A FAHP AND VIKOR METHOD FOR EVALUATION OF THE FINANCIAL PERFORMANCE OF AGRICULTURE COMPANIES LISTED ON THE BELGRADE STOCK EXCHANGE

Authors

DOI:

https://doi.org/10.59267/ekoPolj2301185K

Keywords:

financial performance, FAHP method, VIKOR method, agriculture, forestry, and fisheries, Belgrade Stock Exchange

Abstract

Decision-making can be improved by using different models by financial statements users for different purposes. In this paper, the FAHP model was implemented for financial performance evaluation of companies operating within the A-agriculture, forestry and fisheries sectors on the Belgrade Stock Exchange. In addition, we used the VIKOR method, for ranking companies against the results achieved. With all the constrains shown, the research presented in this paper, raises questions for insight and future development, through the possibilities of ranking the financial performance of the company.

Downloads

Download data is not yet available.

Author Biographies

Milorad Kovjanić, Ph.D student, Singidunum University, Belgrade, Serbia

 

 

Predrag Vukadinović, Singidunum University, Belgrade, Serbia

 

 

Snežana Knežević, University of Belgrade, Faculty of Organizational Sciences, Belgrade, Serbia

 

 

Tijana Obradović, University of Belgrade, Faculty of Organizational Sciences, Belgrade, Serbia

 

 

Aleksandra Mitrović, University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja, Vrnjačka Banja, Serbia

 

 

Aleksandar Grgur, National Center for Corporate Education, Belgrade, Serbia

 

 

Marko Milašinović, University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja, Vrnjačka Banja, Serbia

 

 

References

Aktan, E., Samut, P. K. (2013). Agricultural performance evaluation by integrating fuzzy AHP and VIKOR methods, International Journal of Applied Decision Sciences, 6(4), 324-344, https://doi.org/10.1504/IJADS.2013.056865

Ali, E. B., Agyekum, E. B., & Adadi, P. (2021). Agriculture for sustainable development: A SWOT-AHP assessment of Ghana’s planting for food and jobs initiative. Sustainability, 13(2), 628. https://doi.org/10.3390/su13020628

Alphonce, C. B. (1997). Application of the analytic hierarchy process in agriculture in developing countries, Agricultural Systems. 53, 1, 97-112

Bogdanović, S., & Hadžić, M. (2019). Strategic multicriteria decision-making process in agriculture. Economic of Agriculture, 66(1), 89-106. https://doi.org/10.5937/ekoPolj1901089B

Brožová, H. (2004). The analytic hierarchy process for the decision tree with multiple criteria. Agricultural Economics, 50(2), 77-82. http://dx.doi.org/10.17221/5170-AGRICECON

Chang, D. Y. (1996). Applications of the extent analysis method on fuzzy AHP. European journal of operational research, 95(3), 649-655.

Choi, Eun-Hyeok, Bae, Sang Soo, & Jee, Hong Kee. (2013). Prioritization for Water Storage Increase of Agricultural Reservoir using FAHP Method. Journal of Korea Water Resources Association, 46 (2), 171–182, https://doi.org/10.3741/JKWRA.2013.46.2.171

Demirel, N. Ç., Yücenur, G. N., Demirel, T., & Muşdal, H. (2012). Risk-Based Evaluation of Turkish Agricultural Strategies using Fuzzy AHP and Fuzzy ANP. Human and Ecological Risk Assessment: An International Journal, 18(3), 685– 702. doi:10.1080/10807039.2012.672902

Din, G. Y., & Yunusova, A. B. (2016). Using AHP for evaluation of criteria for agroindustrial projects. International Journal of Horticulture and Agriculture, 1(1), 6. http://dx.doi.org/10.15226/2572-3154/1/1/00104

Farrokh, M., Heydari, H., & Janani, H. (2016). Two comparative MCDM approaches for evaluating the financial performance of Iranian basic metals companies. Iranian Journal of Management Studies, 9, 359–382.

Filgueira-Vizoso, A., Cordal-Iglesias, D., Puime-Guillén, F., Lamas-Galdo, I., Martínez-Rubio, A., Larrinaga-Calderón, I., & Castro-Santos, L. (2023). Sensitivity study of the economics of a floating offshore wind farm. The case study of the SATH® concrete platform in the Atlantic waters of Europe. Energy Reports, 9, 2604-2617.

Knežević, S. P., Mandić, K., Mitrović, A., Dmitrović, V., & Delibašić, B. (2017). An FAHP-TOPSIS framework for analysis of the employee productivity in the Serbian electrical power companies. Management: Journal of Sustainable Business and Management Solutions in Emerging Economies, 22(2), 47-60.

Knežević, S., Mitrović, A., Vujić, M. & Grgur, A. (2019). Analiza finansijskih izveštaja. Samostalno izdanje autora, Beograd. [in English: Knežević, S., Mitrović, A., Vujić, M. & Grgur, A. (2019). Financial statement analysis. Self-published by the author, Belgrade]

Kong, F., & Liu, H. (2005). Applying fuzzy analytic hierarchy process to evaluate success factors of e-commerce. International Journal of Information and Systems Sciences, 1(3-4), 406-412.

Lin, C. N. (2020). A fuzzy analytic hierarchy process-based analysis of the dynamic sustainable management index in leisure agriculture. Sustainability, 12(13), 5395. https://doi.org/10.3390/su12135395

Lu, H., Cheng, Y., Gao, H., Zhou, C., & Wang, Q. (2014). Evaluation of Growth of Agricultural Listed Companies Based on AHP Weighting Method. Asian Agricultural Research, 6(12), 23-25.

Mandić, K., Delibašić, B., Knežević, S., & Benković, S. (2014). Analysis of the financial parameters of Serbian banks through the application of the fuzzy AHP and TOPSIS methods. Economic Modelling, 43, 30-37. https://doi.org/10.1016/j.econmod.2014.07.036

Meixner, O. (2009). Fuzzy AHP group decision analysis and its application for the evaluation of energy sources. In Proceedings of the 10th International Symposium on the Analytic Hierarchy/Network Process (pp. 2-16), Pittsburgh, PA, USA

Milojević, S., Adamović, M., Grgur, A. (2021). Evaluation of the Financial Performance of Serbian Dairy Companies Using the Integrated AHP and VIKOR Methodology for Sustainable Competition. International Academic Journal, 2(2), 50-67.

Mitrović, A., Knežević, S., & Milašinović, M. (2021). Profitability analysis of hotel companies in the Republic of Serbia. Hotel and Tourism Management, 9(1), 121-134. https://doi.org/10.5937/menhottur2101121M

Mitrović, A., Knežević, S., & Veličković, M. (2015). Ratio analysis specifics of the family dairies financial statements. Economics of Agriculture, 62(4), 1061-1078. https://doi.org/10.5937/ekoPolj1504061M

Muñoz-Medina, B., Ordóñez, J., Romana, M., & Lara-Galera, A. (2021). Typology Selection of Retaining Walls Based on Multicriteria Decision-Making Methods. Appl. Sci., 11(4), 1457. https://doi.org/10.3390/app11041457

Nkurunziza, L., Watson, C. A., Öborn, I., Smith, H. G., Bergkvist, G., Bengtsson, J. (2020). Socio-ecological factors determine crop performance in agricultural systems, Scientific Reports, 10, 4232. https://doi.org/10.1038/s41598-020-60927-1

Opricović, S. (1986). Multicriteria Optimization. Naučna Knjiga, Belgrade.

Petrini, M. A., Rocha, J. V., Brown, J. C., & Bispo, R. C. (2016). Using an analytic hierarchy process approach to prioritize public policies addressing family farming in Brazil. Land Use Policy, 51, 85-94. https://doi.org/10.1016/j.landusepol.2015.10.029

Rajković, J., Poštin, J., Konjikušić, M., Jagodić-Rusić, A., & Nikolić, M. (2020). Multi-criteria ranking of available forms of promotional activities: A case analysis. Anali Ekonomskog Fakulteta u Subotici, 56(43), 153–169. https://doi.org/10.5937/AnEkSub2001153R

Sicat, R. S., Carranza, E. J. M., Nidumolu, U. B. (2005). Fuzzy modeling of farmers’ knowledge for land suitability classification. Agricultural Systems, 83, 49–75.

Srebro, B., Mavrenski, B., Bogojević Arsić, V., Knežević, S., Milašinović, M., & Travica, J. (2021). Bankruptcy Risk Prediction in Ensuring the Sustainable Operation of Agriculture Companies. Sustainability, 13(14): 7712. https://doi.org/10.3390/su13147712.

Sun, C.-C. (2010). A performance evaluation model by integrating fuzzy AHP and fuzzy TOPSIS methods. Expert Systems with Applications, 37(12), 7745– 7754. doi:10.1016/j.eswa.2010.04.066

Tashayo, B., Honarbakhsh, A., Azma, A., Akbari, M., (2020). Combined Fuzzy AHP–GIS for Agricultural Land Suitability Modeling for a Watershed in Southern Iran. Environmental Management, 66, 364–376, https://doi.org/10.1007/s00267-020-01310-8

Toloi, R. C., Reis, J. G. M. D., Toloi, M. N. V., Vendrametto, O., & Cabral, J. A. S. P. (2022). Applying analytic hierarchy process (AHP) to identify decision-making in soybean supply chains: a case of Mato Grosso production. Revista de Economia e Sociologia Rural, 60(2), https://doi.org/10.1590/1806-9479.2021.229595

Van Laarhoven, V., & Pedrycz, W. (1983). A fuzzy extention of saaty′ s priority theory.fuzzy sets and systems. Fuzzy Sets and Systems, 11(1-3), 229-241. https://doi.org/10.1016/S0165-0114(83)80082-7

Veisi, H., Deihimfard, R., Shahmohammadi, A., & Hydarzadeh, Y. (2022). Application of the analytic hierarchy process (AHP) in a multi-criteria selection of agricultural irrigation systems. Agricultural Water Management, 267, 107619. https://doi.org/10.1016/j.agwat.2022.107619

Wang, Y. J. (2008). Applying FMCDM to evaluate financial performance of domestic airlines in Taiwan. Expert Systems with Applications, 34(3), 1837-1845. https://doi.org/10.1016/j.eswa.2007.02.029

Yang, Y., Yuan, G., Zhuang, Q., & Tian, G. (2019). Multi-objective low-carbon disassembly line balancing for agricultural machinery using MDFOA and Fuzzy AHP. Journal of Cleaner Production. doi: 10.1016/j.jclepro.2019.06.035

Zhu, K. J., Jing, Y., & Chang, D. Y. (1999). A discussion on extent analysis method and applications of fuzzy AHP. European journal of operational research, 116(2), 450-456. https://doi.org/10.1016/S0377-2217(98)00331-2

Downloads

Published

2023-03-31

How to Cite

Kovjanić, M. ., Vukadinović, P. ., Knežević, S. ., Obradović, T. ., Mitrović, A. ., Grgur, A. ., & Milašinović, M. . (2023). A FAHP AND VIKOR METHOD FOR EVALUATION OF THE FINANCIAL PERFORMANCE OF AGRICULTURE COMPANIES LISTED ON THE BELGRADE STOCK EXCHANGE . Ekonomika Poljoprivrede, 70(1), 185–199. https://doi.org/10.59267/ekoPolj2301185K

Issue

Section

Original scientific papers

Most read articles by the same author(s)