Abstract
Due to less efficiency in Tehran Stock Market, the common methods employed for ranking firms are not reliable enough. In this paper, combined decision-making models are presented which can evaluate the companies’ financial performance by means of financial ratios. One of the considered approaches is based on ‘analytical hierarchy process (AHP)’ and ‘technique for order preference by similarity to ideal solution (TOPSIS)’ and the other one, which is proposed similarly in this paper, is based on ‘fuzzy analytical hierarchy process (FAHP)’ and ‘TOPSIS’. Comparisons of these methods would specify the similarities or differences between them and also examine the superiority of FAHP over AHP which is widely accepted as the result of using fuzzy numbers. These methods were applied for ranking and evaluating financial performances of cement firms in Tehran Stock Exchange using their financial tables from 2002 to 2008. Eventually through statistical tests, the results obtained from these methods and their powers were compared.
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