A comparative study on financial positions of shipping companies in Taiwan and Korea using entropy and grey relation analysis

Expert Systems with Applications

Volumn 39, Issue 5, 2012, Pages 5649-5657

  Lee, Paul Tae Woo ^a   Lin, Cheng Wei ^a   Shin, Sung Ho ^b  

^a KAINAN UNIVERSITY   (Taiwan)

^b Korea Maritime Institute   (South Korea)

Author keywords

Container shipping; Entropy; Financial ratio analysis; Grey relation analysis

Indexed keywords

BUSINESS POLICIES; COMPARATIVE STUDIES; ECONOMIC SLOWDOWNS; FINANCIAL CRISIS; FINANCIAL PERFORMANCE; FINANCIAL POSITION; FINANCIAL RATIO ANALYSIS; FINANCIAL RATIOS; GREY RELATION ANALYSIS; HYUNDAI; RELATIVE WEIGHTS; SEABORNE TRADE; SHIPPING COMPANIES; SHIPPING INDUSTRY;

CONTAINERS; ECONOMICS; ENTROPY; INDUSTRY; INTERNATIONAL TRADE; PUBLIC POLICY;

FINANCE;

EID: 84855881101     PISSN: 09574174     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.eswa.2011.11.052     Document Type: Article

References (65)

1. B. Ashtiani, F. Haghighirad, A. Makui, and G. Ali Montazer Extension of fuzzy TOPSIS method based on interval-valued fuzzy sets Applied Soft Computing 9 2 2009 457 461
2. K.T. Atanassov Intuitionistic fuzzy sets Fuzzy Sets and Systems 20 1986 87 96
3. K. Atanassov, G. Pasi, and R.R. Yager Intuitionistic fuzzy interpretations of multi-criteria multi-person and multi-measurement tool decision making International Journal of Systems Science 36 14 2005 859 868
4. Benayoun, R.; Roy, B.; & Sussman, B. (1966). ELECTRE: Une méthode pour guider le choix en présence de points de vue multiples. SEMA Note 49.
5. A.S. Bergantino, and P. Marlow Factors influencing the choice of flag: Empirical evidence Maritime Policy and Management 25 2 1998 157 174
6. W.F. Bowlin Financial analysis of civil reserve air fleet participants using data envelopment analysis European Journal of Operational Research 154 3 2004 691 709
7. M. Brownrigg, and G. Dawe Developments in UK shipping: the tonnage tax Maritime Policy and Management 28 3 2001 213 223
8. H.M.P. Capobianco, and E. Fernandes Capital structure in the world airline industry Transportation Research Part A 38 2004 421 434
9. Celik, I. Metin, E. Deha, and A.F. Ozok Application of fuzzy extended AHP methodology on shipping registry selection: The case of Turkish maritime industry Expert Systems with Applications 36 1 2009 190 198
10. F.T.S. Chan, N. Kumar, M.K. Tiwari, H.C.W. Lau, and K.L. Choy Global supplier selection: A fuzzy-AHP approach International Journal of Production Research 46 14 2008 3825 3857
11. C.C. Chang, K. Lin, and J.Y. Bao Developing direct shipping across the Taiwan Straits Marine Policy 30 2006 392 399
12. C.T. Chen Extensions to the TOPSIS for group decision-making under fuzzy environment Fuzzy Sets and Systems 114 2000 1 9
13. C.H. Cheng A new approach for ranking fuzzy numbers by distance method Fuzzy Sets and Systems 95 3 1998 307 317
14. S.M. Chen, and J.M. Tan Handling multi criteria fuzzy decision-making problems based on vague set theory Fuzzy Sets and Systems 67 1994 163 172
15. R.H. Chiu The liberalization of shipping in Taiwan Marine Policy 31 2007 258 265
16. S.Y. Chou, and Y.H. Chang A decision support system for supplier selection based on a strategy-aligned fuzzy SMART approach Expert System with Applications 34 2008 2241 2253
17. I.Y. Chuang, Y.C. Chiu, and C.E. Wang The performance of Asian airlines in the recent financial turmoil based on VaR and modified Sharpe ratio Journal of Air Transport Management 14 5 2008 257 262
18. K. Cullinane, and M. Robershaw The influence of qualitative factors in Isle of man ship registration decisions Maritime Policy and Management 23 4 1996 321 336
19. Drewry Publishing. (2009). Container market review and forecast. Annual Report.
20. C.M. Feng, and R.T. Wang Performance evaluation for airlines including the consideration of financial ratios Journal of Air Transport Management 6 3 2000 133 142
21. C.M. Feng, and R.T. Wang Considering the financial ratios on the performance evaluation of highway bus industry Transport Reviews 21 4 2001 449 467
22. A.M. Goulielmos Flagging out and the need for a new Greek maritime policy Transport Policy 5 1998 115 125
23. V.S. Guzhva, and N. Pagiavlas Corporate capital structure in turbulent times: A case study of the US airline industry Journal of Air Transport Management 9 6 2003 371 379
24. G.E. Halkos, and D.S. Salamouris Efficiency measurement of the Greek commercial banks with the use of financial ratios: A data envelopment analysis approach Management Accounting Research 15 2004 201 224
25. T.D. Heaver The evolving roles of shipping lines in international logistics International of Journal of Maritime Economics 4 3 2002 210 230
26. H.M. Hus, and C.T. Chen Fuzzy hierarchical weight analysis model for multicriteria decision problem Journal of the Chinese Institute of Industrial Engineers 11 3 1994 129 136
27. H.M. Hus, and C.T. Chen Aggregation of fuzzy opinions under group decision making Fuzzy Sets and Systems 79 1996 279 285
28. H.M. Hus, and C.T. Chen Fuzzy credibility relation method for multiple criteria decision-making problems Information Science 96 1997 79 91
29. C.L. Hwang, and K. Yoon Multiple attributes decision making methods and applications 1981 Springer Berlin Heidelberg
30. A. Jessop Minimally biased weight determination in personnel selection European Journal of Operational Research 153 2004 433 444
31. Jung, A.; Schulz, T.; & Wangner, W. (2009). Shipping industry drowning in financial woes, Der Spiegel, August 14.
32. H.S. Lee Automatic clustering of business processes in business systems European Journal of Operational Research 114 1999 354 362
33. T.W. Lee Restructuring of the economy and its impacts on the Korean maritime industry Maritime Policy and Management 26 4 1999 311 325
34. T.W. Lee Flagging options for the future: a turning point in Korean shipping policy Maritime Policy and Management 23 2 1996 177 186
35. Levinson, M. (2006). The box: How the shipping container made the World Smaller and the World Economy Bigger. Princeton. NJ: Princeton University Press.
36. H. Leggate, and J. McConville Tonnage tax: Is it working Maritime Policy and Management 32 2 2005 177 186
37. G.S. Liang FMCDM based on ideal and anti-ideal concepts European Journal of Operational Research 112 1999 682 691
38. G.S. Liang, C.F. Liu, W.C. Lin, and C.H. Yeh A data envelopment analysis of shipping industry bond ratings Tamkang Journal of Science and Engineering 9 4 2006 403 408
39. Lin, W. C.; & Liu, C. F. (2005). Performance Efficiency Evaluation of the Taiwan's Shipping Industry: An Application of Data Envelopment Analysis. In Proceedings of the Eastern Asia Society for Transportation Studies, 5 (pp. 467-476).
40. F.J.M. Llacer Open registers: Past, present and future Marine Policy 27 2003 513 523
41. J. Ma, Z.P. Fan, and L.H. Huang A subjective and objective integrated approach to determine attribute weights A European Journal of Operational Research 112 1999 397 404
42. T. Notteboom, and J.P. Rodrigue Containerisation, box logistics and global supply chain: The integration of ports and liner shipping networks Maritime Economics and Logistics 10 1-2 2008 152 174
43. S. Opricovic, and G.H. Tzeng Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS European Journal of Operational Research 156 2 2004 445 455
44. P.M. Panayides Maritime logistics and global supply chains: Towards a research Agenda Maritime Economics and Logistics 8 1 2006 3 18
45. T.L. Saaty The analytic hierarchy process 1980 McGraw-Hill New York
46. C.A. Scheraga Operational efficiency versus financial mobility in the global airline industry: A data envelopment and Tobit analysis Transportation Research Part A: Policy and Practice 38 5 2004 383 404
47. C.E. Shannon A mathematical theory of communications Bell Systems Technical Journal 27 1948 379 423
48. H.S. Shih Incremental analysis for MCDM with an application to group TOPSIS European Journal of Operational Research 186 2 2008 720 734
49. D.W. Song, and P.T.W. Lee Maritime logistics in the global supply chain International Journal of Logistics: Research and Applications 12 2 2009 1 2
50. R.E. Steuer, and P. Na Multiple criteria decision making combined with finance: A categorized bibliographic study European Journal of Operational Research 150 2003 496 515
51. Triantaphyllou, E.; Shu, B.; Sanchez, S. N.; & Ray, T. (1998). Multi-criteria decision making: An operations research approach. In J. G. Webster (Ed.), Encyclopedia of Electrical and Electronics Engineering (pp. 175-186). NY: John Wiley & Sons.
52. C.T. Tung, and Y.J. Lee A novel approach to construct grey principal component analysis evaluation model Expert Systems with Applications 36 3 2009 5916 5920
53. G.H. Tzeng, C.H. Chiang, and C.W. Li Evaluating intertwined effects in e-learning programs: A novel hybrid MCDM model based on factor analysis and DEMATEL Expert Systems with Applications 32 4 2007 1028 1044
54. G.H. Tzeng, C.W. Lin, and S. Opricovic Multi-criteria analysis of alternative-fuel buses for public transportation Energy Policy 33 2005 1373 1383
55. T.C. Wang, and T.H. Chang Application of TOPSIS in evaluating initial training aircraft under a fuzzy environment Expert Systems with Applications 33 4 2007 870 880
56. Y.J. Wang, H.S. Lee, and K. Lin Fuzzy TOPSIS for multi-criteria decision-making International Mathematical Journal 3 2003 367 379
57. Y.J. Wang Applying FMCDM to evaluate financial performance of domestic airlines in Taiwan Expert Systems with Applications 34 3 2008 1837 1845
58. Y.J. Wang Combining grey relation analysis with FMCGDM to evaluate financial performance of Taiwan container lines Expert Systems with Applications 36 2 2009 2424 2432
59. Y.J. Wang, and H.S. Lee Generalizing TOPSIS for fuzzy multiple-criteria group decision-making Computers and Mathematics with Applications 53 2007 1762 1772
60. Y.J. Wang, and H.S. Lee A clustering method to identify representative financial ratios Information Sciences 178 4 2008 1087 1097
61. Y.J. Wang, and H.S. Lee Evaluating financial performance of Taiwan container shipping companies by strength and weakness indices International Journal of Computer Mathematics 87 1 2010 38 52
62. X. Xu A note on the subjective and objective integrated approach to determine attribute weights European Journal of Operational Research 156 2004 530 532
63. L.A. Zadeh Fuzzy sets Information and Control 8 3 1965 338 353
64. Zhang, G.; Zhang, N.; & Wang, Q. (2005). Container ports development and regional economic growth: An empirical research on the Pearl River Delta Region of China. In Proceedings of the Eastern Asia Society for Transportation Studies, 5 (pp. 2136-2150).
65. Z.H. Zou, Y. Yun, and J.N. Sun Entropy method for determination of weight of evaluating in fuzzy synthetic evaluation for water quality assessment indicators Journal of Environmental Science 18 5 2006 1020 1023