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Modelling profitability and effectiveness of Greek-listed construction firms: an integrated DEA and ratio analysis

机译：希腊上市建筑公司的盈利能力和有效性建模：集成的DEA和比率分析

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摘要

Existing research on construction performance measurement is dominated by project level studies, and the firm stakeholders require the development of models that compare performance in terms of efficiency. A new framework that integrates data envelopment analysis (DEA) and ratio analysis using a two-step approach is described to evaluate performance in terms of profitability and effectiveness of a sample of construction firms listed on the Athens Exchange. In the first step, profitability and effectiveness are assessed by employing DEA and by using the profit margin (i.e. income-to-sales ratio), respectively. In the second step, a Tobit and an ordinary least squares model are used in order to identify the drivers of profitability efficiency and effectiveness, respectively. Results do point out positive links between profitability efficiency and effectiveness. Profitability inefficiency can be explained by the size and expenses-to-total revenue ratio, whereas effectiveness can be explained only by the latter explanatory variable. The research framework may benefit not only Greek construction firms, but also firms in other countries to quantify their performance and improve their competitive advantages.
机译：现有的关于建筑绩效评估的研究主要由项目水平研究主导，而公司利益相关者则需要开发在效率方面比较绩效的模型。描述了一个新的框架，该框架使用两步方法集成了数据包络分析（DEA）和比率分析，以评估在雅典交易所上市的一家建筑公司的盈利能力和有效性方面的绩效。第一步，分别通过采用DEA和利润率（即收入与销售比率）来评估获利能力和有效性。在第二步中，使用Tobit模型和普通最小二乘模型分别确定获利效率和有效性的驱动因素。结果确实指出了获利效率与有效性之间的积极联系。盈利能力低下可以通过规模和费用占总收入的比率来解释，而有效性只能用后一种解释变量来解释。该研究框架可能不仅有益于希腊建筑公司，也有益于其他国家的公司，以量化其业绩并提高其竞争优势。

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