Z-ERM DEA integrated approach for evaluation of banks & financial institutes in stock exchange

摘要

The purpose of this study is to evaluate efficiency and effectiveness of banks, financial and credit institutes active in stock and super-stock exchange organizations using new Fuzzy DEA model which is the modified, improved and enhanced version of Russell's measurement model. In order to make it more efficient, we used the Z-numbers theory through which the calculations of uncertainty in the decision-making process can be showed more accurately. To do so, the literature of this industry and financial data of the research companies during 2012-2017 were initially overviewed and 16 indicators (indices/indexes) and the main criteria related to their performance evaluation were selected. Afterward, the productivity of banks and financial and credit institutions in different levels of alpha - cut were specified and compared using integrated approach of ERM and calculations of Z-numbers as well as considering opinions provided by the financial experts with possibility of concurrent evaluation of the efficiency and effectiveness in a model. (C) 2020 Elsevier Ltd. All rights reserved.