Assessing the Performance of the Construction Sectors in the Baltic States and Poland

Abstract

The paper describes the evaluation of the construction market performance in three Baltic states, including Estonia, Latvia, Lithuania and Poland, based on using structural statistical criteria. The evaluation covers various periods of time, embracing the time before the economic crisis, in 2007, during the economic crisis, in 2009, and after the economic crisis, in 2013. For assessing the efficiency of their construction sectors’ performance, the investigated countries are arranged in the order of preference according to this indicator by using three multiple-criteria decision making methods (MCDM), such as SAW, TOPSIS and COPRAS. These evaluation methods are based on determining the weights of the structural criteria used. For this purpose, three various methods, including the entropy, the method of the criteria impact loss (CILOS) and a new method of determining the objective criteria weights (IDOCRIW) suggested by the authors. The results obtained allowed the researchers to assess the construction market performance in the considered states in various periods of time, to compare them with other countries and to rank them based on this parameter. Therefore, the suggested method of market performance evaluation may be used as an effective supplementary aid for determining the priorities in the future business development, as well as for studying the competitive markets or directing the cash flows of an enterprise to the appropriate areas.

Key words: Construction sector, Market indicators, Assessing MCDM, Entropy method, CILOS method, IDOCRIW method.
JEL: C44, C51, N60.

U radu je opisana procena učinka građevinskog tržišta u tri baltičke države, uključujući Estoniju, Latviju, Litvaniju i Poljsku, na osnovu korišćenja strukturnih statističkih kriterijuma. Procena pokriva različite vremenske periode, koji obuhvata vreme pre ekonomske krize, u 2007. godini, tokom ekonomske krize, u 2009. godini, i nakon ekonomske krize, u 2013 godini. Za procenu efikasnosti učinka građevinskog sektora, zemlje od interesa su poređane prema redosledu preferencije prema ovom indikatoru korišćenjem tri višekriterijumske metode donošenja odluka (MCDM), kao što su SAW, TOPSIS i COPRAS. Ove metode procene se zasnivaju na određivanju težine korišćenih strukturnih kriterijuma. U tu svrhu, tri različite metode, uključujući metod entropije, metod kriterijuma uticaja gubitka (CILOS) i novi metod određivanja težine ciljnih kriterijuma (IDOCRIV) su predloženi od strane autora. Dobijeni rezultati su omogućili istraživačima da u različitim vremenskim intervalima procenjuju performanse građevinskog tržišta u razmatranim državama, da ih uporede sa drugim zemljama i da ih rangiraju na osnovu ovog parametra. Zbog toga, predloženi metod vrednovanja tržišnog učinka može se koristiti kao delotvorna dopunska metoda za određivanje prioriteta u budućem razvoju poslovanja, kao i za proučavanje konkurentnih tržišta ili usmeravanje gotovinskih tokova preduzeća u odgovarajuće oblasti.

Ključne reči: Građevinski sektor, tržišni indikatori, procena MCDM, metod entropije, CILOS metoda, IDOCRIW metoda.