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On the Evaluation of Greek Industrial SMEs' Performance via Multicriteria Analysis of Financial Ratios

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  • Voulgaris, Fotini
  • Doumpos, Michael
  • Zopounidis, Constantin

Abstract

The objective of this article is to propose a methodological framework for developing evaluation models for estimating SMEs' performance, based on financial ratio analysis. The proposed framework involves the application of a multiple criteria decision aid method, namely the UTADIS method (UTilites Additives DIScriminantes), to develop a decision model that classifies the SMEs into predefined homogeneous classes according to their performance. The applicability and the efficiency of this approach are examined using financial data on Greek industrial SMEs for the period 1988-96. A comparison with well-known multivariate and econometric Techniques (i.e., discriminant, logit, probit analysis) is also undertaken for comparative purposes. Copyright 2000 by Kluwer Academic Publishers

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  • Voulgaris, Fotini & Doumpos, Michael & Zopounidis, Constantin, 2000. "On the Evaluation of Greek Industrial SMEs' Performance via Multicriteria Analysis of Financial Ratios," Small Business Economics, Springer, vol. 15(2), pages 127-136, September.
    • Handle: RePEc:kap:sbusec:v:15:y:2000:i:2:p:127-36
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    Cited by:

    1. Vusal Babashov & Sarah Ben Amor & Gilles Reinhardt, 2020. "Framework for Drug Formulary Decision Using Multiple-Criteria Decision Analysis," Medical Decision Making, , vol. 40(4), pages 438-447, May.
    2. Zhou, Ying & Shen, Long & Ballester, Laura, 2023. "A two-stage credit scoring model based on random forest: Evidence from Chinese small firms," International Review of Financial Analysis, Elsevier, vol. 89(C).
    3. Silvia Angilella & Sebastiano Mazz`u, 2013. "The Financing of Innovative SMEs: a multicriteria credit rating model," Papers 1308.0889, arXiv.org, revised Jun 2014.
    4. Roger Chapman Burk & Richard M. Nehring, 2023. "An Empirical Comparison of Rank-Based Surrogate Weights in Additive Multiattribute Decision Analysis," Decision Analysis, INFORMS, vol. 20(1), pages 55-72, March.
    5. Corazza, Marco & Funari, Stefania & Gusso, Riccardo, 2016. "Creditworthiness evaluation of Italian SMEs at the beginning of the 2007–2008 crisis: An MCDA approach," The North American Journal of Economics and Finance, Elsevier, vol. 38(C), pages 1-26.
    6. Angilella, Silvia & Mazzù, Sebastiano, 2015. "The financing of innovative SMEs: A multicriteria credit rating model," European Journal of Operational Research, Elsevier, vol. 244(2), pages 540-554.
    7. Antonio Pelaez-Verdet & Pilar Loscertales-Sanchez, 2021. "Key Ratios for Long-Term Prediction of Hotel Financial Distress and Corporate Default: Survival Analysis for an Economic Stagnation," Sustainability, MDPI, vol. 13(3), pages 1-17, January.
    8. Marco Corazza & Giovanni Fasano & Stefania Funari & Riccardo Gusso, 2017. "PSO-based tuning of MURAME parameters for creditworthiness evaluation of Italian SMEs," Working Papers 04, Venice School of Management - Department of Management, Università Ca' Foscari Venezia.

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