Proposal of an innovative MCDA evaluation methodology: knowledge discovery through rank reversal, standard deviation, and relationship with stock return

Financial Innovation

Table 8 Spearman's Rho coefficients showing the relationship between SRs and financial performance scores generated by MCDAs

MCDAs	2021 III	2021 II	2021 I	2020 IV	2020 III	2020 II	2020 I	2019 IV	2019 III	2019 II	Mean
PRO. II	0.80	0.82	0.75	0.80	0.85	0.69	0.77	0.60	0.77	0.81	0.77
FUCA	0.80	0.82	0.75	0.80	0.85	0.69	0,77	0,60	0.77	0.81	0.76
TOPSIS	0.71	0.67	0.64	0.76	0.84	0.47	0.74	0.59	0.80	0.77	0.70
VIKOR	0.68	0.68	0.50	0.70	0.79	0.53	0.58	0.60	0.78	0.61	0.64
MOORA	0.68	0.67	0.45	0.67	0.73	0.47	0.63	0.58	0.80	0.65	0.63
ELEC. III	0.66	0.48	0.30**	0.65	0.55	0.28**	0.22***	0.53	0.69	0.38*	0.47*
COPRAS	-0.43	0.68	0.71	0.72	0.67	0.56	0.64	0.49	0.81	0.64	0.28
CODAS	0.32*	0.39*	0.22***	0.09***	0.20***	0.29**	0.17***	0.25***	0.21***	0.24***	0.09***