Fuzzy Multi-Objective Two-Stage DEA Model for Evaluating the Performance of Companies Listed on Tehran Stock Exchange

The aim of this study is to provide a new two-stage DEA model with fuzzy multi-objective programming approach for evaluating the performance of companies listed in the Tehran Stock Exchange. In this study, a twostage DEA model, different from the traditional model, we introduce for performance analysis. In this regard, the stable operation of companies, into two sub-process, have divided, which includes the profitability (first phase) and the value creativity (the second phase), which can be used to identify the status of the company's operations and potential for future growth. Therefore, the profitability, including two entrances (the ratio of total debt, the ratio of total equity) and two outputs (ROA, ROE) and the value creativity (the second stage) includes two outputs (the ratio of book value to market value of B / M, the cost income ratio E / P) consider, that is, the outputs of the first stage are inputs for the second stage. The decision matrix proposed in this study, can clearly define the benchmark that can be emulated by inefficient companies and help managers to develop appropriate strategies needed to enhance their overall efficiency. The results show that due to general inefficiency, ineffectiveness was in one of the two sub-processes. The results show that the multi-phase two-stage DEA model is able to identify the causes of inefficiencies and provides a scale to compare performance.