Analysis of the Studies for the Application of Multi-Criteria Decision Making Methods in Finance Sector

Abstract

Making decisions today is one of the most important problems in almost every area. In particular, when the number of criteria and alternatives increase, the decision becomes more difficult. Multi-criteria decision-making methods are methods developed to solve this problem effectively. These methods are used in many different sectors such as construction, energy and health. In parallel with these, it is seen that the related methods are frequently preferred in the field of finance. The aim of this study is to analyze the studies conducted for the application of multi criteria decision making methods in the financial sector. In this framework, 7 basic multi-criteria decision-making methods (AHP, ANP, DEMATEL, TOPSIS, VIKOR, ELECTRE and MOORA) were included in the study. As a result of the examinations, it is seen that the mentioned methods are generally taken into consideration in terms of performance measurement, efficiency analysis, evaluation of financial projects and selection of the most successful stock. On the other hand, it has been determined that DEMATEL method is preferred more in comparison with AHP and ANP methods in the calculation of the weights of the selected criteria. In addition, the MOORA, TOPSIS and VIKOR methods are used to rank different alternatives. Considering these issues, it is thought that a new study performed by ELECTRE method will contribute to the literature because this approach is not used much in finance field. However, it is evident that handling other methods under hesitant or type-2 fuzzy logic will increase the originality of the study.

Keywords

• Finance,Multiple Criteria Decision Making Methods,Literature Analysis

Çok Kriterli Karar Verme Yöntemlerinin Finans Sektöründeki Uygulamasına Yönelik Yapılmış Çalışmaların Analizi

Abstract

Günümüzde karar vermek hemen her alanda önemli sorunlardan birini oluşturmaktadır. Özellikle kriterlerin ve alternatiflerin sayısının çoğaldığı durumlarda, karar vermek daha da zor hale gelmektedir. Çok kriterli karar verme yöntemleri belirtilen bu sorunun etkin bir şekilde çözülmesi amacıyla geliştirilmiş olan yöntemlerdir. Bahsi geçen bu yöntemler inşaat, enerji ve sağlık gibi çok farklı sektörlerde kullanılmaktadır. Bunlara paralel olarak, ilgili yöntemlerin finans alanında da sıklıkla tercih edildiği görülmektedir. Bu çalışmanın amacı çok kriterli karar verme yöntemlerinin finans sektöründeki uygulamasına yönelik yapılmış olan çalışmaların analiz edilmesidir. Bu çerçevede, 7 temel çok kriterli karar verme yöntemi (AHP, ANP, DEMATEL, TOPSIS, VIKOR, ELECTRE ve MOORA) inceleme kapsamına alınmıştır. Yapılan incelemeler neticesinde, adı geçen yöntemlerin genel olarak, performans ölçümü, etkinlik analizi, finansal projelerin değerlendirilmesi ve en başarılı hisse senedi seçimi gibi konularda dikkate alındığı görülmektedir. Öte yandan, belirtilen bu amaçlara yönelik seçilen kriterlerin önem ağırlıklarının hesaplanmasında DEMATEL yönteminin özellikle son yıllarda AHP ve ANP yöntemlerine kıyasla daha fazla tercih edildiği belirlenmiştir. Buna ek olarak, farklı alternatiflerin sıralanmasında ise genellikle MOORA, TOPSIS ve VIKOR yöntemlerinin kullanıldığı anlaşılmaktadır. Bu hususlar dikkate alındığında, finans alanında çok fazla kullanılmayan ELECTRE yöntemiyle yapılacak yeni bir çalışmanın literatüre katkı sağlayacağı düşünülmektedir. Bununla birlikte, diğer yöntemlerin de sezgisel veya tip-2 bulanık mantık altında ele alınmasının çalışmanın orijinalliğini arttıracağı ortadadır. 

Keywords

• Finans,Çok Kriterli Karar Verme Yöntemleri,Literatür Analizi

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