scispace - formally typeset
Search or ask a question

Showing papers in "Technological and Economic Development of Economy in 2017"


Journal ArticleDOI
TL;DR: A novel integrated model in which Fuzzy AHP is used for calculating priority weights of each criteria and EDAS is employed to achieve the final ranking of 3PLs providers is offered, which leads to the selection of suitable alternative successfully in other selection problems.
Abstract: In the global competitive environment, companies not only improve the quality of service and increase the efficiency, they also decrease the cost by means of third-party logistics (3PLs). 3PLs, therefore, is an important strategy for companies desiring to gain a competitive advantage and 3PLs provider selection plays a critical role for the success of outsourcing. Nevertheless, the level of uncer­tainty in the selection process is relatively high and need to be carefully considered. Hence, in order to select a proper 3PLs provider, integration of the Fuzzy AHP and Evaluation based on Distance from Average Solution (EDAS) has offered a novel integrated model, in which Fuzzy AHP is used for calculating priority weights of each criteria and EDAS is employed to achieve the final ranking of 3PLs providers. Besides, in order to demonstrate the applicability of the proposed model, it is validated by a case study. Cost together with quality, and professionalism are found to be the most important factors for 3PLs provider selection. Consequently, the advantage of this model is that it is simple to apprehend and easy to apply. The use of the proposed model leads to the selection of suitable alternative successfully in other selection problems. First published online: 23 Apr 2017

108 citations


Journal ArticleDOI
TL;DR: In this paper, the authors presented two combined approaches based on a compromise MCDM method-VIKOR and objective weighting methods-CRITIC and MW (Mean Weight) to evaluate and rank IPOs to help shareholders with understanding on how their performance changes under the different measures.
Abstract: As Initial Public Offering (IPO) is a significant milestone in the financial strategy of a firm, this study aims to evaluate performance of IPOs using multiple measures including account­ing-based performance (ABP), value-based performance (VBP) and overall performance (OP) in the pre-and post-IPO periods. Therefore, we present two combined approaches based on a compromise MCDM method-VIKOR and objective weighting methods-CRITIC and MW (Mean Weight) to evaluate and rank IPOs to help shareholders with understanding on how their performance changes under the different measures. Since the compromise solution (one or a set) proposed by VIKOR depends substantially on criteria weights, VIKOR-CRITIC can show more realistic results because of the differential weights assigned to criteria by CRITIC. In this study, a case study is con­ducted in order to evaluate the performance of Turkish IPOs based on ABP, VBP and OP measures using the combined methods. The results show that the compromise solution results obtained by VIKOR-CRITIC may be a guideline for investors in making more profitable investment decisions before leaping into any investment decision. First published online: 27 Mar 2017

62 citations


Journal ArticleDOI
TL;DR: In this article, a conceptual reference model for risk assessment of residential real estate using fuzzy cognitive mapping is developed, which allows cause and effect relationships between determinants to be identified and better understood, which in turn allows for better informed investment decisions.
Abstract: Risk analysis of residential real estate investments requires careful analysis of certain variables (or determinants). Because real estate is a key sector for economic and social development, this risk analysis is seen as critical in supporting decision processes relating to buying or selling residential properties, partly due to the pressures caused by the current economic environment. This study aims to develop a conceptual reference model for risk assessment of residential real estate using fuzzy cognitive mapping. This fuzzy model allows cause-and-effect relationships between determinants to be identified and better understood, which in turn allows for better informed investment decisions. The results show that the use of cognitive maps reduces the number of omitted criteria and favors learning with regard to how the criteria relate to each other, holding great potential and versatility in structuring complex decision problems. Practical implications, strengths and weaknesses of our proposal a...

57 citations


Journal ArticleDOI
TL;DR: The findings indicate that facilitating conditions play the most determining role in the adoption of the M-banking, followed by self-efficacy, privacy risk, and security risk.
Abstract: Mobile banking (M-banking) which integrates software, hardware, and human is a new platform for banks. Determining the performance of M-banking services helps bank practitioners identify better policy to improve their positions. The aim of this study is to develop an integrated model for evaluating M-banking services by two methods, namely the Fuzzy Analytic Hierarchy Process (FAHP) with an extent analysis approach and ARAS (Additive Ratio ASsessment). In this study, the priority weights obtained through the FAHP are combined with the ARAS method to as­sess and rank the M-banking services. Moreover, in order to verify the applicability of this proposed model, a case study in Turkey is offered. The findings indicate that facilitating conditions play the most determining role in the adoption of the M-banking, followed by self-efficacy, privacy risk, and security risk. Consequently, the proposed model helps to overcome difficulties in M-banking service evaluation process and increases the efficiency of the M-banking service activities. Besides, the case study validates that the proposed model is an effective and efficient decision making tool for the evaluation of M-banking services under fuzzy environments. First published online: 23 Apr 2017

52 citations


Journal ArticleDOI
TL;DR: In order to ensure the harmonious activity of the institutions engaged in R&D and to reduce the uncertainty of the commercialization of technologies, an advanced tool for verifying decisions on decisions on TEC is proposed in this article.
Abstract: In order to ensure the harmonious activity of the institutions engaged in R&D and to reduce the uncertainty of the commercialization of technologies, an advanced tool for verifying decisions on tec...

47 citations


Journal ArticleDOI
TL;DR: The bio-fuels sustainability in transport depends on the energetic products demand and the limited resources as discussed by the authors, and according to European legislation, the energy consumption in transport from renewable en...
Abstract: The biofuels sustainability in transport depends on the energetic products demand and the limited resources. According to European legislation, the energy consumption in transport from renewable en...

43 citations


Journal ArticleDOI
TL;DR: The concept of extended hesitant fuzzy elements (EHFEs) is proposed, then the basic operations and the desirable properties of EHFEs in detail are studied and some extended hesitantdistance measures are developed to illustrate their advantages comparing with the existing hesitant distance measures.
Abstract: Hesitant fuzzy sets (HFSs) are a useful tool to manage situations in which the decision makers (DMs) hesitate about several possible values for the membership to assess a variable, alternative, etc. However, HFSs have the information loss problem and cannot identify different DMs, which interferes with the application of HFSs in decision making. To overcome these limitations, we develop the extended hesitant fuzzy sets (EHFSs) in this paper. As an extension of HFSs, EHFSs have close relationships with existing fuzzy sets including intuitionistic fuzzy sets (IFSs), fuzzy multisets (FMSs), type-2 fuzzy sets (T2FSs), dual hesitant fuzzy sets (DHFSs), and especially HFSs. We propose a concept of extended hesitant fuzzy elements (EHFEs), then study the basic operations and the desirable properties of EHFEs in detail. Some extended hesitant distance measures are developed to illustrate their advantages comparing with the existing hesitant distance measures. To extend EHFSs to decision making, we combine...

41 citations


Journal ArticleDOI
TL;DR: A new integrated approach is proposed to address designing a multi-product, multi-period supply chain network with reverse logistics, which includes green supplier evaluation and a mathematical model in an uncertain environment.
Abstract: Integration of reverse logistics processes into supply chain network design can help to achieve a network that incorporates environmental factors as well as economic factors. In this study, a new integrated approach is proposed to address designing a multi-product, multi-period supply chain network with reverse logistics. The framework of the proposed approach includes green supplier evaluation and a mathematical model in an uncertain environment. To the best of our knowledge, integration of green supplier evaluation into the designing supply chain network with reverse logistics has not been considered in the literature. This integration can help to incorporate experts’ opinions about environmental impact of suppliers in the network design. Minimization of total cost and maximization of total greenness score of purchased raw materials/components are two objectives of the model. The fuzzy EDAS method is used to determine the greenness scores of suppliers. Also, demand of customers and capacity of s...

37 citations


Journal ArticleDOI
TL;DR: In this article, a case study of European countries and evaluation of productivity taking into account not only economic growth but also effects which are undesirable and impossible to eliminate entirely, such as the impact on the environment, is presented.
Abstract: The article presents the concept of environmental efficiency analysis based on the method of Data Envelopment Analysis in the case of the existence of desirable and undesirable results. Theoretical considerations are illustrated by a case study of European countries and evaluation of productivity taking into account not only economic growth but also effects which are undesirable and impossible to eliminate entirely, such as the impact on the environment. The differences in the results are explained by the relationship between policies aiming at supporting research and development with the use of the Tobit regression model. The added value of this work is to propose an integration of environmental DEA method with the concept of technological competitors. The possibility of applying the concept of DEA to technological competition was presented in the form of classification and benchmarking of the European countries. It is concluded that European countries are highly diversified in regard to the efficiency of environmental performance.

37 citations


Journal ArticleDOI
TL;DR: In this article, a knowledge-based framework for the identification of the key determinants of customer loyalty and the relationships among them is proposed, and a step-by-step guide to the development of such a framework is illustrated through a practical application in the banking context.
Abstract: Understanding customer loyalty has been a growing concern for the services industry. In a context of increasing competitive pressures, such loyalty is seen as a key element in service companies’ success. Maintaining customer loyalty and identifying its underlying factors, however, are recognizably difficult to do. Grounded on the use of cognitive mapping techniques, this paper proposes a knowledge-based framework for the identification of the key determinants of customer loyalty, and the relationships among them. A step-by-step guide to the development of such a framework is presented, and illustrated through a practical application in the banking context. The resulting findings are supportive of the applicability of such methods for understanding customer loyalty, and the improvement of long-term relationships with customers. They are furthermore indicative of new ways in which knowledge can be incorporated into management activities to improve service outcomes. Some managerial implications of ou...

33 citations


Journal ArticleDOI
TL;DR: In this article, a break-even analysis and impact analysis of residential solar PV systems by state in the U.S. focused on state solar incentives was conducted, where three indexes (i.e., net present value, profitability index (PI) and payback period) were used to evaluate the investment value of the residential solar photovoltaic systems considering state solar incentive.
Abstract: Despite the steady growth and price reductions of solar photovoltaic (PV) market in the United States (U.S.), the solar PV market still depends on financial support and incentives due to its high initial investment cost. Therefore, this study aimed to conduct a break-even analysis and impact analysis of residential solar PV systems by state in the U.S., focused on state solar incentives. Three indexes (i.e., net present value, profitability index (PI) and payback period) were used to evaluate the investment value of the residential solar PV systems considering state solar incentives. Furthermore, PI increase ratio was used to analyze the impact of state solar incentives on the economic feasibility of the residential solar PV systems in each state. As a result, it was found that 18 of the 51 target cities have reached the break-even point and seven of the 51 target cities showed great improvement of the economic feasibility of solar PV systems in the U.S. due to excellent state solar incentives. The results of this study can help policy makers to evaluate and compare the economic impacts of the residential solar PV systems by state in the U.S. First published online: 09 Feb 2017

Journal ArticleDOI
TL;DR: Wang et al. as discussed by the authors proposed a regional financial center improvement model for modernization development, as based on a hybrid MADM model, which addressed the main causal-effect factors and amended priorities in order to strengthen ongoing planning.
Abstract: The regional financial center is the propeller of regional economic development. Regional financial center modernization, however, has been the predominant propulsion of economic sustainability. Decisions related to regional financial center modernization development are in­herent problems of multiple attribute decision-making (MADM), and strategically important to the government. The purpose of this paper is to set up a regional financial center improvement model for modernization development, as based on a hybrid MADM model, which addresses the main causal-effect factors and amended priorities in order to strengthen ongoing planning. This paper adopts a new hybrid MADM model combined with the DEMATEL technique to construct an influential network relationship map (INRM) and determined the influential weights of DANP. Then, a modified VIKOR method using influential weights is applied to measure and integrate the performance gaps from each criterion into dimensions, as well as the overall criterion for evaluating and improving the modernization development of the regional financial center, as based on INRM. Finally an empirical case study using data from the Guangzhou regional financial center is carried out as an example to demonstrate the suitability of the proposed hybrid MADM model for solving real-world problems. The results show the priorities for improvement, as based on the degree of the effect and impact of the dimensions, as follows: first is making “government policy”, second is enforcing “financial infrastructure and safety”, next is formulating “financial institutions and human resources”, and finally “financial service”. First published online: 22 Mar 2017

Journal ArticleDOI
TL;DR: In this article, the authors set up the definition of digital shadow economy and identified its distinctive features and channels, and the newly formulated definition has served as a corner-stone for identification of the distinctive features of this phenomenon.
Abstract: Considering the lack of the scientific studies on the selected topic, the authors of this article raise the aim to set up the definition of digital shadow economy and identify its distinctive features and channels. Thus far, the studies on illegal digital activities have covered ambiguous inter­pretations of digital shadow economy that incorporated both criminal and economic aspects of the activities performed. The results of the empirical research have enabled to formulate the definition of digital shadow economy that refers to illegal activities, such as digital service provision and sales of goods/services online, when operating exceptionally in digital space, the entities violate the existent legal norms and regulations with a pursuit of illegal mutual interest and material benefits. The newly formulated definition of digital shadow economy has served as a corner-stone for identification of the distinctive features and channels of this phenomenon. Hence, the results of the research may make a significant and weighty contribution to the development of the theory of economics and may raise the awareness of what the phenomenon of digital shadow economy implies. First published online: 09 Jan 2017

Journal ArticleDOI
TL;DR: In this paper, the authors proposed a new method using the family of selection indices with OWA operator, which allows aggregating information according to the level of importance and their level of objectivity and subjectivity in the same formulation within the decision-making process.
Abstract: The main aim of this paper is to study how economic environment and logic reasoning guidance the decision-making process to start-up a new business by potential entrepreneurs. The study proposes a new method using the family of selection indices with OWA operator, which allows aggregating information according to the level of importance and their level of objectivity and subjectivity in the same formulation within the decision-making process. To develop case study, we have taken into account some industries of the sports sector and some critical environmental factors that influence the competitiveness and entrepreneurship in Colombia to start a new business. The results show in an orderly way all information aggregated, which can help potential investors and entrepreneurs to make a decision based on their preferences. Finally, the applicability of this method in real case can be given in aggregation different sources of information to help at dealing decision-making processes. First published online: 13 Mar 2017

Journal ArticleDOI
TL;DR: In this paper, the determinants of process and product innovation in a traditional and low-tech sector, supported in micro, small and medium-sized enterprises (SMEs), specifically European Construction Sector, are identified.
Abstract: The research aims to identify the determinants of process and product innovation in a traditional and low-tech sector, supported in micro, small and medium-sized enterprises (SMEs), specifically European Construction Sector. The study uses micro data from the e-Business Survey of the European Commission. The dependent variables studied are binary (presence or absence of process or/and product innovation). The explanatory variables considered are: suppliers, clients, market orientation, turnover growth and size. In addition, some national context variables – GDP per capita and R&D weight in GDP – are also tested. The results show that the sector of construction innovates, and the factors that contribute more to this innovation are suppliers and growth of business. It is also concluded that firm size is more relevant for process innovation than for product innovation, and companies that are guided by international markets innovate more than those that focus on local and regional markets.

Journal ArticleDOI
TL;DR: Results evidence that i) web-based variables are good predictors for firm export orientation, and ii) the process of extracting and analyzing such variables can be entirely automated with no significant loss of performance.
Abstract: The World Wide Web (WWW) has become the largest repository of information in the world, providing a data stream that grows at the same time as the scope of the Internet does in society. As with most Information and Communication Technologies (ICTs), its digital nature makes it easy for computer programs to analyze it and discover information. This is why it is being increas­ingly explored as a source of new indicators of technology, economics and development. Web-based indicators can be made available on a real-time basis, unlike delayed official data releases. In this paper, we examine the viability of monitoring firm export orientation from automatically retrieved web variables. Our focus on exports is consistent with the role of internationalization in economic development. To evaluate our approach, we first checked to what extent web variables are capable of predicting firm export orientation. Once these new variables are validated, their automated re­trieval is assessed by comparing the predictive performance of two nowcast models: one considering the manually retrieved web variables, the other considering the automatically retrieved ones. Our results evidence that i) web-based variables are good predictors for firm export orientation, and ii) the process of extracting and analyzing such variables can be entirely automated with no significant loss of performance. This way, it is possible to nowcast not only the export orientation of a firm, but also of an economic sector or of a region. First published online: 16 Mar 2017

Journal ArticleDOI
TL;DR: In this paper, the authors studied the relationship between prices, productivity and incomes in Polish agriculture in the context of changes in the EU Common Agricultural Policy and developed a macroeconomic model which explains these relations and confirms the occurrence of market failures in agriculture in Poland.
Abstract: In the article macroeconomic relations of prices, productivity and incomes in Polish agriculture in the context of changes in the EU Common Agricultural Policy were studied. The authors have developed a macroeconomic model which explains these relations and confirms the occurrence of market failures in agriculture in Poland. The developed model proves the existence of a puzzling exchangeable relation between the real productivity of production factors in agriculture, and agricultural incomes, under conditions of adaptive expectations. It also proves that it is price scissors, not the efficiency of production, that have a dominating influence on incomes in the sector. The authors propose the hypothesis that correction of market mechanisms by government intervention in agriculture is an objective necessity. However, direct subsidies (area payments) do not have a correcting role, but reinforce King’s effect. First published online: 13 Feb 2017

Journal ArticleDOI
TL;DR: In this paper, a panel data analysis is performed at the level of rich and poor countries of the European Union to measure migration flows from the year 2000 until 2013, and the results provide evidence indicating that there are some structural similarities and discrepancies between European rich and poorer countries.
Abstract: This work aims to integrate defragmented migration perspectives in order to better understand and explain reasons of contemporaneous migration. Accordingly, international migration flows are explained with various socio-economic determinants which address different sources of migration, reinforced by the best-known theories and conceptual frameworks. A panel data analysis is performed at the level of rich and poor countries of the European Union to measure migration flows from the year 2000 until 2013. The results provide evidence indicating that there are some structural similarities and discrepancies between European rich and poor countries. These similarities (or discrepancies) make them responding similarly to certain economic conditions and changes. Thus, the association of earnings, inequalities (measured by the Gini Index) and poverty line could be positive or negative depending on wealth level of countries. Moreover, unemployment is a supply-push factor, but its importance is much higher i...

Journal ArticleDOI
TL;DR: This paper proposes a general DE­MATEL technique which incorporated the concept based on interaction diminishing effect and gives six important indicators which can be used in DEMATEL tech­nique to conclude the relative importance of criteria.
Abstract: DEMATEL technique is a useful tool for understanding the influential relationship be­tween criteria of a systematic problematique in structural modeling, and has received much atten­tion in the field of decision analysis recently. However, the past papers focused on the applications of DEMATEL technique and ignored the convergence problem of the approach. In addition, two simple indicators, i.e., in-degree and out-degree centralities, used in DEMATEL technique cannot fully represent the insight of the network relationship. In this paper, we propose a general DE­MATEL technique which incorporated the concept based on interaction diminishing effect. The traditional DEMATEL technique can be considered as a special case of the proposed method when we ignore the effect. Later, we give six important indicators which can be used in DEMATEL tech­nique to conclude the relative importance of criteria. In addition, a numerical example is used to demonstrate the proposed method and the applications of the indicators. First published online: 08 May 2017

Journal ArticleDOI
TL;DR: In this article, the authors analyze and assess the development of spatial organization of one hundred largest enterprise head offices in the Czech Republic from both quantitative and qualitative perspectives, based on the results of the questionnaire, which was focused on particular location factors accentuated by largest enterprises.
Abstract: Location processes are constitutive for the formation of economic landscape. Largest enterprises represent one of the most important units of territorial economies. Their role is palpable mainly in the sphere of employment, technological level, value chains, competition as well as overall economic power. It is far from surprising that the weight of enterprise headquarters is higher than that of their affiliates. Therefore, the main objective of our article is to analyze and assess the development of spatial organization of one hundred largest enterprise head offices in the Czech Republic from both quantitative and qualitative perspectives. Due to data limitations, size of the enterprise is measured by its turnover. Spatial distribution of one hundred largest Czech enterprises and its development over time represent the focal point of our evaluation from quantitative point of view. The analysis was based upon annually published top 100 databases. Qualitative assessment is underpinned by the results of the questionnaire, which was focused on particular location factors accentuated by largest enterprises. Consistency analysis and exploratory factor analysis provide us with useful instrument for the evaluation of qualitative dimension of the issue and help us to conceptualize location preferences of largest enterprises in the country.

Journal ArticleDOI
TL;DR: In this article, a prioritised interval type-2 fuzzy aggregation operator is proposed to address the problem of criteria aggregation in this environment, and a multiple criteria decision-making method is illustrated with a practical application to landfill site selection.
Abstract: The theory of interval type-2 fuzzy sets provides an intuitive and computationally feasible method of addressing uncertain and ambiguous information in decision-making fields. This paper aims to develop a prioritised interval type-2 fuzzy aggregation operator and apply it to multiple criteria decision analysis with prioritised criteria. This paper considers situations in which a relationship between the criteria exists such that a lack of satisfaction by the higher priority criteria cannot be readily compensated by the satisfaction of lower priority criteria. This paper introduces the developed prioritised interval type-2 fuzzy aggregation operator to address the problem of criteria aggregation in this environment. To demonstrate the feasibility of the proposed operator, this paper provides a multiple criteria decision-making method that uses the prioritised interval type-2 fuzzy aggregation operator, and the method is illustrated with a practical application to landfill site selection.

Journal ArticleDOI
TL;DR: In this article, a data-driven D numbers combination rule is proposed, commutative property is well considered in the proposed method, there does not require any new information except the original D numbers.
Abstract: Environmental impact assessment (EIA) is usually evaluated by many factors influenced by various kinds of uncertainty or fuzziness. As a result, the key issues of EIA problem are to rep­resent and deal with the uncertain or fuzzy information. D numbers theory, as the extension of Dempster-Shafer theory of evidence, is a desirable tool that can express uncertainty and fuzziness, both complete and incomplete, quantitative or qualitative. However, some shortcomings do exist in D numbers combination process, the commutative property is not well considered when multiple D numbers are combined. Though some attempts have made to solve this problem, the previous method is not appropriate and convenience as more information about the given evaluations rep­resented by D numbers are needed. In this paper, a data-driven D numbers combination rule is proposed, commutative property is well considered in the proposed method. In the combination process, there does not require any new information except the original D numbers. An illustrative example is provided to demonstrate the effectiveness of the method.

Journal ArticleDOI
TL;DR: In this article, the long run relationship among commonly used inflation proxies induces such as, wholesale price index (WPI), consumer price index, and crude oil price (COP) with KSE100 index returns is evaluated.
Abstract: This research is an attempt to framework the applied strides to evaluate the long run relationship among commonly used inflation proxies induces such as, wholesale price index (WPI) and consumer price index (CPI), and crude oil price (COP) with KSE100 index returns. In this research we used monthly data for the time period from July 1995 to June 2016, and thus, in this way total 252 observations have been considered. Time series have been made stationary by applying ADF and PP tests at first difference. Johansen multivariate conintegration approach was used to test the long-term association amongst the considered macroeconomic variables. The results indicated that CPI and COP significantly affect KSE100 index returns that indicated CPI along with COP have foreseen power to impact KSE100 index. In contrary, the results of WPI and COP do not have long run relationship with KSE100 index in case of Pakistani economy. Results of variance decomposition exhibited that the index of LKSE100 was realistically rarer exogenous in connection to distinctive factors, as around 92.31% of its variation was explained due to its own specific shocks. It is concluded that CPI and COP can impact the KSE100 index returns. It is confirmed by the results of impulse response function that there is a positive and long run relationship between KSE100 returns and consumer price index (proxy of inflation) and international crude oil prices.

Journal ArticleDOI
TL;DR: To protect themselves organizations are required to ensure security in depth principles and implement complex Security solutions, which are able to ensure the needed level of information security in appropriate costs.
Abstract: According to the PricewaterhouseCoopers analysis, the average cost of a single information security and data protections breaches has increased twice during 2015 (Pricewaterhouse Coopers 2015). Amount of organizations who reported serious breach has also risen (from 9% in 2015 to 17% in 2016) (PricewaterhouseCoopers 2016). To achieve their goals criminals are using different techniques starting from Social engineering (phishing, whaling) and finishing with malware execution (such as ransomware) on target machines. Recent attacks (attack on Central Bank of Bangladesh, fraud attack on Mattel CEO and attack on Thailand state-run Government bank ATM) show, that criminals are very well organized, equipped and spend a lot of money and time to prepare their attacks. To protect themselves organizations are required to ensure security in depth principles and implement complex Security solutions, which are able to ensure the needed level of information security in appropriate costs.However, information secu...

Journal ArticleDOI
TL;DR: The SDM is developed as an improvement and supplement of the classic MCDM for prescribing methods of evaluating and selecting the most favourite plan from a group of feasible ones concerning influences of time-varying criteria system under dynamic external environment.
Abstract: Considering some complex multi-criteria decision making (MCDM) problems, in which decision environment is dynamic, there are various interdependences among criteria, and plans (systematized alternatives) consisting of multiple time sequential interdependent actions, cannot be well handled by means of the existing MCDM methods, therefore, we develop a systematic decision making (SDM) as an improvement and supplement of the classic MCDM in this paper. The SDM is for prescribing methods of evaluating and selecting the most favourite plan (a system) from a group of feasible ones concerning influences of time-varying criteria system under dynamic external environment. Through detailed analysis, we separate a SDM problem into multi-period MCDM subproblems, and then a plan can be a combination of time sequential strategies in which each strategy (a subset of actions) is a feasible decision choice of corresponding MCDM sub-problem. After clarifying variety of interdependences, interactions and interrelationships in the SDM problems, such as criteria-interdependences, action-interdependences, interactions between criteria and criteria system, interactions between actions and strategies, interactions between strategies and plans, interactions between internal environment (criteria system) and external environment, feedbacks from external environment to the corresponding MCDM sub-problems, and interrelationships among MCDM sub-problems and so on, we transform the SDM into multi-period interrelated MCDM model which can be dealt with more easily by using multiple optimization models. At the end of the paper, three typical properties of the SDM are proposed and most of the existing MCDM models are pointed out as special cases of the SDM.

Journal ArticleDOI
TL;DR: In this paper, the authors tried to answer this question by analyzing the companies within the Central and Eastern European region taking intangible assets as innovation proxy, and they concluded that the companies having higher investments in the intangible assets are able to generate higher margins.
Abstract: Innovation is one of the most commonly used word in the business and academic world. Naturally the firms are willing to innovate to leverage on future profits and growth generated by the new products and supported by temporary monopolistic positions on the market. However, the question is about how much the companies should invest to record higher profitability. The authors tried to answer this question analyzing the companies within the Central and Eastern European region taking intangible assets as innovation proxy. It was concluded that the companies having higher investments in the intangible assets are able to generate higher margins. However, positive effect of possibly higher innovation potential is seen only if investments in intangibles are substantial, i.e. over 10%.

Journal ArticleDOI
TL;DR: In this article, the authors investigated the relationship between profitability of the Lithuanian banking sector and its internal and external determinants using the panel error correcrection model to assess long-term and short-term determinants of items from bank income statements (net interest income, net fee and commission income and operating expenses).
Abstract: The purpose of this paper is to investigate the relationship between profitability of the Lithuanian banking sector and its internal and external determinants. We use the panel error correc­tion model to assess long-term and short-term determinants of items from bank income statements (net interest income, net fee and commission income and operating expenses). The results of the pooled mean group estimator show that bank size and real GDP are the main determinants in the long-term. Meanwhile, empirical examination suggests various variables as short-term determinants of income statement items. The pooled mean group estimation technique and the analysis of sepa­rate income statement items enable us to have a better insight into the Lithuanian banking sector and determinants of its revenue and expenses. First published online: 16 Mar 2017

Journal ArticleDOI
TL;DR: In this article, the authors developed an integrated discounting strategy method to effectively manage the trans-actions of the vendors by determining the optimum discount rates which balance the increase on the market share and the total profit.
Abstract: The main goal of a company is to increase its market share and total profits at the same time. However, these two objectives conflict if discount rates are applied to vendors. The objective of this paper is to develop an integrated discounting strategy method to effectively manage the trans­actions of the vendors by determining the optimum discount rates which balance the increase on the market share and the total profit. With the proposed methodology which utilizes fuzzy analytic hierarchy process and fuzzy goal programming, determination of the discount rates of each vendor under different discounting strategies is facilitated. This enables the vendors to choose the most suitable discounting strategy with the best applicable discount rate and enables the managers to predict the transactions of the vendors. The proposed method is validated with a numerical study conducted on a pilot region of an international company. First published online: 07 Mar 2017

Journal ArticleDOI
TL;DR: In this article, the MADSR map with improved estimation accuracy using the advanced case-based reasoning (A-CBR), finite element method (FEM), and kriging method was developed.
Abstract: Photovoltaic (PV) system could be implemented to mitigate global warming and lack of energy. To maximize its effectiveness, the monthly average daily solar radiation (MADSR) should be accurately estimated, and then an accurate MADSR map could be developed for final decision-makers. However, there is a limitation in improving the accuracy of the MADSR map due to the lack of weather stations. This is because it is too expensive to measure the actual MADSR data using the remote sensors in all the sites where the PV system would be installed. Thus, this study aimed to develop the MADSR map with improved estimation accuracy using the advanced case-based reasoning (A-CBR), finite element method (FEM), and kriging method. This study was conducted in four steps: (i) data collection; (ii) estimation of the MADSR data in the 54 unmeasured locations using the A-CBR model; (iii) estimation of the MADSR data in the 89 unmeasured locations using the FEM model; and (iv) development of the MADSR map using the kriging method. Compared to the previous MADSR map, the proposed MADSR map was determined to be improved in terms of its estimation accuracy and classification level. First published online: 03 May 2017

Journal ArticleDOI
TL;DR: In this paper, the authors assess the current situation and the future prospects of trade in those services used as intermediate inputs using data from the World Input-Output Database (WIB) and show that although traditional services reported major shares in the total volume of intermediate services exports in the Baltic States, other categories of knowledge-intensive services are gaining importance.
Abstract: Trade in services in the Baltic States has traditionally been overlooked. The main objective of this article is to assess the current situation and the future prospects of trade in those services used as intermediate inputs using data from the World Input-Output Database. Unlike previous works we do not only analyze direct trade but also indirect trade, that is, the trade in intermediate services contained in goods. The results show that although traditional services reported major shares in the total volume of intermediate services exports in the Baltic States, other categories of more knowledge-intensive services are gaining importance. First published online: 08 Jun 2017