The COVID-19 pandemic significantly challenged business resilience, particularly in the healthcare sector, where pharmaceutical and biotechnology companies experienced growth and service-oriented entities faced operational stress. In this study, the advanced Multi-Criteria Decision-Making (MCDM) techniques were employed to investigate the financial performance of healthcare firms listed on the Standard and Poor's 500 index from year 2018 to 2023. The research evaluated ten firms based on 16 criteria, encompassing both financial and non-financial dimensions. The financial criteria included Leverage Ratio, Tobin's Q Ratio, Revenue Growth, Operating Profit Growth, Equity Growth, Firm Size, Net Income, Total Liabilities, Revenue, Operating Profit, and Market Capitalization. In parallel, the non-financial indicators such as Human Resource Management, Supply Chain Management, Risk and Crisis Management, Business Ethics, and Environmental Policy were integrated to reflect managerial quality and sustainability practices. Out of the 16 criteria, two costs and nine benefits were quantitative whereas the remaining five benefits were qualitative. Expert assessments were modeled on the Spherical Cubic Fuzzy (SCF) sets and aggregated with the Aczel–Alsina operator. Alternatives were ranked using methods like the Ranking of Alternatives through Nested Cumulative Operator Method (RANCOM) and the Alternative Ranking Order Method with Adjustment Normalization (AROMAN), hence producing a multidimensional evaluation matrix enriched by both numerical and verbal judgments from ten experts. This research contributed to the literature in three key ways: (1) It provided a holistic assessment of financial performance in a highly dynamic and uncertain environment; (2) It broadened the performance evaluation framework to include non-financial and sustainability-driven criteria; and (3) It demonstrated the utility of novel MCDM tools like the SCF sets, the Aczel–Alsina aggregation, the RANCOM, and the AROMAN in complicated decision environments. The study offers a robust and innovative analytical model for academics and practitioners seeking to understand firm resilience and performance amid crises.
The accurate assessment of contract renewal risk at the individual policyholder level represents a critical component of risk management in non-life insurance and is essential for ensuring long-term business sustainability. In this study, a two-stage interval type-2 fuzzy decision-making framework was proposed to evaluate and classify policyholder renewal risk. The approach began with the identification of key risk factors (RFs) that exert the most significant influence on renewal outcomes and overall business risk. The relative importance of these RFs was expressed through predefined linguistic terms, which were systematically mapped to interval type-2 triangular fuzzy numbers (IT2TFNs). The Fuzzy Best-Worst Method (FBWM) was applied to derive the optimal weight vector of RFs. Subsequently, the values of the identified RFs were quantified based on available operational and historical insurance data. Using type-2 fuzzy algebra, a weighted normalized decision matrix was constructed. In the second stage, a novel Pareto analysis extended with interval type-2 fuzzy numbers (IT2FNs) was introduced to classify policyholders according to their associated renewal risk levels. This integration enabled the simultaneous consideration of both factor weights and their fuzzy performance values, ensuring that high-risk policyholders are effectively distinguished from lower-risk groups. The proposed framework was validated through a real-world case study in the non-life insurance sector. By integrating the strengths of FBWM and fuzzy Pareto analysis, the framework provides an original and rigorous methodology for risk assessment in non-life insurance, contributing to both academic research and practical applications in the domain of sustainable insurance management.
This work builds on hypergraphs—graphs whose edges can link any number of vertices—and superhypergraphs, which add a recursive, hierarchical powerset structure to hyperedges. It reviews four practical hypergraph variants: Knowledge Hypergraphs (for multi‐relational knowledge representation), Multimodal Hypergraphs (for combining different data modalities), Lattice Hypergraphs (for spatial and topological modeling), and Hyperbolic Hypergraphs (for embedding vertices in hyperbolic space to capture hierarchies). The paper then shows how to elevate each of these into the superhypergraph framework—resulting in Knowledge SuperHypergraphs, Multimodal SuperHypergraphs, Lattice SuperHypergraphs, and Hyperbolic SuperHypergraphs—and outlines their core properties. Overall, it offers a unified, more expressive modeling approach that paves the way for future advances in both hypergraph and superhypergraph research.
As the most widely played and commercially influential sport worldwide, football (soccer) demands increasingly data-driven and methodologically sound decision-making across tactical, operational, and financial domains. In recent years, Multi-Criteria Decision-Making (MCDM) methods have been increasingly adopted to address the complex, multi-dimensional challenges faced by stakeholders in the sport. To comprehensively examine the current state of research, a systematic literature review (SLR) was conducted focusing on the application of MCDM techniques in football-related decision contexts. The analysis was performed using articles indexed in the Scopus and Web of Science databases, with the Novelty, Impact, Relevance, and Prestige (NIRP) method employed to filter and prioritize the most impactful publications. A final portfolio of 27 articles published between 2000 and 2024 was identified and examined. The selected works were analyzed to identify prevailing MCDM techniques, thematic concentrations, and methodological trends within the domain, providing a comprehensive overview of developments in this field. This review is expected to serve as a foundational reference for academics and practitioners seeking to leverage decision-making frameworks in the evolving landscape of football analytics.
The corporate financial performance of Turkish insurance companies was evaluated through the development of a novel hybrid multi-criteria decision-making (MCDM) framework, integrating the Ranking Comparison (RANCOM), Simple Weight Calculation (SIWEC), and Multi-Attribute Ideal-Real Comparative Analysis (MAIRCA) methodologies. Within this framework, financial indicators were selected based on expert input, and indicator weights were determined through the combined application of RANCOM and SIWEC methods. Subsequently, company rankings were established by employing the MAIRCA method. To ensure the robustness and reliability of the proposed framework, extensive sensitivity analyses were conducted. The findings identified the current ratio, defined as the ratio of current assets to current liabilities, as a critical determinant of financial performance. Türkiye Sigorta was consistently ranked as the top-performing company over the analyzed period. The outcomes of the sensitivity analyses confirmed the stability and effectiveness of the proposed decision-making model in assessing corporate financial performance within the insurance industry. This study contributes to the financial performance evaluation literature by demonstrating the applicability and advantages of hybrid MCDM approaches in dynamic and highly regulated sectors such as insurance.
A novel integrated Multi-Criteria Decision-Making (MCDM) framework was proposed to address the complex challenge of assessing renewable energy performance. The framework incorporates the Modified Standard Deviation (MSD) method and the Criteria Importance Through Intercriteria Correlation (CRITIC) approach to objectively determine the weights of performance indicators, while the Ranking of Alternatives by the Weights of the Criteria (RAWEC) method was applied to derive annual performance rankings. A real-time case study covering Turkey over the period 2015–2023 was conducted to validate the proposed model. A total of ten criteria were identified to comprehensively evaluate the renewable energy performance of Turkey. The empirical findings revealed that the average annual growth rate of installed renewable power capacity, the share of electricity generated from renewables in total electricity generation, and the absolute quantity of electricity produced from renewable sources exerted the greatest influence on performance outcomes. According to the RAWEC-based ranking, the year 2023 emerged as the most successful in terms of renewable energy advancement during the observed period. These findings provide critical insights for policymakers and stakeholders, supporting evidence-based decision-making for enhancing energy security, achieving environmental sustainability, and guiding national energy strategy. The proposed integrated framework demonstrates a robust, data-driven approach that may be adapted to other national contexts or timeframes to support the monitoring, evaluation, and strategic planning of renewable energy systems. Ultimately, the study contributes to the broader discourse on sustainable development and climate change mitigation by offering a replicable and scalable assessment methodology.
Supply chain digitalization (SCD) has been recognized as a critical enabler of high-quality development in the manufacturing sector. To explore its influence mechanisms, an SCD indicator was constructed through textual analysis of corporate disclosures by Chinese manufacturing firms listed on the Shanghai and Shenzhen A-share markets from 2008 to 2022. Based on the theoretical lens of supply chain integration, the impact of SCD on high-quality development was empirically examined. The findings indicate that SCD significantly promotes high-quality development across manufacturing firms. Further analysis revealed that this relationship is positively mediated by two core mechanisms: supply chain collaborative innovation and the advancement of supply chain finance (SCF). These mediating effects were found to be strengthened under conditions of heightened environmental dynamism, underscoring the adaptive value of digital supply chain capabilities in volatile contexts. Heterogeneity analysis demonstrated that the positive effects of SCD are more pronounced in non-state-owned enterprises, firms in growth or decline stages, and those characterized by low levels of resource slack. Additionally, the long-term economic consequences of SCD were evaluated, and it was observed that enhanced digitalization contributes to the stable growth of firms’ long-term value by reinforcing their high-quality development trajectories. By clarifying the pathways through which SCD influences development outcomes, this study offers empirical evidence that enriches the existing body of literature on digital transformation within supply chains. Moreover, practical implications are provided for policy formulation and strategic decision-making aimed at fostering digitally integrated, innovation-driven, and financially resilient manufacturing ecosystems.
Ensuring the integrity of goods during cold chain transportation remains a critical challenge in logistics, as it is essential to preserve product quality, freshness, and compliance with stringent safety standards. Strategic decision-making in this context requires the prioritization of customer requirements and the optimal allocation of limited operational resources. In response to these demands, an integrated Multi-Criteria Decision-Making (MCDM) model was developed by combining the Best-Worst Method (BWM), Quality Function Deployment (QFD), and Measurement of Alternatives and Ranking according to Compromise Solution (MARCOS) approach. Within this framework, BWM was utilized to determine the relative importance of user requirements, which were then mapped onto specific operational resources through QFD to identify critical resource elements and derive their corresponding weights. These weights, subsequently treated as evaluation criteria in the MARCOS method, were applied to assess the performance of Third-Party Logistics (3PL) providers. The proposed methodology was validated through a case study involving eight user requirements and seven key resources. The findings indicated that precise temperature control and delivery speed were the most critical user requirements, whereas advanced temperature sensors and vehicles with cooling systems were identified as the most significant resources. Based on the MARCOS evaluation, Provider 1 emerged as the most optimal 3PL alternative. This integrated decision-making model offers a systematic and data-driven approach for aligning customer priorities with resource capabilities, thereby enabling logistics providers to enhance service quality, operational efficiency, and strategic competitiveness in temperature-sensitive supply chains. The model also demonstrates practical scalability and adaptability across diverse cold chain scenarios.
The enhancement of governance and the implementation of effective anti-corruption strategies are critical for fostering public trust, accountability, and transparency in developing countries. In this study, a structured approach was adopted to identify and prioritize key strategies for improving governance and combating corruption in Nigeria. An extensive literature review, supplemented by expert consultation, led to the identification of eight fundamental strategies. To systematically determine their relative significance, the Fermatean Fuzzy Stepwise Weight Assessment Ratio Analysis (FF-SWARA) method was employed. The findings indicate that strengthening the legal and regulatory framework through effective enforcement, judicial reforms, and the establishment of independent oversight bodies with legal protection and operational autonomy are the most impactful measures. These strategies are essential for enhancing public trust, accountability, and transparency in Nigeria. The insights derived from this study provide a robust foundation for policymakers and stakeholders seeking to implement targeted anti-corruption reforms in Nigeria and other developing economies facing similar governance challenges.
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