Long-term Investment Research Articles

Discretionary investment managers evaluation in pension fund: Shared input dynamic network DEA approach

Investment trust corporations (ITCs) constitute one of the financial industry's subsectors, and their evaluations of fund management performance play a crucial role. With the recent increase in the number of ITCs and their assets, how the Public Service Pension Fund management board (PSPFMB) of Taiwan makes investment decisions regarding multiple companies has become a critical issue. Using the shared input dynamic network data envelopment analysis approach (SDNDEA), we empirically estimate the performance efficiency scores of the funds of 34 ITCs and analyze the performance of the manufacturing structures of their internal networks. Our results indicate that the PSPFMB should consider the effects of being entrusted with decisions on efficiency. Employing K-means clustering techniques, we investigate the operational characteristics of each group and identify the differences among them. Moreover, this research identifies significant externalities related to ownership structures, indicating that the PSPFMB should consider the effects of such structures on efficiency in the context of entrusting decisions. Thus, the PSPFMB can make optimal investment decisions based on our ITC evaluation and selection model and help pension funds achieve stable long-term investment benefits.

Pentingnya Transparasi: Kurangnya Komunikasi di Perusahaan Pt Garuda Indonesia (Persero) Tentang Kisruh Lepkuei Garuda dan Ojk Mengenai Analisis Laporan Keuangan

This journal reveals issues at PT Garuda Indonesia (Persero) due to a lack of communication involving the Lapkeu Garuda turmoil, which implicates the OJK (Financial Services Authority), primarily stemming from miscommunication problems between the OJK and Garuda Indonesia's management. Insufficient communication adversely impacts the company's performance and results in inaccurate and non-transparent financial reporting. Utilizing a qualitative literature review method, this research investigates various relevant literature sources on the topic. The study aims to explore the significance of transparency concerning the communication deficit at PT Garuda Indonesia (Persero), particularly regarding the Lapkeui Garuda turmoil and the OJK's role in financial statement analysis. This journal provides practical implications, indicating that transparency in financial reporting is not only an obligation but also a long-term investment for sustainability and company growth. The company needs to enhance both internal and external communication and improve collaboration with regulators to ensure adequate transparency in financial information dissemination. Collaborative efforts will aid in restoring stakeholder trust, reducing reputation risks, and establishing a strong foundation for sustainable business growth.

EVALUATING THE IMPACT OF DEPRECIATION ON THE PROFITABILITY: UK FASHION COMPANIES

This study investigates the sophisticated dynamics of depreciation and its influence on the profitability of fashion companies in the United Kingdom. The UK's fashion industry has gained substantial growth recently and witnessed escalated sales in both new and used apparel. However, the fashion industry faces sustainability challenges due to the predominantly resulting rapid expansion of the fashion sector. In this competitive business environment, understanding the role of depreciation in shaping profitability becomes pivotal. Examining data collected from 17 UK-based fashion companies spanning the 2018 to 2022 period, this research precisely analyses how depreciation influences key financial indicators: return on assets, return on equity, and operational profit. The methodological approach involves the application of quantile regression analysis, and it offers an in-depth exploration of the relationship between depreciation and these vital financial variables. The findings of this study reveal that there is no statistically significant relationship between depreciation and return on equity or return on assets within the purview of UK fashion companies. However, a positive and statistically significant relationship exists between the depreciation and operating profit. This positive relationship potentially arises from various factors such as enhanced asset utilization, long-term investments, involvement in capital-intensive industries, sustained revenue growth, and improvements in asset quality. These findings have significant implications for stakeholders within the UK fashion industry. While depreciation may not strongly influence return on equity or return on assets, its correlation with operational profit reveals a nuanced aspect of financial performance within these companies.

How do energy security risk and ICT affect green investment?

Green investment yields financial returns while positively influencing the environment. Several empirics have tried to find the factors that impact green investment, but none of them has focused on energy security risks and ICT as potential determinants of green investment. This analysis intends to scrutinize the influence of energy security risk and ICT on green investment from 1996 to 2021 with the help of a novel CS-ARDL model. The findings confirm the positive association between energy security risks and long-term green investment globally and in Asia, America, Europe, and Africa. Similarly, ICT boosts green investment in the long term globally and in America and Europe. Carbon emissions also escalates green investment globally and in Asia, America, Europe, and Africa. However, GDP boosts green investment globally and in Asia, America, and Europe, while FD boosts green investment globally and in America and Europe. Lastly, trade openness also increases green investment in Asia and America in the long run. The short-term impacts are mostly insignificant except for the GDP, CO2, and financial development variables, which boost green investment in one or two regions. Thus, governments should strategize to encourage ICT for sustainable green investments.

Heterogeneity of foreign investors and Knightian uncertainty: Evidence from the Chinese capital market

Foreign investors are playing an increasingly important role in China's capital market, and the impact of northbound funds on Knightian uncertainty has attracted much academic attention. Based on the characteristics of northbound funds' trading behavior and investors' shareholding stability, this study divides them into long-term investors and short-term opportunists. It also examines the effect of long- and short-term foreign investors on individual stock Knightian uncertainty. The study finds that higher stability of northbound fund shareholding lowers the Knightian uncertainty of individual stocks, and long-term foreign institutional investors contribute to market stability. Furthermore, long-term investments in northbound funds can reduce Knightian uncertainty by improving the information environment, influencing the trading behavior of institutional investors, boosting investor confidence, and helping investors form consistent expectations. In conclusion, short-term foreign investors aggravate market volatility, whereas long-term foreign institutional investors help stabilize the market.

Land Tenure Policies and Property Rights Affecting Livestock Production in Bangladesh

Purpose: The aim of the study was to investigate land tenure policies and property rights affecting livestock production in Bangladesh. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study revealed a significant influence of secure land tenure on livestock productivity, investment decisions, and sustainability. Secure property rights are consistently associated with higher levels of livestock productivity, increased investment in animal husbandry practices, and improved land management strategies among rural households. Moreover, tenure security facilitates long-term investments in livestock genetic improvement programs, leading to higher milk yields and improved household incomes among dairy farmers. Unique Contribution to Theory, Practice and Policy: Institutional Theory & Property Rights Theory may be used to anchor future studies on land tenure policies and property rights affecting livestock production in Bangladesh. Promote community-based natural resource management approaches that recognize customary land tenure systems. Empowering local communities to manage their grazing lands can enhance ecological sustainability, reduce conflicts, and improve livelihoods among pastoralist groups. Advocate for the legal recognition of customary land rights and indigenous knowledge systems in national land tenure policies. Acknowledging traditional tenure arrangements can strengthen tenure security, promote social equity, and enhance the resilience of livestock production systems.

Faktor-Faktor Yang Mempengaruhi Keputusan Nasabah Memilih Produk Tabungan BritAma Bank BRI Di Kelurahan Fatukoa Kota Kupang

The main problem in this research is what factors influence customer decisions in choosing BRI Bank Britama Savings Products in Fatukoa Village. The aim of this research is to see and explain what influences the decisions of Fatukoa Village customers in saving with Britama Savings Products. This type of research uses descriptive qualitative research. The data sources in this research are primary data and secondary data. Where data collection uses interview, observation, and documentation techniques. determining informants using Purposive Sampling, totaling 6 people. The time and place of the research was carried out in the 2023-2024 academic year, on a number of customers who live in Fatukoa Village, Kupang City. The results of this research explain that the factors that influence customers' decisions in choosing Britama Bank BRI savings products are influenced by cultural factors because cultural influences play a key role in customer decisions. The socialization process from the experience of being a customer for eight years, the use of banking products since the beginning of college, and the management of business transactions are the main factors in choosing Britama Savings. Social Factors due to the existence of reference groups, both from friends and family, have a big impact. Suggestions from friends about the benefits of interest rates and easy access to BRI Bank's online services, as well as recommendations from wives who are BRI Bank customers, are taken into consideration in the decision to save on Britama Products. Personal Factors due to Age, life cycle stage, work and economic environment are factors personal influences on product choices. The decision to save in BRI Bank Britama Products is based on long-term goals, investment, financial discipline, and economic considerations as well as income that can be invested, and Psychological Factors because the motivation for opening a Britama Savings account is related to biogenic and psychogenic needs, such as increasing pension funds, long-term investment, increasing financial discipline, and building savings habits. Trust and positive attitudes towards Britama products, supported by the reputation and security of BRI Bank, also play a key role in decision making. Apart from that, information from reference groups, socialization experiences, economic considerations, and trust in banking institutions are key factors that shape customer decision behavior.

EXPRESS: A Suite of Metrics to Understand Return on Investments in Customers

When making customer investments under resource constraints, approaches based upon next period accounting profit fail to consider the long-term. As we show, marketers’ suggested solutions often omit retention spend from the customer investment, understating the required committed marketing spend. Unfortunately, the logical outcome is a focus on the wrong (high retention cost) customers. Marketers may even try to acquire customers as long-term investments, then refuse to invest in their retention. We develop a suite of metrics to consider investments in customers, including customer return on investment (CROI), acquisition return on investment (AROI), retention return on investment (RROI), and option return on investment (OROI). Using the suite can help marketers calculate meaningful ROIs, even when they cannot clearly differentiate between acquisition and retention marketing spend. Our key contributions show how to assess the value of customer investments and treat customer acquisition as gaining an option to spend on retention. We outline the connection between the metrics, detail when each are appropriate, and show how to apply the suite of metrics to a variety of simulated datasets.

Determinants of corporate environmental performance and the moderating effect of economic crises

PurposeThis paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships.Design/methodology/approachA regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation.FindingsThe results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis.Research limitations/implicationsThe study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic.Practical implicationsThe results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board.Social implicationsFollowing the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades.Originality/valueThe paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis.

Cross-category connectedness between Shanghai crude oil futures and Chinese stock markets related to the Belt and Road Initiative

This paper aims at investigating the cross-category time-varying frequency connectedness between Shanghai crude oil futures (INE), the CSI Belt and Road theme index, and seven Chinese stock markets affiliated with the Belt and Road Initiative (BRI), namely infrastructure, high-speed railway, green electricity, communication, ferrous metals, agriculture, and new energy markets. Using the novel time-varying parameter VAR (TVP-VAR) frequency connectedness model, we identify how the connectedness between INE and BRI-related stocks varies between the short-term, and long-term investment horizons. Our empirical findings reveal that the connectedness between INE and BRI-related stocks significantly increases during extreme market movements and mainly occurs at shorter time horizons. On the other hand, both INE and BRENT serve as net shock receivers, exhibiting relatively limited connectedness to BRI-related stocks. Notably, the correlation between INE and BRI-related stocks is significantly stronger compared to that observed with BRENT. We also observe that the INE exhibits a relatively strong correlation with infrastructure and ferrous metals compared to other stock markets, displaying a discernible bidirectional spillover effect. Our results document some practical enlightenment for investors and policymakers with various time horizons.

Tax Reforms and Tax Burden of Listed Consumer Goods Firms in Nigeria

The lack of clarity in tax laws, coupled with frequent amendments and revisions, has given rise to uncertainty, hindering strategic planning and impeding long-term investment decisions. As a consequence, the publicly traded consumer goods firms in Nigeria face the formidable task of not only understanding and complying with the intricate tax structures but also striving to maintain competitiveness in an environment where the tax burden is increasingly becoming a pivotal determinant of business success. Given the foregoing this study examined tax reforms and tax burden: a study of listed consumer goods companies in Nigeria. In order to achieve the goals of the study, a longitudinal panel research design was implemented. The study concentrated on twelve consumer goods corporations that are publicly traded on the stock market. The selection of these companies was based on their continuous publication of annual audited financial statements from 2013 to 2022. The data obtained from these reports were analysed using the panel data regression approach, with the assistance of statistical tools like E-view 10. The study's findings indicated that direct tax exerts insignificant effect on tax burden of consumer goods firms in Nigeria. While indirect tax on the other hand, has a negative significant effect on tax burden of consumer goods firms in Nigeria. The study thus recommends that consumer goods firms should consider engaging with policymakers and tax authorities to advocate for favorable indirect tax policies. Collaborative efforts with government agencies can contribute to creating a tax environment that aligns with business needs and minimizes the negative impact on the tax burden.

Impact of Underpricing Determinants on Market Return of S&P BSE SME IPO in India

Primary capital market i.e. Initial Public Offering (IPO) market forms a significant part of it. India, an emerging market, has seen tremendous growth in the BSE SME IPO market over the past few years. In light of this, the Underpricing of BSE SME IPOs is being examined. This study aims to investigate and Analyze the determinants of Underpricing of BSE SME IPOs in the India. This study examines the cause-and-effect relationship and Impact of Raw Return and Market Adjusted Excess Return between Issue Price, Issue Size, Lot Size , Market Return and Volatility of BSE SME IPOs of Underpricing in India. There is a significant relationship between Raw Return and Market Adjusted Excess Return between lot size, volatility, market return, issue size, issue price of S&P BSE SME IPO.The null hypothesis is rejected at 5% level of significant for the Specific variables among Raw Return and Market Adjusted Excess Return in the Study Period.While investing in an S&P BSE SME IPO the investor should be careful and they may choose long-term investment because there is a low risk and they can earn a return at longtime.The Present Study Provides a detailed analysis of S&P BSE SME IPO in India and Underpricing of Raw Return and Market Adjusted Excess Return relationship and impact for 10 years January 2013 to December 2022 by taking a yearly observation. At the same time,they have a Strong Relationship between the issue-specific and market-specific variables like volatility and market return and integrated with each other

Machine learning-based stock picking using value investing and quality features

Value Investing stands as one of the most time-honored strategies for long-term equity investment in financial markets, specifically in the domain of stocks. The essence of this approach lies in the estimation of a company's "intrinsic value," which serves as an investor's most refined gage of the company's true worth. Once the investor arrives at an estimation of the intrinsic value for a given company, she proceeds to contemplate purchasing the company's stocks solely if the prevailing market price of the stocks significantly deviates below the estimated intrinsic value, thus presenting an enticing buying opportunity. This deviation, referred to as the "margin of safety," represents the disparity between the intrinsic value and the current market capitalization of the company. Within the scope of this endeavor, our objective is to automate the stock selection process for value investing across a vast spectrum of US companies. To accomplish this, we harness a combination of value-investing principles and quality features derived from historical financial reports and market capitalization data, thereby enabling the identification of favorable value-driven opportunities. Our methodology entails the utilization of an ensemble of classifiers, where the class is determined as a function of the margin of safety. Consequently, the model is trained to discern stocks that exhibit value characteristics warranting investment. Remarkably, our model attains a success rate surpassing 80%, effectively identifying stocks capable of yielding an annualized return of 15% within a three-year timeframe from the recommended stock purchase date provided by the model.

A stabilised Benders decomposition with adaptive oracles for large-scale stochastic programming with short-term and long-term uncertainty

Benders decomposition with adaptive oracles was proposed to solve large-scale optimisation problems with a column-bounded block-diagonal structure, where subproblems differ only in the right-hand side and cost coefficients. Adaptive Benders reduces computational effort significantly by iteratively building inexact cutting planes and valid upper and lower bounds. However, Adaptive Benders and standard Benders may suffer severe oscillation when solving degenerate models. Therefore, we propose stabilising Adaptive Benders with the level method and adaptively selecting which subproblems to solve each iteration for more accurate information. In addition, we propose a dynamic level method to improve the robustness of stabilised Adaptive Benders by adjusting the level set each iteration. We compare stabilised Adaptive Benders with the unstabilised versions of Adaptive Benders with one subproblem solved per iteration and standard Benders on a multi-region long-term power system investment planning problem with short-term and long-term uncertainty. The problem is formulated as multi-horizon stochastic programming. Four algorithms were implemented to solve linear programming with up to 1 billion variables and 4.5 billion constraints. The computational results show that: (a) for a 1.00% convergence tolerance, the proposed stabilised method is up to 113.7 times faster than standard Benders and 2.1 times faster than unstabilised Adaptive Benders; (b) for a 0.10% convergence tolerance, the proposed stabilised method is up to 45.5 times faster than standard Benders and unstabilised Adaptive Benders cannot solve the largest instance to convergence tolerance due to severe oscillation and (c) dynamic level method makes stabilisation more robust.

A Financial Analysis of Meituan Based on Its External and Internal Environment

This paper conducts a comprehensive examination of Meituan, a prominent technology retail firm in China, renowned for its innovative "retail + technology" approach aimed at enhancing lifestyles through superior dining experiences. Evaluating Meituan's recent financial performance, the study underscores its impressive growth, marked by a 23% year-over-year surge in combined yearly sales, totaling 220 billion yuan, and a noteworthy adjusted net profit of 2.8 billion yuan. A critical analysis of the Chinese food delivery market reveals Meituan's dominant position, operating in a duopoly with Alibaba's Ele.me, while also anticipating the potential entry of Pinduoduo as a formidable competitor. The paper emphasizes the imperative for Meituan to strategically navigate the evolving landscape of the fresh supply chain domain, striking a balance between exploration and exploitation to establish a sustainable competitive advantage. Despite Meituan's robust revenue performance, with a first-quarter 2021 revenue surpassing CNY 37 billion and a remarkable YoY growth rate of 120.9%, potential hazards such as the intensification of antitrust regulations in China's Internet sector and operational challenges arising from Meituan's diversification efforts are explored. In conclusion, the analysis posits Meituan as a promising long-term investment, provided the company effectively addresses emerging risks and capitalizes on strategic opportunities in the ever-changing technology retail sector.

Population intensity, location choice, and investment portfolio selection: A case of emerging economies

Rapid population growth is often considered a barrier to economic advancement and strategic corporate investment. However, the nuances of this impact remain insufficiently explored. This study aims to explore the impact of population density and location choice on firms' investment decisions, elucidating how these elements shape enterprises' portfolio selections. To investigate this impact, data spanning ten years (2010–2019) from non-financial sector firms in China and Pakistan were scrutinized. Utilizing 2SLS and GMM models, we measured the external influence of these factors on both long-term and short-term investment strategies. The statistical analysis reveals that corporate firms originating from countries with high population growth rates, situated in densely populated areas, exhibit a predilection for long-term investments. This favorable trend can be attributed to heightened product demand and convenient access to local markets. Nevertheless, a comparative assessment between Pakistan and China delineates contrasting effects of location on short-term investments—positively impacting in the case of Pakistan and negatively affecting in the case of China. These findings carry significant implications for crafting regional development policies aimed at fostering industrial growth. Furthermore, beyond conventional determinants, this study introduces fresh perspectives on the role of demographic and geographic factors in shaping industrial investments, addressing a gap in existing literature where similar analyses are absent.

Analyzing the Impact of COVID-19 on Short-Term Investment Behavior through Stochastic Oscillator Indicators

Abstract This research examines how the COVID-19 pandemic affects short-term investments, particularly focusing on the reliability of Stochastic Oscillator Indicators (SOI) used by investors. Utilizing an artificial intelligence learning prediction model, the study investigates the pandemic's impact on short-term investment strategies guided by SOI, comparing data from pre-pandemic and pandemic periods. The findings suggest that during the COVID-19 period, employing KD analysis with a nine-round turnover rate leads to higher forecast accuracy. Short-term investors tend to adopt a conservative approach, with higher turnover rates resulting in lower winning rates. Overall, the study challenges the notion that COVID-19 only affects medium and long-term investment habits, shedding light on its influence on daily investment profits and potentially increasing short-term profits for larger, conservative investors. Further research is warranted to explore the investor profile of conservative hedgers in more depth. Keywords: COVID-19, Stochastic Oscillator Indicators, Artificial Intelligence, Short-term Investors, Conservative Approach

COVID-19 Vaccine decision-making: trust among the transgender and disability communities in India

ABSTRACT Background Historical marginalisation and ongoing trust deficits in health and government systems shape present-day vaccine perceptions among marginalised communities. This paper sought to understand the role of trust in decision-making about COVID-19 vaccine uptake in the transgender and disability communities in India. Methods Using a participatory approach we interviewed 24 community representatives, identifying themselves as transgender individuals or as persons with disability, and 21 key informants such as vaccine programme managers, vaccine providers, and community advocates. We undertook an inductive thematic analysis of the data using a socio-ecological model. Results Fear of side effects in relation to specific needs of the two communities and mistrust of systems involved in vaccination shaped four different pathways for vaccine decision-making. Mistrust of systems was influenced by past negative experiences with the health system, creating contexts in which information and misinformation are shared and interpreted. Participants negotiated their doubts about safety and mistrust of systems by interacting with different sources of influence showing patterns of decision-making that are dynamic, context-dependent, and intersectional. Conclusion These findings will help in determining the content, strategies and approaches to equitable vaccine communication for these two communities. The two communities ought to be included in vaccine trials. Vaccine information must respond to the specific needs of these two communities which could be enabled by collaboration and engagement with community members and influencers. Finally, long-term investment towards the needs of marginalised communities is vital to dismantle cycles of marginalisation and distrust and in turn improve vaccine acceptance and uptake.

Life cycle of private equity investments in physician practices: an overview of private equity exits.

Private equity (PE) firms acquire and grow physician practices through add-on consolidation, generating outsized returns on the sale of the acquisition in 3-8 years ("exit"). Private equity's abbreviated investment timeline and exit incentives may deter long-term investments in care delivery and workforce needed for high-quality care. To our knowledge, there has been no published analyses of the nature or duration of PE exits from physician practices. We address this knowledge gap by using novel data to characterize PE exits from dermatology, ophthalmology, and gastroenterology, physician specialties with the largest number of acquisitions between 2016 and 2020. Of 807 acquisitions, over half (51.6%) of PE-acquired practices underwent an exit within 3 years of initial investment. In nearly all instances (97.8%), PE firms exited investments through secondary buyouts, where physician practices were resold to other PE firms with larger investment funds. Between investment and exit, PE firms increased the number of physician practices affiliated with the PE firm by an average of 595% in 3 years. Findings highlight the rapid scale of ownership change and consolidation under PE ownership and motivate evaluations by policymakers on the effects of PE ownership over the life cycle of PE investments.

Ranking Performance of MARCOS Method for Location Selection Problem in the Presence of Conflicting Criteria

The selection of the best location for a facility is generally a complex process especially when considering multiple criteria in the selection process. The costs associated with purchasing the land and related constructions makes the location selection problem a long-term investment decision. Hence, the problem should be analysed carefully with a reliable approach to avoid the consequences that follows awkward decisions. Many multiple criteria decision-making (MCDM) methods are developed recently which made the selection of a suitable MCDM method has become a confusing decision. In this study, measurement alternatives and ranking according to compromise solution (MARCOS) method is used to solve a location selection problem with conflicting criteria. The ranking produced by MARCOS method is analysed by a comparison with other common MCDM methods and a sensitivity analysis. The aim of the comparison to show that the method agreed the choice of the best alternative while the sensitivity analysis is employed to check the robustness and efficiency of this method. The sensitivity analysis includes the sensitivity of weight test and rank reversal (RR) test. The comparison of ranking with different methods showed that MARCOS method has strong ranking correlation with other methods. Moreover, the sensitivity analysis showed the reliability and robustness of MARCOS method as it produced high consistency of ranking through the tests. Thus, this study validates the applicability of MARCOS method to handle the presence of conflicting criteria in location selection problems.