Ranking Tehran Stock Exchange Industries using a Combined FCM-ELECTRE III-LA Method

Iranian Journal of Optimization

دوره 14، شماره 3، آذر 2022، صفحه 173-188   

نوع مقاله: Research Paper

نویسندگان

Mojtaba Movahedi¹؛ Mahdi Homayounfar^{* 2}؛ Mehdi Fadaei Eshkiki²؛ mansour soufi²

¹PhD Candidate, Department of Industrial Management, Faculty of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran

²Assistant Professor, Department of Industrial Management, Faculty of Management and Accounting, Rasht Branch, Islamic Azad University, Rasht, Iran

چکیده

One of the most complex decision-making issues for stock exchange investors is the evaluation of companies' performance and their ranking in the next step, which can be done based on different approaches. In the paper, the industries of Tehran Stock Exchange (TSE) evaluated during the years 2010 to 2019 and ranked by a combined fuzzy cognitive map (FCM), Electere III and linear assignment (LA) method. To this aim, first based on the literature review, 21 more cited criteria were selected as the main criteria in performance analysis of the TSE. Then, fuzzy cognitive map as a qualitative analytical tool, was applied to rank financial eavaluation criteria based on their intractions. Applying FCM, five criteria were determined as more important criteria for performance evaluation. In the the next step, all of the industries in TSE were evaluated in 10 years from 2011 to 2020 using the ELECTRE III as a powerfull MCDA method. Finally, LA method was applied for integrating the rank of industry in the 10 years period. The results indicate that insurance and pension industries, Industrial multidisciplinary and Food (except sugar), placed at the first to third ranks.

کلیدواژه‌ها

Tehran Stock Exchange؛ ELECTRE III؛ Linear Assignment؛ Ranking the Industries؛ Fuzzy Cognitive Map