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

Sunitiya Thuannadee

International Journal of Business Excellence, 2025, vol. 36, issue 6, 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.

Keywords: financial performance; TOPSIS; multiple-criteria decision-making; MCDM. (search for similar items in EconPapers)
Date: 2025
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