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A Hybrid Multi-Criteria Decision-Making Model for Evaluating Companies’ Green Credit Rating

Department of Finance, Ling Tung University, Taichung 40852, Taiwan
Department of Agronomy, National Chung Hsing University, Taichung 40227, Taiwan
Author to whom correspondence should be addressed.
These authors contributed equally to this work.
Sustainability 2019, 11(6), 1506;
Received: 17 January 2019 / Revised: 28 February 2019 / Accepted: 6 March 2019 / Published: 13 March 2019
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
PDF [1121 KB, uploaded 13 March 2019]


Along with economic development and social progress, environmental issues are increasingly becoming the subject of public concern. Through green credit, banks intentionally direct money into resource-conserving technology development and environmental protection industries, thus, encouraging enterprises to focus on green products. Therefore, establishing a reasonable green credit evaluation mechanism for banks is an important issue. Based on this, this study combines grey relational analysis (GRA), the Decision-Making Trial and Evaluation Laboratory technique (DEMATEL), analytic network process (ANP) and the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to develop a hybrid multi-criteria decision-making (MCDM) model for quantifying data and, thereby, to establish a green credit rating mechanism. In order to verify the model, this study combines credit risk and economic, environmental and social performance evaluation criteria as green credit evaluation criteria. There are 55 high-tech listed companies in Taiwan in 2014 taken as the evaluation objects and conducted for a performance ranking. The empirical results can serve as a reference for financial authorities promoting green finance policies and for investors making investment decisions. View Full-Text
Keywords: green credit rating; hybrid MCDM model; GRA; DEMATEL; ANP; TOPSIS green credit rating; hybrid MCDM model; GRA; DEMATEL; ANP; TOPSIS

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Yang, C.-C.; Ou, S.-L.; Hsu, L.-C. A Hybrid Multi-Criteria Decision-Making Model for Evaluating Companies’ Green Credit Rating. Sustainability 2019, 11, 1506.

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