Financial Performance Evaluation of Publicly held Lodging Companies Listed in Istanbul Stock Exchange with TOPSIS Method (original) (raw)
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Determining the financial performances of BIST-100 energy companies by TOPSIS method
Journal of Business, Economics and Finance, 2023
Purpose-The purpose of this study, Borsa Istanbul 100 (BIST100) of the financial performance of energy companies traded multi-criteria decision making methods, TOPSIS (Technique for order preference by Similarity to ideal solution) method is measured. Methodology-For this purpose, 5 energy companies traded in BIST in 2021 and whose data are regularly accessed have been included in the scope of the study. The annual balance sheet and income statements of the companies were used in the study. The balance sheets and income statements of the companies within the scope of the research for the year 2021 were taken from the official website of the Public Lighting Platform (KAP). During the period when the application part of this study was conducted, the data of the year 2022 could not be used due to the fact that the data of the year 2022 has not yet been published. The obtained data were measured by TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method, which is one of the multi-criteria Decisionmaking methods, and the performance of the companies were analyzed and compared among themselves. Findings-Ipek Natural Energy Resources Research and Production A. One of the companies included in the study as a result of the analyzes performed by the TOPSIS method.Sh. ((IPEK) was found to be the company with the best data in terms of financial performance in the analyzes carried out in accordance with the criteria included in the evaluation. After this company, the second best company in terms of financial performance is Koza Anadolu Metal Madencilik Işletmeleri A.Sh. He appeared as a (COCOON). Conclusion-In the light of the analyzes carried out in the study; IPEKE company ranked first as the best company in terms of financial performance. Ardın KOZAA of IPEKE company ranked second, ASELS company ranked third, AKSEN company ranked fourth and VESTL company ranked last in terms of financial performance among the 5 companies included in the study. Dec. Apart from these data, it can be said that changing the December period to be based on different studies, using different financial ratios, the degree of importance given to criteria, using other multi-criteria decision-making methods (MSCS) such as MOORA other than TOPSIS may give results that may change the performance ranking.
Bulanık Topsis ve Bulanık Dematel ile Sigorta Firmaları Performans Analizi
Cankiri Karatekin Universitesi Iktisadi ve Idari Bilimler Fakultesi Dergisi, 2016
Choices of businesses and humans during life may bring positive or negative results and people need to make decisions with optimal benefits. Decision-making is to choose an alternative with the maximum benefits among alternatives. So, using the most appropriate decision-making method is becoming an important issue in decision-making process. In this study, By using the financial charts of seven insurance companies, Trade on Turkey-Istanbul Stock Exchange and financial performance of companies are analyzed with two integrated Multi-Criteria Decision Making (MCDM) methods. In this study, firstly the weights of performance ratios are determined by Fuzzy Decision Making Trial and Evaluation Laboratory (Fuzzy DEMATEL) method. Secondly, while applying Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and Fuzzy Technique for Order Preference by Similarity to Ideal Solution (Fuzzy TOPSIS) together with Fuzzy DEMATEL, two different integrated methods are applied to MCDM process. Performance order scores from both methods are used for the rates of companies by 2008-2014 and for a comparison of two different methods. In conclusion, it was observed that the results obtained are consistent with Topsis and DEMATEL methods. For example preference ranking for 2014 with TOPSIS and DEMATEL methods has been found as AVIVA > AKGRT > ANHYT > ANSGR > YKSGR > RAYSG > GUSGR.
International Journal of Economics and Finance, 2013
This paper aims to explore the relationship between ranking of the top-50 listed companies on Tehran Stock Exchange (TSE) for the years 2009-2011 in terms of their liquidity, operation, leverage and profitability ratios using combined AHP-TOPSIS approach and the ranking made by the stock exchange. Ranking of the companies on the stock exchange is done based on their state in terms of the above ratios and it serves as a criterion for decision making on investment. Using a questionnaire, views of experts, scholars and the capital market authorities on the effect of financial ratios were gathered and then using AHP-TOPSIS technique the companies were ranked based on these ratios. The obtained results from the Spearman Test show a weak correlation between the rankings based on AHP-TOPSIS approach and the ranking of the stock exchange. Finally, our results indicate that financial ratios of the top stock exchange selected companies are crucial factors in investment and ranking. This paper contributes to a signaled need for investigation on how and why financial statements of top listed companies cannot be regarded as a critical factor in ranking and decision making on investment.
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This study aims to determine which financial performance ranking methods accurately predict the actual rankings by using multiple criteria decision techniques, and it compares the accuracy of the rankings based on the financial performance indicators and the market based approach which involves market value and average return. Companies listed in BIST50 index (Borsa Istanbul) were investigated, as a result, when considering average return, Promethee and Copras produced similar and consistent rankings. Besides, since it places emphasize on the functional structures of variables, Promethee method was noted to produce the most accurate rankings, thus deemed most effective method helping investors give rational decisions.
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Alanya Akademik Bakış, 2021
Effective performance evaluation is an important indicator of the success of every business particularly the banking sector. Banks are one of the most fundamental elements of the financial system. The financial structures of banks should be measured and evaluated accurately, the results should be analyzed salubriously and presented to the relevant users. The performance of each bank is evaluated by financial criteria which are ranked according to their financial performance. This is important both for the bank and the decision makers in the banking sector in which it operates. The aim of this study is to evaluate the financial performance of foreign banks having branches in Turkey. In the study, in Turkey four foreign banks having branches and Ziraat Bank with the largest assets were analyzed. The data were obtained from the annual reports of banks between 2014 and 2018. CAMELS criteria were used as financial performance indicators in the study. TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) and ELECTRE (Elimination and Choice Translating Reality) which are multi-criteria decision-making methods were used to evaluate the financial performance of these banks. As a result of the application of these
Financial Performance Evaluation of Turkish Construction Companies in Istanbul Stock Exchange (BIST)
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Financial performance evaluation of construction companies is a kind of multi-criteria decision making (MCDM) problem. The decision makers need a wide range of performance indicators in order to ensure that appropriate decisions can be made. The aim of this study is to evaluate the financial performance of Turkish construction companies whose shares are publicly traded in Istanbul Stock Exchange (Borsa Istanbul-BIST) during 2012-2015 period using multi criteria decision techniques. For this purpose, Grey Relations Analysis and Analytical Network Process were used in examining the data related to these companies. This model is applied to a case study for the financial performance evaluation of 7 construction companies (Anel, EDİP, Enka, Kuyumcukent, ORGE, SAN-EL, Yeşil Yapı) in Turkey. Financial performance indicators namely Asset Growth Rate, Operating Costs/Net Sales, Return on Asset, Net Profit Margin, Return on Equity, Current Ratio, Long Term Assets/Total Assets and Quick Ratio are used for ranking the firms. The findings of this paper would demonstrate the financial performance of the Turkish construction companies and would help construction companies' managers and investors to evaluate the performance of each company and compare it with their competitors'.
DergiPark (Istanbul University), 2015
As financial performance indicators reflect the competitiveness of companies, financial performance evaluation has a vital importance in a competitive environment. This study aims to evaluate financial performances of the companies listed on Borsa Istanbul chemical, petroleum, plastic indices. In this context, financial ratio analysis of these companies is done for the years between 2010 and 2012, and the obtained data were evaluated by using Analytic Hierarchy Process (AHP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). The AHP approach is used to determine relative importance weights of the main criteria and subcriteria. The weights and financial ratios are combined by using the TOPSIS approach. As a result of the analysis, the most important ratios are profitability ratios, and Tüpraş has the best financial performance.
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Managerial decision-making involves a difficult and complex process. Since executives shape the future of the company by making strategic decisions, it is vital that the decisions taken are accurate and efficient in terms of sustainability in the long term. Many managerial decision-making methods have been developed for companies to make the most accurate selection under multiple parameters and alternatives. In this study, the TOPSIS method, which is one of these methods, will examine how investors will choose the most reasonable one for investment from multiple companies.
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As financial performance indicators reflect the competitiveness of companies, financial performance evaluation has a vital importance in a competitive environment. This study aims to evaluate financial performances of the companies listed on Borsa Istanbul chemical, petroleum, plastic indices. In this context, financial ratio analysis of these companies is done for the years between 2010 and 2012, and the obtained data were evaluated by using Analytic Hierarchy Process (AHP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). The AHP approach is used to determine relative importance weights of the main criteria and subcriteria. The weights and financial ratios are combined by using the TOPSIS approach. As a result of the analysis, the most important ratios are profitability ratios, and Tüpraş has the best financial performance.