Abstract
Highway companies engage in projects with governments through the concession model in which the governments’ aim is in fulfilling public interest while the highway companies aim to increase their financial stability. However, highway companies face various operational risks that would impede their financial excellency. Therefore, this paper aims to assess the financial performances of the highway companies with the goal programming (GP) model. The GP model is a powerful tool in solving multi-objective issues. This paper studies the listed highway companies, namely LITRAK, TALIWRK, and EDGENTA from 2017 to 2022 using financial data. Based on the optimal solution of GP model, all three companies have reached the goals for assets, equities, and optimum management items. LITRAK, TALIWRK, and EDGENTA have underachievement for the goal of liability management. The GP model has identified the potential improvements for these highway companies for further improvement based on the benchmark values.
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