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Comparison analysis for subjective and objective weights of financial positions of container shipping companies

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  • Paul Tae-Woo Lee
  • Cheng-Wei Lin
  • Yi-Shih Chung

Abstract

This paper explores the positions of financial ratios identified utilizing both subjective and objective weighting methods-the consistent fuzzy preference relation (CFPR) and entropy-based on questionnaires collected from experts and the financial statements of major shipping companies in Taiwan and Korea. The comparison of perceptions of financial ratios by country and by expert group illuminates some financial aspects that experts may have ignored or not paid close attention to during the business operating process, especially in today's turbulent world shipping market. The major results of this paper show that experts in the two countries have different perceptions of the debt-to-equity ratio and that by combining the results of objective and subjective weights, categorization of financial ratios by quadrant can help decision-makers find business options and strategies to improve the financial performance of their companies. This research approach may be applied to other business entities, improving on the direct rating method used in previous studies.

Suggested Citation

  • Paul Tae-Woo Lee & Cheng-Wei Lin & Yi-Shih Chung, 2014. "Comparison analysis for subjective and objective weights of financial positions of container shipping companies," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(3), pages 241-250, May.
    • Handle: RePEc:taf:marpmg:v:41:y:2014:i:3:p:241-250
    DOI: 10.1080/03088839.2013.839511
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    References listed on IDEAS

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    3. Tae-Woo Lee, 1999. "Restructuring of the economy and its impacts on the Korean maritime industry," Maritime Policy & Management, Taylor & Francis Journals, vol. 26(4), pages 311-325, October.
    4. Herrera-Viedma, E. & Herrera, F. & Chiclana, F. & Luque, M., 2004. "Some issues on consistency of fuzzy preference relations," European Journal of Operational Research, Elsevier, vol. 154(1), pages 98-109, April.
    5. Paul Tae-Woo Lee & Cheng-Wei Lin, 2013. "The cognition map of financial ratios of shipping companies using DEMATEL and MMDE," Maritime Policy & Management, Taylor & Francis Journals, vol. 40(2), pages 133-145, March.
    6. Chuang, I-Yuan & Chiu, Yen-Chen & Edward Wang, C., 2008. "The performance of Asian airlines in the recent financial turmoil based on VaR and modified Sharpe ratio," Journal of Air Transport Management, Elsevier, vol. 14(5), pages 257-262.
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    Cited by:

    1. Kotcharin, Suntichai & Maneenop, Sakkakom, 2020. "Geopolitical risk and corporate cash holdings in the shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 136(C).
    2. Ying Wang & Chien-Chang Chou, 2020. "Prioritizing China’s public policy options in developing logistics infrastructure under the Belt and Road Initiative," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 22(2), pages 293-307, June.
    3. Song, Zhao-Yu & Lin, Cheng-Wei & Feng, Xuehao & Lee, Paul Tae-Woo, 2024. "An empirical study of the performance of the sixth generation ports model with smart ports with reference to major container ports in mainland China," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 184(C).

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