List of articles (by subject) Multi-Criteria Decision Analysis and its Application in Financial Management
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Open Access Article
1 - Improving the Banks Shareholder Long Term Values by Using Data Envelopment Analysis Model
Mohammad IzadikhahGiven the rapid development of the banking sector, it is reasonable to expect that the performance of banks has become the centre of attention among bank managers, stakeholders, policy makers, and regulators. In order to maximizing the share-holders’ satisfactory MoreGiven the rapid development of the banking sector, it is reasonable to expect that the performance of banks has become the centre of attention among bank managers, stakeholders, policy makers, and regulators. In order to maximizing the share-holders’ satisfactory level, two bank efficiency measurement approaches, i.e. the production approach and the user cost approach, which are financial evaluations, are employed. The evaluations are done by means of data envelopment analysis method. The proposed methodology is run on the 15 privet bank branches in Markazi province. By using this approach, four regions that show the various performances are obtained. In addition the status of returns to scale for each bank branch is calculated. Manuscript profile -
Open Access Article
2 - Using MODEA and MODM with Different Risk Measures for Portfolio Optimization
Sarah Navidi Mohsen Rostamy-Malkhalifeh Shokoofeh BanihashemiThe purpose of this study is to develop portfolio optimization and assets allocation using our proposed models. The study is based on a non-parametric efficiency analysis tool, namely Data Envelopment Analysis (DEA). Conventional DEA models assume non-negative data for MoreThe purpose of this study is to develop portfolio optimization and assets allocation using our proposed models. The study is based on a non-parametric efficiency analysis tool, namely Data Envelopment Analysis (DEA). Conventional DEA models assume non-negative data for inputs and outputs. However, many of these data take the negative value, therefore we propose the MeanSharp-βRisk (MShβR) model and the Multi-Objective MeanSharp-βRisk (MOMShβR) model base on Range Directional Measure (RDM) that can take positive and negative values. We utilize different risk measures in these models consist of variance, semivariance, Value at Risk (VaR) and Conditional Value at Risk (CVaR) to find the best one as input. After using our proposed models, the efficient stock companies will be selected for making the portfolio. Then, by using Multi-Objective Decision Making (MODM) model we specified the capital allocation to the stock companies that selected for the portfolio. Finally, a numerical example of the Iranian stock companies is presented to demonstrate the usefulness and effectiveness of our models, and compare different risk measures together in our models and allocate assets. Manuscript profile -
Open Access Article
3 - Measuring the Efficiency of Financial Cloud Services in the Banking Industry Using the Modified Dynamic DEA with Network Structure: The Case of Iran E-Banking.
Alireza Poordavoodi Mohammad Reza Moazami Goudarzi Hamid Haj Seyyed Javadi Amir Masoud RahmaniNowadays, the great benefits of cloud computing have dramatically increased the number of e-banking users. Hence, the competition in the banking industry has boosted and managers need to evaluate their branches on a regular basis. To this end, this study aims to evaluat MoreNowadays, the great benefits of cloud computing have dramatically increased the number of e-banking users. Hence, the competition in the banking industry has boosted and managers need to evaluate their branches on a regular basis. To this end, this study aims to evaluate cloud-based banking systems based on the Quality of Service (QoS) attributes using the Dynamic Network Data Envelopment Analysis (DNDEA) model. The main advantage of this research is that the efficiency of cloud-based bank branches can be estimated more realistically according to their internal structure over a specific time span. To conduct the experiment, 40 bank branches in Iran are analyzed by considering between-period and divisional interactions during 2018-2019. A cloud-based bank branch is conceptualized as a set of three inter-connected divisions including capabilities, intermediate process, and profitabilities. Some outputs of sub-DMUs 2 and 3 are treated as desirable and undesirable carry-overs between consecutive periods. In addition, the cost items and QoS attributes are considered as the inputs and outputs of divisions, respectively. The results indicate that 28 bank branches were efficient and all of the inefficiencies fall in divisions 1 and 3. Moreover, the number of efficient branches has been reduced from 2018 to 2019. Manuscript profile -
Open Access Article
4 - Portfolio Optimization by Means of Meta Heuristic Algorithms
Mahmoud Rahmani Maryam Khalili Eraqi Hashem NikoomaramInvestment decision making is one of the key issues in financial management. Selecting the appropriate tools and techniques that can make optimal portfolio is one of the main objectives of the investment world. This study tries to optimize the decision making in stock s MoreInvestment decision making is one of the key issues in financial management. Selecting the appropriate tools and techniques that can make optimal portfolio is one of the main objectives of the investment world. This study tries to optimize the decision making in stock selection or the optimization of the portfolio by means of the artificial colony of honey bee algorithm. To determine the effectiveness of the algorithm, its sharp criteria was calculated and compared with the portfolio made up of genes and ant colony algorithms. The sample consisted of active firms listed on the Tehran Stock Exchange from 2005 to 2015. The sample selected by the systematic removal method. The findings show that artificial bee colony algorithm functions better than the genetic and ant colony algorithms in terms of portfolio formation Manuscript profile -
Open Access Article
5 - A Combination of FSAW and DOE Method with an Application to Tehran Stock Exchange
Salameh Barbat Mahnaz Barkhordariahmadi Vahid Momenaei Kermanistock market is considered as the most profitable and valuable areas of investment in any country. In this regard, high return depends on the correct choice of stock portfolio.That’s why today different methods of mathematical planning and decision-making have bee Morestock market is considered as the most profitable and valuable areas of investment in any country. In this regard, high return depends on the correct choice of stock portfolio.That’s why today different methods of mathematical planning and decision-making have been proposed to solve such problems. Aiming to present a new method, the study designates 10 criteria for selecting the best stock portfolio options among the 21 most viewed options in the stock market. The method is a combination of fuzzy SAW and experimental design (2k factorial design). Analysis of variance results for the response variable is calculated . The value of R2 obtained from the response variable of 70% value, shows that this model has selected suitable options by removing ineffective criteria and analysing the results and discovering the relationships between criteria and ranking the criteria and presenting simpler solutions in addition to high accuracy. As a result, by considering and comparing the real values of the stock market in one-month and quarterly intervals, the model presents more capabilities for providing accurate ranking and higher portfolio returns than fuzzy TOPSIS in the capital and stock markets. The response surface method and the regression equation obtained in the proposed method are used to rank the options. In addition, Pareto method, which ranks the criteria based on the effectiveness of the criteria in the final result and regard to the surfaces of experiments and weights of capital market and stock market experts, is used for ranking the factors (criteria). Manuscript profile -
Open Access Article
6 - Application of Mathematics in Financial Management
Sanjay TripathiThe Time Value of Money is a important concept in Financial Management. The Time Value of Money includes the concepts of future value and discounted value or present value. In the present article, the basic notions and illustrate with their application in the field of i MoreThe Time Value of Money is a important concept in Financial Management. The Time Value of Money includes the concepts of future value and discounted value or present value. In the present article, the basic notions and illustrate with their application in the field of investment which is presented in the mathematical terms in form of theorems and we also presented the applications of some well known problems with the proof such as mortagage loan problem, investment in bond and an individual who plans to retire in certain years who plan for invest-ment for its future life. We also presented the application of calculus that is limit, derivative and integration in financial management. Manuscript profile -
Open Access Article
7 - Fuzzy Data Envelopment Analysis Approach for Ranking of Stocks with an Application to Tehran Stock Exchange
Pejman Peykani Emran Mohammadi Mohsen Rostamy-Malkhalifeh Farhad Hosseinzadeh LotfiThe main goal of this paper is to propose a new approach for efficiency measurement and ranking of stocks. Data envelopment analysis (DEA) is one of the popular and applicable techniques that can be used to reach this goal. However, there are always concerns about negat MoreThe main goal of this paper is to propose a new approach for efficiency measurement and ranking of stocks. Data envelopment analysis (DEA) is one of the popular and applicable techniques that can be used to reach this goal. However, there are always concerns about negative data and uncertainty in financial markets. Since the classical DEA models cannot deal with negative and imprecise values, in this paper, possibilistic range directional measure (PRDM) model is proposed to measure the efficiencies of stocks in the presence of negative data and uncertainty with input/output parameters. Using the data from insurance industry, this model is also implemented for a real case study of Tehran stock exchange (TSE) in order to analyse the performance of the proposed method. Manuscript profile -
Open Access Article
8 - The Integration of Multi-Factor Model of Capital Asset Pricing and Penalty Function for Stock Return Evaluation
Aliakbar Farzinfar Hossein Jahangirnia Hasan Ghodrati Reza JamkaraniOne of the main concerns of investors is the evaluation of the return on investment, which is conducted using various models such as the CAPM (single-factor model), Fama-French three/five-factor models, and Roy and Shijin’s six-factor model and other models known MoreOne of the main concerns of investors is the evaluation of the return on investment, which is conducted using various models such as the CAPM (single-factor model), Fama-French three/five-factor models, and Roy and Shijin’s six-factor model and other models known as multi-factor models. Despite the widespread use of these models, their major drawbacks include sensitivity to unexpected changes, sudden shocks, high turbulence of price bubble, and so on. To eliminate such negatives, the multi-factor model using the penalty function method is used, in which, instead of averaging, the optimization and avoidance of the effects of abnormal changes and other factors affecting the capital market are considered. In order to evaluate stock returns, it is possible to select effective factors, to simulate and develop a model appropriate to the conditions governing the capital market in Iran. In the present study, by forming portfolios of investments and identifying and refining effective factors, the classification and estimation of the hybrid model of penalty and multi-factor (P & PCA) functions were performed based on the functional data during 2007-2017. The results of this study indicated that the extensive use of the simulation algorithm for the penalty function in the form of P & PCA estimation method improves the efficiency of multi-factor methods in stock return evaluation, and that the use of the hybrid algorithm of penalty and multi-factor functions, compared to the exclusive use of multi-factor models, brings a higher accuracy in estimating stock returns. Manuscript profile -
Open Access Article
9 - Designing A Mixed System of Network DEA for Evaluating the Efficiency of Branches of Commercial Banks in Iran
Sajad Akbari Jafar heydari Mohammadali Keramati Abbas KeramatiOne of the most important applications of data envelopment analysis tech-nique is measuring the efficiency of bank branches. Performance measure-ment in the banking industry is important for several groups, including bank managers, customers, investors, and shareholders MoreOne of the most important applications of data envelopment analysis tech-nique is measuring the efficiency of bank branches. Performance measure-ment in the banking industry is important for several groups, including bank managers, customers, investors, and shareholders. The purpose of this study is to examine and design a mixed structure to measure the efficiency of branches of Iranian banks according to their policies. In order to obtain the efficiency of the structure divisions proposed in this study, a slack-based NDEA model was selected to solve its mathematical model. The study sam-ple consists of 31 branches of a large commercial bank in Iran. The ad-vantage of this research to previous studies is that the result will be more realistic considering the inputs and outputs consistent with Iran's banking conditions. Manuscript profile -
Open Access Article
10 - Designing an Expert System for Credit Rating of Real Customers of Banks Using Fuzzy Neural Networks
Mohammadreza Abbasi Astamal Rahim RahimiCurrently, in Iran's banking system, non-repayment of facilities has become one of the biggest issues, and due to the lack of a proper system for proper allocation of facilities, they face a number of problems, including the problem of allocation of loans, the problem o MoreCurrently, in Iran's banking system, non-repayment of facilities has become one of the biggest issues, and due to the lack of a proper system for proper allocation of facilities, they face a number of problems, including the problem of allocation of loans, the problem of failure to repay loans Of the central bank, or the amount of facilities increased from the amount of reimbursement. The solution of this problem is the credit rating of the customers, which is based on a model based on the theory of fuzzy sets for validation of real customers of the Maskan bank of the East Azer-baijan in Iran in 2016. In this research a structured model was obtained for deter-mination and categorization of input variables for application in the system by factorial analysis then a expert fuzzy system was modelled that consist of six steps. In the first step a fuzzy system is designed that its inputs are financial capacity, support, reliability, repayment record and its outputs is customer credit. In the second step input and outputs are partitioned, in the third step thee partitioned inputs and outputs are converted into fuzzy numbers. The fuzzy inference is compiled in step four. In step five the defuzzifier is conducted. Finally the designed model is tested in step six. These results indicate research model efficiency compared to bank credit measuring experts that they predicate applicants performance according their judgment and intuition. Manuscript profile -
Open Access Article
11 - Optimization Bi Objective for Designing Sustainable Supply Chain Network Economic based Competition by Cost Management Approach
Reza Ehtesham RasiThis paper presents an integrated mathematical model for cost – environmental based competition between sustainable supply chains (SCCs) with heterogeneous customers in four echelon supply with multi product. The main objective of this paper is to provide bi objec MoreThis paper presents an integrated mathematical model for cost – environmental based competition between sustainable supply chains (SCCs) with heterogeneous customers in four echelon supply with multi product. The main objective of this paper is to provide bi objective mathematical model for designing SSC network economic based competition and optimize by using meta-heuristic algorithms. Assuming the customers are heterogeneous in the above criteria i.e. cost and pol-lution decision making, we integrated mathematical model and formulated objectives and constraints based multi-echelon supply chain network. The main contribution of this research is to a discrete choice model is integrated into the supply chain network economic model and extends the inter supply chain competition to a new dimensions of cost and environmental. The model in this problem is solved using two metaheuristic algorithms NSGAII and MOPSP. Examples of real case study related to Emersan company is presented for model illustration and managerial insights such as profit maximization and minimize cost for Emersan company that participates in this supply chain network. Finally, NSGA-II performs better and has shorter time in terms of computational time, but MOPSO algorithm is more efficient in MID, SM, QM and DM indices. In comparison of these two algorithms, the performance of MOPSO algorithm is generally better than NSGAII by in indices. Manuscript profile -
Open Access Article
12 - Application of the two-stage DEA model for evaluating the efficiency and investigating the relationship between managerial ability and firm performance
Mohammad Reza Ravanshad Ali Amiri Hojjatallah Salari Davood KhodadadiThe aim of this study is to investigate the relationship between managerial ability and firm performance. First, we introduce a new two-stage DEA model with a fuzzy multi-objective programming approach for evaluating the performance of companies listed on the Tehran Sto MoreThe aim of this study is to investigate the relationship between managerial ability and firm performance. First, we introduce a new two-stage DEA model with a fuzzy multi-objective programming approach for evaluating the performance of companies listed on the Tehran Stock Exchange. In this regard, the stable operation of companies, into two sub-process, have divided, which includes the profitability (first phase) and the value, creativity (the second phase), that is, the outputs of the first stage are inputs for the second stage, which can be used to identify the status of the company's operations and potential for future growth. Second, In order to measure the ability of managers, we use the model provided by Demerging. Finally, the relationship between managerial ability and firm performance are also investigated by means of the truncated-regression model. The results show that there is a positive relationship between the ability of management and firm performance. It means that managerial ability to be significantly related to the performance of the company. In this sense, the performance of the company improves by increasing managerial ability to better use resources and consequently increase overall efficiency. Manuscript profile -
Open Access Article
13 - Decline of Auditor's Financial Bias in Decision making by Professionalism in Auditing: Rough Set Analysis
Jamal Jafari chashmi Mohammadreza Abdoli Hasan ValiyanThe purpose of the research Decline of Auditors' Financial Bias in Decision making by Professionalism in Auditing: Rough Set Analysis. The research approach is of inductive-deductive type in terms of the data collection meth-od, because it was first determined based on MoreThe purpose of the research Decline of Auditors' Financial Bias in Decision making by Professionalism in Auditing: Rough Set Analysis. The research approach is of inductive-deductive type in terms of the data collection meth-od, because it was first determined based on the content analysis of the com-ponents and propositions related to the professional characteristics, then it was tried to confirm or delete the propositions based on the Delphi analysis. This research by participating 14 individuals of the audit partners with the academic degrees over a one-year period, 2018-2019. The results According to the formation of decision making matrix, the results showed that both propositions, the perceptual error of failure to separate the context from con-tent as the Halo bias and the perceptual error of the experience of fraud de-tection in the financial statement as memory bias were determined as the most influential perceptual errors in the audit profession in Iran. In addition, according to gray vikor theory analysis, it was found that the component of the audit's professional maturity was selected as the most important priority and the most effective feature for reducing the audit perceptual bias. Manuscript profile -
Open Access Article
14 - Making Decision on Selection of Optimal Stock Portfolio Employing Meta Heuristic Algorithms for Multi-Objective Functions Subject to Real-Life Constraints
Ali Sepehri Hassan Ghodrati Ghazaani Hossein Jabbari Hossein PanahianThe purpose of this study is to make investment decisions with the approach of data envelopment analysis and making decision on selection of optimal stock portfolio employing meta heuristic algorithms for multi-objective functions subject to real-life constraints. The s MoreThe purpose of this study is to make investment decisions with the approach of data envelopment analysis and making decision on selection of optimal stock portfolio employing meta heuristic algorithms for multi-objective functions subject to real-life constraints. The statistical population of this research in capital decision-making and selection of the optimal capital composition is 183 of the selected companies of Tehran Stock Exchange, which were finally 42 companies as justified investment options. After measuring the risk and return of efficient companies, the real limitations of the budget, requirements and expectations of the investor, determination and composition of the investment were formulated as a multi-objective model. For optimal decision, the modified genetic meta heuristic algorithm and MATLAB software with dual operators were used. Elimination of the risk minimization function in sensitivity analysis improved the level of decision return but also led to more risk. Eliminating the maximizing return function improved decision-making risk but also reduced investment return. Elimination of investment requirements and expectations improved returns and increased investment risk, but more companies became involved in optimal investment. Manuscript profile -
Open Access Article
15 - Neurological Functions of CEO Investment based on Varimax Analysis and Rotated Matrix in Q Typology
Hasan Valiyan Davood Hassanpour Mehdi Safari GerayliChief executive officers (CEO), as the central pillar directing companies at the capital market level, plays a critical role in making investment decisions to de-crease agency costs and maximize shareholders’ wealth; however, their psycho-logical attitudes and per MoreChief executive officers (CEO), as the central pillar directing companies at the capital market level, plays a critical role in making investment decisions to de-crease agency costs and maximize shareholders’ wealth; however, their psycho-logical attitudes and perceptions lead to different investment functions of these companies in a competitive market. Accordingly, this study aimed to detect the propositional arrays of the investment functions using Q analysis in order to identify the CEOs’ mental typology in distinguishing investment functions. The present study was carried out with the participation of 13 CEOs from Tehran Stock Exchange companies during a one-year period (2018-2019). The study encompassed two different phases. In the first phase, content analysis was used to identify the phrase Q of the CEOs’ investment functions. In the second phase, Q analysis was adopted to typify the CEOs’ investment functions, which was based on the subjective cognition of the target population and contributed to the development of the approaches in line with the research objectives. The results confirmed the existence of three mental patterns in the CEOs regarding the in-vestment functions in the capital market. These mental patterns were ‘investment function in stock market indices’ as the first mental pattern, ‘investment function in risk control’ as the second mental pattern, ‘strategic investment function’ as the third mental pat-tern. The study results revealed different types of investment functions among the CEOs’ of stock exchange companies and thus contributed to the development of financial theories from the perspective of CEOs’ cognition. Manuscript profile -
Open Access Article
16 - Evaluating the Factors Affecting on Credit Ratings of Accepted Corporates in Tehran Securities Exchange by Using Factor Analysis and AHP
Ahmad Mohammaddoost Mir Feiz Falah Shams Dialestani Madjid Eshaghi Gordji Ali EbadianImplementation credit rating for Corporates is influenced by Different circum-stances, systems, processes, and cultures in each country. In this study, we pro-posed a Factor analysis modified approach for determine important factors on real data set of 123 accepted corp MoreImplementation credit rating for Corporates is influenced by Different circum-stances, systems, processes, and cultures in each country. In this study, we pro-posed a Factor analysis modified approach for determine important factors on real data set of 123 accepted corporate in Tehran Securities Exchange for the years 2009-2017 of diverse range of 52 variable. We estimated the priority score for 49 factors. The three factors, Debt to Equity Ratio, Current debt-to-equity ratio and proprietary ratio exclude due to high correlation with others. The results indicated that three macroeconomic factors: Price Index of Consumer Goods and Services, exchange rate and Interest rate determinants were more effective on the credit ratings. In addition, Financial Ratios and non-Financial Ratios such as Return on equity (ROE), Long-term debt-to-equity ratio, Benefit of the loan, ratio of com-modity to working capital, Current capital turnover, Return on Working Capital, Quick Ratio, Current Ratio, Net Profit margin, Gross profit margin, had effect on credit rating accepted corporate in Tehran Securities Exchange. The Nonparametric statistical test to validate the consistency between AHP ranking and Factor analysis revealed, the new approach has a moderated consistency with AHP. In conclusion, the Factor analysis modified approach could be applied significantly to evaluate efficiency and ranking factors with minimum loss of information. Manuscript profile -
Open Access Article
17 - Using a Multi-criteria Decision-making Mathematical Tech-nique for the Influential and Interaction Factors in Pension Fund
mohammad kashi Mohsen RasoulianPension funds are major concerns and future threats to the economy of de-veloping countries. In general, pension funds are among the most sensitive and complicated modern financial institutions in today’s world, as well as an important component of the national ec MorePension funds are major concerns and future threats to the economy of de-veloping countries. In general, pension funds are among the most sensitive and complicated modern financial institutions in today’s world, as well as an important component of the national economy to achieve the goals of the social security system.The present study was only focused on the dimensions and prioritization of the influential factors in evaluating the impact of pension funds. This could be an important step toward accurate policymaking in this regard within a shorter period and with decreased costs by recognizing the important factors. This was an applied research in terms of the objectives and involved a mixed method in terms of the design. Data were collected in two consecutive stages using the descriptive survey method. The first stage involved a qualitative assessment using the content analysis method, and the second stage was carried out using a decision-making mathematical model known as the fuzzy DEMATEL method. The two stages facilitated the identification of the influ-ence and interaction of the factors and prioritized the identified indexes. The fuzzy DEMATEL technique is a simple and efficient model applied to rec-ognize and rank the most important factors. The factors were calculated based on the opinions of experts using the fuzzy DEMATEL method. Ac-cording to the results, the three most important factors in this regard were upstream rules and regulations, inflation, and investment strategies. Manuscript profile -
Open Access Article
18 - Evaluating the Performance and Ability Explain of Market Index Returns by Selected Stock Portfolios Based on Throughput Accounting Criteria in Comparison with the New Network Matrix Model
Mohammad Aslani Mohammad Reza Setayesh Mohammad Hasan Janani Mahmoud HematfarOne of the strategies used in active portfolio management is the "network matrix model "which can be used to form different portfolios with different characteristics of stocks or companies. In this study, with the data of 156 companies listed on the Tehran Stock Exchang MoreOne of the strategies used in active portfolio management is the "network matrix model "which can be used to form different portfolios with different characteristics of stocks or companies. In this study, with the data of 156 companies listed on the Tehran Stock Exchange during the period 2011 to 2018 using the network matrix model and based on throughput accounting criteria, portfolio formation and their performance with the portfolios of the new network matrix model (Defensive, neutral and aggressive stocks) and market portfolio were compared. The results show that the proposed network matrix model portfolios based on throughput accounting criteria have higher performance than the new network matrix model in terms of Sharpe, Sortino, upside potential, and omega criteria. Also, portfolios consisting of stocks of companies with high system performance, in addition to the above criteria, have higher performance in terms of Jensen's Alpha criteria than the new network matrix model, and in terms of upside potential and omega criteria, have higher performance than the market portfolio. The performance of portfolios consisting of stocks of companies with low system performance has a stronger correlation with the market portfolio compared to the new network matrix model. Manuscript profile -
Open Access Article
19 - A Combined Model for Prediction of Financial Software Learning Rate based on the Accounting Students’ Characteristics
Bahareh Banitalebi Dehkordi Hamed Samarghandi Sara Hosseinzadeh Kassani Hamidreza malekhossiniThe accounting software is considered to be of the most critical components of accounting information system, with particular significance as of accounting and financial systems. the most important problems with accounting education systems is that students do not adequ MoreThe accounting software is considered to be of the most critical components of accounting information system, with particular significance as of accounting and financial systems. the most important problems with accounting education systems is that students do not adequately learn the financial software required by the accounting profession, which, in turn, reduces the credibility and position of the accounting profession. That the main objective of accounting software education is to educate skilled and expert accountants to enter the accounting profession, which is considered as of the success factors of country’s economy. In this study, employ data mining techniques to investigate the accuracy, precision, and recall performance measures and to predict the rate of financial software learning based on accounting students’ emotional intelligence (EI), gender and education level. Accordingly, a machine-learning-based multivariate statistical analysis is performed on 100 Iranian accounting students. The results show that emotional intelligence has the most impact on the rate of financial software learning among the variables. Gender and education level were influential. Also, among the five algorithms, the highest precision and recall are achieved by both Decision Tree and XGBoost and are presented as the most appropriate models for the prediction rate of financial software learning. Manuscript profile -
Open Access Article
20 - A integrated hybrid fuzzy multiple-criteria decision-making model for non-performing Loans collections in the banking system (Case study: Shahr Bank)
kiamars fathi Majid Rashidi Mahmoud Modiri Sayedeh Mahboubeh JafariThe increase in non-performing loans considerably reduces profit in the banking systems. To solve these problems, factors influencing the collection of non-performing loans have to be examined in a hopeful attempt to reduce it to an ac-ceptable level. The present study MoreThe increase in non-performing loans considerably reduces profit in the banking systems. To solve these problems, factors influencing the collection of non-performing loans have to be examined in a hopeful attempt to reduce it to an ac-ceptable level. The present study is conducted to analyze and study factors influ-encing the collection of non-performing loans in Shahr Bank. This research is an applied study regarding its goal. It was conducted in two sections, namely the qualitative and quantitative sections. In the qualitative sections, the factors influ-encing the collection of receivables were identified using the theoretical literature and interviews with senior managers of Shahr Bank through the encoding process. In the quantitative section, data was collected by surveying the opinions of 12 experts, including senior managers of Shahr Bank in 2020 using a questionnaire. Thereafter, the factors were selected using the fuzzy Delphi technique and the relationships between them were determined using the fuzzy DEMATEL method. Finally, the factors were weighted and prioritized using the fuzzy ANP method. The research findings showed that non-performing loans can be collected through six types of factors including organizational, regulatory, customer, banking, envi-ronmental, and operational factors. The environmental factor is the most influential factor, while the operational factor is the most influenced and most important factor. In addition, behavioural, contextual, and structural sub-factors have the highest level of importance in the collection of non-performing loans in the order mentioned. These findings can help bank managers make decisions to improve the collection of receivables. Manuscript profile -
Open Access Article
21 - Identifying the Effective Factors in Banking Sector using Data Envelopment Analysis Considering System Efficiency
Sharifeh Soofizadeh Reza FallahnejadBank efficiency is essential in the establishment of healthy financial systems in countries. In this respect, bank managers are expected to respond correctly to questions raised about the financial performance of banks, which is practically impossible without examining MoreBank efficiency is essential in the establishment of healthy financial systems in countries. In this respect, bank managers are expected to respond correctly to questions raised about the financial performance of banks, which is practically impossible without examining the efficiency of the branches under their oversight. In most previous studies, Data Envelopment Analysis was used for evaluating the efficiency of financial branches. The large number of evaluation factors in the analysis leads to an increase in the number of efficient units and thus a decrease in the power of discrimination. Taking a systematic view into consideration, in this study, a step-by-step method was developed for selecting the effective factors in the efficiency of different branches of one of the Iranian Banks based on the effect of each factor or indicator on the whole system’s efficiency including the branches under evaluation. To this end, a new method was proposed for the evaluation of system’s efficiency and some of its properties were stated. Manuscript profile -
Open Access Article
22 - Ranking and evaluation of financial efficiency of pharmaceutical companies accepted in Tehran Stock Exchange with the approach of data envelopment analysis and multi-criteria decision making
saba salimi Mohsen ShahriariThe complexity of the competitive business environment has highlighted the need to be aware of the organization's strengths and weaknesses and to continuously improve processes. Therefore, managers are looking for a solution for performance measurement of their organiza MoreThe complexity of the competitive business environment has highlighted the need to be aware of the organization's strengths and weaknesses and to continuously improve processes. Therefore, managers are looking for a solution for performance measurement of their organization to be able to promote and improve their organization. Evaluating the performance of listed companies in the stock exchange organization is important because in addition to the managers of the organizations, stock traders can also evaluate the companies and make the necessary decisions about holding, selling or buying the shares of these companies in a timely manner. One of the organization's performance measurement solutions is to use financial ratios. Given that a separate study of financial ratios does not provide a correct view of the efficiency of the organization, so the aggregation of the effect of financial ratios seems to be effective. DEA and MCDM are suitable because they enable the achievement of performance index by considering several factors simultaneously, so the performance obtained from this method is reliable. the main purpose of this study is to ranking pharmaceutical companies in the Tehran Stock Exchange between the years 2018 and 2020 using DEA approach and MCDM to provide a single ranking through the Copeland method. Manuscript profile