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E-ISSN : 2288-2766

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Vol.3 No.2

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Selecting Investments in Start-ups: an OWA-based Methodology

Selecting Investments in Start-ups: an OWA-based Methodology

동아시아경상학회지 / East Asian Journal of Business Economics, (E)2288-2766
2015, v.3 no.2, pp.21-25
https://doi.org/10.13106/eajbe.2015.vol3.no2.21.
Montserrat Casanovas (University of Barcelona)
Jordi Pla (2University of Barcelona)
Montserrat, C. , & Jordi, P. (2015). Selecting Investments in Start-ups: an OWA-based Methodology. 동아시아경상학회지, 3(2), 21-25, https://doi.org/10.13106/eajbe.2015.vol3.no2.21.

Abstract

Investment process on startup companies faces several difficulties based on the characteristics of this type of companies, such as lack of historical data, current operating losses and absence of comparable companies. In this paper we focus in a new methodology based on ordered weighted averaging (OWA) operators. OWA operators are useful instruments that enable the aggregation of information; in other words, from a data set we are able to obtain a single representative value of that set. The investment methodology presented consists on the application of OWA operators to the targeted startup companies based on the capacity of cash-flow generation and also on the planned scenario of future growth for each company. This paper shows that the methodology proposed can serve as a valuable tool, complementing the qualitative criteria (which, obviously, should not be ignored) for assessing and selecting a start-up investment.

keywords
Start-ups, Investments, OWA, Uncertainty.

참고문헌

1.

Casanovas, M. coord. (2009). Valoración de empresas: bases conceptuales y aplicaciones prácticas. Contabilidad y Dirección. ACCID. Profit Editorial. ISBN: 978-84-96998-93-3.

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Casanovas, M., & Santandreu, P. (2011). Guia pràctica de valoració d’empreses, ACCID: Profit Editorial, ISBN: 978-84-92956-50-0.

3.

Casanovas, M., & Merigo, J.M. (2012). Financial decision making with the fuzzy generalized probabilistic weighted averaging operator. International Journal of Economic Research, 9(1), 247-262.

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Damodaran, A. (2009). Valuing Young, Start-up and Growth Companies: Estimation Issues and Valuation Challenges, Stern School of Business. New York : New York University.

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Merigo, J.M., & Casanovas, M. (2010). The fuzzy generalized OWA operator and its application in strategic decision making. Cybernetics & Systems, 41(5), 359-370.

8.

Merigo, J. M., & Casanovas, M. (2011). The uncertain generalized OWA operator and its application in financial decision making. International Journal of Information Technology and Decision Making, 10(2), 211-230.

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