{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,9,19]],"date-time":"2025-09-19T10:45:11Z","timestamp":1758278711472,"version":"3.40.3"},"reference-count":36,"publisher":"Springer Science and Business Media LLC","issue":"2","license":[{"start":{"date-parts":[[2023,8,22]],"date-time":"2023-08-22T00:00:00Z","timestamp":1692662400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2023,8,22]],"date-time":"2023-08-22T00:00:00Z","timestamp":1692662400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"funder":[{"DOI":"10.13039\/100014440","name":"Ministerio de Ciencia, Innovaci\u00f3n y Universidades","doi-asserted-by":"publisher","award":["RTI2019-093541-B-I00","RTI2019-093541-B-I00"],"award-info":[{"award-number":["RTI2019-093541-B-I00","RTI2019-093541-B-I00"]}],"id":[{"id":"10.13039\/100014440","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100006382","name":"Universidad de Oviedo","doi-asserted-by":"crossref","id":[{"id":"10.13039\/501100006382","id-type":"DOI","asserted-by":"crossref"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2025,3]]},"abstract":"<jats:title>Abstract<\/jats:title>\n          <jats:p>ESG criteria are becoming increasingly important for institutional and retail investors with a consequent growing demand of reliable and transparent ESG data to support their decisions. Several ESG rating agencies assess companies providing ratings and rankings. However, their rating methodologies are subject to some criticisms. One of the main weaknesses is the determination of the relative importance of the ESG criteria involved in the rating process. In this work, we propose the use of a MCDM rating and ranking approach with which the decision maker can rank firms based on their ESG global performance without the elicitation of aggregation weights. The approach, UW-TOPSIS, provides three outputs: the global ESG rating of the firms, a ranking based on the ratings and, for each alternative, a vector of weights describing the discriminatory power of the ESG criteria on the alternative, thus overcoming one of the criticisms to the methodologies of ESG rating agencies. However, UW-TOPSIS has a limitation as it does not provide a global vector of weights valid for all the alternatives in the ranking, expressing the overall role or contribution of each criteria to the componsition of the ranking. The acknowledge and analysis of this situation and the proposal of a solution, is the main objective of this paper.<\/jats:p>","DOI":"10.1007\/s10479-023-05543-8","type":"journal-article","created":{"date-parts":[[2023,8,22]],"date-time":"2023-08-22T08:02:32Z","timestamp":1692691352000},"page":"1321-1344","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["Determining the underlying role of corporate sustainability criteria in a ranking problem using UW-TOPSIS"],"prefix":"10.1007","volume":"346","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8332-0381","authenticated-orcid":false,"given":"A.","family":"L\u00f3pez-Garc\u00eda","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-5883-9640","authenticated-orcid":false,"given":"V.","family":"Liern","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0348-1538","authenticated-orcid":false,"given":"B.","family":"P\u00e9rez-Gladish","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,8,22]]},"reference":[{"key":"5543_CR1","doi-asserted-by":"publisher","first-page":"541","DOI":"10.1007\/s10479-018-2945-5","volume":"296","author":"C Acu\u00f1a-Soto","year":"2021","unstructured":"Acu\u00f1a-Soto, C., Liern, V., & P\u00e9rez-Gladish, B. (2021). Normalization in TOPSIS-based approaches with data of different nature: Application to the ranking of mathematical videos. Annals of Operations Research, 296, 541\u2013569. https:\/\/doi.org\/10.1007\/s10479-018-2945-5","journal-title":"Annals of Operations Research"},{"issue":"7","key":"5543_CR2","doi-asserted-by":"crossref","first-page":"13051","DOI":"10.1016\/j.eswa.2012.05.056","volume":"39","author":"M Behzadian","year":"2012","unstructured":"Behzadian, M., Otaghsara, S. K., Yazdani, M., & Ignatius, J. (2012). A state-of the-art survey of TOPSIS applications. Expert Systems with Applications, 39(7), 13051\u201313069.","journal-title":"Expert Systems with Applications"},{"key":"5543_CR3","unstructured":"Benayoun, R., Roy, B., Sussman, B. (1996). ELECTRE: Une m\u00e9thode pour guider le choix en pr\u00e9sence de points de vue multiples. Note de travail 49, SEMA-METRA International, Direction Scientifique."},{"issue":"1","key":"5543_CR4","doi-asserted-by":"crossref","first-page":"36","DOI":"10.1080\/13504509.2020.1778583","volume":"28","author":"R Ben\u00edtez","year":"2021","unstructured":"Ben\u00edtez, R., & Liern, V. (2021). Unweighted TOPSIS: A new multi-criteria tool for sustainability analysis. The International Journal of Sustainable Development and World Ecology, 28(1), 36\u201348.","journal-title":"The International Journal of Sustainable Development and World Ecology"},{"issue":"6","key":"5543_CR5","doi-asserted-by":"crossref","first-page":"1315","DOI":"10.1093\/rof\/rfac033","volume":"26","author":"F Berg","year":"2022","unstructured":"Berg, F., K\u00f6lbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315\u20131344.","journal-title":"Review of Finance"},{"key":"5543_CR6","first-page":"477","volume":"84","author":"JP Brans","year":"1984","unstructured":"Brans, J. P., Vincke, P., & Mareschal, B. (1984). PROMETHEE: A new family of outranking methods in multicriteria analysis. Operations Research, 84, 477\u2013491.","journal-title":"Operations Research"},{"issue":"2","key":"5543_CR7","doi-asserted-by":"crossref","first-page":"185","DOI":"10.15388\/Informatica.2014.10","volume":"25","author":"A \u00c7elen","year":"2014","unstructured":"\u00c7elen, A. (2014). Comparative analysis of normalization procedures in TOPSIS method: With an application to Turkish deposit banking market. Informatica, 25(2), 185\u2013208.","journal-title":"Informatica"},{"issue":"3","key":"5543_CR8","doi-asserted-by":"crossref","first-page":"141","DOI":"10.25103\/jestr.073.23","volume":"7","author":"P Chatterjee","year":"2014","unstructured":"Chatterjee, P., & Chakraborty, S. (2014). Investigating the effect of normalization norms in flexible manufacturing system selection using multi-criteria decision-making methods. Journal of Engineering Science and Technology Review, 7(3), 141\u2013150.","journal-title":"Journal of Engineering Science and Technology Review"},{"key":"5543_CR9","doi-asserted-by":"crossref","DOI":"10.1007\/978-3-642-46768-4","volume-title":"Fuzzy multiple attribute decision making methods and applications","author":"SJ Chen","year":"1992","unstructured":"Chen, S. J., & Hwang, C. L. (1992). Fuzzy multiple attribute decision making methods and applications (Vol. 375). Springer."},{"key":"5543_CR10","doi-asserted-by":"crossref","DOI":"10.1016\/j.eswa.2022.119045","volume":"214","author":"S Corrente","year":"2023","unstructured":"Corrente, S., & Tasiou, M. (2023). A robust TOPSIS method for decision making problems with hierarchical and non-monotonic criteria. Expert Systems with Applications, 214, 119045.","journal-title":"Expert Systems with Applications"},{"key":"5543_CR11","unstructured":"Deloitte (2022). ESG ratings: Do they add value? How to get prepared? Available at: https:\/\/www2.deloitte.com\/ce\/en\/pages\/about-deloitte\/articles\/esg-ratings-do-they-add-value.html [Accessed 16 August 2022]."},{"key":"5543_CR12","doi-asserted-by":"crossref","first-page":"123","DOI":"10.1016\/j.mcm.2011.12.022","volume":"56","author":"M Garc\u00eda-Cascales","year":"2012","unstructured":"Garc\u00eda-Cascales, M., & Lamata, M. (2012). On rank reversal and TOPSIS method. Mathematical and Computer Modelling, 56, 123\u2013132.","journal-title":"Mathematical and Computer Modelling"},{"key":"5543_CR13","doi-asserted-by":"publisher","first-page":"461","DOI":"10.1007\/s10726-010-9218-2","volume":"21","author":"Y-S Huang","year":"2012","unstructured":"Huang, Y.-S., & Li, W.-H. (2012). A study on aggregation of TOPSIS ideal solutions for group decision-making. Group Decision and Negotiation., 21, 461\u2013473. https:\/\/doi.org\/10.1007\/s10726-010-9218-2","journal-title":"Group Decision and Negotiation."},{"key":"5543_CR14","volume-title":"Multiple attribute decision making methods and applications a state of the art survey","author":"CL Hwang","year":"1981","unstructured":"Hwang, C. L., & Yoon, K. (1981). Multiple attribute decision making methods and applications a state of the art survey. Heidelberg, New York: Springer."},{"key":"5543_CR15","doi-asserted-by":"publisher","first-page":"155","DOI":"10.1016\/j.eswa.2016.01.042","volume":"54","author":"I Kaliszewski","year":"2016","unstructured":"Kaliszewski, I., & Podkopaev, D. (2016). Simple additive weighting: A metamodel for multiple criteria decision analysis methods. Expert Systems with Applications, 54, 155\u2013161. https:\/\/doi.org\/10.1016\/j.eswa.2016.01.042","journal-title":"Expert Systems with Applications"},{"key":"5543_CR16","doi-asserted-by":"publisher","first-page":"149","DOI":"10.1016\/S0165-0114(98)00137-7","volume":"119","author":"C Kao","year":"2000","unstructured":"Kao, C., & Liu, S. T. (2000). Fuzzy efficiency measures in data envelopment analysis. Fuzzy Sets and Systems, 119, 149\u2013160. https:\/\/doi.org\/10.1016\/S0165-0114(98)00137-7","journal-title":"Fuzzy Sets and Systems"},{"key":"5543_CR17","doi-asserted-by":"publisher","first-page":"23","DOI":"10.1016\/S0925-5273(97)00014-5","volume":"50","author":"G Kim","year":"1997","unstructured":"Kim, G., Park, C., & Yoon, P. (1997). Identifying investment opportunities for advanced manufacturing systems with comparative-integrated performance measurement. International Journal of Production Economics, 50, 23\u201333. https:\/\/doi.org\/10.1016\/S0925-5273(97)00014-5","journal-title":"International Journal of Production Economics"},{"key":"5543_CR18","doi-asserted-by":"crossref","first-page":"152","DOI":"10.1016\/j.ejor.2016.11.052","volume":"260","author":"T Kuo","year":"2017","unstructured":"Kuo, T. (2017). A modified TOPSIS with a different ranking index. European Journal of Operational Research, 260, 152\u2013160.","journal-title":"European Journal of Operational Research"},{"key":"5543_CR19","unstructured":"Larcker, D.F., Pomorski, L. Tayan, B., Watts, E. (2022). ESG ratings: A compass without direction. Rock Center for Corporate Governance at Stanford University Working Paper Forthcoming, Available at SSRN: https:\/\/ssrn.com\/abstract=4179647"},{"issue":"7","key":"5543_CR80","doi-asserted-by":"publisher","first-page":"1075","DOI":"10.3390\/math8071075","volume":"8","author":"V Liern","year":"2020","unstructured":"Liern, V., Parada-Rico, S. E., & Blasco-Blasco, O. (2020). Construction of quality indicators based on pre-established goals: Application to a Colombian public university. Mathematics, 8(7), 1075. https:\/\/doi.org\/10.3390\/math8071075","journal-title":"Mathematics"},{"issue":"2","key":"5543_CR20","doi-asserted-by":"publisher","first-page":"1099","DOI":"10.1007\/s10479-020-03718-1","volume":"311","author":"V Liern","year":"2022","unstructured":"Liern, V., & P\u00e9rez-Gladish, B. (2022). Multiple criteria ranking method based on functional proximity index: Un-weighted TOPSIS. Annals of Operations Research, 311(2), 1099\u20131121. https:\/\/doi.org\/10.1007\/s10479-020-03718-1","journal-title":"Annals of Operations Research"},{"issue":"5","key":"5543_CR21","doi-asserted-by":"publisher","first-page":"1871","DOI":"10.1109\/TEM.2021.3090155","volume":"70","author":"V Liern","year":"2023","unstructured":"Liern, V., & P\u00e9rez-Gladish, B. (2023). Building composite indicators with unweighted-TOPSIS. IEEE Transactions on Engineering Management, 70(5), 1871\u20131880. https:\/\/doi.org\/10.1109\/TEM.2021.3090155","journal-title":"IEEE Transactions on Engineering Management"},{"issue":"4","key":"5543_CR22","doi-asserted-by":"crossref","first-page":"312","DOI":"10.1007\/s00158-004-0473-1","volume":"29","author":"A Milani","year":"2005","unstructured":"Milani, A., Shanian, A., Madoliat, R., & Nemes, J. (2005). The effect of normalization norms in multiple attribute decision making models: A case study in gear material selection. Structural and Multidisciplinary Optimization, 29(4), 312\u2013318.","journal-title":"Structural and Multidisciplinary Optimization"},{"issue":"5","key":"5543_CR23","doi-asserted-by":"publisher","first-page":"957","DOI":"10.1142\/S0219622014500175","volume":"13","author":"D Okul","year":"2014","unstructured":"Okul, D., Gencer, C., & Aydogan, E. (2014). A method based on SMAA-TOPSIS for stochastic multi-criteria decision making and a real-world application. International Journal of Information Technology and Decision Making, 13(5), 957\u2013978. https:\/\/doi.org\/10.1142\/S0219622014500175","journal-title":"International Journal of Information Technology and Decision Making"},{"key":"5543_CR24","doi-asserted-by":"publisher","first-page":"721","DOI":"10.1016\/j.mcm.2004.10.003","volume":"40","author":"DL Olson","year":"2004","unstructured":"Olson, D. L. (2004). Comparison of weights in TOPSIS models. Mathematical and Computer Modelling, 40, 721\u2013727. https:\/\/doi.org\/10.1016\/j.mcm.2004.10.003","journal-title":"Mathematical and Computer Modelling"},{"key":"5543_CR25","doi-asserted-by":"publisher","first-page":"445","DOI":"10.1016\/S0377-2217(03)00020-1","volume":"156","author":"S Opricovic","year":"2004","unstructured":"Opricovic, S., & Tzeng, G. H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS. European Journal of Operational Research, 156, 445\u2013455. https:\/\/doi.org\/10.1016\/S0377-2217(03)00020-1","journal-title":"European Journal of Operational Research"},{"key":"5543_CR26","doi-asserted-by":"publisher","first-page":"2963","DOI":"10.1080\/002075497194246","volume":"35","author":"C Parkan","year":"1997","unstructured":"Parkan, C., & Wu, M. L. (1997). On the equivalence of operational performance measurement and multiple attribute decision making. International Journal of Production Research, 35, 2963\u20132988. https:\/\/doi.org\/10.1080\/002075497194246","journal-title":"International Journal of Production Research"},{"key":"5543_CR27","unstructured":"Refinitiv (2021): Eikon Database, [online] Available at: https:\/\/eikon.thomsonreuters.com\/index.html [Accessed 11 October 2021]."},{"key":"5543_CR28","unstructured":"Reteurs (2020): Graphic: 'Sustainable' funds a safer harbour in coronavirus market meltdown, available at: https:\/\/www.reuters.com\/article\/us-health-coronavirus-funds-esg\/graphic-sustainable-funds-a-safer-harbour-in-coronavirus-market-meltdown-idUSKBN21O1AF [Accessed 14 January 2021]."},{"key":"5543_CR29","first-page":"200","volume":"6","author":"E Roszkowska","year":"2011","unstructured":"Roszkowska, E. (2011). Multi-criteria decision making models by applying the TOPSIS method to crisp and interval data. Multiple Criteria Decision Making, 6, 200\u2013230.","journal-title":"Multiple Criteria Decision Making"},{"key":"5543_CR30","volume-title":"The analytic hierarchy process","author":"TL Saaty","year":"1980","unstructured":"Saaty, T. L. (1980). The analytic hierarchy process. McGraw-Hill."},{"key":"5543_CR31","volume-title":"TOPSIS and its extensions: A distance-based MCDM approach. Studies, in systems decision and control","author":"HS Shih","year":"2022","unstructured":"Shih, H. S., & Olson, D. (2022). TOPSIS and its extensions: A distance-based MCDM approach. Studies, in systems decision and control (Vol. 447). Switzerland: Springer."},{"issue":"1","key":"5543_CR32","doi-asserted-by":"crossref","first-page":"19","DOI":"10.1504\/IJIDS.2018.090667","volume":"10","author":"N Vafaei","year":"2018","unstructured":"Vafaei, N., Ribeiro, R., & Camarinha-Matos, L. (2018). Data normalisation techniquesin decision making: Case study with TOPSIS method. International Journal of Information and Decision Sciences, 10(1), 19\u201338.","journal-title":"International Journal of Information and Decision Sciences"},{"key":"5543_CR33","doi-asserted-by":"crossref","DOI":"10.4135\/9781412985161","volume-title":"Multiple attribute decision making: An introduction","author":"KP Yoon","year":"1995","unstructured":"Yoon, K. P., & Hwang, C. L. (1995). Multiple attribute decision making: An introduction. Sage Publications."},{"key":"5543_CR34","doi-asserted-by":"publisher","first-page":"507","DOI":"10.1016\/S0377-2217(97)00147-1","volume":"107","author":"SH Zanakis","year":"1998","unstructured":"Zanakis, S. H., Solomon, A., Wishart, N., & Dublish, S. (1998). Multi-attribute decision making: A simulation comparison of selection methods. European Journal of Operational Research., 107, 507\u2013529. https:\/\/doi.org\/10.1016\/S0377-2217(97)00147-1","journal-title":"European Journal of Operational Research."},{"key":"5543_CR35","doi-asserted-by":"publisher","first-page":"645","DOI":"10.1142\/S0219622016300019","volume":"15","author":"EK Zavadskas","year":"2016","unstructured":"Zavadskas, E. K., Mardani, A., Turskis, Z., Jusoh, A., & Nor, K. M. (2016). Development of TOPSIS method to solve complicated decision-making problems: An overview on developments from 2000 to 2015. International Journal of Information Technology & Decision Making, 15, 645\u2013682. https:\/\/doi.org\/10.1142\/S0219622016300019","journal-title":"International Journal of Information Technology & Decision Making"}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-023-05543-8.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10479-023-05543-8\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-023-05543-8.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,3,28]],"date-time":"2025-03-28T11:51:59Z","timestamp":1743162719000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10479-023-05543-8"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,8,22]]},"references-count":36,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2025,3]]}},"alternative-id":["5543"],"URL":"https:\/\/doi.org\/10.1007\/s10479-023-05543-8","relation":{},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"type":"print","value":"0254-5330"},{"type":"electronic","value":"1572-9338"}],"subject":[],"published":{"date-parts":[[2023,8,22]]},"assertion":[{"value":"17 October 2022","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"8 August 2023","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"22 August 2023","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors declare no conflict of interest.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}]}}