Evaluating the Financial Performance and Ranking the Pharmaceutical Companies Listed on the Tehran Stock Exchange by Using Hybrid Approaches of Fuzzy Analytic Hierarchy Process and VIKOR

In today's competitive environment, the performance evaluation of industries in developing countries, especially such industries as pharmaceutical industry besides its economic aspects, has a direct effect on the environmental conditions and the health of people of the society is as twice important.
The present study is applied in terms of purpose, regarding data collection, it is a library–based research and depending on the quantitative techniques, and according to the research model, it is an analytical descriptive survey. The population of the research consist of the pharmaceutical companies listed on the Tehran Stock Exchange from 2011 to 2013. The statistical data of this research contain the financial ratios of the companies which are ranked through Weight Fuzzy Analytic Hierarchy Process, and then by using the hybrid approach of Fuzzy Analytic Hierarchy Process and VIKOR, and also, by the application of Super Decision Software Version 2.0 and Excel Software Version 2010.
The results of the research indicated that according to the financial performance in 2011, Doctor-abidi pharmaceutical company ranked as the first, Loghman pharmaceutical and hygienic company and Chemidarou, respectively, ranked as second and third companies. In 2012, Chemidarou ranked as first; Cosar and Loghman pharmaceutical companies, respectively, ranked as second and third. In 2013, Loghman ranked as first; Zagros Pharmed and Doctor-abidi pharmaceutical companies ranked as second and third respectively.
From the viewpoint of importance of the criteria, the criterion ratios of profitability with the coefficient of 0.358 is the most significant criterion, and the criterion ratios of liquidity with the coefficient of 0.142 is the least significant criterion. Moreover, in the total ranking of companies, Loghman, Doctor-abidi, and Exir pharmaceutical companies, respectively, ranked as first, second, and third, but, Parsdarou and Sinadarou pharmaceutical companies ranked as the lowest in the list regarding their performance.