Agricultural Economics

Agricultural Economics

Ranking of Companies in the Agriculture and Related Services Industry on the Stock Exchange Using Multi-Criteria Decision-Making Methods

Document Type : Research Paper

Authors
Aref esmaeilzade 1
saeid Ehdaie 2
Mohammad Reza Akhavan Anvari 3
1 University of Science and Culture
2 Faculty of Humanities Science, Department of Management, University of Science and Culture, Tehran, Iran
3 Assistant Professor, Department of Management, Faculty of Humanities, University of Science and Culture, Tehran, Iran.
10.22034/iaes.2025.2051427.2106
Abstract
In today's competitive environment, evaluating the financial performance of companies is one of the most important performance assessment models. Therefore, designing an accurate and appropriate performance evaluation framework for companies can be beneficial. The present study aims to rank companies active in the agriculture and related services industry listed on the stock exchange using Multi-Criteria Decision-Making (MADM) methods. To evaluate the financial performance of these companies, certain financial ratios were utilized, which cover various aspects of organizational financial performance. However, since each financial ratio only reflects a part of a company's financial status, analyzing this information may create ambiguities for managers and investors. Hence, MADM methods are proposed as an appropriate approach to address this challenge and provide a more precise analysis of the companies' financial performance.In this research, the Best Worst Method (BWM), as one of the modern MADM methods, was used to assign weights to the criteria. BWM offers significant advantages, including requiring fewer pairwise comparisons and enhancing the stability of criteria weighting and option selection. Additionally, the MARCOS, TOPSIS, CoCoSo, and MABAC methods were employed to rank 11 companies active in the agriculture and related services industry on the stock exchange during the years 2020 to 2022. Finally, the results of these methods were integrated and combined using the Borda and Copeland methods to present the final ranking of the companies.
Keywords
Ranking
Financial Performance Evaluation
Multi-Criteria Decision-Making Methods
Companies in the Agriculture and Related Services Industry

Subjects

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