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Measuring the Performance of Retailer Firms Listed in BIST under the Balanced Scorecard Perspective by Using Interval Valued Pythagorean Fuzzy AHP Based Pythagorean Fuzzy TODIM Methodology

Author

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  • Namık Kemal Erdoğan
  • Ahmet Onay
  • Çağlar Karamaşa

Abstract

The philosophy behind the Balanced Scorecard is the necessity for an operator to transform non-financial criteria into data sources for the management information system, as well as financial criteria for all governance levels. The Balanced Scorecard introduces solutions to the problems that arise from the failures encountered in strategic management and the inadequacy of traditional performance management systems that lag behind the information age in today's intensely competitive environment, which is pushing businesses more and more. In this study the performance of 12 retailer firms listed in BIST are measured under the balanced scorecard (BSC) perspective by handling 4 main criteria (financial, customer, internal business process and learning & growth perspectives). Pythagorean fuzzy sets (PFS) are considered in order to better represent experts’ judgments under inconsistent and indeterminate environment. Following that TODIM methodology, that analyzes decision makers’ psychological behaviors under risk, is used to rank the firms. While economic loyalty sub criterion was found as the most important one, participation in management was acquired as the least important one after applying interval valued Pythagorean fuzzy AHP. Finally, Firm F was ranked as the most successful firm according to decision makers under balanced scorecard performance criteria.

Suggested Citation

  • Namık Kemal Erdoğan & Ahmet Onay & Çağlar Karamaşa, 2019. "Measuring the Performance of Retailer Firms Listed in BIST under the Balanced Scorecard Perspective by Using Interval Valued Pythagorean Fuzzy AHP Based Pythagorean Fuzzy TODIM Methodology," Alphanumeric Journal, Bahadir Fatih Yildirim, vol. 7(2), pages 333-350, December.
    • Handle: RePEc:anm:alpnmr:v:7:y:2019:i:2:p:333-350
    DOI: http://dx.doi.org/10.17093/alphanumeric.451247
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    References listed on IDEAS

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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Autran Monteiro Gomes, Luiz Flávio & Duncan Rangel, LuI´s Alberto, 2009. "An application of the TODIM method to the multicriteria rental evaluation of residential properties," European Journal of Operational Research, Elsevier, vol. 193(1), pages 204-211, February.
    3. Hoque, Zahirul, 2014. "20 years of studies on the balanced scorecard: Trends, accomplishments, gaps and opportunities for future research," The British Accounting Review, Elsevier, vol. 46(1), pages 33-59.
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    More about this item

    Keywords

    Balanced Scorecard; Pythagorean Fuzzy AHP; Pythagorean Fuzzy Sets; Pythagorean Fuzzy TODIM;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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