Identifying effective factors for ranking investment companies of Iran Stock Exchange
Subject Areas : Journal of Capital Market Analysisseyed milad mokhtari 1 , Khosro Faghani Makranin 2 , Khosro Faghani Makrani 3
1 - Department of Accounting, Sari Branch, Islamic Azad University, Sari, Iran.
2 - Department of Accounting, Sari Branch, Islamic Azad University, Sari, Iran.
3 - Department of Accounting, Sari Branch, Islamic Azad University, Sari, Iran.
Keywords: ranking, stock exchange, fuzzy hierarchical analysis,
Abstract :
The present research examines the key factors that affect the rating of investment companies in the Iranian stock market. This research includes the analysis of financial and non-financial factors such as managerial characteristics, capital market financial variables, internal quality control, industry factors, competitive situation, management quality, credit and economic situation, financial and accrual ratios, cash financial ratios, and capital market ratios. By carefully analyzing these factors and identifying their impact on the rating of investment companies, important results have been obtained. This research shows that a detailed understanding of the factors affecting the rating of investment companies on the Iranian Stock Exchange helps investors and analysts to make smarter decisions about their investments and benefit from high-quality information for these decisions. These results can help to improve decisions, reduce risk, increase efficiency, increase market transparency, and develop the capital market and improve the performance of investments. For this purpose, multi-criteria decision-making methods and fuzzy hierarchical analysis process (FAHP) have been used. Then, by using the factors affecting the performance of investment companies in the capital market of Iran, it was evaluated and the final ranking was done. The results have shown that management characteristics with an importance of 0.332 are in the highest importance and capital market ratios are in the lowest priority with an importance of 0.002.
سادات نصیری، سپیده و سلیمانی امیری، غلامرضا. (1399). ارزیابی عملکرد شرکت¬های سرمایه¬گذاری در ایران. پژوهش¬های حسابداری مالی و حسابرسی، سال دوازدهم، شماره 45، 135-160.
توحید فیروزان سرنقی، محمدرضا منجذب، لیلا خسروی، (۱۴۰۰). بررسی عملکرد شرکت های بورسی متعلق به سیستم بانکی در ایران: رویکرد توسعه ای، نشبریه پژوهش های برنامه و توسعه، ۲(۲)، ۷-۳۶.
احمد نبی زاده، مازیار بهرامی، (۱۴۰۰). بررسی عملکرد مدل هیبریدی در ارزیابی ریسک نکول شرکتهای پذیرفته شده در بورس اوراق بهادار تهران، مجله راهبرد مدیریت مالی، ۹(۱)، ۱۵۵-۱۷۶.
سید محمدحسن هاشمی، ایمان داداشی، حمیدرضا غلام نیا روشن، محمود یحیی زاده فرد، (۱۴۰۰). کاربرد روش های یادگیری ماشین جهت پیش بینی ارزش شرکت های پذیرفته شده در بورس اوراق بهادار تهران، فصلنامه پژوهش های تجربی حسابداری، ۱۱(۲)، ۷۱-۹۸.
شیرمحمد یعقوبیان، بابک جمشیدی نوید، مهرداد قنبری، آرش نادمی، (۱۴۰۰). ارائه مدل اقتضایی ارزیابی عملکرد شرکت ها با تاکید بر نقش ابزارهای نوین حسابداری مدیریت، فصلنامه دانش حسابداری و حسابرسی مدیریت، ۱۰(۳۷)، ۱۱۳-۱۲۷.
سپیده سادات نصیری، غلامرضا سلیمانی امیری، (۱۳۹۹). ارزیابی عملکرد مالی شرکت های سرمایه گذاری در ایران، نشریه پژوهش های حسابداری مالی و حسابرسی، ۱۲(۴۵)، ۱۳۵-۱۶۰.
نساء حشمت، رسول برادران حسن زاده، علی اصغر متقی، (۱۴۰۰). تدوین الگوی جامع ارزیابی مالی، راهبری و مسئولیت پذیری اجتماعی براساس رویکردهای شش گانه و دیدگاه نوین ارزیابی عملکرد، فصلنامه پژوهش های تجربی حسابداری، ۱۱(۲)، ۱-۲۶.
Babbar, Sonal, and Sanjay Sehgal, (2018), “Mutual Fund Characteristics and Investment Performance in India”, online: https://journals.sagepub.com
Chen Y, Chiu Y, and Li M, (2011), “Mutual Fund Performance Evaluation–application of System BCC Model”, South Afr. J. Econ., 79(1), PP. 1-16
Jin, Liang & RichardTaffler& ArmanEshraghi& Onur KemalTosun. (2020). Fund manager conviction and investment performance. International Review of Financial Analysis,Volume 71, October 2020, 101550.
Kwon, Sungjoung& MichelleLowry& QianYiming. (2020). Mutual fund investments in private firms. Journal of Financial Economics,Volume 136, Issue 2, May 2020, Pages 407-443
Mamoghli, Chokri and Sami Daboussi, (2009), “Performance Measurement of Hedge Funds Portfolios in a Downside Risk Framework”, online: http://ssrn.com/abstract=1274821 Mamta, and Satish Chandra Ojha, (2017), “Performance Evaluation of Mutual Funds: A Study of Selected Equity Diversified Mutual Funds in India”, International Journal of Research in Business Management, Vol. 5, Issue 11.
Qamruzzaman, Md., (2014), “Comparative Study on Performance Evaluation of Mutual Fund Schemes in Bangladesh: An Analysis of Monthly Returns”, Journal of Business Studies Quarterly, Vol. 5, No. 4. Radu, Marginean, Corina Mihaltan, and Anamaria Ţepes Bobescu, (2013), “Performance Analysis in the Construction Industry by the DuPont Model-Case Study”, Advances in Economics, Law and Political Sciences, PP. 24-31.
Redman L, Arnold, N.S. Gullet, and Herman Manakyan, (2000), "The Performance of Global and International Mutual Fund", Journal of Finance, Vol. 13, No. 1, PP. 75-85.
Rom, Brian M., (2002), “Using Downside Risk to Improve Performance Measurement”, Investment Technologies, online: www.investtech.com.
Sharpe, William, (1966), "Mutual Fund Performance", Journal of Business, No. 1, Part. 2, PP. 119-138.
Shukla، R. and C. Trzinka, (1992), “Performance Measurement of Managed Portfolios”, Financial Market Institutions and Instrument, Vol. 4.
Wang, Yang& John K.Ashton AzizJaafar. (2019).Does mutual fund investment influence accounting fraud?.Emerging Markets Review Volume 38, March 2019, Pages 142-158 Zohdi, M., Marjani, A., Montazeri Najafabadi, A., Alvani, J., Dalvand, M.R., (2012), “Data Envelopment Analysis (DEA) based Performance Evaluation System for Investment Companies: Case Study of Tehran Stock Exchange”, African Journal of Business Management, Vol. 6(16), PP. 5573-5577.
Zvi Bodie, Kane, A., and Marcus, A., (2009), “Investments”, 8th Edition, the McGraw-Hill Companies, USA.
