Stochastic hybrid decision-making based on interval type 2 fuzzy sets for measuring the innovation capacities of financial institutions


International Journal of Finance and Economics, vol.26, no.1, pp.573-593, 2021 (SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 26 Issue: 1
  • Publication Date: 2021
  • Doi Number: 10.1002/ijfe.1805
  • Journal Name: International Journal of Finance and Economics
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, Aerospace Database, Business Source Elite, Business Source Premier, Communication Abstracts, EconLit, Geobase, Metadex, vLex, Civil Engineering Abstracts
  • Page Numbers: pp.573-593
  • Keywords: banking, DEMATEL-ANP, innovation, interval type 2 fuzzy sets, Monte Carlo simulation, TOPSIS, VIKOR
  • Istanbul Medipol University Affiliated: Yes


This study aims to construct a hybrid decision-making approach to the stochastic evaluation for the innovation capacity of financial institutions. For this purpose, interval type 2 fuzzy DEMATEL-ANP is used for weighting the criteria and dimensions. Additionally, TOPSIS and VIKOR methods based on interval type 2 fuzzy sets are considered to rank the alternatives. The novelty of the study is to propose a set of criteria and dimensions of innovation capacity with the supported literature. Another novelty is to propose an extended method of DEMATEL-ANP by using interval type 2 fuzzy sets as well as an integrated method of interval type 2 fuzzy stochastic decision-making with the Monte Carlo simulation. The results indicate that organizational dimension of innovation capacities has the highest importance between the set of criteria and the state-owned banks have been more appropriate than both the private and foreign banks for generating the innovation capacities in the financial institutions. However, the analysis illustrates that stochastic decision-making models could provide more extensive results than the conventional methods including the expert priorities. This study could be also extended by using different multicriteria decision-making methods such as MOORA and ELECTRE and also, the cross-country analysis could be applied for the future studies.