EVALUATION OF FINANCIOL EFFICIENCIES OF CEMENT COMPANIES ACCEPTED IN TEHRAN STOCK EXCHANGE BY MULTI-CRITERION DECISION METHODS

Industrial complexes are evaluated by different criteria. Some of these criteria are financial ones, which financial ratios are the most common among them. Usually, performance of an organization in a period is reflected by information of financial statements such as balance sheet and profit & loss statement in the frame of different financial ratios. On the other hand, investors and beneficiaries require being aware of different performance dimensions of companies, specially their financial dimensions. Th is research evaluates financial efficiencies of cement companies accepted in Tehran Stock Exchange by multi-index decision methods such as SAW, Vikor, and Electer from 2007 to 2011. The assumptions were tested by Will Cockson and Friedman Test. The results show that there is not a significant difference between SAW, Vikor, and Electer methods for evaluation of financial efficiencies of cement companies. Also, efficient and inefficient companies were separately ranked by SAW, Vikor, and Electer methods for 2007 to 2011. Finally, the most efficient companies were indicated by Average Method in each year for 5 years. This indicated that Electer method had the highest rank average and SAW method had the lowest rank average for 5 years. Also, Behbahan Cement Co. was the most efficient and Bojnurd Cement Co. was the most inefficient companies by financial efficiency among the cement companies accepted in Tehran Stock Exchange.