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Paper Information

Journal:   INTERNATIONAL JOURNAL OF DATA ENVELOPMENT ANALYSIS   summer 2017 , Volume 5 , Number 3 (19); Page(s) 1337 To 1352.

The Ranking of Financial Efficiency of Companies Accepted in Stock Exchange of Tehran between 2013 to 2016 through Financial Ratio Approach and Using DEA

Author(s):  Mirghaderi s.a.h., Sheikh Aboumasoudi A.*
* Department of Industrial Engineering, Najafabad Azad University, Najafabad, Iran
Financial ratios provide an image of financial status, the efficiency and future opportunities of trade units. In so far as in traditional methods and approaches, the effect of financial ratios on efficiency were individually studied they did not provide a comprehensive view; thus; a technique was chosen, through which the observation of the effect of financial ratios beside each other becomes possible. Using the data envelopment analysis technique, the financial ratios are aggregated and it becomes possible to observe their effects together; thus, the obtained efficiency through this method would be reliable. In this study, input-based BCC mathematical model of data envelopment analysis has been used and the relative efficiency of 470 companies accepted in Tehran Stock Exchange in 2013 to 2016 which were classified in nine heterogeneous groups were calculated and then the companies were ranked based on the efficiency; efficient and inefficient companies were specified. Moreover, the analysis and forecasts were performed to areas of financial distress and bankruptcy based on industry average obtained from each group concerning the future financial situation of companies where the group of construction materials with industry average of 0. 89 was at the highest rank and the group of investment companies with industry average of 0. 67 was at the lowest rank among these nine groups.
Keyword(s): Financial efficiency,Financial ratio,Stock Exchange,Data envelopment analysis (DEA)
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