Araştırma Makalesi
BibTex RIS Kaynak Göster

BİST-Çimento Şirketlerinin Finansal Performanslarının TOPSIS ve ELECTRE Yöntemleriyle Analizi

Yıl 2023, Sayı: 78, 491 - 510, 25.10.2023

Tunga Bozdoğan Alper Odabas Ömer Orbay Çetin

https://doi.org/10.51290/dpusbe.1368085

Öz

Bu çalışma kapsamında BİST’te işlem gören çimento sektöründeki şirketlerin finansal performansı farklı iki yöntemin uygulanmasıyla ölçülmüştür. Analizde kullanılan finansal oranları belirlemek için kapsamlı bir literatür analizi yapılmış ve literatürde sıklıkla kullanılan finansal oranlar belirlenmiştir. 2013-2022 dönemine ait finansal verilerine ulaşılabilen 15 şirket araştırmaya dahil edilmiş ve finansal performanslarının ölçümünde verilerin analizi için çok kriterli karar verme yöntemlerinden CRITIC temelli TOPSIS ve ELECTRE yöntemleri kullanılmıştır. Analiz sonucunda 15 şirket için iyi, orta ve kötü olmak üzere üç ayrı başarı grubu belirlenmiştir. Analizden elde edilen bulgulara göre her iki yönteme göre de OYAK, NUHCM ve KONYA şirketleri en başarılı finansal performansa sahip şirketler olurken, BTCIM şirketi ise en başarısız şirket olmuştur. Özellikle ülkemizde yaşanan deprem felaketinden sonra öneminin iyice artması beklenen çimento sektörünün, gelecekte farklı veri dönemleri ve farklı yöntemlerle sürekli olarak analiz edilmesi gerektiği ve sektöre ilişkin iyileştirici yeniliklerin sağlanması önerisinde bulunulmuştur.

Anahtar Kelimeler

Finansal performans çimento sektörü finansal tablolar analizi TOPSIS ELECTRE

Kaynakça

  • Abdelli, A., Mokdad, L. & Hammal, Y. (2020). Dealing with value constraints in decision making using MCDM methods, Journal of Computational Science, 44, 101154.
  • Ahmad, N., Ansari, M. N., & Shamsi Feroz, A. (2019). Factors affecting dividend payout: empirical investigation from cement sector of Pakistan. The Journal of Economic Research & Business Administration, 128(2), 164-175.
  • Akbulut, O. Y. (2020). Measuring The relationship between financial performance and stock return with integrated critic and mabac mcdm techniques: An empiric application on Borsa Istanbul cement sector companies. Pamukkale University Journal of Social Sciences Institute, 40, 471-488.
  • Akdoğan, N. & Tenker, N. (2010). Finansal tablolar ve mali analiz teknikleri. Gazi Kitapevi.
  • Arslan, H. M. (2018). Optimum facilty location of science centers with electre and maximum covering model. Electronic Journal of Social Sciences, 17(65), 337-355.
  • Ataman, Ü. & Hacırüstemoğlu, R. (1999). Yöneticiler için; Muhasebe ve Finans Bilgileri. Türkmen Kitabevi.
  • Atukalp, M. E. (2019). Analysis of financial performance of cement firms traded on Borsa İstanbul. The Journal of Accounting and Finance, 81, 213-230.
  • Çabuk, A. & Lazol, İ. (2005). Mali tablolar analizi. Nobel Yayın Dağıtım.
  • Çabuk, A., Karagül, A. A., Erol, C., Başar, A.B., Sevim, Ş., & Sayılır, Ö. (2013). Finansal tablolar analizi. (2. Baskı). Anadolu Üniversitesi Açıköğretim Fakültesi Yayını.
  • Çağatay, B. (2021). Future forecasts regarding the cement sector in Turkey; new policies in the light of global trade and macroeconomic variables. Dumlupınar University Journal of Feas, 8, 95-115.
  • Çanakçıoğlu, M. (2019). Financial performance evaluation of cement firms traded in Istanbul stock exchange by integrated entropy and eatwios approach. Journal of Yasar University, 14(56), 407-421.
  • Çanakçıoğlu, M. & Küçükönder, H. (2020). An analysis of the performance and efficiency of cement companies listed in Borsa İstanbul by multi-criteria decision-making methods. Accounting and Auditing Review, 20(61), 165-192.
  • Deng, H., Yeh, C. H. & Willis, R. J. (2000). Inter-company comparison using modified TOPSIS with objective weights. Computers and Operations Research, 27(10), 963–973.
  • Diakoulaki, D., Mavrotas, G. & Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The critic method. Computers and Operations Research, 22(7), 763–770.
  • Dumanoğlu, S. (2010). Financial performance evaluation of cement firms trading in ise by using topsis method. Marmara University Journal of Economic and Administrative Sciences, 29(2), 323-339.
  • Ege, İ. & Yaman, S. (2018). The effects of financial performance that measured by topsis and moora methods on stock returns: A panel data application on bist cementconcrete companies. Injosos Al-Farabi International Journal On Social Science, 2(1), 75-96.
  • Güleç, Ö. F. & Özkan, A. (2018). Financial performance analysis by grey relational analysis method: An application on iron and steel companies traded in bist. The World of Accounting Science, 18(54), 77-96.
  • Iqbal, N., Ahmad, N., Basheer, N.A. & Nadeem, M. (2012). Impact of corporate social responsibility on financial performance of corporations: evidence from Pakistan. International Journal of Learning and Development, 2(6), 107–118.
  • Jollyta, D. (2018). Topsis technique for selecting of property development location. Software Engineering. 6(1), 20-26.
  • Kaplan, G., Odabaş, A. & Bozdoğan, T. (2023). Analysis of financial performances of banks by electre and topsis methods in the covid-19 pandemic. Alanya Academic Review, 7(2), 865-892.
  • Kızıl, E. (2019). The relationship between financial performances and borsa performance of companies operated in cement sectorin Borsa Istanbul. Journal of the Faculty of Political Science (JNEUSBF), 1(1), 51-67.
  • Malczewski, J. (1999). GIS and Multicrieria decision analysis. Wiley.
  • Malik, A. D. & Handono, W. A. (2018). Analisis perbandingan performa finansial perusahaan semen BUMN pasca masuknya ındustri PMA semen secara massive di Indonesia comparative analysis of financial performance of SOE cement companies in the post-entry of massive foreign capital companies of ce. The International Journal of Applied Business, 2(1), 1–19.
  • McGowan, C. B., Gardner, J. C. & Moeller S. E. (2015). The fundamentals of financial statement analysis as applied to the Coca-Cola company, business expert press. LLC.
  • Moghimi, R. & Anvari, A. (2014). An integrated fuzzy MCDM approach and analysis to evaluate the financial performance of Iranian cement companies. The International Journal of Advanced Manufacturing Technology, 71, 685-698.
  • Odabaş, A. & Bozdoğan, T. (2020). Analysis of the financial performances of the participation. The Journal of Accounting and Finance, 88, 199-224.
  • Okka, O. (2005) Finansal yönetime giriş. (1. Baskı). Nobel Yayın Dağıtım.
  • Özdemir M. (1997). Finansal yönetim. Gazi Kitabevi.
  • Özden, Ü. H., Başar, Ö. D. & Kalkan, S.B. (2012). İMKB’de işlem gören çimento sektöründeki şirketlerin finansal performanslarının VIKOR yöntemi ile sıralanması. Istanbul University Econometrics and Statistics e-Journal, 17, 23-44.
  • Özkan, T. (2020). Evaluation of financial effectiveness of bist cement sector companies with topsis and gray relational analysis methods. Dynamics in Social Sciences and Humanities, 1(1), 69-85.
  • Pamukçu, A. B. (1999). Finans yönetimi. Der Yayınları.
  • Para & Borsa (2022). Çimento sektörü raporu/info yatırım – (23.11.2022). https://www.paraborsa.net/i/cimento-sektoru-raporu-info-yatirim-23-11-2022/.
  • Raikar, A. V. (2018). An analytical study of the cement sector and selected cement companies in ındia by using multi criteria decision making (MCDM) technique of analytic hierarchy process (AHP) and VIKOR. International Journal of Research in Management, Economics and Commerce, 8(5), 1-11.
  • Ratan-Paramanik, A., Sarkar, S. & Sarkar, B. (2022). OSWMI: An objective-subjective weighted method for minimizing inconsistency in multi-criteria decision making, Computers & Industrial Engineering, 169, 108138.
  • Sakarya, Ş. & Akkuş, H. T. (2015). Comperative analysis of traditional ratios with cash flow ratios on measuring financial performance: A practise on bist cement companies with topsis method. Afyon Kocatepe University Journal of Economics and Administrative Sciences, 17(1), 109-123.
  • Saygılı, E. E. & Şahin, Y. (2018). The relationship between financial performance and investors’ decisions: TOPSIS application in bist cement industry. Izmir Democracy University Social Sciences Journal, 1(1), 16-45.
  • Schmidlin, N. (2014). The art of company valuation and financial statement analysis. John Wiley & Sons.
  • Şahin, S. (2018). ELECTRE. İçinde F. B. Yıldırım ve E. Önder (Ed.), İşletmeciler, mühendisler ve yöneticiler ı̇çin operasyonel, yönetsel ve stratejik problemlerin çözümünde çok kriterli karar verme yöntemleri. (3. Baskı, ss. 155-176). Dora Yayınları.
  • T.C. Sanayi ve Teknoloji Bakanlığı (2022). Çimento sektör raporu. https://www.sanayi.gov.tr/assets/pdf/plan-program/CimentoSektorRaporu2021.pdf.
  • Türk Çimento (2023). Çimento ve klinker istatistikleri. (07.08.2023). https://www.turkcimento.org.tr/tr/haber_detay/cimento-ve-klinker-istatistikleri.
  • Usta, Ö. (2008). İşletme finansı ve finansal yönetim. Ankara.
  • Wahlen, J. M., Beginski, S. P. & Bradshaw, M. T. (2008). Financial reporting, financial statement analysis, and valuation: A strategic perspective. Cengage Learning.
  • Whitfield, M. (1999). Prioritizing issues and concerns. A users guide to the interactive paired comparison program. USDA-Natural Resources Conservation Service.

Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods

Yıl 2023, Sayı: 78, 491 - 510, 25.10.2023

Tunga Bozdoğan Alper Odabas Ömer Orbay Çetin

https://doi.org/10.51290/dpusbe.1368085

Öz

In the scope of this study, the financial performance of companies in the cement sector listed on BIST (Borsa Istanbul) has been measured using two different methods. A comprehensive literature review was conducted to determine the financial ratios used in the analysis, and commonly used financial ratios in the literature were identified. The research included fifteen companies for which financial data spanning the period from 2013 to 2022 was available, and the CRITIC-based TOPSIS and ELECTRE methods, which are multi-criteria decision-making methods, were used for data analysis to measure their financial performance. As a result of the analysis, three separate performance groups were identified for the 15 companies: good, moderate, and poor. According to the findings of the analysis, in both methods, OYAK, NUHCM, and KONYA companies were the most successful in terms of financial performance, while BTCIM company was the least successful. It is recommended that the cement sector, which is expected to become even more important after the earthquake disaster in our country, should be continuously analyzed in the future with different data periods and different methods, and suggestions have been made for implementing corrective innovations in the sector.

Anahtar Kelimeler

Financial performance cement industry financial statement analysis TOPSIS ELECTRE

Kaynakça

  • Abdelli, A., Mokdad, L. & Hammal, Y. (2020). Dealing with value constraints in decision making using MCDM methods, Journal of Computational Science, 44, 101154.
  • Ahmad, N., Ansari, M. N., & Shamsi Feroz, A. (2019). Factors affecting dividend payout: empirical investigation from cement sector of Pakistan. The Journal of Economic Research & Business Administration, 128(2), 164-175.
  • Akbulut, O. Y. (2020). Measuring The relationship between financial performance and stock return with integrated critic and mabac mcdm techniques: An empiric application on Borsa Istanbul cement sector companies. Pamukkale University Journal of Social Sciences Institute, 40, 471-488.
  • Akdoğan, N. & Tenker, N. (2010). Finansal tablolar ve mali analiz teknikleri. Gazi Kitapevi.
  • Arslan, H. M. (2018). Optimum facilty location of science centers with electre and maximum covering model. Electronic Journal of Social Sciences, 17(65), 337-355.
  • Ataman, Ü. & Hacırüstemoğlu, R. (1999). Yöneticiler için; Muhasebe ve Finans Bilgileri. Türkmen Kitabevi.
  • Atukalp, M. E. (2019). Analysis of financial performance of cement firms traded on Borsa İstanbul. The Journal of Accounting and Finance, 81, 213-230.
  • Çabuk, A. & Lazol, İ. (2005). Mali tablolar analizi. Nobel Yayın Dağıtım.
  • Çabuk, A., Karagül, A. A., Erol, C., Başar, A.B., Sevim, Ş., & Sayılır, Ö. (2013). Finansal tablolar analizi. (2. Baskı). Anadolu Üniversitesi Açıköğretim Fakültesi Yayını.
  • Çağatay, B. (2021). Future forecasts regarding the cement sector in Turkey; new policies in the light of global trade and macroeconomic variables. Dumlupınar University Journal of Feas, 8, 95-115.
  • Çanakçıoğlu, M. (2019). Financial performance evaluation of cement firms traded in Istanbul stock exchange by integrated entropy and eatwios approach. Journal of Yasar University, 14(56), 407-421.
  • Çanakçıoğlu, M. & Küçükönder, H. (2020). An analysis of the performance and efficiency of cement companies listed in Borsa İstanbul by multi-criteria decision-making methods. Accounting and Auditing Review, 20(61), 165-192.
  • Deng, H., Yeh, C. H. & Willis, R. J. (2000). Inter-company comparison using modified TOPSIS with objective weights. Computers and Operations Research, 27(10), 963–973.
  • Diakoulaki, D., Mavrotas, G. & Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The critic method. Computers and Operations Research, 22(7), 763–770.
  • Dumanoğlu, S. (2010). Financial performance evaluation of cement firms trading in ise by using topsis method. Marmara University Journal of Economic and Administrative Sciences, 29(2), 323-339.
  • Ege, İ. & Yaman, S. (2018). The effects of financial performance that measured by topsis and moora methods on stock returns: A panel data application on bist cementconcrete companies. Injosos Al-Farabi International Journal On Social Science, 2(1), 75-96.
  • Güleç, Ö. F. & Özkan, A. (2018). Financial performance analysis by grey relational analysis method: An application on iron and steel companies traded in bist. The World of Accounting Science, 18(54), 77-96.
  • Iqbal, N., Ahmad, N., Basheer, N.A. & Nadeem, M. (2012). Impact of corporate social responsibility on financial performance of corporations: evidence from Pakistan. International Journal of Learning and Development, 2(6), 107–118.
  • Jollyta, D. (2018). Topsis technique for selecting of property development location. Software Engineering. 6(1), 20-26.
  • Kaplan, G., Odabaş, A. & Bozdoğan, T. (2023). Analysis of financial performances of banks by electre and topsis methods in the covid-19 pandemic. Alanya Academic Review, 7(2), 865-892.
  • Kızıl, E. (2019). The relationship between financial performances and borsa performance of companies operated in cement sectorin Borsa Istanbul. Journal of the Faculty of Political Science (JNEUSBF), 1(1), 51-67.
  • Malczewski, J. (1999). GIS and Multicrieria decision analysis. Wiley.
  • Malik, A. D. & Handono, W. A. (2018). Analisis perbandingan performa finansial perusahaan semen BUMN pasca masuknya ındustri PMA semen secara massive di Indonesia comparative analysis of financial performance of SOE cement companies in the post-entry of massive foreign capital companies of ce. The International Journal of Applied Business, 2(1), 1–19.
  • McGowan, C. B., Gardner, J. C. & Moeller S. E. (2015). The fundamentals of financial statement analysis as applied to the Coca-Cola company, business expert press. LLC.
  • Moghimi, R. & Anvari, A. (2014). An integrated fuzzy MCDM approach and analysis to evaluate the financial performance of Iranian cement companies. The International Journal of Advanced Manufacturing Technology, 71, 685-698.
  • Odabaş, A. & Bozdoğan, T. (2020). Analysis of the financial performances of the participation. The Journal of Accounting and Finance, 88, 199-224.
  • Okka, O. (2005) Finansal yönetime giriş. (1. Baskı). Nobel Yayın Dağıtım.
  • Özdemir M. (1997). Finansal yönetim. Gazi Kitabevi.
  • Özden, Ü. H., Başar, Ö. D. & Kalkan, S.B. (2012). İMKB’de işlem gören çimento sektöründeki şirketlerin finansal performanslarının VIKOR yöntemi ile sıralanması. Istanbul University Econometrics and Statistics e-Journal, 17, 23-44.
  • Özkan, T. (2020). Evaluation of financial effectiveness of bist cement sector companies with topsis and gray relational analysis methods. Dynamics in Social Sciences and Humanities, 1(1), 69-85.
  • Pamukçu, A. B. (1999). Finans yönetimi. Der Yayınları.
  • Para & Borsa (2022). Çimento sektörü raporu/info yatırım – (23.11.2022). https://www.paraborsa.net/i/cimento-sektoru-raporu-info-yatirim-23-11-2022/.
  • Raikar, A. V. (2018). An analytical study of the cement sector and selected cement companies in ındia by using multi criteria decision making (MCDM) technique of analytic hierarchy process (AHP) and VIKOR. International Journal of Research in Management, Economics and Commerce, 8(5), 1-11.
  • Ratan-Paramanik, A., Sarkar, S. & Sarkar, B. (2022). OSWMI: An objective-subjective weighted method for minimizing inconsistency in multi-criteria decision making, Computers & Industrial Engineering, 169, 108138.
  • Sakarya, Ş. & Akkuş, H. T. (2015). Comperative analysis of traditional ratios with cash flow ratios on measuring financial performance: A practise on bist cement companies with topsis method. Afyon Kocatepe University Journal of Economics and Administrative Sciences, 17(1), 109-123.
  • Saygılı, E. E. & Şahin, Y. (2018). The relationship between financial performance and investors’ decisions: TOPSIS application in bist cement industry. Izmir Democracy University Social Sciences Journal, 1(1), 16-45.
  • Schmidlin, N. (2014). The art of company valuation and financial statement analysis. John Wiley & Sons.
  • Şahin, S. (2018). ELECTRE. İçinde F. B. Yıldırım ve E. Önder (Ed.), İşletmeciler, mühendisler ve yöneticiler ı̇çin operasyonel, yönetsel ve stratejik problemlerin çözümünde çok kriterli karar verme yöntemleri. (3. Baskı, ss. 155-176). Dora Yayınları.
  • T.C. Sanayi ve Teknoloji Bakanlığı (2022). Çimento sektör raporu. https://www.sanayi.gov.tr/assets/pdf/plan-program/CimentoSektorRaporu2021.pdf.
  • Türk Çimento (2023). Çimento ve klinker istatistikleri. (07.08.2023). https://www.turkcimento.org.tr/tr/haber_detay/cimento-ve-klinker-istatistikleri.
  • Usta, Ö. (2008). İşletme finansı ve finansal yönetim. Ankara.
  • Wahlen, J. M., Beginski, S. P. & Bradshaw, M. T. (2008). Financial reporting, financial statement analysis, and valuation: A strategic perspective. Cengage Learning.
  • Whitfield, M. (1999). Prioritizing issues and concerns. A users guide to the interactive paired comparison program. USDA-Natural Resources Conservation Service.
Toplam 43 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Mali Tablo Analizi
Bölüm ARAŞTIRMA MAKALELERİ
Yazarlar

Tunga Bozdoğan 0000-0002-1651-9865

Alper Odabas 0000-0002-4361-3056

Ömer Orbay Çetin 0000-0002-6909-7248

Yayımlanma Tarihi 25 Ekim 2023
Yayımlandığı Sayı Yıl 2023 Sayı: 78

Kaynak Göster

APA Bozdoğan, T., Odabas, A., & Çetin, Ö. O. (2023). Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(78), 491-510. https://doi.org/10.51290/dpusbe.1368085
AMA Bozdoğan T, Odabas A, Çetin ÖO. Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. Ekim 2023;(78):491-510. doi:10.51290/dpusbe.1368085
Chicago Bozdoğan, Tunga, Alper Odabas, ve Ömer Orbay Çetin. “Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 78 (Ekim 2023): 491-510. https://doi.org/10.51290/dpusbe.1368085.
EndNote Bozdoğan T, Odabas A, Çetin ÖO (01 Ekim 2023) Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 78 491–510.
IEEE T. Bozdoğan, A. Odabas, ve Ö. O. Çetin, “Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 78, ss. 491–510, Ekim 2023, doi: 10.51290/dpusbe.1368085.
ISNAD Bozdoğan, Tunga vd. “Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi 78 (Ekim 2023), 491-510. https://doi.org/10.51290/dpusbe.1368085.
JAMA Bozdoğan T, Odabas A, Çetin ÖO. Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2023;:491–510.
MLA Bozdoğan, Tunga vd. “Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, sy. 78, 2023, ss. 491-10, doi:10.51290/dpusbe.1368085.
Vancouver Bozdoğan T, Odabas A, Çetin ÖO. Financial Performance of BIST-Cement Companies Analysis by TOPSIS and ELECTRE Methods. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2023(78):491-510.
 Kapak Resmi İndir

Dergimiz EBSCOhost, ULAKBİM/Sosyal Bilimler Veri Tabanında, SOBİAD ve Türk Eğitim İndeksi'nde yer alan uluslararası hakemli bir dergidir.