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Are Multi-criteria Decision Making Techniques Useful for Solving Corporate Finance Problems? A Bibliometric Analysis || ¿Son adecuadas las técnicas de decisión multicriterio para resolver los problemas financieros corporativos? Un análisis bibliométrico

Author

Listed:
  • Guerrero-Baena, M. Dolores

    (Área de Economía Financiera y Contabilidad. Universidad de Córdoba (España))

  • Gómez-Limón, José A.

    (Área de Economía Financiera y Contabilidad. Universidad de Córdoba (España))

  • Fruet Cardozo, J. Vicente

    (Área de Economía Financiera y Contabilidad. Universidad de Córdoba (España))

Abstract

Corporate financial decision making processes (selection of investments and funding sources) are becoming increasingly complex because of the growing number of conflicting criteria that need to be considered. The main aim of this paper is to perform a bibliometric analysis of the international research on the application of multi-criteria decision making (MCDM) techniques to corporate finance issues during the period 1980-2012. A total of 347 publications from the Scopus database have been compiled, classified and analysed. The results obtained confirm: a) an increase in the importance of MCDM in corporate finance; b) the relevance of MCDM techniques in capital budgeting processes (fixed assets investment) and in the assessment of firms' economic and financial performance; c) the techniques based on the multiple attribute utility theory (MAUT) are the most popular in complex decision making situations as they are very simple to implement. || Los procesos de decisión de selección de inversiones y de las fuentes de financiación de las empresas se caracterizan por una creciente complejidad, dada la confluencia del cada vez mayor número de criterios a considerar. El objetivo de este trabajo es realizar un análisis bibliométrico de la producción científica internacional que ha abordado la problemática asociada a las finanzas corporativas mediante la implementación del paradigma de Decisión Multicriterio (MCDM) durante el periodo 1980-2012. Un total de 347 publicaciones han sido recopiladas de la base de datos de Scopus, clasificadas y analizadas. De los resultados obtenidos cabe destacar lo siguiente: a) se ha producido un considerable incremento del uso de las técnicas multicriterio en finanzas corporativas; b) las técnicas MCDM se han empleado fundamentalmente en la selección de inversiones productivas, evidenciándose igualmente su utilidad para la evaluación de la situación económico-financiera de las empresas; c) las técnicas basadas en la teoría de la utilidad multiatributo (MAUT) han sido las más empleadas, dada su relativa sencillez operativa.

Suggested Citation

  • Guerrero-Baena, M. Dolores & Gómez-Limón, José A. & Fruet Cardozo, J. Vicente, 2014. "Are Multi-criteria Decision Making Techniques Useful for Solving Corporate Finance Problems? A Bibliometric Analysis || ¿Son adecuadas las técnicas de decisión multicriterio para resolver los problema," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 17(1), pages 60-79, June.
    • Handle: RePEc:pab:rmcpee:v:17:y:2014:i:1:p:60-79
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    References listed on IDEAS

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    1. A. Charnes & W. W. Cooper & R. O. Ferguson, 1955. "Optimal Estimation of Executive Compensation by Linear Programming," Management Science, INFORMS, vol. 1(2), pages 138-151, January.
    2. Michael Doumpos & Fotios Pasiouras, 2005. "Developing and Testing Models for Replicating Credit Ratings: A Multicriteria Approach," Computational Economics, Springer;Society for Computational Economics, vol. 25(4), pages 327-341, June.
    3. Aghaei Chadegani, Arezoo & Salehi, Hadi & Md Yunus, Melor & Farhadi, Hadi & Fooladi, Masood & Farhadi, Maryam & Ale Ebrahim, Nader, 2013. "A Comparison between Two Main Academic Literature Collections: Web of Science and Scopus Databases," MPRA Paper 46898, University Library of Munich, Germany, revised 18 Mar 2013.
    4. Chiang Chun-Hao & Yang Jian-Min, 2012. "A bibliometric study of financial risk literature: a historic approach," Applied Economics, Taylor & Francis Journals, vol. 44(22), pages 2827-2839, August.
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    Cited by:

    1. Baker, H. Kent & Kumar, Satish & Pattnaik, Debidutta, 2021. "Twenty-five years of the Journal of Corporate Finance: A scientometric analysis," Journal of Corporate Finance, Elsevier, vol. 66(C).
    2. Collins C. Okolie & Abiodun A. Ogundeji, 2022. "Effect of COVID-19 on agricultural production and food security: A scientometric analysis," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-13, December.

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    More about this item

    Keywords

    corporate finance; multi-criteria decision making; MCDM; bibliometric analysis; review; finanzas corporativas; teoría de la decisi on multicriterio; MCDM; análisis bibliométrico; revisión bibliográfica;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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