Credit Rating of Accepted Companies Accepted Companies in Tehran Capital Market Using DEMATEL, ANP And COPRAS Approach

Subject Areas :

Seyed Fakhreddin Fakhrhosseini ¹ (Associate Professor, Department of Accounting, Management and Accounting faculty, Islamic Azad University Tonekabon Branch, Tonekabon, Iran)
Meysam Kaviani ² (Assistant Professor, Department of Finance, Management and Accounting faculty, Islamic Azad University Karaj Branch, Alborz, Iran)

Received: 2022-07-25 Accepted : 2022-11-08 Published : 2023-02-20

Keywords: Ranking, ANP, DEMATEL, COPRAS,

Abstract :

Choosing the right stocks for investment and forming a portfolio with the aim of obtaining higher returns is the most important issue for investors in the stock market. For this important matter, different methods using financial and fundamental variables of the company are used to determine shares with high potential as well as their ranking. In this research, with Dimtel, the most influential financial variables were determined based on the opinion of experts and then extracted from the financial statements. These ratios included current ratios, equity to assets, inventory turnover, return on capital and equity growth. Also, in this research, by using Analytical Network Process (ANP) techniques, it was determined that liquidity and profitability ratios were the most important, and among the five ratios determined based on the DEMATEL method, according to the results of the ANP technique, ratios Current and return on capital were extracted from the financial statements of 2018 and 2019, and companies were ranked for investment purposes using the COPRAS method.

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