Title: A multi-criteria-based ranking of Greek construction companies listed in Athens Stock Exchange using investment ratios

Authors: Pantelis Vogiatzis; Georgios N. Aretoulis; Jason Papathanasiou

Addresses: School of Civil Engineering, Faculty of Engineering, Aristotle University of Thessaloniki, Aristotle University of Thessaloniki Campus, Thessaloniki, Greece ' Department of Construction Equipment and Management, School of Civil Engineering, Faculty of Engineering, Aristotle University of Thessaloniki, Aristotle University of Thessaloniki Campus, Thessaloniki, Greece ' Department of Business Administration, University of Macedonia, Egnatias 156, 54636, Thessaloniki, Greece

Abstract: The construction sector has always been one of the main developmental branches of the Greek economy. Building activities and infrastructure projects were the backbone of the construction sector, while other activities from the mining, manufacturing, commerce and services sectors were integrated into the wider supply chain of construction. The aim of the present study is to firstly evaluate the performance and then rank the greatest construction companies, listed in the Athens Stock Exchange, using investment ratios. The research focuses on the period 2004-2014. Four companies are selected that are listed in Athens Stock Exchange and have a construction certificate of the 7th degree for public projects. The applied multi-criteria methodology was PROMETHEE. The latter was implemented using the Visual Promethee software, in order to rank the selected companies. It is concluded that during the period 2004-2008, leading companies are those which their consolidated financial statements outweigh their corporate financial statements, whereas after 2008 when the financial crisis commenced, leading companies are regarded those which their consolidated financial statements are approximate to their corporate financial statements.

Keywords: evaluation of construction companies; investment attractiveness of construction companies; investment ratios; valuation ratios; Visual Promethee software.

DOI: 10.1504/IJDSS.2018.094262

International Journal of Decision Support Systems, 2018 Vol.3 No.1/2, pp.71 - 90

Received: 07 Nov 2017
Accepted: 20 Mar 2018
Published online: 24 Aug 2018 *

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