Acta Polytechica Hugarica Vol. 9, No. 3, 2012 Performace Evaluatio ad Prioritizatio of Leasig Compaies Usig the Super Efficiecy Data Evelopmet Aalysis Model Vahid Majazi Dalfard 1, Arash Sohrabia 2, Ali Motazeri Najafabadi 3, Jamalodi Alvai 3,* 1 Youg Researchers Club, Kerma Brach, Islamic Azad Uiversity, Kerma, Ira E-mail: vmd_60@yahoo.co.z 2 Departmet of idustrial egieerig, South Tehra Brach, Islamic Azad Uiversity, Tehra, Ira Email: arash_sohrabia@yahoo.com 3 Bushehr Brach, Islamic Azad Uiversity, Bushehr, Ira, Ira. Email: am.ajafabadi@yahoo.com; j.alvai@yahoo.com * Abstract: Although the leasig idustry is a successful idustry i Ira s ecoomic coditios, there are few studies that deal with the assessmet of leasig compaies efficiecy. This article applies data evelopmet aalysis (DEA) models for the efficiecy assessmet ad rakig of leasig compaies o the Tehra Stock Exchage (TSE). Total asset, P/E, ad ROE are cosidered as iputs ad EPS, curret ratio, ad sales growth are cosidered as outputs of each DMU. The results idicate that both the CCR ad BCC models are ot capable of rakig the five cosidered leasig compaies. Due to the failure of the stadard DEA models to rak the efficiet set of leasig compaies, a super efficiecy DEA model, amely AP-DEA, is applied. The uique feature of this study is the use of a super efficiecy DEA model to rak the leasig compaies of the TSE. Cocludig remarks are also preseted i the fial sectio. Keywords: performace evaluatio; super efficiecy; DEA; leasig compaies 1 Itroductio Oe of the most importat cocepts i the fiacial market is the lease as a agreemet i which oe party gais a log-term retal agreemet ad aother party receives a form of secured log-term debt. This meas that the lessee gais a log-term cotract for use of a asset ad the lessor is assured of regular paymets for a specified umber of years. A leasig compay is a fiacial uit which 183
V. Majazi Dalfard et al. Performace Evaluatio ad Prioritizatio of the Leasig Compaies Usig Super Efficiecy Data Evelopmet Aalysis Model serves such services. Sice leasig has a vital role i ecoomic developmet ad growth ad also cotributes a major share i the gross domestic productio (GDP) by supportig the chaelizig of fuds (Alam et al., 2011a), assessig the performace of the leasig compaies is a most importat issue. Geerally, performace evaluatio is the process of obtaiig, aalyzig, ad recordig iformatio about the specific aspects of a compay s or a orgaizatio s performace. Although the performace evaluatio has various aspects (such as fiacial, customer, quality ad processes), providig a opportuity for orgaizatioal diagosis, improvemet ad developmet is the aim of the performace evaluatio i all differet viewpoits. Fiacial performace is oe of the mai aspects of each compay s/orgaizatio s performace, which is commoly evaluated usig fiacial statemet aalysis ad fiacial ratios aalysis. For istace, Katawala (2001) determied the fiacial performace of o-bakig fiace compaies i Idia usig three groups of fiacial ratios. He covered te years from 1985-86 to 1994-95 ad cocluded that there would exist a sigificat differece i the profitability ratios, leverage ratios, ad liquidity ratios of various categories of o-bakig fiacial compaies. Like Katawala (2001), Ahmad et al. (2011a) examied the fiacial performace of the o-bakig fiace compaies i Pakista which were providig services such as ivestmet advisory, asset maagemet, leasig, ad ivestmet fiace. They classified all cosidered ratios i three groups, profitability, leverage, ad liquidity, ad used ratio aalysis to evaluate the performace. Alam et al. (2011a) evaluated the fiacial performace of Pakistai leasig compaies betwee the years 2008 ad 2010 via fiacial ratio aalysis. They used seve fiacial ratios to assess the performace. Results of their study showed that the performace of leasig compaies i 2010 was better tha i 2009 due to a positive chage of ratios from 2009 to 2010. I aother case, Alam et al. (2011b) classified leasig compaies usig fiacial ratios ad made horizotal ad vertical aalysis amog leasig compaies for the period 2006-2009. They cocluded that leasig compaies rakig o the basis of et ivestmet i fiace lease is differet from the rakig based o retur o assets (ROA), retur o equity (ROE), retur o reveues (ROR) ad lease ratio (LR). Assessig service quality ad customer satisfactio are other aspects of performace evaluatio which are cosidered by Akhudi et al. (2010) i autoidustry leasig of Ira. They developed a model for the evaluatio of service quality i auto-idustry leasig based o idices explaied by customers i focus group ad surveyed for differet periods usig statistical techiques based o factor aalysis. Pierce (2003) examied the effects of orgaizatioal structure o the firm s strategy ad performace of cosumer automobile leasig. Pierce (2003) also demostrated the sigificat effect of owership structure o the firm s behavior 184
Acta Polytechica Hugarica Vol. 9, No. 3, 2012 ad performace. He suggests that beig a subsidiary of a larger corporatio may lead to a coflict betwee differet goals withi the firm ad result i poor performace. Amog differet performace evaluatio approaches, DEA has bee cosidered as a appropriate tool for measurig ad aalyzig efficiecy ad performace (Galagedera ad Silvapulle, 2002; Joro ad Na, 2006; Ho ad Oh, 2008; Lo ad Lu, 2009; Rouyedegh ad Erol, 2010). Therefore, the DEA approach is applied i the preset study. I the literature, idices such as earigs per share (Samaras et al., 2003; Kimyagari ad Amii, 2007; Lo ad Lu, 2009; Ho ad Oh, 2008; Fasagari ad Motazer, 2010), curret ratio (Tiryaki ad Ahlatcioglu, 2005; Albadvi et al., 2007), total assets (Lo ad Lu, 2009), price/earigs ratio (Tiryaki ad Ahlatcioglu, 2005; Samaras et al., 2006; Xidoas et al., 2009), retur o equity (Samaras et al., 2003; Tiryaki ad Ahlatcioglu, 2005; Kimyagari ad Amii, 2007; Xidoas et al., 2009), Sharpe, Jese ad Treyor (Redma et al. 2000) are cosidered for assessig the performace ad rakig of compaies. The idices cosidered i the curret research are earigs per share, curret ratio, total assets, price/earigs ratio, retur o equity, ad sales growth. Data from Ira over 2005 show that the Iraia GDP was about 32 billio USD, 2 billio of which was eared from leasig compaies (Akhudi et al., 2010). This fact cofirms the success of this idustry i Ira. Ufortuately, despite the idustry s success, there are few studies about this idustry, especially as regards the performace of leasig compaies. Cosiderig this gap, we are motivated to evaluate the performace of leasig compaies listed o the Tehra Stock Exchage (TSE). The other detected gap i the literature is the lack of prior data evelopmet aalysis (DEA) study o assessig performace of leasig compaies, i spite of the ability ad advatages of DEA i the performace evaluatio area. Therefore, the aim of this study is to desig a performace evaluatio model based o DEA for Iraia leasig compaies. 2 Research Methodology This sectio outlies the research methodology. As stated, i this study, DEA is used for assessig the performace of Iraia leasig compaies. Therefore, a brief itroductio to performace evaluatio systems (PES) desig, DEA, cosidered iput ad output variables, ad a descriptio of data source are preseted i this sectio. 185
V. Majazi Dalfard et al. Performace Evaluatio ad Prioritizatio of the Leasig Compaies Usig Super Efficiecy Data Evelopmet Aalysis Model 2.1 Performace Evaluatio Systems (PES) Developig a effective PES is required to achieve a precise appraisal ad effective efficiecy improvemet. The primary goals of a PES are to provide a measure for comparig the same uits, to produce accurate appraisal documetatio, to pla a improvemet scheme, ad to obtai a high level of quality ad quatity i the desirable outputs of the uit. The followig steps ca help maagers to create a effective PES for fiacial appraisal: 1 Idetify performace measures, 2 Develop a appropriate appraisal model, 3 Implemet the model, 4 Draw a rough sketch for weak aspects, 5 Develop a improvemet pla, 6 Set a evaluatio schedule. I the first step, stadard performace measures must be extracted from the literature ad other sources, such as expert opiio. Although idetifyig these measures may be oe of the time-cosumig steps of PES creatio, the careful defiitio of such measures is very importat for achievig a precise evaluatio. I the secod step, the PES should be developed i a ubiased maer. Therefore, a appropriate model must be chose accordig to the special coditios of the case study. The, the model should be implemeted. The recogitio of weak aspects of the performace, accordig to the results of the model, is doe i the fourth step. The, a improvemet pla is desiged based o the weak aspects. Fially, a evaluatio procedure should be scheduled. 2.2 Data Evelopmet Aalysis DEA, iitially itroduced by Chares et al. (1978), is a oparametric method to evaluate the efficiecy of decisio makig uits (DMUs). While ot cosiderig ay assumptio about the fuctioal form of the frotier, DEA evaluates the performace regardig a umber of iputs ad outputs simultaeously. The DEA approach also does ot require priori assumptios of the relatioship betwee iputs ad outputs, ad they ca have very differet uits. There are differet versios of DEA accordig to its features. Two well-kow features of DEA model are the structure of its returs to scale ad orietatios i efficiecy aalysis. Based o the structure of returs to scale, there are two versios called costat returs to scale (CRS) or CCR (Chares et al., 1978) ad variable returs to scale (VRS) or BCC (Baker et al., 1984). I the CRS versio, it is assumed that a 186
Acta Polytechica Hugarica Vol. 9, No. 3, 2012 icrease i the amout of iputs would lead to a proportioal icrease i the amout of outputs. I the VRS versio, the amout of outputs is deemed to icrease more or less tha proportioally tha the icrease i the iputs. The CRS versio is more restrictive tha the VRS ad usually produces fewer umbers of efficiet uits ad also lower efficiecy scores for all DMUs. This is due to the fact that the CRS is a special case of the VRS model. Related to orietatios i the efficiecy aalysis there are two well-kow orietatios. Iput-orieted models are models where DMUs are supposed to produce a give amout of outputs with the smallest possible amout of iputs. Output-orieted models are models where DMUs are supposed to produce the highest possible of outputs with a give amouts of iputs (Chares, 1994). Suppose DMUs with m iputs ad k outputs; the CCR ad BCC model related to DMU p are show i Table 1 as model (1) ad (2), respectively, where, idicates the efficiecy score of DMU p, x ij idicates the i th iput of the j th DMU, y rj idicates the r th output of the j th DMU, ad idicates the weight of the j th DMU. Table 1 CCR ad BCC versio of DEA j p Mi st.. p CCR Model Mi st.. p BCC Model j1 j1 j ij p ip j rj rp 0, j 1..., i 1... m, r 1... k j x y x y (1) j1 j1 j1 j ij p ip j rj rp 1 i 0, j 1..., i 1... m, r 1... k j x y x y (2) 2.3 Data Sources ad Descriptio All data have bee gathered from the TSE ad from leasig compaies websites. Five compaies, the Leasig Compay of Ira (DMU 1 ), Iraia Leasig (DMU 2 ), Khodro-Ghadir Leasig (DMU 3 ), Raya-Saypa Leasig (DMU 4 ), ad Saat- Mada Leasig Compay (DMU 5 ), are selected for the performace evaluatio. The preset study uses the fiacial statemets of the selected compaies i 2010 because all required data were available i this year. The values of the six 187
V. Majazi Dalfard et al. Performace Evaluatio ad Prioritizatio of the Leasig Compaies Usig Super Efficiecy Data Evelopmet Aalysis Model cosidered ratios are calculated to use i the performace aalysis ad show i Table 2. Table 2 Fiacial Idices of Leasig Compaies Iput (I) DMU Idex Output (O) 1 2 3 4 5 Earigs Per Share (EPS) I 421 656 8 1339 307 Curret Ratio (CR) I 1.68 1.58 1.03 0.91 1.23 Total Assets (TA) O 2612591 6108496 1200294 8394899 3030865 Price/Earigs Ratio (P/E) O 7.7 5.7 5.0 5.7 4.8 Sales Growth (SG) I 69.23% 116.40% 16.50% 76.10% 34.08% Retur O Equity (ROE) O 27.96% 32.30% 0.77% 51.96% 16.85 The six ratios are defied ad iterpreted as follows: The earigs per share (EPS) idex is the amout of earigs per each outstadig share of a compay's stock. Two compaies may geerate the same value of EPS, but oe could do so with less equity (ivestmet). The compay which uses less equity to geerate the EPS would be a "better" compay. The curret ratio (CR) is a fiacial ratio that measures whether or ot a firm has eough resources to pay its debts over the ext year. Low values for the CR (values less tha 1) idicate a lower ability to meet curret obligatios. The total assets (TA) is the sum of curret ad log-term assets. The price/earigs (P/E) ratio is the most commo measure of how expesive a stock is. Compaies with high P/E ratios are more likely to be cosidered risky ivestmets tha those with low P/E ratios. The sales growth (SG) is defied as icrease i sales over a specific period of time. The retur o equity (ROE) is amout of et icome retured as a percetage of shareholder equity. I fact, ROE reveals how much profit has bee geerated with the moey that a compay s shareholders have ivested. It should be oted that EPS, SG, ad CR are cosidered as iput variables ad P/E, ROE, ad TA are cosidered as output variables. The variables are selected based o the variables chose i earlier DEA studies i the related literature (See Powers ad McMulle (2000), Luo (2003), Seiford ad Zhu (1999), Ho ad Zho (2004), Shih-Fag ad We-Mi (2006)). Before performace measuremet, the 188
Acta Polytechica Hugarica Vol. 9, No. 3, 2012 data are ormalized by dividig the values of each idex to its maximum value. Table 3 shows the ormalized data. 3 Performace Measuremet I order to test the applicability of the differet DEA models, four differet models, icludig both iput-orieted ad output-orieted versios of both CCR ad BCC models, are applied to the set of the 5 leasig compaies. Table 4 shows the efficiecy scores of the metioed compaies uder the specific coditios of the four versios of DEA. Idex Iput (I) Output (O) Table 3 Normalized data DMU 1 2 3 4 5 Earigs Per Share (EPS) I 0.314 0.490 0.006 1.000 0.229 Curret Ratio (CR) I 1.000 0.940 0.613 0.542 0.732 Total Assets (TA) O 0.311 0.728 0.143 1.000 0.361 Price/Earigs Ratio O (P/E) 1.000 0.740 0.649 0.740 0.623 Sales Growth (SG) I 0.595 1.000 0.142 0.654 0.293 Retur O Equity (ROE) O 0.017 0.019 0.000 0.031 1.000 DMU Table 4 Efficiecy scores of DMUs CCR Efficiecy Score BCC Iput-orieted Output-orieted Iput-orieted Output-orieted 1 0.90 1.11 1.00 1.00 2 1.00 1.00 1.00 1.00 3 1.00 1.00 1.00 1.00 4 1.00 1.00 1.00 1.00 5 1.00 1.00 1.00 1.00 As Cooper et al. (2001) stated, if the umber of DMUs is less tha the total umber of iputs ad outputs, a large umber of the DMUs will be idetified as efficiet; the results of the four basic models of DEA demostrate that these models do ot work as a discrimiat of a efficiet uit from iefficiet uit. Based o the CCR models, oly oe out of five uits is detected as iefficiet (DMU 1 ) ad there are o iefficiet DMUs accordig to the results of the BCC models. 189
V. Majazi Dalfard et al. Performace Evaluatio ad Prioritizatio of the Leasig Compaies Usig Super Efficiecy Data Evelopmet Aalysis Model As we kow, the referece set for iefficiet DMU is defied as the set of uits o frotier that is cosidered as a target uit for it. Accordig to the lambda s coefficiets i the optimum solutio preseted i Table 5, the referece set of DMU 1 idetified as the oly iefficiet uit is as equatio (3).,, RS DMU DMU DMU DMU (3) 1 3 4 5 Table 5 Coefficiet of lambda i the optimum solutio 1 2 3 4 5 DMU 1 0.00 0.00 1.22 0.27 0.01 DMU 2 0.00 1.00 0.00 0.00 0.00 DMU 3 0.00 0.00 1.00 0.00 0.00 DMU 4 0.00 0.00 0.00 1.00 0.00 DMU 5 0.00 0.00 0.00 0.00 1.00 Due to the failure of the stadard DEA models to rak the efficiet set of leasig compaies, the super efficiecy DEA model itroduced by Aderse ad Peterse (1993) is applied to rak the efficiet uits. This mathematical model is show i equatio (4). Mi p s. t. x x ; i 1,2,..., m j1 j p j1 j p y y ; r 1,2,..., s 0 ; j is free j ij p ip j rj rp j I the AP-DEA model, a DMU is efficiet if its efficiecy score is equal or greater tha oe. I other words, all iefficiet DMUs have efficiecy scores of less tha oe. As ca be see i Table 6, the DMUs are raked i ascedig order as follows: DMU 5, DMU 3, DMU 4, DMU 2, ad DMU 1. Furthermore, DMU 1 is idetified as a iefficiet uit i the AP-DEA model as well as i both the iput-orieted ad output-orieted CCR model. Therefore, Saat-Mada Leasig Compay (DMU 5 ) ad Ira Leasig Compay are best ad worst, respectively. These results are graphically show i Figure 1 ad Figure 2. Table 6 Rakig of DMUs (4) 190
Acta Polytechica Hugarica Vol. 9, No. 3, 2012 DMU 1 2 3 4 5 Score 0.90 1.13 34.17 2.39 104.14 Rak 5 4 2 3 1 Figure 1 Score of five DMUs (AP-DEA) Coclusios Figure 2 Rakig of five DMUs (AP-DEA) Historically, the leasig operatio i Ira goes back to the establishmet of the Leasig Compay of Ira, which was joitly fiaced by Ira s private sector, the Credit bak of Ira, ad oe of the leadig Frech compaies i this area, which legally bega operatio i 1975. I 1977-78, Saat-Mada Leasig Compay started its operatios. Despite early four decades of leasig idustry activities i Ira, few studies have dealt with a efficiecy assessmet of leasig compaies or 191
V. Majazi Dalfard et al. Performace Evaluatio ad Prioritizatio of the Leasig Compaies Usig Super Efficiecy Data Evelopmet Aalysis Model leasig idustries. Hece, the preset research studied the performace of leasig compaies o the TSE i the year 2010. Three iput variables (EPS, CR, ad SG) ad three output variables (TA, P/E, ad ROE) were cosidered i the curret study. The results show that the Saat-Mada Leasig Compay, the secod compay established i the leasig idustry of Ira, has better performace tha the other leasig compaies, ad oly the Leasig Compay of Ira, the first compay established i the leasig idustry of Ira, is iefficiet. Also, it was show that the Saat-Mada Leasig Compay, Khodro-Ghadir Leasig, ad Raya-Saypa Leasig ca be set as possible targets for the Leasig Compay of Ira i order to improve its performace. The results of the basic DEA models show their iability i rakig the efficiet leasig compaies. Although the preset study applied the AP-DEA model to rak efficiet leasig compaies due to the failure of basic DEA models, there are other methods that ca be used to rak the DMUs (See Seiford ad Zhu (1999)) i future studies. Determiig critical iputs ad outputs ca also be cosidered as aother directio for future research. Refereces [1] Ahmad, H. et al., (2011) Fiacial Performace of No Bakig Fiace Compaies i Pakista. Iterdiscipliary Joural of Cotemporary Research i Busiess, 2(12), pp. 732-744 [2] Akhoudi, A., Sheriff, A. M., & Vazirzajai, H., (2010) Developig Model for Evaluatio Services Quality i Auto-Idustry Leasig. Iteratioal Joural of Maagemet ad Techology, 1(2), pp. 3-16 [3] Alam, H., M., Raza, A., Farha, M. & Akram, M. (2011b) Leasig Idustry i Pakista: a Compariso of Fiacial Performace of Leasig Compaies. Iteratioal Joural of Busiess ad Social Sciece, 2(10), pp. 218-223 [4] Alam, H., Raza, A. & Akram, M., (2011a) Fiacial Performace of Leasig Sector. The Case of Pakista. Iterdiscipliary Joural of Cotemporary Research i Busiess, 2(12), pp. 339-345 [5] Albadvi, A., Chaharsooghi, S. K., & Esfahaipour, A. (2007) Decisio Makig i Stock Tradig: A Applicatio of PROMETHEE. Europea Joural of Operatioal Research, 177(2), 673-683 [6] Baker, R. D., (1984) Estimatig Most Productive Scale Size Usig Data Evelopmet Aalysis. Europea Joural of Operatioal Research, 17(1), pp. 35-44 [7] Chares, A., (1994) Data Evelopmet Aalysis: Theory, Methodology, ad Applicatio, Spriger 192
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