Presenting a risky investment model in the insurance industry based on the fuzzy network analysis process
Subject Areas :Amir Mohammadzade 1 , Yazdan Gudarzi Farahani 2 , مریم پورفرزام 3 , Zulikha Morsali Aruznaq 4 , Mohsen Mehrara 5
1 - Associate Professor of Islamic Azad University, Qazvin branch
2 - گروه اقتصاد اسلامی، دانشکده علوم اقتصادی و اداری، دانشگاه قم
3 -
4 - PhD student of Economics, Ares Campus of Tehran University
5 - Professor of the Faculty of Economics, University of Tehran
Keywords: Keywords: venture capital, insurance industry, fuzzy network analysis process.,
Abstract :
The purpose of this paper is to identify and present a high-risk investment model for insurance institutions in order to establish a risky insurance investment fund. In this paper, it has been tried to identify and introduce the most important factors and effective factors of venture capital (VC) using the technique of fuzzy network analysis process in the insurance industry. The data needed for the research has been collected through in-depth interviews with a number of experts and researchers in the insurance industry, as well as a questionnaire. Due to the lack of independence and the existence of dependence between the effective factors, the method of fuzzy network analysis process was used to identify the possible dependencies between factors and measure them for the development of the VC model, and the results were prioritized with the method of non-fuzzy network analysis process. Is. The findings of the research show that operating cycle indicators, total asset turnover ratio, total investment return, loss factor, asset-liability ratio are ranked first to fifth among VC indicators. VCs help the insurance industry establish internal accounting rules and standardize their financial statements. In other words, VC support modifies the "hard" and "soft" information required for insurance.
- Barkley, D., & Markley, D.M. (2001). Nontraditional Sources of Venture Capital for Rural America. Rural America, 16, 12-26.
- Berg, H. D., & Schmidt, J. R. (1994). Foreign trade and economic growth: Time series evidence from Latin America. The Journal of International Trade & Economic Development, 3, 249-268.
- Boer, P. (2003). Risk-adjusted valuation of R&D projects. Research TechnologyManagement, 46, 58-77.
- Bradley, D., & Jordan, B. (2002). Partial adjustment to public. Journal of Financial and Quantitative Analysis, 4, 595-616.
- Chen, Y. S., & Zhu, C. (2009). Political connection, institutional environment and capital investment of listed companies. Journal of Financial Economic, 12, 27–39.
- Dehghani, A., & Shahryar, B. (2017). A proposed pattern of enterprise risk management in insurance companies. Iranian Journal of Insurance Research, 7, 1-22.
- Hall, J. & Hofer, C. (1993). Venture capitalists› decision criteria in new venture evaluation. Journal of Business, 12, 45-59.
- Khataie, M. (2008). Extending financial markets and economic growth. Tehran, Iran: Monetary and Banking Research Institute Press.
- Kollmann, T., & Kuckertz, A. (2009). valuation Uncertainty of Venture Capitalists’ Investment Criteria. journal of business research, 3, 741-747.
- Lotfizadeh, A. (1965). Fuzzy Sets. Information and Control, 8, 338-353.
- Mazloomi, N., & Nateghi, A. A. (2020). A model of existing risks in Iran's insurance industry. Commercial Strategies, 16, 39-58. doi: 10.22070/cs.2020.2423
- Meade, L.M., & Sarkis, J. (1999). Analyzing organizational project alternatives for agile manufacturing processes: An analytical network approach. International Jornal of production Research, 37(2), 241-261.
- Pietrovito, F. (2009). Financial development and economic growth: A theoretical and empirical overview. Retrieved fromhttps://poseidon01.ssrn.com/delivery.
- Saaty, T. L. (1996). Decision making with dependence and feedback: the analytic network process
- Saaty, T.L (1980), The Analytical Hierarchy Process, New York, NY: McGraw-Hill.
- Timmons, J. A., & Bygrave, W. D. (1986). Venture capital's role in financing innovation for economic growth. Journal of Business Venturing, 2, 161-176
- Wu, L., Xu, L. (2018). Grandstanding and new stock speculation: evidence from private venture capitals in China. Economic paper, 57, 363–375.
- Zhang, X. (2012). Venture Capital Investment Selection Decision-making Base on Fuzzy Theory. Procedia., 25, 1369–1375.
- Zhou, C. (2009). Dependence Structure of Risk Factors and Diversification Effects. 22nd Australasian Finance and Banking Conference, Available at SSRN: https://ssrn.com/abstract=1456848 or http://dx.doi.org/10.2139/ssrn.1456848.