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

M. Dolores Guerrero-Baena, José A. Gómez-Limón, J. Vicente Fruet Cardozo


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 multicriteria 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 cientíca 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.

Palabras clave

Corporate finance; multi-criteria decision making; MCDM; bibliometric analysis; review; finanzas corporativas; teoría de la decisión multicriterio; MCDM; análisis bibliométrico; revisión bibliográfica

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