Ranking of Firms listed in Tehran Stock Exchange Using Multi Criteria Decision Making Methods (Case Study: Cement Industry Companies)

This study primarily aimed to evaluate the performance and ranking of companies listed in the Tehran Stock Exchange cement industry using the multi-criteria decision-making methods. The main problem in the analysis of financial ratios is that each of the financial criteria evaluates a particular aspect of the organization's financial performance; thus, financial ratios confuse managers and investors. As a result, solutions are needed to overcome these limitations. Multi-criteria decision-making methods are one of these solutions. In this study, we use the BWM method, which is one of the new multi-criteria decision-making methods. Because of the benefits such as less comparative data and more stable comparisons, the BWM method is used to weigh objectives. According to the characteristics of multi-criteria decision-making methods, in addition to the BWM method, TOPSIS, ELECTRE, and VIKOR methods were used to rank the fifteen companies in the cement industry group listed in Tehran Stock Exchange during a period of three years (from 2017 to 2019). Finally, the results of methods were combined by Borda and Capland.