Ranking Stock Exchange Companies With a Combined Approach Based on FAHP-FTOPSIS Financial Ratios and Comparing Them With Tehran Stock Exchange Rankings
سال انتشار: 1394
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 199
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شناسه ملی سند علمی:
JR_IJBDS-7-1_004
تاریخ نمایه سازی: 30 خرداد 1400
چکیده مقاله:
Ranking of companies listed on the exchange represent their status and considered a criterion for investment. Also, it increases market's competition, development and efficiency. In this study, the fifty superior companies listed in Tehran Stock Exchange were ranked based on financial ratios (liquidity, operational, leverage and profitability) using FAHP- FTOPSIS hybrid approach during the years ۲۰۱۳ . Initially, capital markets authorities and universities' financial masters perspectives about effect of ratios were collected by questionnaire and weighting with FAHP technique and then companies were ranked based on ratios using the FTOPSIS technique. The results indicate that there is a weak correlation between two groups of ranking. In fact, results show that the stock exchange’s selected top companies necessarily do not have higher rankings in terms of financial ratios and the firms’ financial Statements are weak approximation for firms’ superiority likelihood in the stock exchange.
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