{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,31]],"date-time":"2026-03-31T22:29:09Z","timestamp":1774996149375,"version":"3.50.1"},"reference-count":74,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2023,12,21]],"date-time":"2023-12-21T00:00:00Z","timestamp":1703116800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"},{"start":{"date-parts":[[2023,12,21]],"date-time":"2023-12-21T00:00:00Z","timestamp":1703116800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Ann Oper Res"],"published-print":{"date-parts":[[2025,4]]},"DOI":"10.1007\/s10479-023-05764-x","type":"journal-article","created":{"date-parts":[[2023,12,21]],"date-time":"2023-12-21T07:02:27Z","timestamp":1703142147000},"page":"471-499","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Inverted VEA for worst-practice benchmarking: with an application to distress prediction of European banks"],"prefix":"10.1007","volume":"347","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8929-4057","authenticated-orcid":false,"given":"Panagiotis","family":"Ravanos","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0627-5027","authenticated-orcid":false,"given":"Stavros","family":"Kourtzidis","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Giannis","family":"Karagiannis","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2023,12,21]]},"reference":[{"key":"5764_CR1","doi-asserted-by":"publisher","first-page":"13","DOI":"10.1023\/A:1018968909638","volume":"73","author":"R Allen","year":"1997","unstructured":"Allen, R., Athanassopoulos, A., Dyson, R. G., & Thanassoulis, E. (1997). Weights restrictions and value judgements in data envelopment analysis: Evolution, development and future directions. Annals of Operation Research, 73, 13\u201334. https:\/\/doi.org\/10.1023\/A:1018968909638","journal-title":"Annals of Operation Research"},{"key":"5764_CR2","doi-asserted-by":"publisher","first-page":"21","DOI":"10.1007\/s10479-020-03667-9","volume":"295","author":"GR Amin","year":"2020","unstructured":"Amin, G. R., & Boamah, M. I. (2020). A new inverse DEA cost efficiency model for estimating potential merger gains: A case of Canadian banks. Annals of Operations Research, 295, 21\u201336. https:\/\/doi.org\/10.1007\/s10479-020-03667-9","journal-title":"Annals of Operations Research"},{"key":"5764_CR3","doi-asserted-by":"publisher","first-page":"1261","DOI":"10.1287\/mnsc.39.10.1261","volume":"39","author":"P Andersen","year":"1993","unstructured":"Andersen, P., & Petersen, N. C. (1993). A procedure for ranking efficient units in data envelopment analysis. Management Science, 39, 1261\u20131264. https:\/\/doi.org\/10.1287\/mnsc.39.10.1261","journal-title":"Management Science"},{"key":"5764_CR4","doi-asserted-by":"publisher","first-page":"31","DOI":"10.1007\/s10479-014-1568-8","volume":"217","author":"NK Avkiran","year":"2014","unstructured":"Avkiran, N. K., & Cai, L. (2014). Identifying distress among banks prior to a major crisis using non-oriented super-SBM. Annals of Operations Research, 217, 31\u201353. https:\/\/doi.org\/10.1007\/s10479-014-1568-8","journal-title":"Annals of Operations Research"},{"key":"5764_CR5","unstructured":"Banco BPM (2018a). Consolidated 2018 annual report. Available at: https:\/\/gruppo.bancobpm.it\/media\/dlm_uploads\/Consolidated-annual-report-2018-1-1.pdf."},{"key":"5764_CR6","unstructured":"Banco BPM (2018b). Banco BPM: EU-wide stress test results. News Release. Milan, November. Available at: https:\/\/gruppo.bancobpm.it\/media\/PR_2018_11_02-Banco-BPM_Eu-wide-stress-test-Results.pdf."},{"key":"5764_CR7","unstructured":"Banco BPM (2021). Consolidated 2021 annual report. Available at: https:\/\/gruppo.bancobpm.it\/media\/dlm_uploads\/Consolidated-2021-Annual-Report-post-assemblea.pdf."},{"key":"5764_CR8","series-title":"International Series in Operations Research and Management Science","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-4419-6151-8_11","volume-title":"Handbook on data envelopment analysis","author":"RD Banker","year":"2011","unstructured":"Banker, R. D., & Natarajan, R. (2011). Statistical tests based on DEA efficiency scores. International Series in Operations Research and Management ScienceIn W. W. Cooper, L. M. Seiford, & J. Zhu (Eds.), Handbook on data envelopment analysis. Springer. https:\/\/doi.org\/10.1007\/978-1-4419-6151-8_11"},{"key":"5764_CR9","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1108\/03074350210767988","volume":"28","author":"RS Barr","year":"2002","unstructured":"Barr, R. S., Killgo, K. A., Siems, T. F., & Zimmel, S. (2002). Evaluating the productive efficiency and performance of US commercial banks. Managerial Finance, 28, 3\u201325. https:\/\/doi.org\/10.1108\/03074350210767988","journal-title":"Managerial Finance"},{"key":"5764_CR10","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1007\/BF02282039","volume":"45","author":"RS Barr","year":"1993","unstructured":"Barr, R. S., Seiford, L. M., & Siems, T. F. (1993). An envelopment-analysis approach to measuring the managerial efficiency of banks. Annals of Operations Research, 45, 1\u201319. https:\/\/doi.org\/10.1007\/BF02282039","journal-title":"Annals of Operations Research"},{"key":"5764_CR11","doi-asserted-by":"publisher","first-page":"417","DOI":"10.1017\/S0770451800004590","volume":"60","author":"RS Barr","year":"1994","unstructured":"Barr, R. S., Seiford, L. M., & Siems, T. F. (1994). Forecasting bank failure: a non-parametric frontier estimation approach. Recherches \u00c9conomiques De Louvain\/louvain Economic Review, 60, 417\u2013429.","journal-title":"Recherches \u00c9conomiques De Louvain\/louvain Economic Review"},{"key":"5764_CR12","doi-asserted-by":"publisher","DOI":"10.1007\/s10479-022-04805","author":"B Ben Lahouel","year":"2022","unstructured":"Ben Lahouel, B., Taleb, L., Zaied, Y. B., & Managi, S. (2022). Financial stability, liquidity risk and income diversification: Evidence from European banks using the CAMELS\u2013DEA approach. Annals of Operations Research. https:\/\/doi.org\/10.1007\/s10479-022-04805","journal-title":"Annals of Operations Research"},{"key":"5764_CR13","doi-asserted-by":"publisher","first-page":"849","DOI":"10.1016\/S0378-4266(97)00003-4","volume":"21","author":"A Berger","year":"1997","unstructured":"Berger, A., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking and Finance, 21, 849\u2013870. https:\/\/doi.org\/10.1016\/S0378-4266(97)00003-4","journal-title":"Journal of Banking and Finance"},{"key":"5764_CR14","volume-title":"Output measurement in service sectors, National Bureau of Economic Research, Studies in Income and Wealth","author":"A Berger","year":"1992","unstructured":"Berger, A., & Humphrey, D. (1992). Measurement and efficiency issues in commercial banking. In Z. Griliches (Ed.), Output measurement in service sectors, National Bureau of Economic Research, Studies in Income and Wealth.  (Vol. 56). University of Chicago Press."},{"key":"5764_CR15","doi-asserted-by":"publisher","first-page":"175","DOI":"10.1016\/S0377-2217(96)00342-6","volume":"98","author":"AN Berger","year":"1997","unstructured":"Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98, 175\u2013212. https:\/\/doi.org\/10.1016\/S0377-2217(96)00342-6","journal-title":"European Journal of Operational Research"},{"key":"5764_CR16","unstructured":"BIS (2019). Definition of Capital. Bank for International Settlements. Retrieved Apr 2021 from https:\/\/www.bis.org\/basel_framework\/chapter\/CAP\/10.htm?inforce=20191215"},{"key":"5764_CR17","doi-asserted-by":"publisher","first-page":"691","DOI":"10.1016\/S0377-2217(02)00814-7","volume":"154","author":"WF Bowlin","year":"2004","unstructured":"Bowlin, W. F. (2004). Financial analysis of civil reserve air fleet participants using data envelopment analysis. European Journal of Operational Research, 154, 691\u2013709. https:\/\/doi.org\/10.1016\/S0377-2217(02)00814-7","journal-title":"European Journal of Operational Research"},{"key":"5764_CR18","doi-asserted-by":"publisher","first-page":"263","DOI":"10.1111\/1467-6281.00108","volume":"38","author":"ME Bradbury","year":"2002","unstructured":"Bradbury, M. E., & Rouse, P. (2002). An application of data envelopment analysis to the evaluation of audit risk. Abacus, 38, 263\u2013279. https:\/\/doi.org\/10.1111\/1467-6281.00108","journal-title":"Abacus"},{"key":"5764_CR19","doi-asserted-by":"publisher","first-page":"429","DOI":"10.1016\/0377-2217(78)90138-8","volume":"2","author":"A Charnes","year":"1978","unstructured":"Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2, 429\u2013444. https:\/\/doi.org\/10.1016\/0377-2217(78)90138-8","journal-title":"European Journal of Operational Research"},{"key":"5764_CR20","doi-asserted-by":"publisher","first-page":"487","DOI":"10.1016\/0377-2217(95)00070-4","volume":"90","author":"AI Dimitras","year":"1996","unstructured":"Dimitras, A. I., Zanakis, S. H., & Zopounidis, C. (1996). A survey of business failures with an emphasis on prediction methods and industrial applications. European Journal of Operational Research, 90, 487\u2013513. https:\/\/doi.org\/10.1016\/0377-2217(95)00070-4","journal-title":"European Journal of Operational Research"},{"key":"5764_CR21","first-page":"8","volume":"2","author":"J DiSalvo","year":"2017","unstructured":"DiSalvo, J., & Johnston, R. (2017). The rise in loan-to-deposit ratios: Is 80 the new 60? Economic Insights, Federal Reserve Bank of Philadelphia, 2, 8\u201323.","journal-title":"Economic Insights, Federal Reserve Bank of Philadelphia"},{"key":"5764_CR22","unstructured":"EBA (2018). 2018 EU-wide stress tests: Results. Retrieved Apr 2021 from https:\/\/www.eba.europa.eu\/risk-analysis-and-data\/eu-wide-stress-testing\/2018"},{"key":"5764_CR23","doi-asserted-by":"publisher","first-page":"106529","DOI":"10.1016\/j.ecolind.2020.106529","volume":"117","author":"HK Edmonds","year":"2020","unstructured":"Edmonds, H. K., Lovell, J. E., & Lovell, C. A. K. (2020). A new composite climate change vulnerability index. Ecological Indicators, 117, 106529. https:\/\/doi.org\/10.1016\/j.ecolind.2020.106529","journal-title":"Ecological Indicators"},{"key":"5764_CR25","doi-asserted-by":"publisher","first-page":"103","DOI":"10.1016\/S0038-0121(02)00044-7","volume":"37","author":"AB Emel","year":"2003","unstructured":"Emel, A. B., Oral, M., Reisman, A., & Yolalan, R. (2003). A credit scoring approach for the commercial banking sector. Socio-Economic Planning Sciences, 37, 103\u2013123. https:\/\/doi.org\/10.1016\/S0038-0121(02)00044-7","journal-title":"Socio-Economic Planning Sciences"},{"key":"5764_CR26","doi-asserted-by":"publisher","first-page":"32","DOI":"10.1016\/S0377-2217(01)00055-8","volume":"136","author":"T Entani","year":"2002","unstructured":"Entani, T., Maeda, Y., & Tanaka, H. (2002). Dual models of interval DEA and its extension to interval data. European Journal of Operational Research, 136, 32\u201345. https:\/\/doi.org\/10.1016\/S0377-2217(01)00055-8","journal-title":"European Journal of Operational Research"},{"key":"5764_CR27","unstructured":"European Systemic Risk Board (2015). Report on misconduct risk in the banking sector. June 2015. Available at: https:\/\/www.esrb.europa.eu\/pub\/pdf\/other\/150625_report_misconduct_risk.en.pdf."},{"key":"5764_CR28","unstructured":"European Central Bank (2019). Financial stability review, November 2019. Available at: https:\/\/www.ecb.europa.eu\/pub\/pdf\/fsr\/ecb.fsr201911~facad0251f.en.pdf"},{"key":"5764_CR29","doi-asserted-by":"publisher","first-page":"189","DOI":"10.1016\/j.ejor.2009.08.003","volume":"204","author":"MD Fethi","year":"2010","unstructured":"Fethi, M. D., & Pasiouras, F. (2010). Assessing bank efficiency and performance with operational research and artificial intelligence techniques: A survey. European Journal of Operational Research, 204, 189\u2013198. https:\/\/doi.org\/10.1016\/j.ejor.2009.08.003","journal-title":"European Journal of Operational Research"},{"key":"5764_CR30","unstructured":"Soci\u00e9t\u00e9 G\u00e9n\u00e9rale (2019). Annual financial report 2018. Available at: https:\/\/www.societegenerale.com\/sites\/default\/files\/documents\/Document%20de%20r%C3%A9f%C3%A9rence\/2019\/ddr-2019_societe-generale_eng_version.pdf."},{"key":"5764_CR31","doi-asserted-by":"publisher","DOI":"10.1016\/j.omega.2020.102377","volume":"103","author":"SC Gobbo","year":"2021","unstructured":"Gobbo, S. C., Mariano, E. B., & Gobbo Jr, J. A. (2021). Combining social network and data envelopment analysis: A proposal for a Selection Employment Contracts Effectiveness index in healthcare network applications. Omega, 103, 102377. https:\/\/doi.org\/10.1016\/j.omega.2020.102377","journal-title":"Omega"},{"key":"5764_CR32","doi-asserted-by":"publisher","first-page":"1723","DOI":"10.1111\/jofi.12512","volume":"72","author":"J Granja","year":"2017","unstructured":"Granja, J., Matvos, G., & Seru, A. (2017). Selling Failed Banks. Journal of Finance, 72, 1723\u20131784. https:\/\/doi.org\/10.1111\/jofi.12512","journal-title":"Journal of Finance"},{"key":"5764_CR33","unstructured":"Griffin, D. (2019). A SocGen trading desk was shut down after the team lost $20 million in 2018. Bloomberg. Available at: https:\/\/www.bloomberg.com\/news\/articles\/2019-07-05\/socgen-prop-desk-lost-20-million-in-2018-prompting-closure#xj4y7vzkg."},{"key":"5764_CR34","doi-asserted-by":"publisher","first-page":"103","DOI":"10.1287\/mnsc.45.1.103","volume":"45","author":"M Halme","year":"1999","unstructured":"Halme, M., Joro, T., Korhonen, P., Salo, S., & Wallenius, T. (1999). A value efficiency approach to incorporating preference information in data envelopment analysis. Management Science, 45, 103\u2013115. https:\/\/doi.org\/10.1287\/mnsc.45.1.103","journal-title":"Management Science"},{"key":"5764_CR35","doi-asserted-by":"publisher","first-page":"727","DOI":"10.1142\/S0219622014500916","volume":"14","author":"M Halme","year":"2015","unstructured":"Halme, M., & Korhonen, P. (2015). Using value efficiency analysis to benchmark nonhomogeneous units. International Journal of Information Technology & Decision Making, 14, 727\u2013747. https:\/\/doi.org\/10.1142\/S0219622014500916","journal-title":"International Journal of Information Technology & Decision Making"},{"key":"5764_CR36","doi-asserted-by":"publisher","first-page":"106300","DOI":"10.1016\/j.jbankfin.2021.106300","volume":"133","author":"A Haufler","year":"2021","unstructured":"Haufler, A. (2021). Regulatory and bailout decisions in a banking union. Journal of Banking and Finance, 133, 106300.","journal-title":"Journal of Banking and Finance"},{"key":"5764_CR37","doi-asserted-by":"publisher","first-page":"115","DOI":"10.1007\/s11069-012-0348-5","volume":"65","author":"J Huang","year":"2013","unstructured":"Huang, J., Liu, Y., Ma, L., & Su, F. (2013). Methodology for the assessment and classification of regional vulnerability to natural hazards in China: The application of a DEA model. Natural Hazards, 65, 115\u2013134. https:\/\/doi.org\/10.1007\/s11069-012-0348-5","journal-title":"Natural Hazards"},{"key":"5764_CR38","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-642-48318-9","volume-title":"Multiple attribute decision making","author":"CL Hwang","year":"1981","unstructured":"Hwang, C. L., & Yoon, K. (1981). Multiple attribute decision making. Springer-Verlag. https:\/\/doi.org\/10.1007\/978-3-642-48318-9"},{"key":"5764_CR39","doi-asserted-by":"publisher","first-page":"1310","DOI":"10.1080\/13504851.2013.806771","volume":"20","author":"G Iazzolino","year":"2013","unstructured":"Iazzolino, G., Bruni, M. E., & Beraldi, P. (2013). Using DEA and financial ratings for credit risk evaluation: An empirical analysis. Applied Economics Letters, 20, 1310\u20131317. https:\/\/doi.org\/10.1080\/13504851.2013.806771","journal-title":"Applied Economics Letters"},{"key":"5764_CR40","unstructured":"Johnson, K., Freifeld, K., & Landauro, I. (2018). Societe Generale to pay $1.4 billion to settle cases in the U.S. Reuters. Available at: https:\/\/www.reuters.com\/article\/us-usa-fed-socgen-idUSKCN1NO26B."},{"key":"5764_CR41","doi-asserted-by":"publisher","unstructured":"Joro, T., & Korhonen, P. (2015). Extension of data envelopment analysis with preference information: Value efficiency. In International series in operations research and management science 218, Springer. https:\/\/doi.org\/10.1007\/978-1-4899-7528-7.","DOI":"10.1007\/978-1-4899-7528-7"},{"key":"5764_CR42","doi-asserted-by":"publisher","first-page":"120405","DOI":"10.1016\/j.jclepro.2020.120405","volume":"258","author":"K Ju","year":"2020","unstructured":"Ju, K., Zhou, D., Wang, Q., Zhou, D., & Wei, X. (2020). What comes after picking pollution intensive low-hanging fruits? Transfer direction of environmental regulation in China. Journal of Cleaner Production, 258, 120405. https:\/\/doi.org\/10.1016\/j.jclepro.2020.120405","journal-title":"Journal of Cleaner Production"},{"key":"5764_CR43","doi-asserted-by":"publisher","first-page":"120","DOI":"10.1016\/j.ejor.2007.05.033","volume":"189","author":"S Kadoya","year":"2008","unstructured":"Kadoya, S., Kuroko, T., & Namatame, T. (2008). Contrarian investment strategy with data envelopment analysis concept. European Journal of Operational Research, 189, 120\u2013131. https:\/\/doi.org\/10.1016\/j.ejor.2007.05.033","journal-title":"European Journal of Operational Research"},{"key":"5764_CR44","doi-asserted-by":"publisher","first-page":"2353","DOI":"10.1016\/j.jbankfin.2003.09.008","volume":"28","author":"C Kao","year":"2004","unstructured":"Kao, C., & Liu, S.-T. (2004). Predicting bank performance with financial forecasts: A case of Taiwan commercial banks. Journal of Banking and Finance, 28, 2353\u20132368. https:\/\/doi.org\/10.1016\/j.jbankfin.2003.09.008","journal-title":"Journal of Banking and Finance"},{"key":"5764_CR45","doi-asserted-by":"publisher","first-page":"49","DOI":"10.1023\/A:1013532219759","volume":"17","author":"P Korhonen","year":"2002","unstructured":"Korhonen, P., Soismaa, M., & Siljamaki, A. (2002). On the use of value efficiency analysis and some further developments. Journal of Productivity Analysis, 17, 49\u201365. https:\/\/doi.org\/10.1023\/A:1013532219759","journal-title":"Journal of Productivity Analysis"},{"key":"5764_CR46","doi-asserted-by":"publisher","first-page":"466","DOI":"10.1057\/jors.2013.67","volume":"65","author":"Z Li","year":"2014","unstructured":"Li, Z., Crook, J., & Andreeva, G. (2014). Chinese companies distress prediction: An application of data envelopment analysis. Journal of the Operational Research Society, 65, 466\u2013479. https:\/\/doi.org\/10.1057\/jors.2013.67","journal-title":"Journal of the Operational Research Society"},{"key":"5764_CR47","doi-asserted-by":"publisher","first-page":"279","DOI":"10.1007\/s10479-022-04597-4","volume":"315","author":"Z Li","year":"2022","unstructured":"Li, Z., Feng, C., & Tang, Y. (2022). Bank efficiency and failure prediction: A nonparametric and dynamic model based on data envelopment analysis. Annals of Operations Research, 315, 279\u2013315. https:\/\/doi.org\/10.1007\/s10479-022-04597-4","journal-title":"Annals of Operations Research"},{"key":"5764_CR48","doi-asserted-by":"publisher","first-page":"496","DOI":"10.1016\/j.cie.2007.12.021","volume":"57","author":"FF Liu","year":"2008","unstructured":"Liu, F. F., & Chen, C. L. (2008). The worst-practice DEA model with slack-based measurement. Computers and Industrial Engineering, 57, 496\u2013505. https:\/\/doi.org\/10.1016\/j.cie.2007.12.021","journal-title":"Computers and Industrial Engineering"},{"key":"5764_CR49","doi-asserted-by":"publisher","first-page":"322","DOI":"10.1016\/j.eswa.2018.10.053","volume":"119","author":"MM Mousavi","year":"2019","unstructured":"Mousavi, M. M., Ouenniche, J., & Tone, K. (2019). A comparative analysis of two-stage distress prediction models. Expert Systems with Applications, 119, 322\u2013341. https:\/\/doi.org\/10.1016\/j.eswa.2018.10.053","journal-title":"Expert Systems with Applications"},{"key":"5764_CR50","doi-asserted-by":"publisher","first-page":"235","DOI":"10.1007\/s10479-017-2431-5","volume":"254","author":"J Ouenniche","year":"2017","unstructured":"Ouenniche, J., & Tone, K. (2017). An out-of-sample evaluation framework for DEA with application in bankruptcy prediction. Annals of Operations Research, 254, 235\u2013250. https:\/\/doi.org\/10.1007\/s10479-017-2431-5","journal-title":"Annals of Operations Research"},{"key":"5764_CR51","doi-asserted-by":"publisher","first-page":"153","DOI":"10.1023\/B:PROD.0000016870.47060.0b","volume":"21","author":"JC Paradi","year":"2004","unstructured":"Paradi, J. C., Asmild, M., & Simak, P. C. (2004). Using DEA and Worst Practice DEA in Credit Risk Evaluation. Journal of Productivity Analysis, 21, 153\u2013165. https:\/\/doi.org\/10.1023\/B:PROD.0000016870.47060.0b","journal-title":"Journal of Productivity Analysis"},{"key":"5764_CR52","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1016\/j.omega.2011.08.010","volume":"41","author":"JC Paradi","year":"2013","unstructured":"Paradi, J. C., & Zhu, H. (2013). A survey on bank branch efficiency and performance research with data envelopment analysis. Omega, 41, 61\u201379. https:\/\/doi.org\/10.1016\/j.omega.2011.08.010","journal-title":"Omega"},{"key":"5764_CR53","doi-asserted-by":"publisher","first-page":"339","DOI":"10.1016\/S0377-2217(01)00359-9","volume":"139","author":"P Pille","year":"2002","unstructured":"Pille, P., & Paradi, J. C. (2002). Financial performance analysis of Ontario (Canada) Credit Unions: An application of DEA in the regulatory environment. European Journal of Operational Research, 139, 339\u2013350. https:\/\/doi.org\/10.1016\/S0377-2217(01)00359-9","journal-title":"European Journal of Operational Research"},{"key":"5764_CR54","doi-asserted-by":"publisher","first-page":"412","DOI":"10.1016\/j.ejor.2007.11.036","volume":"193","author":"IM Premachandra","year":"2009","unstructured":"Premachandra, I. M., Bhabra, G. S., & Sueyoshi, T. (2009). DEA as a tool for bankruptcy assessment: A comparative study with logistic regression technique. European Journal of Operational Research, 193, 412\u2013424. https:\/\/doi.org\/10.1016\/j.ejor.2007.11.036","journal-title":"European Journal of Operational Research"},{"key":"5764_CR55","doi-asserted-by":"publisher","first-page":"620","DOI":"10.1016\/j.omega.2011.01.002","volume":"39","author":"IM Premachandra","year":"2011","unstructured":"Premachandra, I. M., Chen, Y., & Watson, J. (2011). DEA as a tool for predicting corporate failure and success: A case of bankruptcy assessment. Omega, 39, 620\u2013626. https:\/\/doi.org\/10.1016\/j.omega.2011.01.002","journal-title":"Omega"},{"key":"5764_CR56","doi-asserted-by":"publisher","first-page":"873","DOI":"10.1016\/j.ejor.2009.03.032","volume":"201","author":"M Psillaki","year":"2010","unstructured":"Psillaki, M., Tsolas, I. E., & Margaritis, D. (2010). Evaluation of credit risk based on firm performance. European Journal of Operational Research, 201, 873\u2013881. https:\/\/doi.org\/10.1016\/j.ejor.2009.03.032","journal-title":"European Journal of Operational Research"},{"key":"5764_CR57","doi-asserted-by":"publisher","first-page":"203","DOI":"10.1007\/s11123-022-00645-0","volume":"58","author":"P Ravanos","year":"2022","unstructured":"Ravanos, P., & Karagiannis, G. (2022). In search for the most preferred solution in value efficiency analysis. Journal of Productivity Analysis, 58, 203\u2013220. https:\/\/doi.org\/10.1007\/s11123-022-00645-0","journal-title":"Journal of Productivity Analysis"},{"key":"5764_CR58","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.ejor.2006.08.043","volume":"180","author":"P Ravi Kumar","year":"2007","unstructured":"Ravi Kumar, P., & Ravi, P. (2007). Bankruptcy prediction in banks and firms via statistical and intelligent techniques-A review. European Journal of Operational Research, 180, 1\u201328. https:\/\/doi.org\/10.1016\/j.ejor.2006.08.043","journal-title":"European Journal of Operational Research"},{"key":"5764_CR59","unstructured":"European Commission (2020). A Renovation Wave for Europe - greening our buildings, creating jobs, improving lives. COM(2020) 662 final, 14 October 2020. Available at: https:\/\/eur-lex.europa.eu\/resource.html?uri=cellar:0638aa1d-0f02-11eb-bc07-01aa75ed71a1.0003.02\/DOC_1&format=PDF"},{"key":"5764_CR60","doi-asserted-by":"publisher","first-page":"143","DOI":"10.1016\/j.ecolind.2012.03.020","volume":"23","author":"N Rogge","year":"2012","unstructured":"Rogge, N. (2012). Undesirable specialization in the construction of composite policy indicators: The environmental performance index. Ecological Indicators, 23, 143\u2013154. https:\/\/doi.org\/10.1016\/j.ecolind.2012.03.020","journal-title":"Ecological Indicators"},{"key":"5764_CR61","doi-asserted-by":"publisher","first-page":"307","DOI":"10.1111\/j.1467-985X.2005.00350.x","volume":"168","author":"M Saisana","year":"2005","unstructured":"Saisana, M., Saltelli, A., & Tarantola, S. (2005). Uncertainty and sensitivity analysis techniques as tools for quality assessment of composite indicators. Journal of the Royal Statistical Society Series A, 168, 307\u2013323. https:\/\/doi.org\/10.1111\/j.1467-985X.2005.00350.x","journal-title":"Journal of the Royal Statistical Society Series A"},{"key":"5764_CR62","unstructured":"Intesa Sanpaolo (2018). Annual report 2018. Available at: https:\/\/group.intesasanpaolo.com\/content\/dam\/portalgroup\/repository-documenti\/investor-relations\/Contenuti\/RISORSE\/Documenti%20PDF\/assemblea_ordinaria_2019\/CNT-05-000000052DE00.pdf."},{"key":"5764_CR63","doi-asserted-by":"publisher","first-page":"163","DOI":"10.1016\/j.cor.2016.05.017","volume":"75","author":"W-F Shen","year":"2016","unstructured":"Shen, W.-F., Zhang, D.-Q., Liu, W.-B., & Yang, G.-L. (2016). Increasing discrimination of DEA evaluation by utilizing distances to anti-efficient frontiers. Computers and Operations Research, 75, 163\u2013173. https:\/\/doi.org\/10.1016\/j.cor.2016.05.017","journal-title":"Computers and Operations Research"},{"key":"5764_CR64","doi-asserted-by":"publisher","first-page":"297","DOI":"10.1016\/0378-4266(85)90025-1","volume":"9","author":"HD Sherman","year":"1985","unstructured":"Sherman, H. D., & Gold, F. (1985). Bank branch operating efficiency: Evaluation with data envelopment analysis. Journal of Banking and Finance, 9, 297\u2013315. https:\/\/doi.org\/10.1016\/0378-4266(85)90025-1","journal-title":"Journal of Banking and Finance"},{"key":"5764_CR65","doi-asserted-by":"publisher","first-page":"1988","DOI":"10.1016\/j.eswa.2011.08.043","volume":"39","author":"U Shetty","year":"2012","unstructured":"Shetty, U., Pakkala, T. P. M., & Mallikarjunappa, T. (2012). A modified directional distance formulation of DEA to assess bankruptcy: An application to IT\/ITES companies in India. Expert Systems with Applications, 39, 1988\u20131997. https:\/\/doi.org\/10.1016\/j.eswa.2011.08.043","journal-title":"Expert Systems with Applications"},{"key":"5764_CR66","doi-asserted-by":"publisher","first-page":"564","DOI":"10.1016\/S0377-2217(98)00014-9","volume":"115","author":"T Sueyoshi","year":"1999","unstructured":"Sueyoshi, T. (1999). DEA-discriminant analysis in the view of goal programming. European Journal of Operational Research, 115, 564\u2013582. https:\/\/doi.org\/10.1016\/S0377-2217(98)00014-9","journal-title":"European Journal of Operational Research"},{"key":"5764_CR67","doi-asserted-by":"publisher","first-page":"85","DOI":"10.1016\/S0038-0121(02)00049-6","volume":"37","author":"Y Takamura","year":"2003","unstructured":"Takamura, Y., & Tone, K. (2003). A comparative site evaluation study for relocating Japanese government agencies out of Tokyo. Socio-Economic Planning Sciences, 37, 85\u2013102. https:\/\/doi.org\/10.1016\/S0038-0121(02)00049-6","journal-title":"Socio-Economic Planning Sciences"},{"key":"5764_CR68","doi-asserted-by":"publisher","first-page":"59","DOI":"10.1038\/s41893-017-0003-y","volume":"1","author":"D Tong","year":"2018","unstructured":"Tong, D., Zhang, Q., Davis, S. J., Liu, F., Zheng, B., Geng, G., Xue, T., Li, M., Hong, C., Lu, Z., Streets, D. G., Guan, D., & He, K. (2018). Targeted emission reductions from global super-polluting power plant units. Nature Sustainability, 1, 59\u201368. https:\/\/doi.org\/10.1038\/s41893-017-0003-y","journal-title":"Nature Sustainability"},{"key":"5764_CR422","unstructured":"U.S. Department of Justice. (2019). UniCredit Bank AG Agrees to Plead Guilty for Illegally Processing Transactions in Violation of Iranian Sanctions. Can be found at: https:\/\/www.justice.gov\/opa\/pr\/unicredit-bank-ag-agrees-plead-guilty-illegallyprocessing-transactions-violation-iranian"},{"key":"5764_CR69","doi-asserted-by":"publisher","first-page":"237","DOI":"10.1080\/1351847X.2014.983137","volume":"22","author":"JW Van den End","year":"2016","unstructured":"Van den End, J. W. (2016). A macroprudential approach to address liquidity risk with the loan-to-deposit ratio. European Journal of Finance, 22, 237\u2013253. https:\/\/doi.org\/10.1080\/1351847X.2014.983137","journal-title":"European Journal of Finance"},{"key":"5764_CR70","doi-asserted-by":"publisher","first-page":"689","DOI":"10.2307\/2109816","volume":"77","author":"DC Wheelock","year":"1995","unstructured":"Wheelock, D. C., & Wilson, P. W. (1995). Explaining bank failures: Deposit insurance, regulation, and efficiency. The Review of Economics and Statistics, 77, 689\u2013700. https:\/\/doi.org\/10.2307\/2109816","journal-title":"The Review of Economics and Statistics"},{"key":"5764_CR71","doi-asserted-by":"publisher","first-page":"158","DOI":"10.15807\/jorsj.37.158","volume":"37","author":"Y Yamada","year":"1994","unstructured":"Yamada, Y., Matui, T., & Sugiyama, M. (1994). New analysis of efficiency based on DEA. Journal of the Operations Research Society of Japan, 37, 158\u2013167. in Japanese.","journal-title":"Journal of the Operations Research Society of Japan"},{"key":"5764_CR72","doi-asserted-by":"publisher","first-page":"291","DOI":"10.1016\/j.ecolecon.2006.12.020","volume":"62","author":"P Zhou","year":"2007","unstructured":"Zhou, P., Ang, B. W., & Poh, K. L. (2007). A mathematical programming approach to constructing composite indicators. Ecological Economics, 62, 291\u2013297. https:\/\/doi.org\/10.1016\/j.ecolecon.2006.12.020","journal-title":"Ecological Economics"},{"key":"5764_CR73","doi-asserted-by":"publisher","first-page":"371","DOI":"10.1016\/S0377-2217(01)00360-5","volume":"139","author":"C Zopounidis","year":"2002","unstructured":"Zopounidis, C., & Doumpos, M. (2002a). Multi-group discrimination using multi-criteria analysis: Illustrations from the field of finance. European Journal of Operational Research, 139, 371\u2013389. https:\/\/doi.org\/10.1016\/S0377-2217(01)00360-5","journal-title":"European Journal of Operational Research"},{"key":"5764_CR74","doi-asserted-by":"publisher","first-page":"167","DOI":"10.1002\/mcda.333","volume":"11","author":"C Zopounidis","year":"2002","unstructured":"Zopounidis, C., & Doumpos, M. (2002b). Multi-criteria decision aid in financial decision making: Methodologies and literature review. Journal of Multi-Criteria Decision Analysis, 11, 167\u2013186. https:\/\/doi.org\/10.1002\/mcda.333","journal-title":"Journal of Multi-Criteria Decision Analysis"}],"container-title":["Annals of Operations Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-023-05764-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s10479-023-05764-x\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s10479-023-05764-x.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,5,8]],"date-time":"2025-05-08T04:59:16Z","timestamp":1746680356000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s10479-023-05764-x"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,12,21]]},"references-count":74,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2025,4]]}},"alternative-id":["5764"],"URL":"https:\/\/doi.org\/10.1007\/s10479-023-05764-x","relation":{},"ISSN":["0254-5330","1572-9338"],"issn-type":[{"value":"0254-5330","type":"print"},{"value":"1572-9338","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,12,21]]},"assertion":[{"value":"22 December 2022","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"27 November 2023","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"21 December 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 have no relevant financial or non-financial interests to disclose.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}]}}