Neuro quantum-inspired decision-making for investor perception in green and conventional bond investments

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The purpose of this study is to make a comprehensive analysis of investor perceptions in the context of green and conventional bond investments. For this purpose, a new model is presented by considering two steps. First, a criteria set is generated by considering balanced scorecard perspectives that are finance, customer, organizational effectiveness and learning and growth. After that, the neuro Quantum fuzzy M-SWARA method is considered to weight these criteria. Secondly, seven critical determinants for bond investments are identified that are coupon rates, volume, maturity, riskiness, liquidity, volatility, and tax considerations. Neuro Quantum fuzzy TOPSIS approach is employed to rank these factors. The main contribution of the study is that by combining the balanced scorecard framework and quantum-inspired decision-making techniques, this paper offers a novel and sophisticated decision-making model to understanding investor behavior. Similarly, in the proposed model, a new methodology is generated by the name of M-SWARA. In this framework, some enhancements are adopted to the SWARA technique. The weighting results indicate that meeting customer expectations is the most critical factor that affects the investor perception to make investments to the bonds. Moreover, according to the ranking results, it is concluded that coupon rates are the most important item for both conventional and green bond investors. On the other hand, with respect to the conventional bond investor, tax is the second most essential factor. However, regarding the green bond investors, volatility plays a critical role.

Acknowledgment
This research has been/was/is funded by the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (№ AP 19679105 “Transformation of ESG financial instruments in the context of the development of the green economy of the Republic of Kazakhstan”).

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    • Figure 1. The flowchart
    • Figure 2. Criteria weights
    • Figure 3. Comparative ranking results
    • Table 1. Selected criteria for the investor perception
    • Table 2. Emotional expressions and action unit combinations
    • Table 3. Observation results of facial expressions for the relation degrees
    • Table 4. Aggregated QFNS values
    • Table 5. Defuzzified values
    • Table 6. Normalized relation matrix
    • Table 7. Sj, kj, qj, and wj values
    • Table 8. Relation matrix and the impact directions
    • Table 9. Stable matrix
    • Table 10. Observation results of facial expressions for the decision degrees
    • Table 11. Aggregated values
    • Table 12. Defuzzified values of the decision matrix
    • Table 13. Normalized decision matrix
    • Table 14. Weighted decision matrix
    • Table 15. Ranking investor perceptions
    • Conceptualization
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Data curation
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Formal Analysis
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Funding acquisition
      Aigerim Birzhanova, Aliya Nurgaliyeva, Hasan Dinçer, Serhat Yüksel
    • Investigation
      Aigerim Birzhanova, Aliya Nurgaliyeva, Hasan Dinçer, Serhat Yüksel
    • Methodology
      Aigerim Birzhanova, Aliya Nurgaliyeva, Hasan Dinçer, Serhat Yüksel
    • Project administration
      Aigerim Birzhanova, Aliya Nurgaliyeva, Hasan Dinçer, Serhat Yüksel
    • Resources
      Aigerim Birzhanova, Aliya Nurgaliyeva, Hasan Dinçer
    • Software
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Supervision
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Writing – original draft
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Writing – review & editing
      Aigerim Birzhanova, Aliya Nurgaliyeva, Azhar Nurmagambetova, Hasan Dinçer, Serhat Yüksel
    • Validation
      Azhar Nurmagambetova, Hasan Dinçer
    • Visualization
      Azhar Nurmagambetova, Hasan Dinçer