Article: Comparison of the financial performance of Thai public hospitality firms: using the technique for order of preference by similarity to ideal solution Journal: International Journal of Business Excellence (IJBEX) 2025 Vol.36 No.6 pp.1 - 15 Abstract: This study applied the 'technique for order of preference by similarity to ideal solution' (TOPSIS), a well-known multiple-criteria decision-making (MCDM) method, to rank the comprehensive financial performance of 13 hospitality firms listed on the Stock Exchange of Thailand based on ten financial ratios from 2018 to 2022. Spearman's rank correlations were performed to investigate the consistency of rankings across years and the association between firm size and TOPSIS rankings. Total assets and revenue were selected to measure firm size. The TOPSIS rankings varied across the years, and no association was found between the TOPSIS rankings and the rankings of assets or revenue. This study provides additional insights into implementing MCDM tools for analysing business performance in Thailand, where their use is limited. Inderscience Publishers - linking academia, business and industry through research

Title: Comparison of the financial performance of Thai public hospitality firms: using the technique for order of preference by similarity to ideal solution

Authors: Sunitiya Thuannadee

Addresses: School of Management Technology, Suranaree University of Technology, Nakhon Ratchasima, Thailand

Abstract: This study applied the 'technique for order of preference by similarity to ideal solution' (TOPSIS), a well-known multiple-criteria decision-making (MCDM) method, to rank the comprehensive financial performance of 13 hospitality firms listed on the Stock Exchange of Thailand based on ten financial ratios from 2018 to 2022. Spearman's rank correlations were performed to investigate the consistency of rankings across years and the association between firm size and TOPSIS rankings. Total assets and revenue were selected to measure firm size. The TOPSIS rankings varied across the years, and no association was found between the TOPSIS rankings and the rankings of assets or revenue. This study provides additional insights into implementing MCDM tools for analysing business performance in Thailand, where their use is limited.

Keywords: financial performance; TOPSIS; multiple-criteria decision-making; MCDM.

DOI: 10.1504/IJBEX.2025.146559

International Journal of Business Excellence, 2025 Vol.36 No.6, pp.1 - 15

Received: 21 May 2023
Accepted: 05 Jun 2023
Published online: 04 Jun 2025 *

Title: Comparison of the financial performance of Thai public hospitality firms: using the technique for order of preference by similarity to ideal solution

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