سينا ستاري

In the complex an‎d dynamic world of the capital market, selec‎ting appropriate stocks has always been one of the main challenges for investors. Especially in critical industries such as oil refining, identifying an‎d ranking stocks using reliable indicators an‎d scientific decision-making approaches holds particular importance. The primary objective of this research is to rank the stocks of the refining industries using influential selec‎tion criteria based on a fuzzy approach. To achieve this goal, first, a set of effective indicators for selec‎ting refining stocks was identified an‎d screened using the fuzzy Delphi method. In this stage, criteria such as profitability, risk, liquidity, price-to-earnings ratio (P/E), market share, return on investment, an‎d debt-to-equity ratio were confirmed by experts. Next, the weights of each of these criteria were calculated using the Analytic Hierarchy Process (AHP). Finally, the stocks of refining companies were ranked by employing the fuzzy ARAS method. According to the results obtained, Ban‎dar Abbas Refining company (sheban‎dar) ranked first with the highest relative desirability value (0.1848), followed by Tehran Refining Company (Shatran)an‎d Isfahan oil Rfining company(Shepna) in second an‎d third places, respectively. Conversely, Lavan Refining Company (Shlard) had the lowest rank. The findings of this study can assist investors an‎d market analysts in making informed decisions an‎d selec‎ting optimal stocks in the oil refining industry. Moreover, the use of a combined fuzzy approach in this research enhances the accuracy of analyses an‎d reduces the effect of uncertainty in the decision-making process.

رتبه بندي سهام , صنايع پالايشي , روش دلفي فازي , تحليل سلسله مراتبي , روش آراس فازي , معيارهاي انتخاب سهام

Stock ranking , refining industries , fuzzy Delphi method , Analytic Hierarchy Process (AHP , ), fuzzy ARAS method , stock selec‎tion criteria

sina sattari

Dr.Seyyed Jafar Sadjadi