IDEAS home Printed from https://ideas.repec.org/a/taf/marpmg/v41y2014i3p241-250.html
   My bibliography  Save this article

Comparison analysis for subjective and objective weights of financial positions of container shipping companies

Author

Listed:
  • Paul Tae-Woo Lee
  • Cheng-Wei Lin
  • Yi-Shih Chung

Abstract

This paper explores the positions of financial ratios identified utilizing both subjective and objective weighting methods-the consistent fuzzy preference relation (CFPR) and entropy-based on questionnaires collected from experts and the financial statements of major shipping companies in Taiwan and Korea. The comparison of perceptions of financial ratios by country and by expert group illuminates some financial aspects that experts may have ignored or not paid close attention to during the business operating process, especially in today's turbulent world shipping market. The major results of this paper show that experts in the two countries have different perceptions of the debt-to-equity ratio and that by combining the results of objective and subjective weights, categorization of financial ratios by quadrant can help decision-makers find business options and strategies to improve the financial performance of their companies. This research approach may be applied to other business entities, improving on the direct rating method used in previous studies.

Suggested Citation

  • Paul Tae-Woo Lee & Cheng-Wei Lin & Yi-Shih Chung, 2014. "Comparison analysis for subjective and objective weights of financial positions of container shipping companies," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(3), pages 241-250, May.
    • Handle: RePEc:taf:marpmg:v:41:y:2014:i:3:p:241-250
    DOI: 10.1080/03088839.2013.839511
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/03088839.2013.839511
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/03088839.2013.839511?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Guzhva, Vitaly S & Pagiavlas, Notis, 2003. "Corporate capital structure in turbulent times: a case study of the US airline industry," Journal of Air Transport Management, Elsevier, vol. 9(6), pages 371-379.
    2. Wang, Tien-Chin & Chang, Tsung-Han, 2007. "Application of consistent fuzzy preference relations in predicting the success of knowledge management implementation," European Journal of Operational Research, Elsevier, vol. 182(3), pages 1313-1329, November.
    3. Tae-Woo Lee, 1999. "Restructuring of the economy and its impacts on the Korean maritime industry," Maritime Policy & Management, Taylor & Francis Journals, vol. 26(4), pages 311-325, October.
    4. Herrera-Viedma, E. & Herrera, F. & Chiclana, F. & Luque, M., 2004. "Some issues on consistency of fuzzy preference relations," European Journal of Operational Research, Elsevier, vol. 154(1), pages 98-109, April.
    5. Paul Tae-Woo Lee & Cheng-Wei Lin, 2013. "The cognition map of financial ratios of shipping companies using DEMATEL and MMDE," Maritime Policy & Management, Taylor & Francis Journals, vol. 40(2), pages 133-145, March.
    6. Chuang, I-Yuan & Chiu, Yen-Chen & Edward Wang, C., 2008. "The performance of Asian airlines in the recent financial turmoil based on VaR and modified Sharpe ratio," Journal of Air Transport Management, Elsevier, vol. 14(5), pages 257-262.
    7. Wang, Tien-Chin & Chen, Yueh-Hsiang, 2007. "Applying consistent fuzzy preference relations to partnership selection," Omega, Elsevier, vol. 35(4), pages 384-388, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ying Wang & Chien-Chang Chou, 2020. "Prioritizing China’s public policy options in developing logistics infrastructure under the Belt and Road Initiative," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 22(2), pages 293-307, June.
    2. Kotcharin, Suntichai & Maneenop, Sakkakom, 2020. "Geopolitical risk and corporate cash holdings in the shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 136(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tsuen-Ho Hsu & Li-Chu Hung & Jia-Wei Tang, 2012. "An analytical model for building brand equity in hospitality firms," Annals of Operations Research, Springer, vol. 195(1), pages 355-378, May.
    2. Tien-Chin Wang & Chia-Nan Wang & Xuan Huynh Nguyen, 2016. "Evaluating the Influence of Criteria to Attract Foreign Direct Investment (FDI) to Develop Supporting Industries in Vietnam by Utilizing Fuzzy Preference Relations," Sustainability, MDPI, vol. 8(5), pages 1-14, May.
    3. Tien-Chin Wang & Hsiu-Chin Hsieh & Xuan-Huynh Nguyen & Chin-Ying Huang & Jen-Yao Lee, 2022. "Evaluating the Influence of Criteria Revitalization Strategy Implementation for the Hospitality Industry in the Post-Pandemic Era," World, MDPI, vol. 3(2), pages 1-18, April.
    4. Tien-Chin Wang & Ying-Ling Lin, 2009. "Using a Multi-Criteria Group Decision Making Approach to Select Merged Strategies for Commercial Banks," Group Decision and Negotiation, Springer, vol. 18(6), pages 519-536, November.
    5. Liu, Fang & Zhang, Wei-Guo & Zhang, Li-Hua, 2014. "Consistency analysis of triangular fuzzy reciprocal preference relations," European Journal of Operational Research, Elsevier, vol. 235(3), pages 718-726.
    6. Hsiu-Chin Hsieh & Xuan-Huynh Nguyen & Tien-Chin Wang & Jen-Yao Lee, 2020. "Prediction of Knowledge Management for Success of Franchise Hospitality in a Post-Pandemic Economy," Sustainability, MDPI, vol. 12(20), pages 1-27, October.
    7. Alessandro Marra & Vittorio Carlei & Cristiano Baldassari, 2020. "Exploring networks of proximity for partner selection, firms' collaboration and knowledge exchange. The case of clean‐tech industry," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 1034-1044, March.
    8. Jia‐Wei Tang & Chih‐Jou Chen & Pei‐Hsuan Tsai, 2022. "Development of hybrid fuzzy multi‐criteria decision approach to evaluate key factors for marketing strategic alliance formation based on multiple theories," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(1), pages 241-261, January.
    9. Xiangyi Lin & Hongyun Luo & Yinghuan Lian & Yifei Jiang, 2023. "Evaluation of the Social Effects of Enterprise Carbon Accounts Based on Variable Weight CFPR Fuzzy VIKOR," IJERPH, MDPI, vol. 20(4), pages 1-15, February.
    10. Jia-Wei Tang & Tsuen-Ho Hsu, 2018. "Utilizing the Hierarchy Structural Fuzzy Analytical Network Process Model to Evaluate Critical Elements of Marketing Strategic Alliance Development in Mobile Telecommunication Industry," Group Decision and Negotiation, Springer, vol. 27(2), pages 251-284, April.
    11. Bice Cavallo, 2019. "Coherent weights for pairwise comparison matrices and a mixed-integer linear programming problem," Journal of Global Optimization, Springer, vol. 75(1), pages 143-161, September.
    12. Mahmut BAKIR & Şahap AKAN & Kasım KIRACI & Darjan KARABASEVIC & Dragisa STANUJKIC & Gabrijela POPOVIC, 2020. "Multiple-Criteria Approach of the Operational Performance Evaluation in the Airline Industry: Evidence from the Emerging Markets," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 149-172, July.
    13. Hossein Yousefi & Saheb Ghanbari Motlagh & Mohammad Montazeri, 2022. "Multi-Criteria Decision-Making System for Wind Farm Site-Selection Using Geographic Information System (GIS): Case Study of Semnan Province, Iran," Sustainability, MDPI, vol. 14(13), pages 1-27, June.
    14. Kasım Kiracı & Nurhan Aydin, 2018. "Factors that Determine the Capital Structure: An Empirical Study on Low-cost Airlines," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 65(3), pages 227-246, September.
    15. Wanke, Peter Fernandes & Chiappetta Jabbour, Charbel José & Moreira Antunes, Jorge Junio & Lopes de Sousa Jabbour, Ana Beatriz & Roubaud, David & Sobreiro, Vinicius Amorim & Santibanez Gonzalez‬, Erne, 2021. "An original information entropy-based quantitative evaluation model for low-carbon operations in an emerging market," International Journal of Production Economics, Elsevier, vol. 234(C).
    16. Llamazares, Bonifacio & Pérez-Asurmendi, Patrizia, 2013. "Triple-acyclicity in majorities based on difference in support," MPRA Paper 52218, University Library of Munich, Germany.
    17. Zhou-Jing Wang & Yuhong Wang & Kevin W. Li, 2016. "An Acceptable Consistency-Based Framework for Group Decision Making with Intuitionistic Preference Relations," Group Decision and Negotiation, Springer, vol. 25(1), pages 181-202, January.
    18. Fu, Chao & Yang, Shanlin, 2012. "An evidential reasoning based consensus model for multiple attribute group decision analysis problems with interval-valued group consensus requirements," European Journal of Operational Research, Elsevier, vol. 223(1), pages 167-176.
    19. Olga Porro & Francesc Pardo-Bosch & Núria Agell & Mónica Sánchez, 2020. "Understanding Location Decisions of Energy Multinational Enterprises within the European Smart Cities’ Context: An Integrated AHP and Extended Fuzzy Linguistic TOPSIS Method," Energies, MDPI, vol. 13(10), pages 1-29, May.
    20. Wang, Ying-Ming & Parkan, Celik, 2008. "Optimal aggregation of fuzzy preference relations with an application to broadband internet service selection," European Journal of Operational Research, Elsevier, vol. 187(3), pages 1476-1486, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:marpmg:v:41:y:2014:i:3:p:241-250. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/TMPM20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.