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 Área de Economía Financiera y Contabilidad Universidad de Córdoba (España)
  • José A. Gómez-Limón Área de Economía Financiera y Contabilidad Universidad de Córdoba (España)
  • J. Vicente Fruet Cardozo Área de Economía Financiera y Contabilidad Universidad de Córdoba (España)

Palabras clave:

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


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.


Los datos de descargas todavía no están disponibles.


Agarwal Y, Iyer KC, Yadav SS (2012) Multiobjective capital structure modeling: An empirical investigation of goal programming model using accounting proxies. Journal of Accounting, Auditing and Finance 27: 359–385.

Bhattacharyya R, Kumar P, Kar S (2011) Fuzzy R&D portfolio selection of interdependent projects. Computers and Mathematics with Applications 62: 3857–3870.

Brealey RA, Myers SC, Marcus AJ (2001) Fundamentals of Corporate Finance. McGraw-Hill: Boston.

Cebeci U (2009) Fuzzy AHP-based decision support system for selecting ERP systems in textile industry by using balanced scorecard. Expert Systems with Applications 36: 8900–8909.

Chadegani AA, Salehi H, Yunus MM, Farhadi H, Fooladi M, Farhadi M, Ebrahim N (2013) A comparison between two main academic literature collections: Web of Science and Scopus databases. Asian Social Science 9: 18-26.

Charnes A, Cooper WW, Ferguson RO (1955) Optimal estimation of executive compensation by linear programming. Management Science 1: 138–151.

Charvet FF, Cooper MC, Gardner JT (2008) The intellectual structure of supply chain management: A bibliometric approach. Journal of Business Logistics 29: 47–73.

Chu TC, Lai MT (2005) Selecting distribution centre location using an improved fuzzy MCDM approach. International Journal of Advanced Manufacturing Technology 26: 293–299.

Chun-Hao C, Jian-Min Y (2012) A bibliometric study of financial risk literature: a historic approach. Applied Economics 44: 2827–2839.

Diaz-Balteiro L, Romero C (2008) Making forestry decisions with multiple criteria: A review and an assessment. Forest Ecology and Management 255: 3222–3241.

Dimitras AI, Petropoulos T, Constantinidou I (2002) Multi-criteria evaluation of loan applications in shipping. Journal of Multi-Criteria Decision Analysis 11: 237–246.

Doumpos M, Pasiouras F (2005) Developing and testing models for replicating credit ratings: A multicriteria approach. Computational Economics 25: 327–341.

Doumpos M, Zopounidis C (2011) A multicriteria outranking modeling approach for credit rating. Decision Sciences 42: 721–742.

Ertugrul I, Karakasoglu N (2009) Performance evaluation of Turkish cement firms with fuzzy analytic hierarchy process and TOPSIS methods. Expert Systems with Applications 36: 702–715.

Fan K (2012) Credit risk comprehensive evaluation method for online trading company. Advances in Information Sciences and Service Sciences 4: 102–110.

Figueira J, Greco S, Ehrgott M (2005) Multiple Criteria Decision Analysis: State of the Art Surveys. Springer: Boston.

Frezatti F, Aguiar AB, Guerreiro R, Gouvea MA (2011) Does management accounting play role in planning process? Journal of Business Research 64: 242–249.

Garcia F, Guijarro F, Moya I (2010) A goal programming approach to estimating performance weights for ranking firms. Computers & Operations Research 37: 1597–1609.

García Cebrián LI, Muñoz Porcar A (2009) Localización empresarial en Aragón: una aplicación empírica de la ayuda a la decisión multicriterio tipo ELECTRE I y III. Robustez de los resultados obtenidos. Revista de Métodos Cuantitativos para la Economía y la Empresa 7: 31–56.

Garfield E (1977) Essays of an Information Scientist. ISI Press: Philadelphia.

Hadi-Vencheh A, Mohamadghasemi A (2011) A fuzzy AHP-DEA approach for multiple criteria ABC inventory classification. Expert Systems with Applications 38: 3346–3352.

Ho W (2008) Integrated analytic hierarchy process and its applications. A literature review. European Journal of Operational Research 186: 211–228.

Huang IB, Keisler J, Linkov I (2011) Multi-criteria decision analysis in environmental sciences: Ten years of applications and trends. Science of the Total Environment 409: 3578–3594.

Hülle J, Kaspar R, Möller K (2011) Multiple criteria decision-making in management accounting and control-state of the art and research perspectives based on a bibliometric study. Journal of Multi-Criteria Decision Analysis 18: 253–265.

Jacquet-Lagrèze E, Siskos Y (2001) Preference disaggregation: 20 years of MCDA experience. European Journal of Operational Research 130: 233–245.

Jensen MC (2001) Value maximization, stakeholder theory, and the corporate objective function. European Financial Management 7: 297–317.

Journal Citation Reports (2012) ISI Web of Knowledge. Available at:

Kalogeras N, Baourakis G, Zopounidis C, van Dijk G (2005) Evaluating the financial performance of agri-food firms: a multicriteria decision-aid approach. Journal of Food Engineering 70: 365–371.

Koopmans TC (1951) Analysis of production as an efficient combination of activities. In Activity Analysis of Production and Allocation, Koopmans TC (ed.). Wiley: New York; 33–97.

Kuhn HW, Tucker AW (1951) Nonlinear Programming. In Proceedings of the Second Berkeley Symposium on Mathematical Statistical and Probability, Neyman J (ed.). University of California Press: Berkeley; 481–491.

Li H, Sun J (2009) Hybridizing principles of the Electre method with case-based reasoning for data mining: Electre-CBR-I and Electre-CBR-II. European Journal of Operational Research 197: 214–224.

Martin MA, Cuadrado ML, Romero C (2011) Computing efficient financial strategies: An extended compromise programming approach. Applied Mathematics and Computation 217: 7831–7837.

Melicher RW, Norton EA (2005) Finance: Introduction to Institutions, Investments, and Management. Wiley: New York.

Pardalos PM, Siskos Y, Zopounidis C (1995) Advances in Multicriteria Analysis. Kluwer Academic Publishers: Dordrecht.

Park CS, Han I (2002) A case-based reasoning with the feature weights derived by analytic hierarchy process for bankruptcy prediction. Expert Systems with Applications 23: 255–264.

Partovi FY (2006) An analytic model for locating facilities strategically. Omega 34: 41–55.

Pasiouras F, Tzanetoulakos A, Zopounidis C (2009) Predicting business failure: An application of multicriteria decision aid techniques in the case of small UK manufacturing firms. International Journal of Risk Assessment and Management 11: 1–19.

Peng Y, Wang GX, Kou G, Shi Y (2011) An empirical study of classification algorithm evaluation for financial risk prediction. Applied Soft Computing 11: 2906–2915.

Rubin RM, Chang CF (2003) A bibliometric analysis of health economics articles in the economics literature: 1991-2000. Health Economics 12: 403–414.

Scimago Journal and Country Rank (2012)

San Cristóbal JR (2011) Multi-criteria decision-making in the selection of a renewable energy project in Spain: The Vikor method. Renewable Energy 36: 498–502.

Shyr OF, Kuo Y-P (2008) Applying TOPSIS and cooperative game theory in airline merging and coalition decisions. Journal of Marine Science and Technology 16: 8–18.

Simon HA (1957) Models of Man; Social and Rational. Wiley: Oxford.

Spronk J, Steuer R, Zopounidis C (2005) Multicriteria decision aid/analysis in finance. In Multiple Criteria Decision Analysis: State of the Art Surveys, Figueira J, Greco S, Ehrgott M (eds.). Springer: Boston; 799–848.

Steuer RE, Na P (2003) Multiple criteria decision making combined with finance: A categorized bibliographic study. European Journal of Operational Research 150: 496–515.

Stewart TJ (1992) A critical survey on the status of multiple criteria decision-making theory and practice. Omega 20: 569–586.

Tolga AÇ (2012) A real options approach for software development projects using fuzzy electre. Journal of Multiple-Valued Logic and Soft Computing 18: 541–560.

Wallenius J, Dyer JS, Fishburn PC, Steuer RE, Zionts S, Deb K (2008) Multiple criteria decision making, multiattribute utility theory: Recent accomplishments and what lies ahead. Management Science 54: 1336–1349.

Wee HM, Lo CC, Hsu PH (2009) A multi-objective joint replenishment inventory model of deteriorated items in a fuzzy environment. European Journal of Operational Research 197: 620–631.

White HD (2004) Citation analysis and discourse analysis revisited. Applied Linguistics 25: 89–116.

Yücenur GN, Demirel NE (2012) Group decision making process for insurance company selection problem with extended VIKOR method under fuzzy environment. Expert Systems with Applications 39: 3702–3707.

Zavadskas EK, Turskis Z (2011) Multiple criteria decision making (MCDM) methods in economics: An overview. Technological and Economic Development of Economy 17: 397–427.

Zopounidis C (1999) Multicriteria decision aid in financial management. European Journal of Operational Research 119: 404–415.

Zopounidis C, Doumpos M (2002) Multi-group discrimination using multi-criteria analysis: Illustrations from the field of finance. European Journal of Operational Research 139: 371–389.



Cómo citar

Guerrero-Baena, M. D., Gómez-Limón, J. A., & Fruet Cardozo, J. V. (2016). 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. Revista De Métodos Cuantitativos Para La Economía Y La Empresa, 17, Páginas 60 a 79. Recuperado a partir de