An Integrated Group Decision Making Support Model for Corporate Financing Decisions

Group Decision and Negotiation

Volumn 22, Issue 6, 2013, Pages 1103-1127

  Tsai, Wen Hsien ^a   Yang, Ching Chien ^b   Leu, Jun Der ^a   Lee, Ya Fen ^a   Yang, Chih Hao ^a  

^a NATIONAL CENTRAL UNIVERSITY   (Taiwan)

^b CHUNG CHOU UNIVERSITY OF SCIENCE AND TECHNOLOGY   (Taiwan)

Author keywords

Analytic network process(ANP); Decision making trial and evaluation laboratory (DEMATEL); Goal programming (GP); Group decision making support (GDMS)

Indexed keywords

EID: 84884697288     PISSN: 09262644     EISSN: 15729907     Source Type: Journal    
DOI: 10.1007/s10726-012-9308-4     Document Type: Article

References (73)

1. Aghion P, Bolton P (1992) An incomplete contracts approach to financial contracting. Rev Econ Stud 59: 473-494.
2. Baker M, Wurgler J (2000) The equity share in new issues and aggregate stock returns. J Finance 55(5): 2219-2257.
3. Baker M, Wurgler J (2002) Market timing and capital structure. J Finance 57(1): 1-32.
4. Beynon MJ (2006) The role of the DS/AHP in identifying inter-group alliances and majority rule within group decision making. Group Decis Negotiat 15: 21-42.
5. Bolton P, Thadden EL (1998) Blocks, liquidity and corporate control. J Finance 53(1): 1-25.
6. Bradley M, Jarrell G, Kim EH (1984) On the existence of an optimal capital structure: theory and evidence. J Finance 39(3): 857-880.
7. Brander J, Lewis T (1986) Oligopoly and financial structure: the limited liability effect. Am Econ Rev 76: 956-970.
8. Charnes A, Cooper WW (1961) Management model and industrial application of linear programming, vols 1, 2. Wiley, New York.
9. Chou Y-C, Sun C-C, Yen H-Y (2012) Evaluating the criteria for human resource for science and technology (HRST) based on an integrated fuzzy AHP and fuzzy DEMATEL approach. Appl Soft Comput 12(1): 64-71.
10. Dewatripont M, Tirole J (1994) A theory of debt and equity: diversity of securities and manager-shareholder congruence. Q J Econ 109: 1027-1054.
11. Diamond D (1991) Debt maturity structure and liquidity risk. Q J Econ 106: 709-737.
12. Dymowa L (2011) MCDM with applications in economics and finance. In: chapter 4 Soft computing in economics and finance. Intelligent systems reference library, vol 6, edited by Kacprzyk J, Jain LC. Springer, Berlin, pp 107-186.
13. Fisher EO, Heinkel R, Zechner J (1989) Dynamic capital structure choice: theory and tests. J Finance 44(1): 19-40.
14. Flannery M (1986) Asymmetric information and risk debt maturity structure choice. J Finance 41: 19-37.
15. Fluck Z (1999a) Capital structure decisions in small and large firms: a life-cycle theory of financing, Working paper, New York University.
16. Fluck Z (1999b) The dynamics of the management shareholder conflict. Rev Financial Stud 12: 379-404.
17. Graham JR, Harvey C (2001) The theory and practice of corporate finance: evidence from the field. J Financial Econ 60: 187-243.
18. Green R (1984) Investment incentives, debt, and warrants. J Financial Econ 13: 115-136.
19. Hallikainen P, Kimpimaki H, Kivijarvi H (2006) Supporting the module sequencing decision in the ERP implementation process. In: Proceedings of the 39th Hawaii international conference on system sciences.
20. Hansmann H (1988) Ownership of the firm. J Law Organ 4(2): 267-304.
21. Harris M, Raviv A (1988) Corporate control contests and capital structure. J Financial Econ 20: 55-86.
22. Heaton JB (2002) Managerial optimism and corporate finance. Financial Manag 31: 33-45.
23. Ho W-RJ, Tsai C-L, Tzeng G-H, Fang S-K (2011) Combined DEMATEL technique With a novel MCDM model for exploring Portfolio selection based on CAPM. Expert Syst Appl 38(1): 16-25.
24. Hori S, Shimizu Y (1999) Designing methods of human interface for supervisory control systems. Control Eng Pract 7: 1413-1419.
25. Iz PH, Jelassi MT (1990) An interactive group decision aid for multi-objective problems: an empirical assessment. Int J Manag Sci 6(18): 245-253.
26. Jensen M, Meckling W (1976) Theory of the firm: managerial behavior, agency costs, and ownership structure. J Financial Econ 3(4): 305-360.
27. Jones DF, Tamiz M, Mirrazavi SK (1998) Intelligent solution and analysis of goal programmes: the GPSYS system. Decis Support Syst 23(4): 329-332.
28. Karsak EE, Sozer S, Alptekin SE (2002) Product planning in quality function deployment using a combined analytic network process and goal programming approach. Comput Ind Eng 44: 171-190.
29. Korhonen P, Wallenius J (1990) A multiple objective linear programming decision support system. Decis Support Syst 6: 243-251.
30. Kujačić M, Bojović NJ (2003) Organizational design of post corporation structure using fuzzy multicriteria decision making. Comput Math Organ Theory 9(1): 5-18.
31. Lee W-S, Tzeng G-H, Cheng C-M (2009a) Using novel MCDM methods based on Fama-French three-factor model for probing the stock selection, APIEMS2009. Kitakyushu, Dec 14-16.
32. Lee W-S, Tzeng G-H, Guan J-L, Chien K-T, Huang J-M (2009b) Combined MCDM techniques for exploring stock selection based on Gordon model. Expert Syst Appl 36(3): 6421-6430.
33. Lemmon ML, Zender JF (2004) Debt capacity and tests of capital structure theories. Working paper.
34. Loughran T, Ritter JR (1995) The new issues puzzle. J Finance 50: 23-51.
35. Lu J, Quaddus MA (2001) Integrating knowledge based guidance system with multiple objective decision making. N Z J Appl Comput Inf Technol 1(5): 53-59.
36. Lucas DJ, McDonald RL (1990) Equity issues and stock price dynamics. J Finance 45(4): 1019-1043.
37. Marques MO, Coutinho dos Santos MJ (2004) Capital structure policy and determinants: theory and managerial evidence. EFMA 2004 Basel Meetings Paper.
38. Milgrom P, Roberts J (1992) Economics, organization and management. Prentice-Hall, Englewood Cliffs.
39. Miller M (1977) Debt and taxes. J Finance 32: 261-275.
40. Modigliani F, Miller M (1958) The cost of capital, corporate finance and the theory of investment. Am Econ Rev 48(3): 261-297.
41. Moreno-Jiménez JM, Aguarón J, Raluy A, Turón A (2005) A spreadsheet module for consensus building in AHP group decision making. Group Decis Negotiat 14(2): 89-108.
42. Moreno-Jiménez JM, Aguarón J, Escobar MT (2008) The core of consistency in AHP-group decision making. Group Decis Negotiat 17(3): 249-265.
43. Myers S (1977) Determinants of corporate borrowing. J Financial Econ 5(2): 147-175.
44. Myers S (1984) The capital structure puzzle. J Finance 39(3): 575-592.
45. Myers S (1993) Still searching for optimal capital structure. Cont Bank J Appl Corp Finance 6(1): 4-14.
46. Myers S, Majluf N (1984) Corporate financing and investment decisions when firm have information investors do not have. J Financial Econ 13: 187-221.
47. Pal BB, Moitra BN, Maulik U (2003) A goal programming procedure for fuzzy multiobjective linear fractional programming problem. Fuzzy Set Syst 139: 395-405.
48. Pinegar JM, Wilbricht L (1989) What managers think of capital structure theory: a survey. Financial Manag 18: 82-91.
49. Roberts MR, Sufi A (2007) Control rights and capital structure: an empirical investigation. Working Paper.
50. Romero C (2001) Extended lexicographic goal programming: a unifying approach. Omega 29: 63-71.
51. Saaty TL (1980) The analytic hierarchy process, planning, priority setting, resource allocation. McGraw-Hill, New York.
52. Saaty TL (2001) Decision making with dependence and feedback: the analytic network process (2nd edn). RWS Publications, Pittsburgh.
53. Saaty TL, Vargas LG (1998) Diagnosis with dependent symptoms: bayes theorem and the analytic hierarchy process. Oper Res 46(4): 491-502.
54. Sarkis J (2003) Quantitative models for performance measurement systems-alternate considerations. Int J Prod Econ 86: 81-90.
55. Schinas OD (2005) Application of multi criteria decision making techniques in finance: the case of the Greek coastal shipping companies. Doctoral Dissertation, Division of Ship Design and Maritime Transport, School of Naval Architecture & Marine Engineering, National Technical University of Athens.
56. Scott J (1976) A theory of optimal capital structure. Bell J Econ Manag Sci 7: 33-54.
57. Shyur HJ (2003) A semi-structured process for ERP systems evaluation: applying analytic network process. J E-Bus 5(1): 33-49.
58. Spronk J, Steuer RE, Zopounidis C (2005) Multicriteria decision aid/analysis in finance. In: Figueira J, Greco S, Ehrgott M (eds) Chapter 20, multiple criteria decision analysis: state of the art surveys. Springer, Berlin, pp 799-858.
59. Steuer RE, Na P (2003) Multiple criteria decision making combined with finance: a categorized bibliographic study. Eur J Oper Res 150(3): 496-515.
60. Stulz R (1988) Managerial control of voting rights, financing policies and the market for corporate control. J Financial Econ 20: 25-54.
61. Tamura H, Akazawa K, Nagata H (2002) Structural modeling of uneasy factors for creating safe, secure and reliable society. SICE Syst Integr Div Annu Conf 330-340.
62. Tamura H, Nagata H, Akazawa K (2003) Structural modeling and systems analysis of various factors for realizing safe, secure and reliable society. International Conference on Decision Support for Telecommunications and Information Society.
63. Titman S (1984) The effect of capital structure on a firm's liquidation decision. J Financial Econ 13: 137-151.
64. Tsai W-H, Chou W-C (2009) Selecting management systems for sustainable development in SMEs: a novel hybrid model based on DEMATEL, ANP, and ZOGP. Expert Syst Appl 36(2): 1444-1458.
65. Tsai W-H, Hsu J-L (2008) Corporate social responsibility programs choice and costs assessment in the airline industry-a hybrid model. J Air Transp Manag 14(4): 188-196.
66. Tsai W-H, Chou W-C, Lai C-W (2010) An effective evaluation model and improvement analysis for national parks websites: a case study of Taiwan. Tour Manag 36(6): 936-952.
67. Tsai W-H, Lee P-L, Shen Y-S, Hwang E. T. Y. Hwang (2011) A combined evaluation model for encouraging entrepreneurship policies. Ann Oper Res. Available online 7 Dec 2011. doi: 10. 1007/s10479-011-1029-6.
68. Xiang L (2009) A multiple criteria decision-making method for enterprise supply chain finance coperative systems. In: 2009 Fourth international conference on systems, Gosier, Guadeloupe, March 1-6, pp 120-125.
69. Xidonas P, Askounis D, Psarras J (2009) Common stock Portfolio selection: a multiple criteria decision making methodology and an application to the Athens stock exchange. Oper Res 9(1): 55-79.
70. Yamazaki M, Ishibe K, Yamashita S, Miyamoto I, Kurihara M, Shindo H (1997) An analysis of obstructive factors to welfare service using DEMATEL method. Rep Fac Eng Yamanashi Univ 48: 25-30.
71. Zhang GQ, Lu J (2003) An integrated group decision-making method dealing with fuzzy preferences for alternatives and individual judgments for selection criteria. Group Decis Negotiat 12: 501-515.
72. Zopounidis C, Doumpos M (2002) Multi-criteria decision aid in financial decision making: methodologies and literature review. J Multi-criteria Decis Anal 11(4-5): 167-182.
73. Zwiebel J (1996) Dynamic capital structure under managerial entrenchment. Am Econ Rev 86: 1197-1215.