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Performance evaluation of top 50 companies of Tehran Stock Exchange based on identified indices in 2012

Author

Listed:
  • Bahareh S. Mirdamadian
  • Hadi Shirouyehzad
  • Mostafa Rajabi

Abstract

One of the main challenging issues for investors in stock market is comparing companies' financial performance and finding more profitable ones. This comparison should be based on effective indices. In this paper, important indices are identified using previous studies and expert's opinion. Then top 50 companies of Tehran Stock Exchange, announced in the third quarter of 2012, are evaluated using data envelopment analysis. DEA is applied to assess efficiency of DMUs regarding the financial identified indices including price per earning, total assets, systematic risk, non-systematic risk, return on equity as inputs and yearly efficiency, sales growth, current ratio and earning per share as outputs. The result indicates that 20 companies are efficient among top 50 companies. To set priorities for investors, companies were ranked by Makui method. Sensitivity analysis results shows that EPS and ROE have the most influence on efficiency of DMUs.

Suggested Citation

  • Bahareh S. Mirdamadian & Hadi Shirouyehzad & Mostafa Rajabi, 2016. "Performance evaluation of top 50 companies of Tehran Stock Exchange based on identified indices in 2012," International Journal of Productivity and Quality Management, Inderscience Enterprises Ltd, vol. 18(1), pages 19-33.
    • Handle: RePEc:ids:ijpqma:v:18:y:2016:i:1:p:19-33
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    Cited by:

    1. Héctor Darío Balseiro Barrios & Jorge Armando Luna Amador & Francisco Javier Maza Ávila, 2021. "Análisis de eficiencia financiera de las empresas cotizantes en el mercado accionario colombiano para el periodo 2012- 2017," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 13(1), pages 19-41, March.

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