Analysis of Experts’ Psychological Behaviors Under Risk with Pythagorean Fuzzy Sets and Todim Method in Terms of Balanced Scorecard: An Example of Factoring and Financial Leasing Companies
Ezgi Demir and Çağlar Karamaşa
The Balanced Scorecard presents solutions for the problems that result from the failures in strategic management and the inefficacy of traditional performance management systems that fall behind the information age competitive environment, which is driving businesses more and more. Performance of 7 factoring and financial leasing firms traded in the stock exchange of Istanbul (BIST) is evaluated in terms of a balanced scorecard viewpoint by considering 4 main criteria in this study. Pythagorean fuzzy sets are used in order to better explain decision-makers’ views under a vague environment. Then TODIM approach and Pythagorean Fuzzy AHP used for decision-makers’ risky psychological behaviors are applied for ranking firms. Economic loyalty subcriterion has the most important criterion weight with interval-valued Pythagorean fuzzy AHP. And learning and growth criterion has found the least important criterion with the same method. Then, factoring and financial leasing companies were sorted by the methodology of the TODIM approach and Pythagorean Fuzzy AHP. Furthermore, these methods show that 91% of Spearman’s rank correlation coefficient. Finally, a sensitivity analysis was conducted.
Keywords: Balanced scorecard, factoring and financial leasing, Pythagorean fuzzy sets, Pythagorean fuzzy TODIM, intervalued Pythagorean fuzzy AHP