اميرحسين زينلي

Investing in the stock market requires a thorough eva‎luation of companiesʹ performance based on financial an‎d non-financial criteria. This study aims to rank petrochemical companies listed on the Tehran Stock Exchange an‎d over-the-counter (OTC) markets using Multi-Criteria Decision-Making (MCDM) methods. To this end, 32 financial an‎d non-financial indicators were initially identified as the main performance eva‎luation criteria, which were then weighted using the SWARA (Step-wise Weight Assessment Ratio Analysis) method. The weighting results revealed that the price-to-earnings (P/E) ratio (weight: 0.33), having a development plan (0.21), an‎d net profit margin (0.14) were the most significant criteria in ranking the companies. After determining the weights, the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method was employed to rank 10 petrochemical companies. The findings indicated that Kermanshah Petrochemical Company achieved the highest rank with a relative closeness of 0.91, followed by Khorasan Petrochemical (0.89) an‎d Khark Petrochemical (0.82) in second an‎d third places, respectively. Conversely, Fanavaran Petrochemical (0.24) an‎d Zagros Petrochemical (0.57) ranked the lowest. A comparison with similar studies demonstrated that financial criteria still play a crucial role in performance eva‎luation, but combining them with non-financial indicators can provide a more comprehensive analysis. Additionally, it is recommended that investors an‎d economic policymakers utilize MCDM models alongside machine learning techniques to make optimal decisions in the capital market.

رتبه‌بندي شركت‌ها , تصميم‌گيري چندمعياره , روش تاپسيس , صنعت پتروشيمي , بورس اوراق بهادار تهران

Company Ranking , multi-criteria decision making , topsis method , Petrochemical industry , Tehran Stock Exchange

Zeinali

Dr. sadjadi