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Table 1 Summary of related studies

From: Determining the financial performance of the firms in the Borsa Istanbul sustainability index: integrating multi criteria decision making methods with simulation

Study

Weight determination

MCDM method

Number of alternatives

Number of performance indicators

Years

Wang (2008)

Fuzzy TOPSIS

3

21

2001–2005

Wu et al. (2009)

Fuzzy AHP

SAW, TOPSIS, VIKOR

3

23

 

Chen et al. (2011)

DEMATEL, ANP

15

2009

Kung et al. (2011)

Fuzzy AHP

Fuzzy TOPSIS

5

7

Baležentis et al. (2012)

Fuzzy VIKOR, Fuzzy TOPSIS, Fuzzy ARAS

11

6

2007–2010

Ignatius et al. (2012)

PROMETHEE II

8

7

2009–2010

Lee et al. (2012)

Entropy

GRA

4

25

1999–2009

Yalcin et al. (2012)

Fuzzy AHP

TOPSIS, VIKOR

13

8

2007

Yalçın and Bayrakdaroğlu (2012)

Fuzzy AHP

Fuzzy AHP, VIKOR

17

7

1998–2011

Esbouei et al. (2014)

Fuzzy ANP

Fuzzy VIKOR

143

11

2002–2011

Ghadikolaei et al. (2014)

Fuzzy AHP

Fuzzy VIKOR, ARAS-F, Fuzzy COPRAS

6

11

2002–2011

Shen and Tzeng (2015)

DEMATEL-based ANP

VIKOR

34

25

2008–2011

Islamoglu et al. (2015)

Entropy

TOPSIS

25

16

2011–2014

Visalakshmi et al. (2015)

DEMATEL

TOPSIS

14

16

2008–2012

Wanke et al. (2016)

Fuzzy AHP, TOPSIS, ANN

88

25

2010–2013

Chang and Tsai (2016)

AHP

VIKOR

7

25

2007–2008

Erdoğan et al. (2016)

Buckley’s Column Geometric Mean

TOPSIS, VIKOR, ELECTRE

21

8

2011–2014

Farrokh et al. (2016)

Fuzzy AHP

VIKOR, TOPSIS

8

12

Alimohammadlou and Bonyani (2017)

BWM

PROMETHEE II

14

5

2011–2015

Inani and Gupta (2017)

Equal weighting

TOPSIS

9

10

2011–2015

Ic et al. (2020)

AHP

Regression-AHP, VIKOR

5

9

2007–2011

Ayçin and Güçlü (2020)

Entropy

MAIRCA

17

8

2018

Abdel-Basset et al. (2020)

AHP

VIKOR, TOPSIS

10

20

Aldalou and Perçin (2020)

Fuzzy Shannon's Entropy

Fuzzy EDAS

21

18

2015–2017

Bağcı and Yerdelen Kaygın (2020)

Entropy

ARAS, WASPAS

43

5

2000–2017

Grida et al. (2020)

BWM

VIKOR

5

23

Biswas et al. (2020), Akbulut and Hepşen (2021)

Entropy

CoCoSo

27

10

2015–2019

Armağan et al. (2021)

SECA

SECA

12

5

2020

Baydaş and Elma (2021)

Hybrid, Entropy, Equal weighting

TOPSIS, WSA, PROMETHEE

131

7

2014–2018

Bektaş (2021)

Entropy

MAIRCA

6

6

2018–2019

Kumaran (2021)

Objective weighting

VIKOR

18

6

2012–2018

Lam et al. (2021)

Entropy weighting

Fuzzy VIKOR

20

6

2015–2019

Ersoy (2021)

Improved entropy

VIKOR

15

9

2017–2018

Pala (2021)

Correlation Coefficient and Standart Deviation

CoCoSo

9

8

2019–2020

Topal (2021)

Entropy

CoCoSo

10

8

2019

Iç et al. (2022)

AHP

AHP and Design of Experiments

18

44

2002–2016

Baydas and Pamucar (2022)

Equal weighting

PROMETHEE, FUCA,

TOPSIS, SAW, CODAS,

COPRAS, MOORA

24

7

2019–2021

  1. AHP Analytical Hierarchy Process, ANP Analytical Network Process, ARAS Additive Ratio Assessment, BWM Best–Worst Method, CODAS Combinative Distance-Based Assessment, COPRAS Complex Proportional Assessment, DEMATEL Decision Making Trial and Evaluation Laboratory, EDAS Evaluation Based on distance from average solution, FUCA Faire un choix Adequat, PROMETHEE Preference Ranking Organization Method for Enrichment of Evaluations, SECA Simultaneous Evaluation of Criteria and Alternatives