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Financial Analytics: Science and Experience
 

A cluster analysis of the investment attractiveness of enterprises

Vol. 10, Iss. 2, FEBRUARY 2017

PDF  Article PDF Version

Received: 2 December 2016

Received in revised form: 16 December 2016

Accepted: 19 December 2016

Available online: 28 February 2017

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: D92, G11

Pages: 181-191

https://doi.org/10.24891/fa.10.2.181

Belousova M.N. Lugansk National Agrarian University, Lugansk, Ukraine
maryzver@gmail.com

Belousov V.A. Lugansk National Agrarian University, Lugansk, Ukraine
maryzver@gmail.com

Importance Currently investment is a crucial component of corporate development. Pursuing higher investment potential of enterprises, it is reasonable to effectively evaluate it. When decision-making depends on an analysis of stochastic and incomplete information, it is not only sensible, but also vital to use methods of multivariate statistical analysis and self-organizing maps of Kohonen.
Objectives As part of the research, we perform a cluster analysis of investment potential of enterprises using various methods to obtain more plausible results.
Methods The research relies upon such methods of cluster analysis as the k-means method, tree and neural network clustering of the Kohonen map.
Results The article presents a multivariate statistical cluster analysis of agrarian enterprises in the Lugansk oblast (Ukraine) through indicators of financial sustainability, liquidity, profitability and business activity. Using the STATISTICA software, we performed a clustering process by the k-means method and building the horizontal tree diagram. Thus we obtained clusters of enterprises by their investment potential. We made neural network clustering of enterprises through the Kohonen self-organizing map and Deductor Studio. Having analyzed the groups of agrarian enterprises, we made our conclusions on the level of their investment potential.
Conclusions and Relevance As a result of the research, we determined which entities would be the most preferable for stakeholders. Dynamic management and quarterly revision of ranking could increase the investment potential of enterprises. The findings can be informative for corporate leaders.

Keywords: cluster analysis, investment potential, enterprise, tree diagram, Kohonen map

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