A Comparative Study of Combined Efficient Algorithms to Evaluate the Financial Performance of Companies in Tehran Stock Exchange Using Fuzzy Approach

Document Type : Research Paper

Authors

1 Associate Professor of Accounting, Shiraz University, shiraz, Iran

2 MSc of Accounting, Shiraz University, shiraz, Iran

Abstract

In today's competitive world, establishıng a proper system of evaluating firms performance is essential. The purpose of this study is to evaluate the financial performance of pharmaceutical, basic metals and automotive parts companies using a new method. The fuzzy AHP is used for weighting the performance evaluation measures and Fuzzy TOPSIS and fuzzy Vikor is also used to rank the companies in this study.A combination of traditional performance evaluation measures and value-based memeasures to evaluate the performance and ranking of pharmaceutical, basic metals and automotive parts companies are used in 1388. The population of this study includes pharmaceutical, the manufacturer of basic metals and automotive parts companies listed in Tehran stock exchange market. Ranking fuzzy approach to ranking of the companies listed in stock exchange significantly enhances the accuracy of the input data to the ranking softwares. The results presented two new accurate models of performance evaluation. These models can be useful to variety of groups such as investors, stock market and other users.

Keywords

References

Ahmadi, S. H. & Garoossi Mokhtarzadeh, n. (2013). Review and prioritization of the sensitivity of the equipment for repairs and preventive maintenance model Zaras Martel (Case Study: Machine Manufacturing Co. fires). Industrial Management, 5 (2), 1-22 (In Persian).
Anvari Rostami, A. Hoseinian, S. & Rezaei Asl, M. (2012). Tehran Stock Exchange financial rating of companies using multi attribute decision-making and financial Trkyby.thqyqat models, 1 (2), 31-54 (In Persian).
Chen, k.Hm & Shimerda, T.A. (1981). AN empirical analysis of useful financial ratios.Financial Management, 10, 51-60.
Ertugrul, I. & Karakasoglu, E. (2009). “Preformance evaluation of Turkish ement firms with fuzzy analytic hierarchy process and TOPSIS methods”. Expert System with Applications, 36, 702-715.
 
Hendriksen, E. S. & Van Berda, M. F. (1992).Accounting Theory. 5th. New Yourk: Irwin.
Heidari,M. (2004). Evaluate the performance of companies listed in Tehran Stock Exchange compared with cash and cash operating profit (Model CVA) and the relationship of the model to price changes (returns) stock during 1999-2003. master, Tehran University (In Persian).
Malekian, A. & Asghari, g. (2006). Study of the relationship between economic value added (EVA) and return on assets (ROA) in order to evaluate the performance of companies listed on the Stock Exchange stock iran. Monthly stock, 55 (5), 24-33. (In Persian).
Moradzadehfard, M. Musazade Abasi, N & Moshashaee, S.M. (2011). Ranking new financial model and evaluation (case study: basic metals industry Tehran Stock Exchange).Review of accounting and auditing, 66 (4), 41-52 (In Persian).
Opricovic, S. & Tzeng, G.H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS.European Journal of Operational Research, 156, 445-455.
Stewart, G. B. (1991). The Quest for Value: The EVA Management Guide. New York: Harper Business.
Alem abrizi, A. & Muniri M. R. (2011). Using fuzzy MADM value engineering approach to improve project performance. Industrial Management, 1 (6). 81-98 (In Persian).
 
Yahyazadehfar, M. Shams, S.H. & Rezazade, M. (2010). Evaluate the performance of portfolio management investment companies on the stock exchange Thran. Research a Executive Management, 2 (1), 157-178 (In Persian).
Yalcin, N. Bayrajdaroglu, C. & Cengiz, K. (2012). Application of fuzzy multi-criteria decision making methods for financial performance evaluation of Turkish manufacturing industries.Expert System with Application, 39, 350-364.
Yang, T. & Huang C.H. (2007). “Multiple- attribute decision making methods for plant layot design problem”.Robotic and Computer- Integrated Manufacturing, 23, 126-137.

Files

Share

How to cite

Statistics