Analysis of decision making factors for equity investment by DEMATEL and Analytic Network Process |
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| Authors: | Wen-Shiung Lee Alex YiHou Huang Yong-Yang Chang Chiao-Ming Cheng |
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| Affiliation: | 1. Department of Business Administration, Tamkang University, 151 Ying-chuan Road, Tamsui, Taipei 25137, Taiwan;2. College of Management, Yuan Ze University, 135 Yuan-Tung Road, Chung-Li, Taoyuan 32003, Taiwan;3. Department of Business and Entrepreneurial Management, Kainan University, 1 Kainan Road, Luzhu Shiang, Taoyuan 33857, Taiwan;1. Department of Mechanical and Industrial Engineering, Indian Institute of Technology, Roorkee 247667, India;2. Department of Mechanical Engineering, Graphic Era University, Dehradun- 248002, India;1. Department of Business and Economics, University of Southern Denmark, Odense, Denmark;2. Faculty of Management and Accounting, Allame Tabataba’i University Business School (ATUBS), Iran;1. Department of Mechanical Engineering, Government Polytechnic, Jhajjar 124103, Haryana, India;2. Center for Engineering Operations Management, Department of Technology and Innovation, University of Southern Denmark, Odense, Denmark;3. Department of Electronics Engineering, Government Polytechnic, Jhajjar 124103, Haryana, India;4. Department of Mechanical Engineering, Graphic Era University, Dehradun 248002, Uttarakhand, India;1. Department for Management of Science and Technology Development, Ton Duc Thang University, Ho Chi Minh City, Viet Nam;2. Faculty of Information Technology, Ton Duc Thang University, Ho Chi Minh City, Viet Nam;3. Department of Business Administration, Collage of Business and Administration, Princess Nourah Bint Abdulrahman University, Saudi Arabia;4. Department of Cybersecurity, College of Computer Science and Engineering, University of Jeddah, Jeddah, Saudi Arabia;5. Department of Information Technology, University of Human Development, Sulaymaniyah, Iraq;6. Computer Science and Engineering Department, University of Kurdistan Hewler, Erbil, Kurdistan, Iraq;7. Azman Hashim International Business School, Universiti Teknologi Malaysia (UTM), Skudai, Johor 81310, Malaysia;8. Department of Software Engineering, College of Computer Science and Engineering, University of Jeddah, Jeddah, Saudi Arabia;1. Department of accounting, yazd branch, Islamic azad university, P.O.Box: 8916871967, yazd, iran;2. Department of industrial management, yazd branch, Islamic azad university, yazd, iran |
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| Abstract: | Existing methodologies of equity investment, such as fundamental analysis, technical analysis, and institutional investor analysis, explore important factors of stock price behaviors. However, the interdependent relationships of the key factors have not yet been fully studied. This paper provides the first analysis on the interactive relationships among the factors in incorporating the methods of Decision Making Trial and Evaluation Laboratory (DEMATEL) and Analytic Network Process (ANP). The empirical results show that factors from the existing analytical methodologies have significant interactive and self-feedback dynamics. Among the key factors, profitability is the most important one affecting investment decision, followed by growth and trading volume. In addition, due to the complexity of the ANP, this study proposes a new methodology to simplify the process, and empirical evidences indicate that the approach is effective and efficient. |
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