Analysis of financial development and open innovation oriented fintech potential for emerging economies using an integrated decision-making approach of MF-X-DMA and golden cut bipolar q-ROFSs

Abstract The purpose of the paper is to identify factors financial development that have greatest impact on open innovation in 7 emerging countries. analysis was performed featuring MF-X-DMA method, as well its further verification for autocorrelation and heteroscedasticity. time period covers years from 2002 2020. article states main indicators improve should enhance process bank lending equity market development. An important area competition by providing equal access information all participants a continuously refining technical infrastructure. Regression with method confirms statistical significance this influence. fills knowledge gap into link between innovations relatively low capitalization modern countries’ market, liquidity small cap stocks at concentration banking sector, risks arising globalization. Another has also been conducted generating novel fuzzy decision-making model. In first stage, determinants innovation-based fintech potential are weighted economies. For purpose, M-SWARA methodology taken consideration based bipolar q-ROFSs golden cut. second stage includes evaluating economies potential. context, seven countries examined ELECTRE methodology. It found most significant factor