Comparative Evaluation and Ranking of Investment Options in the Iranian Capital Market Using a Hybrid Fuzzy SWARA-COCOSO Approach

The primary objective of this study is to evaluate and comparatively rank investment options in the Iranian capital market using a hybrid fuzzy SWARA-COCOSO approach. Given the complex, multi-criteria nature of investment decisions, traditional evaluation methods fail to meet the needs of decision-makers under conditions of uncertainty. Therefore, this study employs a combination of the fuzzy SWARA method to determine the weights of decision criteria and the fuzzy COCOSO method to rank the investment options. The study's statistical population comprises financial experts, capital market analysts, and financial management specialists; the necessary data were gathered through specialized questionnaires and the financial records of selected companies. The criteria examined include profitability, market value, liquidity, risk, growth, financial structure, and market performance. The results indicate that profitability and market value are the most significant criteria, and among the options evaluated, Mobarakeh Steel Company achieved the highest ranking. The findings demonstrate that the hybrid fuzzy SWARA-COCOSO approach is highly capable of simultaneously analyzing quantitative and qualitative criteria, managing uncertainty, and providing an accurate ranking of investment options.

کلیدواژه ها:

Iran's capital market ، multi-criteria decision-making ، fuzzy logic ، SWARA ، COCOSO ، investment ranking