Providing a model of factors affecting the selection of financing strategy using the fuzzy Delphi technique

Document Type : Research Paper


1 Department of Management, Roodehen Branch, Islamic Azad University, Roodehen, Iran

2 Faculty of Management, University of Tehran, Tehran, Iran

3 Department of Industrial Management, Science and Research Branch, Islamic Azad University, Tehran, Iran


The purpose of this study was to present a model of factors affecting the selection of financing strategy for the petrochemical industry supply chain in petrochemical companies located in the Mahshahr Port Petrochemical Special Economic Zone. One of the methods used to acquire group knowledge is the fuzzy Delphi technique, which is a structured process for predicting and assisting in decision-making during survey rounds, gathering information, and finally, group consensus. In this technique, a questionnaire containing the extracted criteria is first sent to each member of the expert group separately and confidentially. Members are then asked to assign a score of 1 to 10 to each criterion. In the second step, the questionnaires will be collected and the criteria with an average score of less than 7 will be removed. The remaining criteria are sent in the form of a new questionnaire. These steps continue until you reach a set of criteria that scores above seven. The results showed that the components obtained from the study include Rial Internal Finance, Currency Internal Finance, LC, Combined Internal Finance (Currency-Rial), Participation Bonds, Usance, International Loan, Foreign Direct Investment, Bank Loan, Public-Private Partnership (PPP), Off-Balance Financing, Government Grants, Corporate Transparency, Restrictions on Financing, Capital Structure, Collateral assets, Firm Value, Firm Size, Managers' attitudes, Financing Policies, Funding Source Criteria, Political Factors, Religious and Legal Restrictions.


[1] Y. BadavarNahandi, S. Ghaderi, and R. BeheshtiNahandi, Transparency of accounting information impact on investment inefficiency of the companies listed in Tehran Stock Exchange, Quart. J. Econ. Res. Polic. 21 (2014), no. 68, 49–64.
[2] G. Biddle, G. Hilary, R. Verdi, How does financial reporting quality improve investment efficiency?, J. Account. Econ. 48 (2009), no. 2-3, 112–131.
[3] Y. Chen, X. Hua, and A. Boateng, Effects of foreign acquisitions on financial constraints, dose the role of disclosure transparency matter?, Int. Bus. Rev. 25 (2016), no. 6, 218–235.
[4] D.G. DeBoskey and P.R. Gillett, The impact of multi-dimensional corporate transparency on us firms’ credit ratings and cost of capital, Rev. Quant. Finan. Acc. 40 (2014), no. 1, 101—134.
[5] W.K. Elliott, D. Brooke, and E. Peecher, Expected mispricing: the joint influence of accounting transparency and investor base, J. Accounti. Res. 48 (2010), no. 2, 343–381.
[6] B. Ghanizadeh and Z. Barani, Financing methods in business enterprises, J. Certified Public Account. 3 (2016), no. 1, 59–69.
[7] V. Gautam and R. Vaidya, Growth and finance constraints in Indian manufacturing firms, Appl. Financ. Econ. 24 (2013), no. 1, 31–40.
[8] E. Ghadrdan, Investigating special cases with the balance sheet approach of financing from the perspective of agency theory, Invest. Knowledge 8 (2019), no. 29, 297–313.
[9] D. Ghoreishi and F. Roodpashti Rahnama, Explaining the effective factors on financing by converting assets into securities in Keshavarzi Bank, Investment Knowledge 8 (2019), no. 31, 373–393.
[10] A. Guariglia, and J. Yang, A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market, J. Corporate Finance 36 (2016), 111–130.
[11] R.J. Gurrera, N. Stanley Caroff, A. Cohen, B.T. Carroll, F. DeRoos, A. Francis, and S. Frucht, An international consensus study of neuroleptic malignant syndrome diagnostic criteria using the Delphi method, J. Clinic. Psych. 72 (2011), no. 9, 88–92.
[12] A. Habibi, A. Sarafrazi, and S. Izadyar, Delphi technique theoretical framework in qualitative research, Int. J.Engin. Sci. 3 (2014), no. 4, 8–13.
[13] H. Hagras, and C. Wagner, Towards the wide spread use of type-2 fuzzy logic systems in real world applications, IEEE Comput. Intell. Mag. 7 (2012), no. 3, 14–24.
[14] A. Hasan and S.A. Butt, Impact of ownership structure and corporate governance on capital structure of Pakistan listed companies, Int. J. Bus. Manag. 4 (2009), no. 2, 50–57.
[15] S. Hashemi, M. Sadeghei, and A. Soroshyar, The earnings quality role on pattern, financing policy and investment efficiency of Tehran Security Exchange, J. Account. Res. 6 (2010), no. 2, 86–102.
[16] A. Howell, Firm R&D innovation and easing financial constraints in China: Does corporate tax reform matter?, Res, Policy 45 (2016), no. 10, 1996-–2007.
[17] A. Ibidini, O. Kehinde, O. Mary, and M. Olukondum, Data ontherelationshipsbetween financing strategies, entrepreneurial competencies and business growth of technology-based SMEs in Nigeria, Data Brief 18 (2018), no. 2018, 988—991.
[18] F. Isik, Complexity in Supply Chains: A new approachto to quantitative measurement of the Supply-ChainComplexity, Supply Chain Manag. 21 (2011), no. 4, 417–432.
[19] B. Jamshid Navid, S. Ahmadi, and H. Anbari, Capital structure with a view to short-term and long-term financing methods, Third Ann. Nat. Conf. Modern Manag. Sci., Tehran, Iran, 2014.
[20] S.M.A. Khatami Firoozabadi, L. Ulfat, M. Amiri, and H. Sharifi, The complexity of supply chain as a strategic asset and position of financial performance, J. Asset Manag. Financ. 6 (2018), no. 4, 57–78.
[21] C. Leuz and P. Winsock, Economic consequences of financial reporting and disclosure regulation: A review and suggestions for future research, Working Paper, University of Chicago, 2008.
[22] C. Li-Chiu, Do transparency and disclosure predict firm performance? Evidence from the Taiwan market, Expert Syst. Appl. 36 (2009), no. 8, 11198–11203.
[23] S. McMillan, M. King, and M.P. Tully, How to use the nominal group and Delphi techniques, Int. J. Clinic. Pharmacy 38 (2016), 655–662.
[24] J. Mangan and C. Lalwani, Global Logistics and Supply Chain Management, John Wiley & Sons, Hoboken, New Jersey, 2016.
[25] S. Mashayekh and N. SadatNasiry, The impact of financial reporting transparency on value relevance of earning accounting, J. Empir. Res. Account. 5 (2016), no. 3, 127–154.
[26] E. Mohammadi, F. Sabzalipour, and F. Dehghani, Examining the relationship between corporate transparency and financial constraints of Listed Companies in Tehran Stock Exchange, J. Asset Manag. Financ. 6 (2018), no. 1, 201–216.
[27] Z. Negintaji and A. Hashemi Golsefidi, The effect of transparency profit on the capital cost and additional returns of companies listed in Tehran Stock Exchange, J. Macro Strategic Policy 3 (2015), no. 11, 95–114.
[28] M. Ogneva, K. Raghunandan, and K.R. Subramanian, Subramanian, internal control weakness and cost of equity: Evidence from SOX section 404 disclosures, AAA Financial Accounting and Reporting Section, (FARS) Meeting Paper, 2006. Available at SSRN:
[29] H. Rouhparvar and A. Panahi, A new definition for defuzzification of generalized fuzzy numbers and its application, Appl. Soft Comput. 30 (2015), 577–584.
[30] B. Shahrabi, M. Ashrafi, and I. Abbasi, Modeling the factors effective on the financing start-ups (start-up businesses) with DEMATEL technique, Financ. Manag. Strategy 7 (2019), no. 25, 61–89.
[31] W. Van Leekwijck and E.E. Kerre, Defuzzification: Criteria and classification, Fuzzy Sets Syst. 108 (1999), no. 2, 159–178.
[32] M. Voskoglou, Use of the triangular fuzzy numbers for student assessment, arXiv preprint arXiv:1507.03257 (2015).
[33] Z. Zamani and Z. Sohrabi, Investigating the effect of corporate governance and audit quality on financing through bank loans in private firms, Asset Manag. Financ. 6 (2018), no. 3, 133–146.
Volume 14, Issue 4
April 2023
Pages 337-348
  • Receive Date: 19 July 2021
  • Revise Date: 01 October 2021
  • Accept Date: 05 October 2021