Khaled Sheykhi; Rasoul Yari; Hassan Davoudi
Volume 13, Issue 50 , October 2013, , Pages 169-190
Abstract
The main purpose of this study is to empirically study the financial efficiency ratios to examine the insolvency of activities of listed companies on Tehran Stock Exchange. The sample of the study consists of accepted companies in Tehran Stock Exchange. To achieve our goal, a sample of 30 successful ...
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The main purpose of this study is to empirically study the financial efficiency ratios to examine the insolvency of activities of listed companies on Tehran Stock Exchange. The sample of the study consists of accepted companies in Tehran Stock Exchange. To achieve our goal, a sample of 30 successful companies and 30 unsuccessful companies is selected. The criteria for selecting successful companies was the simple Tobin indicator and for unsuccessful companies was article 141 of trade law. After collecting data, the financial ratios were examined using the statistical methods of multiple discriminating analysis and logit analysis for one and two years before the halt of operations of the companies. The results revealed that financial ratios of immediate assets to current liabilities, operating income to total assets excluding current debt, cash plus short-term investment to total assets, and average inventories to sales were factors contributing to the division of companies into successful and unsuccessful ones. The comparison test of the success ratio in the two samples shows that the logit method compared to multiple discriminating analyses predicted more accurately the halt of the operations for one year before the operation halt. However, there wasn’t significant difference between the two statistical methods for two years before the discontinuation of operations.
Loghman Hatami-Shirkouhi; Amir Nazari-Shirkouhi; Homa Samadi; Mehran Nemati
Volume 12, Issue 46 , October 2012, , Pages 65-84
Abstract
Stock exchange is an organized and major institution in the stock market. Evaluating the performance of companies in stock exchange and selecting type of trade entity are important subjects for finance mangers and investors; because by a comprehensive assessment, investment risk could be decreased to ...
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Stock exchange is an organized and major institution in the stock market. Evaluating the performance of companies in stock exchange and selecting type of trade entity are important subjects for finance mangers and investors; because by a comprehensive assessment, investment risk could be decreased to an acceptable level. This paper aims to evaluate and rank joint stock companies by data envelopment analysis in the uncertain environment. 50 companies listed by stock exchange organization under title “50 more active companies of Tehran stock exchange-first quarter of 2010” are studied by 10 effective measures on performance evaluation. Results show that fuzzy data envelopment analysis method is an appropriate approach for modeling of fluctuations and uncertainties in different fiscal years’ data and assessment of performance of companies in uncertain states of measures.
