Analysing the financial innovation-based characteristics of stock market efficiency using fuzzy decision-making technique

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dc.contributor.authorRahadian, Dadan
dc.contributor.authorFirli, Anisah
dc.contributor.authorDinçer, Hasan
dc.contributor.authorYüksel, Serhat
dc.contributor.authorMikhaylov, Alexey
dc.date.accessioned2026-01-14T07:30:48Z
dc.date.available2026-01-14T07:30:48Z
dc.date.issued2025
dc.departmentİstanbul Medipol Üniversitesi, İşletme ve Yönetim Bilimleri Fakültesi, Uluslararası Ticaret ve Finansman Bölümü
dc.description.abstractNecessary actions should be taken to ensure stock market efficiency; thus, financial innovation-based criteria that affect stock market efficiency should be improved. However, simultaneously improving all criteria is difficult; therefore, performing priority analysis is important for carrying out this process effectively and efficiently. Accordingly, this study aims to evaluate the financial innovation-based characteristics of stock market efficiency. This study’s main research question within this framework is identifying which factors should be prioritized to improve the stock market. In this scope, we created a novel fuzzy decision-making model consisting of two stages. First, selected criteria for the financial innovation-based characteristics of stock market efficiency are weighted. In this process, quantum spherical fuzzy sets based on DEMATEL are considered. In the second stage, selected economies are ranked using the technique for order of preference by similarity to ideal solution (TOPSIS) approach. This study’s main contribution is that the DEMATEL technique in calculating criterion weights in the decision-making analysis process provides some advantages. With the help of this situation, the causal directions between these items can be considered; thus, it is possible to determine the most accurate strategies. The findings demonstrate that providing tax advantages is the most important factor in ensuring stock market efficiency. Moreover, the excellence of the financial system is critical in ensuring stock market efficiency. In this context, it is possible to provide tax advantages, especially for long-term investments. Thus, long-term investments can be increased, significantly increasing the market’s stability.
dc.identifier.citationRahadian, D., Firli, A., Dinçer, H., Yüksel, S. ve Mikhaylov, A. (2025). Analysing the financial innovation-based characteristics of stock market efficiency using fuzzy decision-making technique. Financial Innovation, 11(1). http://dx.doi.org/10.1186/s40854-024-00716-1
dc.identifier.doi10.1186/s40854-024-00716-1
dc.identifier.issn2199-4730
dc.identifier.issue1
dc.identifier.scopus2-s2.0-85214191045
dc.identifier.scopusqualityQ1
dc.identifier.urihttp://dx.doi.org/10.1186/s40854-024-00716-1
dc.identifier.urihttps://hdl.handle.net/20.500.12511/13371
dc.identifier.volume11
dc.identifier.wosWOS:001390024700002
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorDinçer, Hasan
dc.institutionauthorYüksel, Serhat
dc.institutionauthorid0000-0002-8072-031X
dc.institutionauthorid0000-0002-9858-1266
dc.language.isoen
dc.relation.ispartofFinancial Innovation
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rightsAttribution 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectDecision-Making
dc.subjectEfficiency
dc.subjectFinancial Innovation
dc.subjectIndexes
dc.subjectStock Market
dc.titleAnalysing the financial innovation-based characteristics of stock market efficiency using fuzzy decision-making technique
dc.typeArticle

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