scholarly journals An integrated assessment of companies based on value based measures in fuzzy environment

2015 ◽  
Vol 34 (2) ◽  
pp. 87-98 ◽  
Author(s):  
Seyed Reza Seyed Javadin ◽  
Saber Khalili Esbouei ◽  
Neda Rajabani
Keyword(s):  
Performance Evaluation ◽  
Financial Performance ◽  
Stock Exchange ◽  
Hybrid Approach ◽  
Current Approach ◽  
Analytic Hierarchy ◽  
Management Actions ◽  
Fuzzy Environment ◽  
Automotive Parts ◽  
Financial Performance Measures

In today’s world economy, firms focused on the maximization of shareholder value need to ensure that all activities yield positive net present values. Value based financial performance measures have been developed in an attempt to guide management actions towards achieving this objective. In this study, a hybrid approach is proposed for value based financial performance evaluation of automotive parts manufacturer companies of Tehran stock exchange (TSE). For this purpose, in this study based on eight value based measures an integrated fuzzy multi criteria decision making approach is presented for value based financial performance evaluation of companies. In current approach Fuzzy Analytic Hierarchy Process (FAHP) is applied to determine the weights of the criteria. Then the companies are ranked by Fuzzy Complex Proportional Assessment (Fuzzy COPRAS), simultaneously. The results represented the importance of each value based measures in financial evaluation of fourteen Iranian companies and ranking companies by applying the proposed approach.

scholarly journals Integrating Fuzzy AHP and Fuzzy ARAS for evaluating financial performance

2014 ◽  
Vol 32 (2) ◽  
pp. 163 ◽  
Author(s):  
Abdolhamid Safaei Ghadikolaei ◽  
Saber Khalili Esbouei
Keyword(s):  
Performance Evaluation ◽  
Financial Performance ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Fuzzy Ahp ◽  
Hybrid Approach ◽  
Analytic Hierarchy ◽  
Fuzzy Environment ◽  
Parts Manufacturing ◽  
Hierarchy Process

Multi Criteria Decision Making (MCDM) is an advanced field of Operation Research; recently MCDM methods are efficient and common tools for performance evaluation in many areas such as finance and economy. The aim of this study is to show one of applications of mathematics in real word. This study with considering value based measures and accounting based measures simultaneously, provided a hybrid approach of MCDM methods in fuzzy environment for financial performance evaluation of automotive and parts manufacturing industry of Tehran stock exchange (TSE).for this purpose Fuzzy analytic hierarchy process (FAHP) is applied to determine the relative important of each criterion, then The companies are ranked according their financial performance by using fuzzy additive ratio assessment (Fuzzy ARAS) method. The finding of this study showed effective of this approach in evaluating financial performance.

scholarly journals APPLYING FUZZY MCDM FOR FINANCIAL PERFORMANCE EVALUATION OF IRANIAN COMPANIES

2014 ◽  
Vol 20 (2) ◽  
pp. 274-291 ◽  
Author(s):  
Abdolhamid Safaei Ghadikolaei ◽  
Saber Khalili Esbouei ◽  
Jurgita Antucheviciene
Keyword(s):  
Performance Evaluation ◽  
Financial Performance ◽  
Stock Exchange ◽  
Evaluation Model ◽  
Economic Value ◽  
Hybrid Approach ◽  
Evaluation Process ◽  
Business Environment ◽  
Analytic Hierarchy ◽  
Company Value

Financial performance evaluation is very important in a highly competitive business environment. Accordingly, an accurate and appropriate performance evaluation is critical. Financial performance indicators reflect the competitiveness of a company and they must be carefully identified in the evaluation process. Generally, accounting measures are used for performance evaluation. However, these measures are not sufficient for performance evaluation in the today’s competitive economy. Therefore, value based measures have recently been introduced to express the company value. In this study, a hybrid approach is proposed for financial performance evaluation of automotive companies of Tehran stock exchange (TSE). For this purpose, a hierarchical financial performance evaluation model is structured based on the accounting measures and economic value measures. In this approach Fuzzy Analytic Hierarchy Process (FAHP) is applied to determine weights of criteria. Then the companies are ranked by using Fuzzy VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje (in Serbian), Fuzzy Additive Ratio Assessment (ARAS-F) and Fuzzy Complex Proportional Assessment (Fuzzy COPRAS), simultaneously. Also results of three outranking methods are combined by using the mean ranks. The results represented the highest importance of economic value measures than accounting measures in financial performance evaluation of companies. Six companies were ranked applying the proposed approach.

scholarly journals A HYBRID FINANCIAL PERFORMANCE EVALUATION MODEL FOR WEALTH MANAGEMENT BANKS FOLLOWING THE GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 22 (1) ◽  
pp. 21-46 ◽  
Author(s):  
Shun-Chiao CHANG ◽  
Pei-Hsuan TSAI
Keyword(s):  
Performance Evaluation ◽  
Financial Crisis ◽  
Financial Performance ◽  
Global Financial Crisis ◽  
Evaluation Model ◽  
Risk Control ◽  
Hybrid Approach ◽  
Analytic Hierarchy ◽  
Wealth Management ◽  
The Global Financial Crisis

The study constructs a hybrid approach to financial performance evaluation for wealth management (WM) banks affected by the global financial crisis from the middle of 2007 into 2008 utilizing an analytic hierarchy process (AHP) and the VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR). Five aspects of multi-criteria group decision making including service, performance, professionalism, risk control, and consumers’ confidence (SPPRC) reveal that consumers’ confidence, risk control and service are the top three key factors for Taiwan’s seven main WM banks in evaluating the performance of banking managers.

scholarly journals Evaluasi Kinerja Keuangan Perusahaan Konstruksi Bumn Perioda 2015-2018

2020 ◽  
Vol 17 (1) ◽  
pp. 75-86
Author(s):  
Arni Utamaningsih ◽  
Chairul Muharis
Keyword(s):  
Performance Evaluation ◽  
Resource Management ◽  
Interest Rate ◽  
Human Resource Management ◽  
Financial Performance ◽  
Construction Industry ◽  
Human Resource ◽  
Stock Exchange ◽  
Profit Margin ◽  
Net Profit

Performance evaluation is one of the human resource management activities that is important for achieving the goals of the construction industry company. This study aims to analyze the financial performance of BUMN industry companies that go public on the Indonesia Stock Exchange. An evaluation of financial performance was carried out on PT WaskitaKarya (Persero) Tbk, PT Wijaya Karya (Persero) Tbk, PT Adhi Karya (Persero) Tbk, and PT Pembangunan Perumahan (Persero) Tbk in the period of 2015-2018. The results showed that the profitability, solvency and liquidity tests stated that the four BUMN were able to produce large profits, with a gross profit margin that was far above the industry average. The gross profit margin value is in the range of 93.522%-101.436%, far above the industry average of 30%. However, the ability of the company to make a large gross profit is burdened by sales costs and a large interest rate, so that the net profit margin decreases, ranging from 2.848%-9.468%. The results of the evaluation of solvency and liquidity show that the four companies are inadequate in using their debts to finance all of their assets, as well as having a low ability to repay their debts. Keywords:Construction companies, Evaluation of financial performance, Profitability, Solvency, Liquidity.

scholarly journals Application of Analytic Hierarchy Process in Evaluating Higher Industry Vocational Colleges Financial Performance

CONVERTER ◽  
2021 ◽  
pp. 01-08
Author(s):  
Caiqin Chen, Et al.
Keyword(s):  
Performance Evaluation ◽  
Financial Performance ◽  
Social Services ◽  
Evaluation Model ◽  
Research Performance ◽  
Analytic Hierarchy ◽  
Performance Evaluation Model ◽  
Statistical Program ◽  
Vocational Colleges ◽  
Evaluation And Monitoring

The financial performance should be evaluated from the perspective of stakeholders in higher vocational colleges firstly. And according to the development status of higher vocational colleges in recent years, a set of evaluation index of financial performance with characteristics of higher vocational colleges should be divided into five major dimensions: the performance of talents training, teaching performance, scientific research performance, performance of social services, logistics support performance. Hence, the financial performance evaluation model based on AHP and five major dimensions is established to solve the major theoretical and practical issues of financial performance evaluation and monitoring in higher vocational colleges. We also try to evaluate the financial performance of some benchmark industry and engineering vocational colleges applying the AHP model. Using statistical program R to analysis the panel data, the results show that the reasonable standards and clear directions can improve the financial performance in higher vocational colleges.

Financial performance evaluation of companies listed on Tehran Stock Exchange

2018 ◽  
Vol 60 (3) ◽  
pp. 885-900 ◽  
Author(s):  
Ali Karimi ◽  
Masoud Barati
Keyword(s):  
Performance Evaluation ◽  
Financial Performance ◽  
Design Methodology ◽  
Stock Exchange ◽  
Financial Information ◽  
Data Envelopment ◽  
Negative Data ◽  
Content Type ◽  
Financial Measures ◽  
Financial Metrics

Purpose This paper aims to evaluate the financial performance of companies listed on Tehran Stock Exchange by using negative data envelopment analysis (DEA) approach. Design/methodology/approach First, the financial metrics for performance evaluation were extracted and then filtered based on the experts’ opinions. Upon choosing the appropriate financial measures, the financial information of 72 companies selected from four automotive, pharmaceutical, petrochemical and cement industries were collected, and the criteria values were also measured. The financial performance of selected companies was assessed using negative data bounded adjusted measure in the DEA, and efficient and inefficient companies were identified. Finally, the efficient companies were ranked using Andersen and Petersen model. Findings The required analysis was conducted, and the financial performance of selected companies listed on Tehran Stock Exchange was evaluated. There were 58 efficient companies with a performance value of 1; 14 companies became inefficient because the efficiency size was less than 1; therefore, reference units were also introduced to the managers for efficiency of inefficient companies. Originality/value The aim of this study was to identify the required financial criteria and to determine an appropriate model for performance evaluation based on negative DEA. The findings can help shareholders to identify efficient companies and make the optimal portfolio accordingly; the managers of inefficient companies can also take the proper reforming actions to improve efficiency.

scholarly journals IMPACT OF INTELLECTUAL CAPITAL ON FINANCIAL PERFORMANCE

2019 ◽  
Vol 1 (1) ◽  
pp. 45-50
Author(s):  
Hendra Gunawan ◽  
Rica Tartila
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Regression Models ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Value Added ◽  
Structural Capital ◽  
Financial Performance Measures ◽  
The Impact ◽  
Capital Value

Science and emerging technology in the manufacturing industry made the importance of implementing knowladge based industries, it has focused the importance of the using intellectual capital in this industry. This study aims to analyze the impact of intellectual capital on the financial performance. The empirical data were drawn from panel consisting of 51 companies manufacturing in Indonesia Stock Exchange (IDX) from 2010-2014. Various regression models were examined in order to test the hypothesis included in the proposed conceptual framework. The result showed  value added intellectual capital (VAIC), value added human capital (VAHU), structural capital value added (STVA) have significant effect with four financial performance measures ROA, ROE, GR, EVA. Meanwhile, value added capital employed (VACA) have significant effect with two dependent variable ROA,ROE and no significant effect  on GR, EVA. The results of the overall analysis regression only VACA which had no effect with GR and EVA.the lack of available data for the appropriate analysis be the main limitations of this study. The result of this study can explained the role and importance of intellectual capital to improve financial performance for companies and the result of this study study also can be used by shareholders and investors.

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