20 research outputs found

    A Comprehensive Survey on Enterprise Financial Risk Analysis: Problems, Methods, Spotlights and Applications

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    Enterprise financial risk analysis aims at predicting the enterprises' future financial risk.Due to the wide application, enterprise financial risk analysis has always been a core research issue in finance. Although there are already some valuable and impressive surveys on risk management, these surveys introduce approaches in a relatively isolated way and lack the recent advances in enterprise financial risk analysis. Due to the rapid expansion of the enterprise financial risk analysis, especially from the computer science and big data perspective, it is both necessary and challenging to comprehensively review the relevant studies. This survey attempts to connect and systematize the existing enterprise financial risk researches, as well as to summarize and interpret the mechanisms and the strategies of enterprise financial risk analysis in a comprehensive way, which may help readers have a better understanding of the current research status and ideas. This paper provides a systematic literature review of over 300 articles published on enterprise risk analysis modelling over a 50-year period, 1968 to 2022. We first introduce the formal definition of enterprise risk as well as the related concepts. Then, we categorized the representative works in terms of risk type and summarized the three aspects of risk analysis. Finally, we compared the analysis methods used to model the enterprise financial risk. Our goal is to clarify current cutting-edge research and its possible future directions to model enterprise risk, aiming to fully understand the mechanisms of enterprise risk communication and influence and its application on corporate governance, financial institution and government regulation

    Desenvolvimento de ações potenciadoras de uma cultura de inovação: O caso da VMLY&R Lisboa

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    Atravessamos um momento único da nossa história, um tempo sem precedentes marcado pela mais grave pandemia mundial até hoje vivida e que teve um inegável impacto na vida das organizações. Estas enfrentam hoje um conjunto de desafios que passam pela manutenção das suas culturas, enquanto definem e validam novos modelos de trabalho, novos modelos de negócio e repensam profundamente as vantagens competitivas que até então detinham. A inovação é uma atividade fundamental nestes processos. Assim, o presente projeto começa por expor os principais contributos da literatura sobre cultura organizacional e sobre a promoção da cultura de inovação no seio das organizações. Através de uma abordagem baseada em Problem Structuring Methods (PSMs) e Design Thinking, procurar-se-á analisar o tema central deste projeto, aplicando-o à empresa VMLY&R Lisboa, que pretende refletir sobre a sua cultura organizacional e aumentar o seu potencial de inovação. Para tal, fez-se uso da técnica DEcision MAking Trial and Evaluation Laboratory (DEMATEL), considerada um PSM, que permitiu estudar e compreender as relações de causa-efeito que influenciam a problemática em estudo, envolvendo a organização na reflexão estratégica sobre o tópico e perseguindo uma abordagem colaborativa e construtivista. Em conjunto com a empresa, validaram-se os principais resultados do estudo e propôs-se um conjunto de ações concretas que permitem potenciar a sua cultura de inovação, ao mesmo tempo que são resumidos os principais contributos e as limitações da presente aplicação.We are going through a unique moment in our history, an unprecedent time marked by the most serious pandemic in the world to date, which had undeniable impact on the organizations’ external environment. Companies now face a set of challenges and try to keep on with their cultures, while defining and validating new working models, new business models and deeply rethinking the competitive advantages they had until now, with innovation being a fundamental activity in these processes. Thus, the present study identifies the main contributions in the literature on organizational culture and on the promotion of innovation within organizations. Based on Problem Structuring Methods (PSMs) and Design Thinking, we analyze the study’s central topic, applying it to VMLY&R Lisboa, which intends to reflect on its own organizational culture and enhance its potential for innovation. To this end, DEcision MAking Trial and Evaluation Laboratory (DEMATEL), a PSM, is used, allowing cause-and-effect relationships between innovation factors that influence this topic to be understood, while pursuing a collaborative and constructivist approach. The main results were validated by the company’s Chief Executive Officer (CEO), allowing a set of concrete actions that can enhance a culture of innovation in VMLY&R Lisboa to be proposed. The contributions and limitations of the present study are also discussed

    A hybrid grey MCDM approach for asset allocation: evidence from China’s Shanghai Stock Exchange

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    Asset allocation is a critical concern for any investor in the financial market. This paper aims to prioritize five randomly selected firms from the top ten stocks by market capitalization of the Shanghai Stock Exchange (SSE) by opting for adequate financial procedures and practical criteria under uncertain conditions. Decision makers want not only the ranking order of stocks but also capital proportions to be allocated. Therefore, this study uses a hybrid multi-criteria decision-making (MCDM) approach comprising of an integrated analytic network process (ANP) and decision making trial and evaluation laboratory (DEMATEL) in a grey environment for optimal portfolio selection to provide both ranking and weighting information for decision makers. Results indicate that return, financial ratios, dividends, and risk are causal criteria group, which are the most influential determinants for obtaining high benefits with regards to stock portfolio selection in SSE. The free float of stocks is the least influencing criterion among all identified criteria of stock portfolio selection of SSE. The Industrial and Commercial Bank of China Ltd. stocks have the highest allocated proportion with the highest priority shown by investors and can be described as a suitable alternative. The practical implications of this research are that the approach, when applied, highlights how the grey system theory minimizes the uncertainties in all stages of decision-making of portfolio selection

    Evaluating the criteria for financial holding company operating ability based on the DEMATEL approach–the case of Taiwan

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    Evaluating criteria selection has significant impacts on data envelopment analysis (DEA) efficiency estimates. Selecting the proper evaluation criteria lead to successful and meaningful results of decision-making. This study aims to use the Decision Making Trial and Evaluation Laboratory (DEMATEL) method to evaluate the most important constructs and criteria and also establish causality relationships among others for financial holding companies (FHCs) of banks’ operating ability in Taiwan. In this research 15 criteria were confirmed through reviewing various articles associated with this issue. Then, the information from the questionnaire was turned into the DEMATEL questionnaire and was distributed among nine experts and also members of the FHCs of Taiwan. The research results show that employees, total assets, total liabilities, non-interest income, income on investments, net profits before tax, net worth, and EPS are eight causal criteria. Furthermore, operating expenses, capital, interest expenses, interest income, operating income, return on assets (ROA), and return on equity (ROE) are seven effect criteria

    İK2018 17th Internationally Participated Business Congress, 26-28 April 2018, Çeşme, İzmir

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    Çevrimiçi (XLV, 2055 sayfa )26-28 Nisan 2018 tarihlerinde Çeşme’de düzenlenen, 17. Uluslararası Katılımlı işletmecilik Kongresi’nin İzmir Katip Çelebi Üniversitesi, iktisadi ve idari Bilimler Fakültesi, işletme Bölümü ev sahipliğinde gerçekleştirilmesinden dolayı büyük bir mutluluk ve onur duyduk. Türkiye’de işletmecilik alanında uzun süredir başarıyla gerçekleştirilen ‘İşletmecilik Kongresi’ 17. Oturumunda uluslararası bir nitelik kazandırılarak gerçekleştirilmiştir. Bu vesile ile kongrenin 17. Oturumu ‘Uluslararası Katılımlı İşletmecilik Kongresi’ olarak tanımlanmıştır. Kongrenin bu niteliği kazanmasında katkıları olan herkese teşekkür ederiz. Umut ederiz ki bu kıymetli kongrenin ileriki oturumlarının da bu nitelikte gerçekleşmesidir. 17. Uluslararası İşletmecilik Kongresi’ne akademi, iş dünyası, sivil toplum kuruluşları ve bireysel olarak yaklaşık 700 katılımcı ilgi göstermiştir. Kongrede sunulmak üzere 400’den fazla çalışma tarafımıza ulaşmıştır. Bu çalışmalardan kongrede sunumu yapılan 236 tane tebliğ bu kitapta yer almaktadır. Kongrenin düzenlenmesi sırasında her zaman desteklerini hissettiğimiz Danışma Kurulu değerli üyelerine, bildiri tam metin ve özetlerini dikkatle ve özenle değerlendiren Bilim Kurulu üyelerine ve kongre sponsorlarına çok teşekkür ederiz. Prof.Dr. Hayrettin USUL 17. Uluslararası Katılımlı İşletmecilik Kongresi Dönem Başkan

    Fuzzy Delphi and hybrid AH-MATEL integration for monitoring of paint utilization

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    This study investigates the unattended aspects of paint utilization selection criteria in industries. In today competitive business environment almost all companies focus towards sustainable manufacturing. The utilization evaluation and selection criteria for paint and its consumption reduction is the top priority for industry. Especially in automotive industries, paint shop stands as a centre for hazardous waste due to wastage of paint and thinner during the painting process. This research work focuses on optimizing consumption of paint by finding most important criteria affecting paint consumption and optimizing the same to achieve maximum paint yield. The study uses the routes of Delphi technique in a fuzzy environment to find out the most important criteria for paint utilization selection, so that maximize utilization and minimize consump-tion reduction of paint has been achieved. An integrated approach of AHP and DEMATEL methods has been implemented to prioritize the criteria and to familiarize the relationship within criteria. The outcomes of the study substantiate and proves that this study is the best way to select a particular paint utilization selection criteria for the paint shop and also to anticipate the optimal level of paint utilization.N/

    VIKOR Technique:A Systematic Review of the State of the Art Literature on Methodologies and Applications

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    The main objective of this paper is to present a systematic review of the VlseKriterijuska Optimizacija I Komoromisno Resenje (VIKOR) method in several application areas such as sustainability and renewable energy. This study reviewed a total of 176 papers, published in 2004 to 2015, from 83 high-ranking journals; most of which were related to Operational Research, Management Sciences, decision making, sustainability and renewable energy and were extracted from the “Web of Science and Scopus” databases. Papers were classified into 15 main application areas. Furthermore, papers were categorized based on the nationalities of authors, dates of publications, techniques and methods, type of studies, the names of the journals and studies purposes. The results of this study indicated that more papers on VIKOR technique were published in 2013 than in any other year. In addition, 13 papers were published about sustainability and renewable energy fields. Furthermore, VIKOR and fuzzy VIKOR methods, had the first rank in use. Additionally, the Journal of Expert Systems with Applications was the most significant journal in this study, with 27 publications on the topic. Finally, Taiwan had the first rank from 22 nationalities which used VIKOR technique

    Valuing Commercial Finance Companies

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    Stakeholders are increasingly insistent that companies increase firm value. The problem is that stakeholders of financial services firms are unable to accurately determine firm value. The purpose of this correlational study was to examine the accuracy of 4 valuation models in predicting the market value of equity of commercial finance companies. Study participating companies were 8 listed U.S. or Canadian commercial finance companies. The theoretical constructs of the study included the accuracy of valuation models, modern portfolio theory, and the correlation of book value of equity to market value of equity. Financial information on participating companies obtained from public filings were input data in 4 valuation models. Multiple regression analysis of valuation model results and book value of equity (the predictor variables) were used to determine the accuracy of the models in predicting the market value of equity (response variable). The findings of the study showed that all 4 valuation models in combination with the book value of equity were statistically significant predictors of the market value of equity of the participating companies at the p \u3c .05 level. However, the dividend discount model (DDM) and residual income model (RIM) were statistically more accurate without the combination of book value of equity (p = .000 and p = .000, respectively) than the discounted cash flow and risk-adjusted discounted cash flow valuation models (p = .371 and p = .904, respectively). The results of this study contribute to positive social change by providing business leaders an ability to measure the effectiveness of their actions in creating firm value. Corporate social responsibility activities correlate to value creation for firms that engage in promoting employee welfare and other stakeholder welfare

    Proposing a new methodology for prioritising the investment strategies in the private sector of Iran

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    This article proposes a systematic and organised approach for group decision-making in the presence of the uncertainty involved in expert judgments as used in multi-criteria decision-making (MCDM) issues. This procedure comprises the selection of the optimum alternative with respect to the evaluation criteria under consideration, in particular to select the strategy of investing. However, the selection of the investment strategy is difficult on account of considering the numerous quantitative and qualitative parameters like benefits, opportunities, costs, and risks. However, it is possible that these parameters have a significant influence on each other. A decision-making trial and evaluation laboratory (DEMATEL), used to define the influential network of elements, can be employed to construct a network relationship map (NRM). On the other hand, according to whether the information is incomplete or unavailable, uncertainty is an inseparable part of making decision for solving the MCDM problems. Therefore, this article proposes a new hybrid model based on analytic hierarchical process (AHP), DEMATEL, and echnique for Order of Preference by Similarity to Ideal Solution (TOPSIS) techniques under fuzzy environment to evaluate the problem of the selection of the investment strategy. To achieve the aim, a three-step process is presented to solve a sophisticated problem. First, the AHP method is employed to break down the investment problem into simple structure and calculate the importance weights of criteria by using a pairwise comparison process. Second, the DEMATEL technique is applied for considering interdependence and dependencies and computing the global weights of benefit, opportunities, cost, and risk (BOCR) factors. Finally, the fuzzy TOPSIS methodology is used for prioritising the possible alternatives. To demonstrate the potential application of the proposed model, a numerical example is illustrated and investigated. The results show that the proposed model has a high ability to prioritise the strategies of investing
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