Evaluating port and logistics companies using integrated fuzzy MCDM with MM–regret framework
Year: 2025
Type: article
Abstract: Vietnam’s strategic location in the Asia-Pacific region and its long coastline provide strong potential for port operations and international freight forwarding. Nevertheless, the logistics industry faces declining trade volumes, rising costs, and operational pressures, complicating financial performance evaluation. This study develops a hybrid Multi-Criteria Decision-Making (MCDM) model integrating Modigliani-Miller and Regret theories with STPF Entropy, STPF CRITIC, and R-VIKOR to assess and rank the financial performance of 13 listed Vietnamese logistics firms from 2020 to 2024. Key financial criteria include EBIT, corporate tax, marginal dividend tax, cost of debt and equity, debt size, and tax rate, with EBIT carrying the highest weight (23.5%). Results show that SGP ranks highest (Q i = 0.001), while MVN, GMD, and PHP rank lowest. Sensitivity and comparative analyses with six other MCDM methods (VIKOR, TOPSIS, MOORA, MICRA, COPRAS, CODAS) confirm the proposed model's robustness, stability, and reliability. Minor fluctuations observed in mid-range firms highlight that operational efficiency and internal capacity are more influential than behavioral factors such as regret avoidance. The standardized Q scale facilitates consistent comparison under uncertainty, providing managers and investors with actionable insights. The model offers a comprehensive and reliable framework for evaluating financial performance in Vietnam’s logistics sector, supporting informed strategic and investment decisions.
Source: Journal of Engineering Research
Authors: Chia-Nan Wang, Thanh-Tam Truong, Tu-Uyen Doan
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $1,100
OpenAlex ID: W4414517851