Balanced Scorecard-Based Evaluation of Sustainable Energy Investment Projects with IT2 Fuzzy Hybrid Decision Making Approach

Zhou, Pengran; Zhou, Pengfei; Yüksel, Serhat; Dınçer, Hasan; Uluer, Gülsüm Sena

doi:10.3390/en13010082

Cited by 48 publications

(26 citation statements)

References 90 publications

(103 reference statements)

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“…Applying a SWOT analysis, the study suggested that Fintech applications have a significant influence on the credit system. Additionally, Zhou et al (2018) provided supporting evidence for the positive impact of Fintech applications on the effectiveness of credit card systems. Sun (2018) and Chang et al (2017) also underlined the importance of Fintech investments in the performance of such systems was also underlined.…”

Section: Literature On Fintechmentioning

confidence: 83%

“…Details of this process are revealed in Eq. (1) (Soto et al 2019;Zhou et al 2020). Budgeting (alternative 4) Kazan et al (2018) and Gozman et al (2018) Borrowings (alternative 5) Chen ( 2018), Liu et al (2015) and Kauffman et al (2015) Table 3 The details decision makers (DM) Within this context, µÃ(x, u) can take values between 0 and 1.…”

Section: Interval Type-2 Fuzzy Setsmentioning

confidence: 99%

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Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

et al. 2021

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Financial technology (Fintech) makes a significant contribution to the financial system by reducing costs, providing higher quality services and increasing customer satisfaction. Hence, new studies play an essential role to improve Fintech investments. This study evaluates Fintech-based investments of European banking services with an application of an original methodology that considers interval type-2 (IT2) fuzzy decision-making trial and evaluation laboratory and IT2 fuzzy TOPSIS models. Empirical findings are controlled for consistency by applying the VIKOR method. Moreover, we conduct a sensitivity analysis by considering six distinct cases. This study contributes to the existing literature by identifying the most important Fintech-based investment alternatives to improve the financial performance of European banks. Our empirical findings illustrate that results are coherent, reliable, and identify “competitive advantage” as the most important factor among Fintech-based determinants. Moreover, “payment and money transferring systems” are the most important Fintech-based investment alternatives. It is recommended that, among Fintech-based investments, European banks should mainly focus on payment and money transferring alternatives to attract the attention of customers and satisfy their expectations. This is also believed to have a positive impact on the ease of bank’ receivable collection. Another important point is that Fintech-based investments in money transferring systems could help to decrease costs.

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Section: Literature On Fintechmentioning

confidence: 83%

Section: Interval Type-2 Fuzzy Setsmentioning

confidence: 99%

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

et al. 2021

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“…In lots of different studies in which fuzzy multi-criteria decision-making methods are considered, three different experts made evaluations [65][66][67][68]. This situation is quite similar in most of the studies related to energy investment [69][70][71][72]. Hence, it is thought that the evaluations of three experts are quite enough in such an analysis.…”

Section: Discussionmentioning

confidence: 86%

Analysis of Strategic Directions in Sustainable Hydrogen Investment Decisions

Yüksel

et al. 2020

Sustainability

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This study seeks to find the appropriate strategies necessary to make sustainable and effective hydrogen energy investments. Within this scope, nine different criteria are defined regarding social, managerial, and financial factors. A hesitant, interval-valued, intuitionistic fuzzy (IVIF) decision-making trial and evaluation laboratory (DEMATEL) methodology is considered to calculate the degree of importance of the criteria. Additionally, impact relation maps are also generated to visualize the causality relationship between the factors. The findings indicate that the technical dimension has the greatest importance in comparison to managerial and financial factors. Furthermore, it is also concluded that storage and logistics, research and development, and technological infrastructure are the most significant factors to be considered when defining hydrogen energy investment strategies. Hence, before investing in hydrogen energy, necessary actions should be taken to minimize the storage and logistic costs. Among them, building the production site close to the usage area will contribute significantly to this purpose. In this way, possible losses during the transportation of hydrogen can be minimized. Moreover, it is essential to identify the lowest-cost hydrogen storage method by carrying out the necessary research and development activities, thereby increasing the sustainability and effectiveness of hydrogen energy investment projects.

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“…Pandey et al [34] also made a similar analysis for different country groups. Additionally, Zhou et al [35] tried to find the issues that finance companies should consider in order to finance large-scale energy investments. Dinçer and Yüksel [36] used the IT2 fuzzy DEMATEL approach to find the key strategies for tourism investments to be innovative.…”

Section: Literature Review On Methodologymentioning

confidence: 99%

Multi-Faceted Analysis of Systematic Risk-Based Wind Energy Investment Decisions in E7 Economies Using Modified Hybrid Modeling with IT2 Fuzzy Sets

Qiu¹,

et al. 2020

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This study aimed to analyze the systematic risks of wind energy investments. Within this framework, E7 countries are included in the scope of the examination. A large literature review was carried out and 12 different systematic risk factors that could exist in wind energy investments were identified. The analysis process of the study consisted of two different stages. First, the specified risk criteria were weighted with the help of the interval type 2 (IT2) fuzzy decision-making trial and evaluation laboratory (DEMATEL) method. Second, E7 countries were ranked according to the risk management effectiveness in wind energy investments. In this process, the IT2 fuzzy Vlsekriterijumska Optimizacija I Kompromisno Resenje (VIKOR) approach was taken into consideration. The findings show that volatility in exchange rates and interest rates were the most important risks in wind energy investments. In addition, it was determined that China and Indonesia were the most successful countries in managing risks in wind energy investments. In contrast, India, Russia, and Turkey were determined to be the least successful. Additionally, the IT2 fuzzy technique for order preference by similarity to ideal solution (TOPSIS) method was applied as a robustness check of the extended VIKOR method. It was concluded that the ranking results of the IT2 fuzzy TOPSIS method were similar to the results of the IT2 fuzzy VIKOR. It can be understood that the proposed ranking method was consistent with the comparative analysis results. From this point of view, it was observed that countries should take measures regarding their exchange rate and interest rate risks in order to increase the efficiency in wind energy investments. In this context, companies should first ensure that they do not have a foreign exchange short position in their balance sheets by conducting an effective financial analysis. In addition, it is important to use financial derivatives to minimize the exchange rate and interest rate risks. Using these results, it will be possible to manage this risk by taking the reverse position for the existing foreign currency and interest risk. In this way, it will be possible to increase the efficiency of wind energy investments, which will contribute to the social and economic development of each respective country.Energies 2020, 13, 1423 2 of 25 their own energy resources can benefit from these resources [1]. This situation gives these countries a serious cost advantage. On the other hand, countries that do not have sufficient energy resources have to supply the energy they need from outside, which makes these countries dependent on energy. Because of this problem, countries are developing several strategies to produce their own energy [2].Renewable energy sources are an important alternative that allows countries to produce their own energy. The most important feature of these energy alternatives, which come in different forms, such as wind, solar, biomass, geothermal, and hydroelectricity, is that they obtain their resources from natur...

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Balanced Scorecard-Based Evaluation of Sustainable Energy Investment Projects with IT2 Fuzzy Hybrid Decision Making Approach

Cited by 48 publications

References 90 publications

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

Analysis of Strategic Directions in Sustainable Hydrogen Investment Decisions

Multi-Faceted Analysis of Systematic Risk-Based Wind Energy Investment Decisions in E7 Economies Using Modified Hybrid Modeling with IT2 Fuzzy Sets

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