scholarly journals Multi-Criteria Analysis of Green Bonds: A Hybrid Ahp–Copras Application

Author(s):  
Antonio Lombardi Netto ◽  
Valerio Antonio Pamplona Salomon ◽  
Miguel Ortiz-Barrios

There is an increasing pressure by community and customers forcing companies to insert environmental concerns in their practices. To help companies initiatives, the green bonds market was incepted. Our research question is how to select bonds in a growing billion-dollar market. This paper presents a multi-criteria decision analysis (MCDA) model to enable investors identify opportunities based not only in opinions, but grounded on objective facts. Analytic Hierarchy Process (AHP) and Complex Proportional Assessment (COPRAS) are two MCDA methods applied in this paper. Top-fifteen green bonds ranked by specialized media were assessed with the proposed MCDA model. Criteria included the Environmental Performance Index (EPI) proposed by Yale University, and common financial indicators as assets, risks (β), and dividends. The new AHP–COPRAS rank is compared with another published by specialized media.

2021 ◽  
Vol 13 (19) ◽  
pp. 10512
Author(s):  
Antonio Lombardi Netto ◽  
Valerio Antonio Pamplona Salomon ◽  
Miguel Angel Ortiz Barrios

There is an increasing pressure by the community and customers forcing companies to insert environmental concerns in their practices. To help companies initiatives, the green bonds market was created. Our research question is “How to select bonds in a growing billion-dollar market?” This paper presents a multi-criteria decision analysis (MCDA) model to enable investors identify opportunities based not only in opinions, but grounded on objective facts. Analytic hierarchy process (AHP), complex proportional assessment (COPRAS), full consistency method (FUCOM), step-wise Weights Assessment Ratio Analysis (SWARA), and technique of order preference similarity to the ideal solution (TOPSIS) are MCDA methods applied in this paper. Top-fifteen green bonds ranked by specialized media were assessed with the proposed MCDA model. Criteria included the Environmental Performance Index (EPI) proposed by Yale University, and common financial indicators as assets, risks (β), and dividends. The new ranks from MCDA are compared each other and compared with the rank published by specialized media.


Author(s):  
ALIJAN ALI AKBARI ◽  
FARZAM BABAEI SAMIROMI ◽  
REZA ARJMANDI ◽  
MASOUMEH SHOJAEI

Appropriate environmental performance is considered one of the most important indicators in the sustainable development of organizations and industries. Evaluating the environmental performance in ports as one of the two main parts of the maritime transport system is of particular importance. Therefore, the current study was designed and conducted to develop a method for evaluating the environmental performance of ports based on the fuzzy analytic hierarchy process (FAHP). In the present study, 22 experts in the field of environment and marine sciences were selected in 2020. Firstly, various studies on the factors affecting the environmental performance of ports were reviewed. Secondly, a questionnaire was designed to assess ports’ environmental performance. Thirdly, this questionnaire was developed using the Delphi technique. Finally, by determining the weight of each parameter, the method of environmental performance assessment in ports was developed based on the FAHP. The final normalized weights for six environmental performance factors including reactive and proactive performance, sustainability, socio-cultural, economic, and governance were estimated 0.202, 0.241, 0.226, 0.070, 0.080, and 0.182. Additionally, it was found that each of the parameters had a different weight and impact on these factors. The highest and lowest impact on the environmental performance index belonged to environmental risk assessment (weight=0.217), cultural effects, and justice (weight=0.107). In the current study, a new method was developed for evaluating the environmental performance of ports based on six factors, 32 parameters, and FAHP. Therefore, this method may provide an effective step in reducing environmental impacts and improving the level of environmental performance in ports to achieve the goal of green port.


2021 ◽  
Vol 251 ◽  
pp. 01067
Author(s):  
Yuexiong Gong ◽  
Wei Ying ◽  
Yunxun Yu ◽  
XiaoZhong Zhou ◽  
Xiaping Fan

Taking Hangzhou cigarette factory as an example, this paper establishes a key performance index system through integrating the balanced scorecard (BSC) and key performance index (KPI). The index system includes the first-level and 13 second-level indicators in four dimensions of finance, customers, internal processes, as well as learning and growth. Through Analytic Hierarchy Process (AHP) and fuzzy comprehensive evaluation method, it constructs an evaluation model of key corporate performance, finally achieves the actual performance levels of the enterprise, as well as puts forward the improvement suggestions. This evaluation method mainly includes the steps of determining the domain of evaluation factors at all levels, determining the evaluation level, determining fuzzy weight vectors of various indexes, establishing the fuzzy relation matrix and calculating comprehensive evaluation results. It has high accuracy in the process of performance evaluation, which has certain reference and guiding significance for improving the comprehensive competitiveness.


2013 ◽  
Vol 409-410 ◽  
pp. 1004-1007
Author(s):  
Wan Sun ◽  
Jun Ling Wang ◽  
Cui Min Feng ◽  
Ping Cao ◽  
Wei Han

The performance index system weighting of urban water supply was determined by using analytic hierarchy process. Firstly, the water supply performance index system class hierarchy was established, and then the expert scoring was conducted, the judgment matrix established, and the qualitative index quantified. Secondly, the eigenvector analytic hierarchy was sorted, and then, the indicators weights were determined. Therefore, the weight coefficient of index system by analytic hierarchy process is objective and applicable, and lay a good foundation for the performance evaluation.


2012 ◽  
Vol 1 (4) ◽  
pp. 132
Author(s):  
Halil Savaş

Çevre Performans İndeksi (Environmental Performance Index-EPI), Yale Üniversitesi tarafından 2006 yılından beri ikişer yıl arayla ülkelerin çevre sağlığı ve ekosistem canlılığını 2006 yılında 16, 2008 ve 2010 yıllarında 25 ve son olarak 2012 yılında 22 performans göstergesine göre değerlendiren çevreyle ilgili önemli bir çalışmadır. Bu göstergeler, çevreye dair politika amaçlarına ülkelerin ne kadar yaklaştıklarının bir göstergesi durumundadır. 2012 yılı Çevre Performansı İndeksi’ne göre Türkiye, çevre sağlığı ve ekosistem canlılığını korumada dünya ülkeleri arasında en son sıralarda ve birçok en az gelişmiş ülkenin arasında yer almaktadır. Türkiye’nin indeks kapsamında 2012 yılında değerlendirilen 132 ülke arasında 109 sırada yer alması, çevre performansı konusunda Türkiye’nin sadece 23 ülkeyi, yani değerlendirilen ülkelerin sadece %17'sini geçebildiği ve %83’ünün gerisinde kaldığı anlamına gelmektedir. Bu çalışmada; çevre performans indeksi, indeksin amaçları, yapısal olarak politika ve kategorileri, göstergeleri ve puanları açıklandıktan sonra, tüketim toplumu ve çevre ilişkisi üzerinde durulmuştur. Türkiye’nin çevresel performansı 2010 ve 2012 yılı çevresel performans indeksi değerlerine göre analiz edildikten sonra, 2012 yılı performans değerlemesine göre beş kategoriye ayrılan ve her kategorinin başında yer alan ülkelerle Türkiye’nin karşılaştırmalı durumu grafiksel olarak ele alınmıştır. Son olarak; tüketim toplumu, çevre, çevre performans indeksi ve Türkiye çerçevesinde bazı değerlendirmeler yapılmıştır. Consumer Society, Environmental Performance Index And Evaluation of Environmental Performance For Turkey According To Environmental Performance Index Environmental Performance Index (EPI-Environmental Performance Index) is a major study which evaluates environmental health and ecosystem vitality of countries, two years apart. This study, prepared by Yale University and based on 16 performance indicators in 2006, 25 in 2008 and 2010, and finally 22 in 2012, evaluating the environmental performance. These indicators are as an indicator of how much countries achieve the environmental policy goals. According to the year 2012 Environmental Performance Index, Turkey is in the most recent ranking of countries in the world, and many are among the least developed countries for protecting environmental health and ecosystem vitality. Turkey, within the scope of the index of 132 countries assessed in 2012 to take place in 109, only 23 countries of Turkey in environmental performance, i.e., able to pass 17% and 83% of countries assessed only means to remain behind. In this study, environmental performance index, the objectives of index, policies and structural categories, indicators, and the scores after the announcement, focused on the relationship between consumer society and the environment. Environmental performance of Turkey in 2010 and 2012, after analyzing the environmental performance index values, separated into five categories based on the valuation of the performance of the year 2012 and at the beginning of each category are discussed in the territories of Turkey graphical comparative situation. Finally, the consumer society, the environment, some assessments were made within the framework of environmental performance index and Turkey.


2016 ◽  
Vol 26 (1) ◽  
pp. 63 ◽  
Author(s):  
Bedy Sudjarmoko ◽  
Agus Wahyudi ◽  
Ermiati Ermiati ◽  
Abdul Muis Hasibuan

<p class="IsiabstrakIndonesia">Production and export of Indonesian pepper in the world market has declined because of low in productivity, quality and product diversification, inefficient marketing chain and lack of technology transfer to farmers level. The study was conducted to identify and analyze export problems in pepper, and to formulate strategies and policies for pepper export development. This study used primary and secondary data. Data were analyzed with Trade Performance Index and Analytic Hierarchy Process. The results showed that the problems in Indonesian pepper export were low competitiveness and productivity, poor infrastructure, inappropriate institutional farmers and traders, high interest rates and improper policy implementation. The recommended grand strategies for pepper export development were resources optimization, infrastructure and institutional development, financing schemes, and strengthening policy implementation.</p>


2008 ◽  
Vol 23 (2) ◽  
Author(s):  
Augustin Berghöfer

Der neue Environmental Performance Index 2008, ein weltweites Länder-Ranking der Yale University, misst anhand von 25 Indikatoren, wie ernst es Regierungen mit der Umweltpolitik meinen und welchen Handlungsbedarf sie haben. Eine eigentlich gute Idee, deren Umsetzung aber erheblich zu wünschen übrig lässt.


Organizacija ◽  
2018 ◽  
Vol 51 (3) ◽  
pp. 169-184
Author(s):  
Petra Grah ◽  
Vesna Čančer ◽  
Borut Bratina

AbstractBackground and Purpose: In Slovenia, few management buyout (MBO) studies have been carried out. The focus was mostly on the motives for acquisition of companies and the success rate of the acquisitions. This paper aims to analyse the indicators which suggest an impending bankruptcy or financial restructuring of companies and explore how these indicators are different for successful and unsuccessful MBOs.Methodology: In the survey, we included 23 selected MBOs in Slovenia between 2005 and 2008, using the following financial and non-financial indicators: profitability, performance, solvency and liquidity, using the analytic hierarchy process method. The key aim of the survey was to use financial and non-financial indicators to study if target companies where bankruptcy or financial restructuring has not yet been initiated prevalently have higher aggregate values compared to those in which bankruptcy or financial restructuring procedures have already begun. Thus, we used the selected indicators to demonstrate one of the possible methods to predict the success of a particular MBO.Results: We found that in most examples of unsuccessful MBOs, target companies have poorer results in terms of performance, solvency and liquidity, when compared to successful MBOs. Based on the selected areas, we divided the results into four quarters. We found that most target companies where MBOs had been unsuccessful are ranked in a lower quarter than most of the target companies where the MBOs had been successful.Conclusion: The papers main contribution is the finding that the selected financial and non-financial indicators differ in cases of successful and unsuccessful MBOs. This knowledge helps us to find ways of avoiding these situations in the future.


Measuring environmental protection activities is a matter of great concern over the years. In this study, the indicators for evaluating environmental protection activities in industrial parks was built according to the PDSIR model and based on Vietnam's legal framework, including 18 main subjects and 35 indicators. The environmental performance index of industrial park (EPIIP) was established based on the multi-criteria evaluation method and the analytic hierarchy process method. The results of the study indicated that the VSIP I industrial park reached 68.95 points (relatively good level). Moreover, the results also showed that VSIP I was one of the industrial parks practicing good performance to protect environmental problems.


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