Evaluation of financial performance using ISM and BWM

Document Type : Research Paper

Authors

Department of Accounting, Faculty of Humanities, Islamic Azad University, Sanandaj, Iran

Abstract

Performance appraisal of companies is very important for all stakeholders of a company from potential and actual investors, creditors and supervisory organizations, and most importantly, company managers for decision making, and the most important appraisal in companies is performance appraisal for these decision makers. The present study seeks to provide a model for evaluating the financial performance of the companies listed on the Tehran Stock Exchange and utilizes 50 financial ratios suggested by the experts, of which 49 were finalized and the ratios in The 6 categories were categorized as consolidated, economic, leverage, liquidity, profitability and activity, and according to experts, these ratios were weighted. And multivariate decision criteria for bwm and ARAS technique were analyzed using ligo software. Eventually companies were ranked. Among the 103 companies whose ratios were available, surveys were conducted. The results showed that mineral minerals companies of Iran, Gol Gohar and Khuzestan Steel ranked 1 to 3, respectively.

Keywords


حسینی، سید احمد و دیگران (1396)، شناسایی و رتبه بندی عوامل مؤثر بر بهره وری نیروی انسانی با استفاده از تکنیک ANP (مورد مطالعه: مدیران و سرپرستان شرکت سیمان دورود)، مدیریت بهره وری، 37(10)، 29-50.
خواجوند صالحی و دیگران(1395)، سنجش بهره وری و رتبه بندی واحدهای پژوهشی با استفاده از تحلیل پوششی داده ها، بسپارش، 4(4)، 92-99.
راعی. رضا(1389)، تجزیه و تحلیل رفتار جمعی سرمایه گذاران در بورس اوراق بهادار تهران با استفاده از مدل فضای حالت، بررسی های حسابداری و حسابرسی، 2 (4)، 50-62
راعی، رضا، 1388، مدیریت سرمایه گذاری توسعه یافته، انتشارات سمت، تهران، 420-435.
رضایی، نسرین، امیر حسینی، زهرا، (1397)، ارزیابی عملکرد با استفاده از نسبت های مالی از طریق الگوریتم درخت تصمیم گیری، رویکرد مدیریت مالی، 17، 185-205.
 سلیمانی امیری، غلامرضا،  نصیری، سپیده سادات (1396)، ارزیابی عملکرد مالی شرکت های سرمایه گذاری در ایران، پژوهش های  حسابداری،12(1)، 135-160
شعبانی، احمد و دیگران (1394)، شناسایی و رتبه بندی عوامل مؤثر مدیریت دانش بر بهره وری کتابداران با استفاده از تکنیک AHP فازی، مدیریت اطلاعات سلامت،11(7)، 963-973
طاری وردی یدالله و دیگران (1392) ارزیابی عملکرد پرتفوی در صندوق های سرمایه گذاری مشترک و شرکت­های سرمایه گذاری با مدل هنریکسون – مرتون. تحقیقات تجربی در حسابداری. 3 (1): 83-99.
طواری، مجتبی، و دیگران(1388)، شناسایی و اولویت‌بندی عوامل مؤثر بر بهره‌وری نیروی انسانی با استفاده از تکنیک‌های MADM (مطالعه موردی: یکی از شرکت‌های تولید پارچه استان یزد)، مدیریت صنعتی، 1: 71-88.
قاسمی، احمدرضا، (1396)، شناسایی و رتبه‌بندی عوامل دخیل در رقابت‌پذیری زنجیره تامین با استفاده از تکنیک‌های PLS، BWM و FAHP (مورد مطالعه: شرکت کفش پیام)، مدیریت صنعتی، 12(42)، 15-35
قربانی، اصغر، مهدوی، غلامحسین، 1392، بررسی تطبیقی نقش شاخص های نقدینگی مدرن و سنتی در ارزیابی عملکرد مالی شرکت های پذیرفته شده در بورس اوراق بهادار تهران، تحقیقات حسابداری مالی، 11: 67-88.
کریمی، عبدالرضا، و همکاران، (1396). شناسایی و رتبه‌بندی شاخص‌های بهره‌وری تیم‌های کاری در بیمارستان با استفاده از ANP-BWM (مطالعه موردی: بیمارستان سجاد تهران)، مدیریت فردا، 6، 53-78
ملک اخلاق، اسماعیل و دیگران، (1390)، شناسایی و رتبه بندی شاخصهای ارزیابی عملکرد در ورود به بازارهای خارجی (مطالعه موردی: ایران خودرو)، تحقیقات بازاریابی نوین،1(2)، 61-78
Albert N.M, Vriezen K, Zell K, Sun Z, Singleton K. A, Solmon D (2015). Multicenter Study of Nursing Role Complexity on Environmental Stressors and Emotional Exhaustion, Applied Nursing Research 30: 52-57.
Al-Refaie A (2015). Effects of human resource management on hotel performance using structural equation modeling, Computers in Human Behavior 43: 293–303.
Bender M (2015). Clinical Nurse Leader Integration into Practice: Developing Theory to Guide Best Practice, Journal of Professional Nursing 32(1): 32-40.
 Brans J-P, Vincke P, Mareschal B (1986). How to select and how to rank projects: the PROMETHEE method, European Journal of Operational Research 24:228-38.
Carayon P, Wetterneck T. B, Rodriguez A. J. R, Hundt A. S, Hoonakker P, Holden R, Gurse A.P (2014). Human factors systems approach to healthcare quality and patient safety, Applied Ergonomics 45(1):14-25.
Chan, F.T.S., & Kumar, N. (2007).”Global supplier development considering risk factors using fuzzy extended AHP-based approach”. Omega international journal of management science, 35, 417-431.
 Jessop A (2014). IMP: a decision aid for multi attribute evaluation using imprecise weight estimates, Omega 49:18-29.
Dekker, H., Sakaguchi, J., Kawai, T. (2013). Beyond the contract: Managing risk in supply chain relations. Management Accounting Research, 24(2), 122–139.
Hosseini, Seyed Ahmed and others (2016), identifying and ranking the factors affecting the productivity of human resources using the ANP technique (case study: managers and supervisors of Durood Cement Company), Productivity Management, 37(10), 29-50 . (in Persian)
Feden Koc (2017). Economic Value Added Approach in Measurement of Financial Performance: An Investigation on Economic Added Values of Holdings and Investment Companies Processed in BIST 100 in Turkey.journal of accounting finance and anditing studies.21, 103- 139
Karimi, Abdul Reza, et al., (2016). Identifying and ranking productivity indicators of work teams in hospitals using ANP-BWM (case study: Tehran Sajjad Hospital), Farda Management, 6, 53-78 (In Persian)
Khajund Salehi and others (2015), productivity measurement and ranking of research units using data coverage analysis, Basparash, 4(4), 92-99.
Kim, K. K., Parkb, K. S. (2014). Transferring and sharing exchange-rate risk in a riskaverse supply chain of a multinational firm. European Journal of Operational Research, 237(2), 634–648.
Lee, A. H. I., Chen, W.C., & Chang, C.J. (2008).” A fuzzy AHP and BCS approach for evaluating performance of IT department in the manufacturing industry in Taiwan”.Expert system with applications, 34, 96-111
Lehman and Forsin (2016), review of the design of inventory performance measurement systems and its impact on profitability, Accounting Education, 9(4),49-63
Malak Ekhlaq, Esmail and others, (2013), Identification and ranking of performance evaluation indicators in entering foreign markets (case study: Iran Khodro), New Marketing Research, 1(2), 61-78. (In Persian)
Mangala et al. (2016) Fuzzy and multi-criteria approach for ranking companies in order to evaluate and rank employees, Journal of Economics and Knowledge, 21(3) 11-32
Godwin et al. (2017), Assessing the company's performance and efficiency with a hybrid model of neural networks and data envelopment analysis, Journal of Capital Market Research, 3 (2), 24-45
Ghasemi, Ahmadreza, (2016), Identification and ranking of factors involved in supply chain competitiveness using PLS, BWM and FAHP techniques (case study: Payam Shoe Company), Industrial Management, 12(42), 15-35. (In Persian)
Ghorbani, Asghar, Mahdavi, Gholamhossein(2013) comparative study of the role of modern and traditional liquidity indicators in evaluating the financial performance of companies listed on the Tehran Stock Exchange, Financial Accounting Research, 11: 67-88. (In Persian)
Gu and Zhao (2017) Development of best-worst for company evaluation and adding fuzzy logic. Journal of the American Statistical Association. 74, 427–431.
Raii. Reza (2009), analysis of collective behavior of investors in Tehran Stock Exchange using state space model, Accounting and Auditing Reviews, 2 (4), 50-62. (In Persian)
Raii, Reza,. 2009, managing developed investment, Samt pub., Tehran, p: 420-435. (In Persian)
Rezaei, Nasreen, Amir Hosseini, Zahra, (2017), performance evaluation using financial ratios through the decision tree algorithm, Financial Management Approach, 17, 185-205. (In Persian)
Roche M.A, Laschinger H.K.S, Duffield L (2015). Testing the Nursing Work life Model in Canada and Australia: A Multi-group Comparison Study, International Journal of Nursing Studies 52(2):525-534.
 Roy B (1991). The outranking approach and the foundations of ELECTRE methods. Theory and Decision 31:49-73.
Saaty T.L (2001). Decision making with dependence and feedback: the analytic network process. Pittsburgh, PA: RWS Publications. Schuh G, Potente T, Varandani
Shabani, Ahmed and others (2014), identifying and ranking the effective factors of knowledge management on the productivity of librarians using the fuzzy AHP technique, Health Information Management, 11(7), 973-963. (In Persian)
Soleimani Amiri, Gholamreza, Nasiri, Sepideh Sadat (2016), Evaluation of financial performance of investment companies in Iran, Accounting Research, 12(1), 135-160. (In Persian)
Sujata Behera.(2020). RESEARCHOpen AccessDoes the EVA valuation model explain themarket value of equity better underchanging required return than constantrequired return? Financial Innovation.no 45. p 2-23
Tari Verdi Yadullah and others (2012) Evaluation of portfolio performance in mutual funds and investment companies with the Henrikson-Merton model. Empirical research in accounting. 3 (1): 83-99. (In Persian)
Tawari, Mojtabi, and others (2018), identifying and prioritizing factors affecting human resource productivity using MADM techniques (case study: one of the fabric production companies in Yazd province), Industrial Management, 1: 71-88. (In Persian)
Xiong B, Skitmore M, Xia B, Masrom M. A, Ye K, Bridge A (2014). Examining the influence of participant performance factors on contractor satisfaction: A structural equation model, International Journal of Project Management 32(3): 482-491.