Paper Title
Comparisons of Efficiency Rankings Using Financial Ratios Analysis and Data Envelopment Analysis: A Case Study of Hotel Businesses in Thailand

Abstract
This study compares the performance rankings based on cross-efficiency of data envelopment analysis (DEA) and financial ratios analysis consisting of return on assets (ROA) and return on equity (ROE). Ten businesses running hotel operations listed in the Stock Exchange of Thailand were selected for comparison. Spearman’s rank correlation tests were used to investigate the association of rankings. The tests revealed that the rankings of cross-efficiency had an insignificant correlation with the rankings of ROA and ROE, while the rankings of ROA significantly correlated with ROE. The study found that DEA can be used to complement the financial ratios as the evaluation tools of performance. Keywords - Data Envelopment Analysis, Cross-efficiency, ROA, ROE