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Financial Performance Evaluation of Shipping Companies Using Entropy and Grey Relation Analysis

In: Multi-Criteria Decision Making in Maritime Studies and Logistics

Author

Listed:
  • Paul Tae-Woo Lee

    (Zhejiang University)

  • Cheng-Wei Lin

    (Kainan University)

  • Sung-Ho Shin

    (The Hong Kong Polytechnic University)

Abstract

The international trade of Korea and Taiwan has been heavily dependent upon international sea transportation owing to geo-political aspects. Therefore, the two countries have promoted ocean-going shipping industry in order to support their export-oriented economies. Recent financial crisis in together with the economic slowdown has reduced seaborne trade cargoes, which resulted in remarkably deteriorated revenues of the container shipping sector. Major container shipping companies of both countries such as Evergreen, Yang Ming, Hyundai, and Hanjin under our study are no exception. This chapter aims to achieve two-fold aims. The first applies Entropy to find the relative weights of financial ratios of the four companies each year. In so doing, we can find the weights variance for the period of 1999–2009 based on the financial performance of the above companies. The second aim is to evaluate financial performance of the companies in the period by grey relation analysis. The findings in this chapter help shipping managers to mitigate impacts of the financial crisis on their companies.

Suggested Citation

  • Paul Tae-Woo Lee & Cheng-Wei Lin & Sung-Ho Shin, 2018. "Financial Performance Evaluation of Shipping Companies Using Entropy and Grey Relation Analysis," International Series in Operations Research & Management Science, in: Paul Tae-Woo Lee & Zaili Yang (ed.), Multi-Criteria Decision Making in Maritime Studies and Logistics, chapter 0, pages 219-247, Springer.
    • Handle: RePEc:spr:isochp:978-3-319-62338-2_9
    DOI: 10.1007/978-3-319-62338-2_9
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    Cited by:

    1. Menglin Xing & Fuzhou Luo, 2018. "Comparative Study on the Optimization Path of Industrial Value Chain in China’s Resource-Based Cities," Sustainability, MDPI, vol. 10(5), pages 1-20, April.
    2. Weng Hoe Lam & Weng Siew Lam & Kah Fai Liew & Pei Fun Lee, 2023. "Decision Analysis on the Financial Performance of Companies Using Integrated Entropy-Fuzzy TOPSIS Model," Mathematics, MDPI, vol. 11(2), pages 1-18, January.

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