خلاصة:
Due to the increasing competition and the continuous changes in current business environments, appropriate evaluation of the companies' performance is a useful tool not only for themselves but also for their own investors and creditors. In this paper, a model is presented for evaluating the basic metals producing companies. The proposed model based on analyzing the financial ratios is a combination of the FAHP (fuzzy analytical hierarchy process) and the VIKOR. The FAHP is used for determining the weights of the financial ratios and the VIKOR is applied for ranking the companies. To clarify the effectiveness and the accuracy of the developed method, the obtained result from the VIKOR is compared with the results of the TOPSIS technique. It can be seen from the results that the VIKOR based ranking is relatively similar to the result by the TOPSIS. In this research, the proposed method is utilized for evaluation of the performance of eight Iranian basic metals companies exist in Tehran stock exchange list.
ملخص الجهاز:
Faculty of Management & Economy, University of Qom, Qom, Iran (Received: 23 March, 2015; Revised: 27 July, 2015; Accepted: 2 August, 2015) Abstract Due to the increasing competition and the continuous changes in current business environments, appropriate evaluation of the companies' performance is a useful tool not only for themselves but also for their own investors and creditors.
In this research, the proposed method is utilized for evaluation of the performance of eight Iranian basic metals companies exist in Tehran stock exchange list.
The financial ratios provide applicable information by analyzing the basic and relevant data for making decisions by the applicant (Singh & Schmidgall, 2002).
In this paper, to consider the performance of Iranian basic metals companies, a Fuzzy AHP and VIKOR based approach was applied.
The fuzzy AHP is used to determine weights of financial ratios and the VIKOR is applied to rank the companies.
This study is first work implemented on Iranian basic metals companies based on an integrated fuzzy AHP and VIKOR approach and differentiated from previous studies in the literature due to comparing the obtained results of the VIKOR with the ranking derived from the TOPSIS method.
Applying fuzzy AHP After determining the criteria for evaluating the performance of Iranian basic metals firms and depicting the problem as hierarchical structure, now the FAHP method is applied to calculate the weight of the criteria applied in the VIKOR and the TOPSIS.
The main objective of this study was to use financial criteria to evaluate performance of Iranian basic metals firms using an effective decision making method.