Financial performance analysis of BIST Balıkesi̇r index companies with MEREC based CoCoSo method

Arif Sezgin; Sinan Aytekin

Makale detayları

Financial performance analysis of BIST Balıkesi̇r index companies with MEREC based CoCoSo method

Yazarlar:

Arif Sezgin | Sinan Aytekin

Yayıncı:

Balıkesir University

Ana Başlıklar:

Mikro İktisat (Diğer)

Dergi:

Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51-1 - 2024 Yılı Özel Sayısı, pp.63-77

Belge Tipi:

Makale

Yayın Tarihi:

11/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001315929

pISSN:

1301-5265

Anahtar kelimeler:

Özet:

 The analysis of companies financial performance is a crucial topic for many market participants, including investors, company managers, lenders, and professional portfolio managers, as they examine the current status of the firm and make decisions for the future. To scrutinize performance metrics and reports on the index as a whole enables investors to have a full picture of market trends and possible opportunities that lie ahead. Therefore, this study aims to analyze the financial performance of companies continuously traded in the BIST Balıkesir Index XSBAL between 2021:Q4-2023:Q3 using multi-criteria decision-making techniques. The analysis of financial performance includes six different criteria: Piotroski F-score, Altman Z-score, Market ValueBook Value ratio, Enterprise ValueNet Sales ratio, Tobins Q ratio, and Enterprise ValueInvested Capital ratio. One of the most significant criteria based on the criterion weighting results derived from the MEREC method was identified as the Firm ValueNet Sales ratio for all periods except 2022:Q1. Although the results obtained for other criteria vary periodically, when analysed in general, the second most important criterion is the Market ValueBook Value ratio, while the criteria with the lowest importance weight are Piotroski F-score and Tobins Q ratio, respectively. According to the results obtained with the CoCoSo method for the periods analysed, it is found that the firms with the best financial performance are YAPRK and GWIND, while the firms with the lowest financial performance are BANVT and BAGFS.

 The analysis of companies financial performance is a crucial topic for many market participants, including investors, company managers, lenders, and professional portfolio managers, as they examine the current status of the firm and make decisions for the future. To scrutinize performance metrics and reports on the index as a whole enables investors to have a full picture of market trends and possible opportunities that lie ahead. Therefore, this study aims to analyze the financial performance of companies continuously traded in the BIST Balıkesir Index XSBAL between 2021:Q4-2023:Q3 using multi-criteria decision-making techniques. The analysis of financial performance includes six different criteria: Piotroski F-score, Altman Z-score, Market ValueBook Value ratio, Enterprise ValueNet Sales ratio, Tobins Q ratio, and Enterprise ValueInvested Capital ratio. One of the most significant criteria based on the criterion weighting results derived from the MEREC method was identified as the Firm ValueNet Sales ratio for all periods except 2022:Q1. Although the results obtained for other criteria vary periodically, when analysed in general, the second most important criterion is the Market ValueBook Value ratio, while the criteria with the lowest importance weight are Piotroski F-score and Tobins Q ratio, respectively. According to the results obtained with the CoCoSo method for the periods analysed, it is found that the firms with the best financial performance are YAPRK and GWIND, while the firms with the lowest financial performance are BANVT and BAGFS.

 The analysis of companies financial performance is a crucial topic for many market participants, including investors, company managers, lenders, and professional portfolio managers, as they examine the current status of the firm and make decisions for the future. To scrutinize performance metrics and reports on the index as a whole enables investors to have a full picture of market trends and possible opportunities that lie ahead. Therefore, this study aims to analyze the financial performance of companies continuously traded in the BIST Balıkesir Index XSBAL between 2021:Q4-2023:Q3 using multi-criteria decision-making techniques. The analysis of financial performance includes six different criteria: Piotroski F-score, Altman Z-score, Market ValueBook Value ratio, Enterprise ValueNet Sales ratio, Tobins Q ratio, and Enterprise ValueInvested Capital ratio. One of the most significant criteria based on the criterion weighting results derived from the MEREC method was identified as the Firm ValueNet Sales ratio for all periods except 2022:Q1. Although the results obtained for other criteria vary periodically, when analysed in general, the second most important criterion is the Market ValueBook Value ratio, while the criteria with the lowest importance weight are Piotroski F-score and Tobins Q ratio, respectively. According to the results obtained with the CoCoSo method for the periods analysed, it is found that the firms with the best financial performance are YAPRK and GWIND, while the firms with the lowest financial performance are BANVT and BAGFS.

 Firmaların finansal performanslarının analiz edilmesi başta yatırımcılar, firma yöneticileri, kredi verenler ve profesyonel portföy yöneticileri olmak üzere firmanın mevcut durumunu inceleyip geleceğe yönelik karar verme durumunda olan pek çok piyasa katılımcısının üzerinde önemle durduğu konuların başında gelmektedir. Yatırımcılar performans metriklerini ve raporlarını analiz ederek, piyasa eğilimleri ve endeks kapsamındaki potansiyel fırsatlar hakkında kapsamlı bir anlayışa sahip olabilirler. Buradan hareketle çalışmada, 2021:Q4-2023:Q3 dönemleri arasında BİST Balıkesir Endeksinde XSBAL sürekli olarak işlem gören firmaların finansal performansının çok kriterli karar verme teknikleriyle analiz edilmesi amaçlanmıştır. Finansal performansın analizinde Piotroski F-skoru, Altman Z-skoru, Piyasa DeğeriDefter Değeri oranı, Firma DeğeriNet Satışlar oranı, Tobins Q oranı ve Firma DeğeriYatırılmış Sermaye oranı olmak üzere 6 farklı kriterden yararlanılmıştır. MEREC yöntemiyle elde edilen kriter ağırlıklandırma sonuçlarına göre 2022:Q1 dönemi haricindeki tüm dönemlerde en önemli kriterin Firma DeğeriNet Satışlar oranı olduğu tespit edilmiştir. Diğer kriterler için elde edilen sonuçlar dönemsel olarak değişkenlik sergilemekle birlikte genel olarak incelendiğinde, ikinci önemli kriter Piyasa DeğeriDefter Değeri oranı olurken, en düşük önem ağırlığına sahip kriterin ise sırasıyla Piotroski F-skoru ve Tobins Q oranı olduğu görülmüştür. Analiz edilen dönemler için CoCoSo yöntemiyle elde edilen sonuçlara göre en iyi finansal performansa sahip firmaların sırasıyla YAPRK ve GWIND olduğu, buna karşın en düşük finansal performansa sahip firmaların ise BANVT ve BAGFS olduğu bulgusuna ulaşılmıştır.

Makale detayları

Yazarlar: Arif Sezgin | Sinan Aytekin

Yayıncı: Balıkesir University

Ana Başlıklar: Mikro İktisat (Diğer)

Dergi: Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51-1 - 2024 Yılı Özel Sayısı, pp.63-77

Belge Tipi: Makale

Yayın Tarihi: 11/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001315929

pISSN: 1301-5265

Sayı

Yazarlar:

Arif Sezgin | Sinan Aytekin

Yayıncı:

Balıkesir University

Ana Başlıklar:

Mikro İktisat (Diğer)

Dergi:

Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51-1 - 2024 Yılı Özel Sayısı, pp.63-77

Belge Tipi:

Makale

Yayın Tarihi:

11/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001315929

pISSN:

1301-5265