Analysis of the Studies for the Application of Multi-Criteria Decision Making Methods in Finance Sector

Making decisions today is one of the most important problems in almost every area. In particular, when the number of criteria and alternatives increase, the decision becomes more difficult. Multi-criteria decision-making methods are methods developed to solve this problem effectively. These methods are used in many different sectors such as construction, energy and health. In parallel with these, it is seen that the related methods are frequently preferred in the field of finance. The aim of this study is to analyze the studies conducted for the application of multi criteria decision making methods in the financial sector. In this framework, 7 basic multi-criteria decision-making methods (AHP, ANP, DEMATEL, TOPSIS, VIKOR, ELECTRE and MOORA) were included in the study. As a result of the examinations, it is seen that the mentioned methods are generally taken into consideration in terms of performance measurement, efficiency analysis, evaluation of financial projects and selection of the most successful stock. On the other hand, it has been determined that DEMATEL method is preferred more in comparison with AHP and ANP methods in the calculation of the weights of the selected criteria. In addition, the MOORA, TOPSIS and VIKOR methods are used to rank different alternatives. Considering these issues, it is thought that a new study performed by ELECTRE method will contribute to the literature because this approach is not used much in finance field. However, it is evident that handling other methods under hesitant or type-2 fuzzy logic will increase the originality of the study