Evaluation and ranking of factors affecting the profitability of pharmaceutical companies listed on the Tehran Stock Exchange using a hybrid model of fuzzy hierarchical analysis process

Subject Areas : Journal of Investment Knowledge

Ramin Pourabdolahian tehrani ¹ , Ghodratallah Talebnia ² , Jahanbakhsh asadnia ³

1 - Department of Accounting, Qeshm Branch, Islamic Azad University, Qeshm, Iran.
2 - Associate Professor, Department of Accounting, Science and Research Branch, Islamic Azad University, Tehran, Iran.
3 - Assistant Professor, Qeshm Branch, Islamic Azad University, Qeshm, Iran.

Received: 2021-01-10 Accepted : 2020-12-20 Published : 2021-06-22

Keywords: Pharmaceutical industry, Profitability, Fuzzy and Vicor hierarchical analysis process,

Abstract :

Profitability and liquidity is one of the important indicators in evaluating the financial performance of companies, which is the end result of all financial plans and decisions of the company. Also, considering the importance of industries such as the pharmaceutical industry that affect the economies of developing countries and the health of society, their financial performance is doubly important. Therefore, the purpose of this study is to evaluate and rank the factors affecting the profitability of pharmaceutical companies using a combined model of fuzzy and Victor hierarchical analysis process. To investigate the issue, based on multivariate regression, data of 18 pharmaceutical companies listed on the Tehran Stock Exchange during the years 1393 to 1398 were collected from Rahavard Novin software, financial statements and the official website of the Tehran Stock Exchange and to test research hypotheses using the analysis process method. Fuzzy hierarchies were weighted and then ranked using the combined model of fuzzy and hierarchical hierarchical analysis process with the help of Super Design version 2 macros. Findings showed that the ratio of profitability and growth of pharmaceutical companies, respectively; The highest importance and liquidity ratio criteria are the least important among pharmaceutical companies. Also, in order to evaluate the overall performance of the companies, the combined hierarchical fuzzy and Victor method was used, in which Alborzdaro, Zahravi and Daroo pharmaceutical companies were ranked first to third, respectively, while Kimidaro and Farabi was at the bottom of the rankings in terms of performance

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