Application of factor analysis in company management — selected examples related to competitiveness and market success

• Autorzy: Jurczak Jolanta , Jurczak Grzegorz

Identyfikatory

DOI

10.2478/emj-2021-0019

• Języki publikacji: EN

Abstrakty

EN

Factor analysis is a standard statistical technique for reducing data dimensionality, which is widely used in sociology, psychology, and demography. Also, financial and insurance institutions commonly use such a technique for marketing research. In recent years, factor analysis has been used, at the beginning rather diffidently, to analyse selected problems of business management, e.g. to troubleshoot consumer and company communication. There are some literature reports about the successful use of factor analysis in managing a company area. Nevertheless, the literature seems to lack examples with successful use of the method with a clear explanation of its rather difficult application in the field of competitiveness or potential company boost. The modest popularity of such a powerful technique in this particular field seems to be attributed mainly to the complexity of the method and its requirements concerning the data quantity. Besides, the factor analysis technique has great potential and can be used as an efficient tool to reduce the complexity of observed phenomenon or verify the accuracy of theoretical models. Therefore, the purpose of this paper is to present a vast potential of factor analysis (both exploratory and confirmatory) applied to solve various problems in company management, especially related to competitiveness and market success. Two case studies covering the subject of business management are presented to illustrate the benefits of factor analysis application. The exploratory factor analysis is exemplified by the search of factors related to the commercial success of the company, while the confirmatory technique is illustrated by a case study of the intellectual capital of the company and its factors related to competitiveness. The paper also presents the essence of the factor analysis, types of analysis, subsequent procedures, purposes, and its specific features. Finally, the applicability of the factor analysis to solve management issues and possible gain in management are discussed.

Słowa kluczowe

EN

factor analysis; confirmatory factor analysis; exploratory factor analysis; management

PL

analiza czynnikowa; potwierdzająca analiza czynnikowa; rozpoznawcza analiza czynnikowa; zarządzanie

• Wydawca: Oficyna Wydawnicza Politechniki Białostockiej
• Czasopismo: Engineering Management in Production and Services
• Rocznik: 2021
• Tom: Vol. 13, no. 3
• Strony: 25--36
• Opis fizyczny: Bibliogr. 27 poz., tab., wykr.

Twórcy

autor

Jurczak Jolanta

• Faculty of Management, Warsaw University of Technology, Poland

• https://orcid.org/0000-0003-2584-6427+

autor

Jurczak Grzegorz

• Institute of Fundamental Technological Research, Polish Academy of Sciences Poland

• https://orcid.org/0000-0002-6978-8639

Bibliografia

• Brown, T. A. (2006). Confirmatory Factor Analysis for Applied Research. New York – London: The Guilford Press.
• Cabuñas, J. T., & Silva, D. L. (2019). Exploratory FactorItem Analytic Approach for Construction Project Cost Overrun using Oblique Promax Rotation for Predictors Determination. International Journal of Innovative Technology and Exploring Engineering, 8(6s3), 47-54.
• Chidambaram, V., Ramachandran, A., & Thevar, S. S. (2013). A study on efficacy of induction training programme in Indian railways using factor analysis. Business: Theory and Practice, 14(2), 140-146. doi: 10.3846/btp.2013.15
• Cortés Sánchez, J. D., & Grueso Hinestroza, M. P. (2017). Factor analysis evaluation of Schein’s career orientations inventory in Colombia. Business: Theory and Practice, 18, 186-196. doi: 10.3846/btp.2017.020
• Czopek, A. (2013). Analiza porównawcza efektywności metod redukcji zmiennych - analiza składowych głównych i analiza czynnikowa [Comparative Analysis of Effectiveness of the Methods for Reduction of Variables - Principal Component Analysis and Factor Analysis]. Studia Ekonomiczne, 13, 7-23.
• Frątczak, E. (2009). Wielowymiarowa analiza statystyczna. Teoria, przykłady, zastosowań z systemem SAS [Multivariate Statistical Analysis. Theory and Application with SAS]. Warszawa, Poland: Wydawnictwo SGH.
• Górniak, J., & Wachnicki, J. (2010). Pierwsze kroki w analizie danych [The first steps towards data analysis]. Kraków, Poland: SPSS Polska. Hawrysz, L. (2019). Wpływ zdolności dynamicznych na funkcjonowanie e-administracji [Effect of dynamic abilities on the e-administration operation]. Radom, Poland: Instytut Technologii Eksploatacji - PIB w Radomiu.
• Jaskóła, K. (2014). Geneza sukcesu. Dynamiczne zarządzanie korporacjami przemysłowymi [Genesis of the success. Dynamic management of industry corporations]. Radom, Poland: Instytut Technologii Eksploatacji - PIB w Radomiu.
• Jurczak, J. (2012). Czynniki kształtujące kapitał intelektualny w osiąganiu przewagi konkurencyjnej [Factors related to the intellectual capital of the company and their role in the competitive advantage]. PhD thesis. Wrocław, Poland: Politechnika Wrocławska.
• Jurczak, J. (2015). Badanie kapitału intelektualnego metodą analizy czynnikowej [Factor analysis study of the intellectual capital]. Przedsiębiorstwo Przyszłości, 3(24), 48-58.
• Łobos, K., & Szewczyk, M. (2011). Wartość jako uniwersalna miara sukcesu w zarządzaniu przedsiębiorstwem [Value as universal measure of success in enterprise’s management]. Management Sciences, 8, 379-388.
• Ludwikowska, K. (2021). The mediating role of employeeoriented human resource policy in the relationship between strategic human resource management and organisational performance. Forum Scientiae Oeconomia, 9(2), 131-150. doi: 10.23762/FSO_VOL9_ NO2_7
• Maciejewski, G. (2011). Wykorzystanie analizy czynnikowej w badaniach konsumenckiego ryzyka [The use of factor analysis in consumer risk research]. Prace naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 236, 192-202.
• Mulaik, S. A. (1987). A Brief History of the Philosophical Foundations of Exploratory Factor Analysis. Multivariate Behavioral Research, 22(3), 267-305.
• Nawojczyk, M. (2002). Przewodnik po statystyce dla socjologów [Statistics guide for sociologists]. Kraków, Poland: SPSS Polska.
• Pearson, K. (1901). On Lines and Planes of Closest Fit to Systems of Points in Space. Philosophical Magazine, 2, 559.
• Renault, B. Y., Agumba, J. N., & Ansary, N. (2018). An exploratory factor analysis of risk management practices: A study among small and medium contractors in Gauteng. Acta Structilia, 25(1), 1-39.
• Sagan, A. (2003). Model pomiarowy satysfakcji i lojalności [Metrological model of satisfaction and loyalty]. StatSoft Polska.
• Spearman, C. (1904). General intelligence, objectively determined and measured. American Journal of Psychology, 15, 201-293.
• Staniec, I. (2012). Analiza czynnikowa w identyfikacji obszarów determinujących doskonalenie systemów zarządzania w polskich organizacjach [Factor analysis in the identification of areas that determine the improvement of management systems in Polish organizations]. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 242, 406-415.
• Sztemberg-Lewandowska, M. (2008). Analiza czynnikowa w badaniach marketingowych [Factor analysis in marketing research]. Wrocław, Poland: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu.
• Thurstone, L. L. (1933). A Simplified Multiple-factor Method. Chicago: University of Chicago Press.
• Thurstone, L. L. (1947). Multiple factor analysis. Chicago: University of Chicago Press.
• Vincent, D. F. (1953). The Origin and Development of Factor Analysis. Journal of the Royal Statistical Society. Series C (Applied Statistics), 2(2), 107-117.
• Warter, L., & Warter, I. (2017). Unmasking post-merger challenges: synergy effects achieved by the integration of different areas. Forum Scientiae Oeconomia, 5(2), 69-85. doi: 10.23762/fso_vol5no2_17_6
• Wipulanusat, W., Panuwatwanich, K., & Stewart, R. A. (2017). Exploring leadership styles for innovation: an exploratory factor analysis. Engineering Management in Production and Services, 9(1), 7-17.
• Zgrzywa-Ziemak, A., & Kamiński, R. (2009). Rozwój zdolności uczenia się przedsiębiorstwa [Development of business learning ability]. Warszawa, Poland: Difin.