. Resilience Engineering Perspectives, 1, 145-161.‏
Wreathall, J. (2006). Property of resilient organization: An initial view, resilience engineering in: Hollnagel, E., Woods, D., Leveson N.(Eds.) Resilience Engineering: Concepts and Precepts.‏