Analytic network process in economics, finance and management: Contingency factors, current trends and further research

Abstract

[EN] This study explores the recent use of the Analytic Network Process (ANP) in the decision process in the areas of economics, finance and management to identify common contingency factors, current trends, representative studies and directions for further research applications in the target areas. A systematic literature review of 434 ANP studies for a 10-year period (2012-2021) within the Scopus database was conducted using the keyword "Analytic Network Process" in articles indexed in the following two categories: (1) Business, Management and Accounting, and (2) Economics, Econometrics and Finance. Further analysis using a citation-based graph and contingency analysis approaches was performed to identify usage trends. Our findings indicate that the most common ANP applications are with sustainable supply chain management and business evaluation frameworks. There is also a trend of applications engaging stakeholders in the decision-making process. Finally, it was found that the ANP is most commonly used as part of a multicriteria multi-method (a method followed by others) or integrated decision-making (hybridization of methods) approach rather than alone. The most common use (>80%) of the ANP is as part of a multi-method or integrated method with other tools such as DEMATEL, which suggests these approaches, in particular integrated ones (>50%), are becoming the preferred method of analysis to simplify the ANP process. From a practical point of view, it was found that the ANP is particularly utilized in sustainable projects to facilitate the participation of various stakeholders. This is the first focused review of the use of the ANP in the areas of economics, finance and management with an emphasis on its application as well as its contingent factors. Also, representative studies have been highlighted in each area. Traditional reviews have not delved deeply into the areas and contingent factors that this study explores.