A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade
This study aims to propose a two-staged Analytic Hierarchy Process and COmplex PRoportional ASsessment model-based Grey Theory (AHP-G and COPRAS-G) to explore critical elements affecting international payment method selection in the case of import-export Small and Medium-Sized Enterprises (SMEs) fro...
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| Format: | Article |
| Language: | English |
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Elsevier
2022-11-01
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| Series: | Heliyon |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844022030845 |
| _version_ | 1797987925444526080 |
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| author | Phi-Hung Nguyen |
| author_facet | Phi-Hung Nguyen |
| author_sort | Phi-Hung Nguyen |
| collection | DOAJ |
| description | This study aims to propose a two-staged Analytic Hierarchy Process and COmplex PRoportional ASsessment model-based Grey Theory (AHP-G and COPRAS-G) to explore critical elements affecting international payment method selection in the case of import-export Small and Medium-Sized Enterprises (SMEs) from emerging countries. First, the AHP-G model is applied to determine the relative weights of essential factors. Second, the COPRAS- G approach prioritizes international payment method alternatives. From the literature review and experts' opinions, five main criteria were established, including: “relationship between the two parties” (RE), “type of goods” (GO), “political-economic framework factor” (MA), “characteristics of payment method” (PA); “opinions and requirements of external parties” (EX) and four international payment methods are considered as frequent payment alternatives. A real-world case study from Vietnamese SMEs in the import-export industry is presented to exemplify the applicability and robustness of the proposed approach. The weighting results indicated that (PA) had the most significant impact on international payment method selection, followed by (MA) and (RE). Letter of credit (L/C) is considered the most reliable payment method for SMEs. Furthermore, a comparative analysis was performed to examine the validity of the proposed model. The proposed approach would assist stakeholders in import-export SMEs and other industries in effectively selecting suitable payment methods in international trade. |
| first_indexed | 2024-04-11T07:55:38Z |
| format | Article |
| id | doaj.art-2f8aed556a7a4adcb800b8bfe7b4627d |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-04-11T07:55:38Z |
| publishDate | 2022-11-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-2f8aed556a7a4adcb800b8bfe7b4627d2022-12-22T04:35:57ZengElsevierHeliyon2405-84402022-11-01811e11796A two-phased decision-making based grey theory framework for the best choice of payment methods in international tradePhi-Hung Nguyen0Research Center of Applied Sciences, Faculty of Business, FPT University, Hanoi, 100000, Viet NamThis study aims to propose a two-staged Analytic Hierarchy Process and COmplex PRoportional ASsessment model-based Grey Theory (AHP-G and COPRAS-G) to explore critical elements affecting international payment method selection in the case of import-export Small and Medium-Sized Enterprises (SMEs) from emerging countries. First, the AHP-G model is applied to determine the relative weights of essential factors. Second, the COPRAS- G approach prioritizes international payment method alternatives. From the literature review and experts' opinions, five main criteria were established, including: “relationship between the two parties” (RE), “type of goods” (GO), “political-economic framework factor” (MA), “characteristics of payment method” (PA); “opinions and requirements of external parties” (EX) and four international payment methods are considered as frequent payment alternatives. A real-world case study from Vietnamese SMEs in the import-export industry is presented to exemplify the applicability and robustness of the proposed approach. The weighting results indicated that (PA) had the most significant impact on international payment method selection, followed by (MA) and (RE). Letter of credit (L/C) is considered the most reliable payment method for SMEs. Furthermore, a comparative analysis was performed to examine the validity of the proposed model. The proposed approach would assist stakeholders in import-export SMEs and other industries in effectively selecting suitable payment methods in international trade.http://www.sciencedirect.com/science/article/pii/S2405844022030845SMEsInternational paymentVietnamMCDMGrey theoryAHP |
| spellingShingle | Phi-Hung Nguyen A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade Heliyon SMEs International payment Vietnam MCDM Grey theory AHP |
| title | A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade |
| title_full | A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade |
| title_fullStr | A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade |
| title_full_unstemmed | A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade |
| title_short | A two-phased decision-making based grey theory framework for the best choice of payment methods in international trade |
| title_sort | two phased decision making based grey theory framework for the best choice of payment methods in international trade |
| topic | SMEs International payment Vietnam MCDM Grey theory AHP |
| url | http://www.sciencedirect.com/science/article/pii/S2405844022030845 |
| work_keys_str_mv | AT phihungnguyen atwophaseddecisionmakingbasedgreytheoryframeworkforthebestchoiceofpaymentmethodsininternationaltrade AT phihungnguyen twophaseddecisionmakingbasedgreytheoryframeworkforthebestchoiceofpaymentmethodsininternationaltrade |