Assessing the role of institutional reform in enhancing Balkan sustainable competitiveness: An Entropy-MARCOS perspective

Anđelka Štilić, Adis Puška, Darko Božanić, Duško Tešić

Article ID: 2167
Vol 7, Issue 3, 2023

VIEWS - 426 (Abstract) 238 (PDF)

Abstract


This research paper aims to assess the sustainable competitiveness of Balkan countries. Sustainable competitiveness was measured based on the indicators in The Sustainable Competitiveness Report from 2022, published by Solability. According to this report, sustainable competitiveness is evaluated using six grouped criteria. In this paper, the competitiveness of the Balkan countries was assessed through the application of the multicriteria analysis methods Entropy and MARCOS (Measurement Alternatives and Ranking according to the Compromise Solution). The weight of each criterion was determined using the Entropy method. The results highlighted that the most significant criteria were Natural Capital and Resource Efficiency & Intensity, which carried the highest weight, whereas the Social Cohesion criterion was of lesser importance, represented by the lowest weight. Using the MARCOS method, the Balkan countries were ranked, with Greece securing the top position, closely followed by Albania, while North Macedonia exhibited the weakest performance. Sensitivity analysis further substantiated these findings. The outcomes of this study significantly contribute to the academic understanding of sustainable competitiveness and provide valuable practical insights for policymakers and stakeholders interested in advancing sustainable development efforts in the Balkan region.

Keywords


sustainable competitiveness; Balkan countries; methods of multicriteria analysis

Full Text:

PDF


References


Adamowicz M (2022). Green deal, green growth and green economy as a means of support for attaining the sustainable development goals. Sustainability 14(10): 5901. doi: 10.3390/su14105901

Ali A, Ullah K, Hussain A (2023). An approach to multi-attribute decision-making based on intuitionistic fuzzy soft information and Aczel-Alsina operational laws. Journal of Decision Analytics and Intelligent Computing 3(1): 80–89. doi: 10.31181/jdaic10006062023a

Alimohammadlou M, Khoshsepehr Z (2021). Investigating organizational sustainable development through an integrated method of interval-valued intuitionistic fuzzy AHP and WASPAS. Environment, Development and Sustainability 24: 2193–2224. doi: 10.1007/s10668-021-01525-7

Badi I, Abdulshahed A (2021). Sustainability performance measurement for Libyan iron and steel company using rough AHP. Journal of Decision Analytics and Intelligent Computing 1(1): 22–34. doi: 10.31181/jdaic1001202222b

Bradley SW, Kim PH, Klein, PG, et al. (2021). Policy for innovative entrepreneurship: Institutions, interventions, and societal challenges. Strategic Entrepreneurship Journal 15(2): 167–184. doi: 10.1002/sej.1395

Coscieme L, Mortensen LF, Anderson S, et al. (2020). Going beyond gross domestic product as an indicator to bring coherence to the sustainable development goals. Journal of Cleaner Production 248: 119232. doi: 10.1016/j.jclepro.2019.119232

Dabbous A, Barakat KA, Kraus S (2023). The impact of digitalization on entrepreneurial activity and sustainable competitiveness: A panel data analysis. Technology in Society 73: 102224. doi: 10.1016/j.techsoc.2023.102224

Deng Y (2023). Sustainable competitiveness evaluation of regional financial centers with fuzzy number intuitionistic fuzzy TODIM algorithms. Journal of Intelligent & Fuzzy Systems 44(5): 7045–7057. doi: 10.3233/JIFS-221247

Du K, Cheng Y, Yao X (2021). Environmental regulation, green technology innovation, and industrial structure upgrading: The road to the green transformation of Chinese cities. Energy Economics 98: 105247. doi: 10.1016/j.eneco.2021.105247

Durmić E, Stević Ž, Chatterjee P, et al. (2020). Sustainable supplier selection using combined FUCOM—Rough SAW model. Reports in Mechanical Engineering 1(1): 34–43. doi: 10.31181/rme200101034c

Escandon-Barbosa D, Urbano-Pulido D, Hurtado-Ayala A (2019). Exploring the relationship between formal and informal institutions, social capital, and entrepreneurial activity in developing and developed countries. Sustainability 11(2): 550. doi: 10.3390/su11020550

Gautam P, Kamna KM, Jaggi CK (2020). Sustainable production policies under the effect of volume agility, preservation technology and price-reliant demand. Yugoslav Journal of Operations Research 30(3): 307–324. doi: 10.2298/YJOR1903

Hu YC, Lee PC, Chuang YS, Chiu YJ (2018). Improving the sustainable competitiveness of service quality within air cargo terminals. Sustainability 10(7): 2319. doi: 10.3390/su10072319

Iqbal MMA, Safdar MR, Hayat N, et al. (2023). Social capital and social well-being among youth: Does self-efficacy moderate the relationship? Journal of Human Behavior in the Social Environment. doi: 10.1080/10911359.2023.2199041

Jakob M, Lamb WF, Steckel JC, et al. (2020). Understanding different perspectives on economic growth and climate policy. Wiley Interdisciplinary Reviews 11(6): e677. doi: 10.1002/wcc.677

Jakovljevic M, Cerda AA, Liu Y, et al. (2021). Sustainability challenge of eastern Europe—Historical legacy, belt and road initiative, population aging and migration. Sustainability 13(19): 11038. doi: 10.3390/su131911038

Januškaitė V, Užienė L (2018). Intellectual capital as a factor of sustainable regional competitiveness. Sustainability 10(12): 4848. doi: 10.3390/su10124848

Jokić Ž, Božanić D, Pamučar D (2021). Selection of fire position of mortar units using LBWA and fuzzy MABAC model. Operational Research in Engineering Sciences: Theory and Applications 4(1): 115–135. doi: 10.31181/oresta20401156j

Keleş N (2023). Measuring performances through multiplicative functions by modifying the MEREC method: MEREC-G and MEREC-H. International Journal of Industrial Engineering and Operations Management 5(3): 181–199. doi: 10.1108/IJIEOM-12-2022-0068

Keshavarz-Ghorabaee M, Amiri M, Zavadskas EK, et al. (2021). Determination of objective weights using a new method based on the removal effects of criteria (MEREC). Symmetry 13(4): 525. doi: 10.3390/sym13040525

Kolluru M, Suresh V (2020). A cluster analysis on sustained global competitiveness for European countries. Economics–Innovative and Economics Research Journal 8(1): 9–24. doi: 10.2478/eoik-2020-0006

Komasi H, Zolfani SH, Nemati A (2023). Evaluation of the social-cultural competitiveness of cities based on sustainable development approach. Decision Making Applications in Management and Engineering 6(1): 583–602. doi: 10.31181/dmame06012023k

Krishnan AR, Kasim MM, Hamid R, Ghazali MF (2021). A modified CRITIC method to estimate the objective weights of decision criteria. Symmetry 13(6): 973. doi: 10.3390/sym13060973

Lahane S, Kant R (2022). Investigating the sustainable development goals derived due to adoption of circular economy practices. Waste Management 143: 1–14. doi: 10.1016/j.wasman.2022.02.016

Litvinenko V, Bowbriсk I, Naumov I, Zaitseva Z (2022). Global guidelines and requirements for professional competencies of natural resource extraction engineers: Implications for ESG principles and sustainable development goals. Journal of Cleaner Production 338: 130530. doi: 10.1016/j.jclepro.2022.130530

Lo HW (2023). A data-driven decision support system for sustainable supplier evaluation in the Industry 5.0 era: A case study for medical equipment manufacturing. Advanced Engineering Informatics 56: 101998. doi: 10.1016/j.aei.2023.101998

Melnyk LH, Sommer H, Kubatko O, et al. (2020). The economic and social drivers of renewable energy development in OECD countries. Problems and Perspectives in Management 18(4): 37–48. doi: 10.21511/ppm.18(4).2020.04

Mijajlović M, Puška A, Stević Ž, et al. (2020). Determining the competitiveness of spa-centers in order to achieve sustainability using a fuzzy multi-criteria decision-making model. Sustainability 12(20): 8584. doi: 10.3390/su12208584

Milić VJ, Jovanović S (2019). Effects of applying statistical methods in global sustainable competitiveness index creation. TEME: Casopis za Društvene Nauke 43(3): 807–824. doi: 10.22190/TEME190617049J

Mukhametzyanov I (2021). Specific character of objective methods for determining weights of criteria in MCDM problems: Entropy, CRITIC and SD. Decision Making: Applications in Management and Engineering 4(2): 76–105. doi: 10.31181/dmame210402076i

Narang M, Kumar A, Dhawan R (2023). A fuzzy extension of MEREC method using parabolic measure and its applications. Journal of Decision Analytics and Intelligent Computing 3(1): 33–46. doi: 10.31181/jdaic10020042023n

Oliinyk O, Mishchuk H, Vasa L, et al. (2023). Social responsibility: Opportunities for integral assessment and analysis of connections with business innovation. Sustainability 15(6): 5608. doi: 10.3390/su15065608

Pamučar DS, Dimitrijević SR (2021). Multiple-criteria model for optimal anti tank ground missile weapon system procurement. Military Technical Courier 69(4): 792–827. doi: 10.5937/vojtehg69-32117

Puška A, Božanić D, Nedeljković M, Janošević M (2022). Green supplier selection in an uncertain environment in agriculture using a hybrid MCDM model: Z-numbers–fuzzy LMAW–fuzzy CRADIS model. Axioms 11(9): 427. doi: 10.3390/axioms11090427

Puška A, Štilić A, Stojanović I (2023). Approach for multi-criteria ranking of Balkan countries based on the index of economic freedom. Journal of Decision Analytics and Intelligent Computing 3(1): 1–14. doi: 10.31181/jdaic10017022023p

Puška A, Stojanović I, Štilić A (2023). The influence of objective weight determination methods on electric vehicle selection in urban logistics. Journal of Intelligent Management Decision 2(3): 117–129. doi: 10.56578/jimd020302

Qazi A (2022). Adoption of a probabilistic network model investigating country risk drivers that influence logistics performance indicators. Environmental Impact Assessment Review 94: 106760. doi: 10.1016/j.eiar.2022.106760

Shannon CE (1948). A mathematical theory of communication. The Bell System Technical Journal 27(3): 379–423. doi: 10.1002/j.1538-7305.1948.tb01338.x

Širá E, Vavrek R, Kravčáková Vozárová I, Kotulič R (2020). Knowledge economy indicators and their impact on the sustainable competitiveness of the EU countries. Sustainability 12(10): 4172. doi: 10.3390/su12104172

Solability (2022). The global sustainable competitiveness index. Available online: https://solability.com/the-global-sustainable-competitiveness-index/the-index (accessed on 14 September 2023).

Stević Ž, Pamučar D, Puška A, Chatterjee P (2020). Sustainable supplier selection in healthcare industries using a new MCDM method: Measurement alternatives and ranking according to compromise solution (MARCOS). Computers & Industrial Engineering 140: 106231. doi: 10.1016/j.cie.2019.106231

Štilić A, Mastilo A, Vuković K, Mastilo D (2023). Innovative solutions for economic growth: Exploring the impact of economic freedoms on foreign direct investment attraction. Economics–Innovative and Economics Research Journal 11(1): 29–44. doi: 10.2478/eoik-2023-0013

Stojanović I, Puška A, Selaković M (2022). A multi-criteria approach to the comparative analysis of the global innovation index on the example of the Western Balkan countries. Economics–Innovative and Economics Research Journal 10(2): 9–26. doi: 10.2478/eoik-2022-0019

Tešić D, Božanić D, Puška A, et al. (2023). Development of the MCDM fuzzy LMAW-grey MARCOS model for selection of a dump truck. Reports in Mechanical Engineering 4(1): 1–17. doi: 10.31181/rme20008012023t

Tian G, Lu W, Zhang X, et al. (2023). A survey of multi-criteria decision-making techniques for green logistics and low-carbon transportation systems. Environmental Science and Pollution Research 30: 57279–57301. doi: 10.1007/s11356-023-26577-2

Trofymenko O, Ilyash O, Voitko S, et al. (2022). Impact of energy innovations on the Ukraine’s economy: Strategic direction and managerial practices. Economics–Innovative and Economics Research Journal 10(2): 27–44. doi: 10.2478/eoik-2022-0018

Vasiljević M, Fazlollahtabar H, Stević Ž, Vesković S (2018). A rough multicriteria approach for evaluation of the supplier criteria in automotive industry. Decision Making Applications in Management and Engineering 1(1): 82–96. doi: 10.31181/dmame180182v

Veličkovska I, Fedajev A, Bazen J (2022). Modelling complex relationships between sustainable competitiveness and digitalization. Journal of Competitiveness 14(2): 79–96. doi: 10.7441/joc.2022.02.05

Verma V, Bisht P, Joshi S (2022). Sustainable supply chain systems of food and beverages SMEs: Analyzing sustainable performance using structured equation modeling. Journal of Decision Analytics and Intelligent Computing 2(1): 53–68. doi: 10.31181/jdaic10016062022v

Wang J, Feng T (2022). Supply chain ethical leadership and green supply chain integration: A moderated mediation analysis. International Journal of Logistics Research and Applications 26(9): 1145–1171. doi: 10.1080/13675567.2021.2022640

Wang Z, Wang J, Zhang G, Wang Z (2021). Evaluation of agricultural extension service for sustainable agricultural development using a hybrid Entropy and TOPSIS method. Sustainability 13(1): 347. doi: 10.3390/su13010347




DOI: https://doi.org/10.24294/jipd.v7i3.2167

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Anđelka Štilić, Adis Puška, Darko Božanić, Duško Tešić

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

This site is licensed under a Creative Commons Attribution 4.0 International License.