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Corporate Governance-Based Strategic Approach to Sustainability in Energy Industry of Emerging Economies with a Novel Interval-Valued Intuitionistic Fuzzy Hybrid Decision Making Model

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  • Wenhao Qi

    (School of Economics and Management, Jilin Agricultural University, Changchun 130118, China)

  • Zhixiong Huang

    (School of Accounting, ZheJiang University of Finance and Economics, Hangzhou 310018, China)

  • Hasan Dinçer

    (School of Business, South Campus, İstanbul Medipol University, 34815 Istanbul, Turkey)

  • Renata Korsakienė

    (Department of Management, Vilnius Gediminas Technical University, Saulėtekio av. 11, LT-10223 Vilnius, Lithuania)

  • Serhat Yüksel

    (School of Business, South Campus, İstanbul Medipol University, 34815 Istanbul, Turkey)

Abstract

The sustainability in energy industry is one of the most prominent issues in emerging economies because of needs for the long-term growth of production and managerial capacity. Accordingly, corporate governance could lead to develop the sustainable production of energy industry. The purpose of this study is to define a set of criteria and dimensions for analyzing the corporate governance-based strategic approach to sustainability in the energy industry of emerging economies. For this purpose, this study provides several novelties by extending a hybrid decision making model with interval-valued intuitionistic fuzzy sets (IVIF) and defining the related criteria and dimensions of corporate governance-based strategic approach with the supported literature. IVIF decision making trial and evaluation laboratory (DEMATEL) is constructed for measuring the relative importance of criteria and dimensions. IVIF VlseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) is applied for ranking the corporate governance-based performance of sustainable energy industries in emerging economies. Sensitivity analysis is also used for understanding the coherence of ranking results. Analysis results illustrate that the energy industry could provide more sustainable results than the conventional managerial policies by considering the social capital of board members. Additionally, mass-economies are closely related to the sustainable production capacities of energy industry and have the best performance results for the corporate governance-based sustainable energy production strategies. The results are discussed to provide the policy recommendations by comparing analysis results of emerging economies for further studies.

Suggested Citation

  • Wenhao Qi & Zhixiong Huang & Hasan Dinçer & Renata Korsakienė & Serhat Yüksel, 2020. "Corporate Governance-Based Strategic Approach to Sustainability in Energy Industry of Emerging Economies with a Novel Interval-Valued Intuitionistic Fuzzy Hybrid Decision Making Model," Sustainability, MDPI, vol. 12(8), pages 1-19, April.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:8:p:3307-:d:347414
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    References listed on IDEAS

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    5. Haiyang Shang & Fang Su & Serhat Yüksel & Hasan Dinçer, 2021. "Identifying the Strategic Priorities of the Technical Factors for the Sustainable Low Carbon Industry Based on Macroeconomic Conditions," SAGE Open, , vol. 11(2), pages 21582440211, May.
    6. Melda Kokoç & Süleyman Ersöz, 2021. "A literature review of interval-valued intuitionistic fuzzy multi-criteria decision-making methodologies," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 31(4), pages 89-116.
    7. Rosita Capurro & Raffaele Fiorentino & Rubina Michela Galeotti & Stefano Garzella, 2023. "The Impact of Digitalization and Sustainability on Governance Structures and Corporate Communication: A Cross-Industry and Cross-Country Approach," Sustainability, MDPI, vol. 15(3), pages 1-27, January.
    8. Li Zhe & Serhat Yüksel & Hasan Dinçer & Shahriyar Mukhtarov & Mayis Azizov, 2021. "The Positive Influences of Renewable Energy Consumption on Financial Development and Economic Growth," SAGE Open, , vol. 11(3), pages 21582440211, August.
    9. Zoltán Csedő & József Magyari & Máté Zavarkó, 2022. "Dynamic Corporate Governance, Innovation, and Sustainability: Post-COVID Period," Sustainability, MDPI, vol. 14(6), pages 1-21, March.
    10. Benedictus Rahardjo & Fu-Kwun Wang & Shih-Che Lo & Jia-Hong Chou, 2023. "A Hybrid Multi-Criteria Decision-Making Model Combining DANP with VIKOR for Sustainable Supplier Selection in Electronics Industry," Sustainability, MDPI, vol. 15(5), pages 1-21, March.
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    12. Nuraini Rahim & Lazim Abdullah & Binyamin Yusoff, 2020. "A Border Approximation Area Approach Considering Bipolar Neutrosophic Linguistic Variable for Sustainable Energy Selection," Sustainability, MDPI, vol. 12(10), pages 1-21, May.

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