  Choosing the right stock portfolio with the highest efficiencies has always
concerned accurate and legal investors. Investors have always been concerned
about the accuracy and legitimacy of choosing the right stock portfolio with
high efficiency. Therefore, this paper aims to determine the criteria for
selecting an optimal stock portfolio with a high-efficiency ratio in the
Toronto Stock Exchange using the integrated evaluation and decision-making
trial laboratory (DEMATEL) model and Multi-Criteria Fuzzy decision-making
approaches regarding the development of the Gordon model. In the current study,
results obtained using combined multi-criteria fuzzy decision-making
approaches, the practical factors, the relative weight of dividends, discount
rate, and dividend growth rate have been comprehensively illustrated using
combined multi-criteria fuzzy decision-making approaches. A group of 10 experts
with at least a ten-year of experience in the stock exchange field was formed
to review the different and new aspects of the subject (portfolio selection) to
decide the interaction between the group members and the exchange of attitudes
and ideas regarding the criteria. The sequence of influence and effectiveness
of the main criteria with DEMATEL has shown that the profitability criterion
interacts most with other criteria. The criteria of managing methods and
operations (MPO), market, risk, and growth criteria are ranked next in terms of
interaction with other criteria. This study concludes that regarding the
model's appropriate and reliable validity in choosing the optimal stock
portfolio, it is recommended that portfolio managers in companies, investment
funds, and capital owners use the model to select stocks in the Toronto Stock
Exchange optimally.

General Economics;Economics