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The aim of this study is to analyze improvement of private pension system in Turkey in numerical quantities according to years and measure efficiency of system. Data envelopment analysis (DEA) was used as measurement method in the study. Inputs of DEA model are the number of employees and total assets. Total quantity of total premiums and funds is the output of model. The study is original since it differentiates pension companies as large-small scaled and domestic-foreign ones and enables more detailed analysis about efficiency. When analysis results are considered, it was observed that efficiency level in system had normal course with slight changes in the last 6 years. It was also concluded that large-scaled company group had lower efficiency than small-scaled company group and domestic companies had lower efficiency than foreign companies. The main reason of inefficiency was their inability to operate in optimal scale due to financial crisis.

Financial evaluation is the starting point for making business plan and strategy, therefore, this study aimed mainly to present an effective approach to evaluate the financial performance of the BIST Wholesale and Retail Industry firms listed on Istanbul Stock Exchange over the period of 2015-2018. The Fuzzy Grey Rational Analysis (GRA) method is used to evaluate financial performance of different alternatives considering the distances between fuzzy sets based on the grey and fuzzy theory. While, Fuzzy Entropy method is used to determine the relative importance of 15 financial criteria (ratios). Based on a comprehensive financial evaluation framework the study ranks the financial performance of the 17 wholesale and retail trade index firms and shows that MIPAZ firm has the best relative financial performance. Moreover, net profit margin ratio has the highest relative importance indicator for evaluating financial performance. A sensitivity analysis is presented for confirming validity of the proposed model, in addition to a comparison between fuzzy GRA and GRA is demonstrated to test the reliability of the proposed model.

Nowadays oil is the leading energy source in the world. Oil has got a critical importance on manufacturing, specially, in industrial areas. Whilst oil, directly or indirectly, composes the raw material of various products, it is also used as an energy source in running machinery in the manufacturing process. In the scope of this study it is researched that the effects of oil prices on business investments from the view point of manufacturing firms, operating in Turkey. In this study, international crude oil price data and some balance sheet and income statement data about the firms within the scope of work, are analyzed using the panel data analysis. The results of the study show that oil prices have an avoidant and statistically significant effect for the businesses operating in the manufacturing sectors in Turkey.

Finansal oran analizi, finansal analiz tekniklerinin en yaygın kullanılan türlerinden biridir. İşletme yönetici ve sahipleri, yatırımcılar, kredi kurumları gibi özel ve tüzel kişilikler finansal oran analizi yardımıyla işletmelerin finansal yapısı, kârlılıkları, verimlilikleri, borç ödeme kabiliyetleri gibi konular hakkında fikir sahibi olurlar. Finansal oranların sabitleşmiş standartları olmamasıyla birlikte piyasanın durumu, işletmelerin yer aldıkları endüstri gibi değişik faktörlere bağlı olarak zaman içerisinde değişebilirler. Bu çalışmada, Türk gıda içecek ve tütün sektöründeki büyük ve küçük ölçekli işletmelerin sekiz yıllık finansal oranlarının karşılaştırmalı analizi yapılmıştır. Büyük ve küçük ölçekli işletmeler için hesaplanan finansal oranların karşılaştırmalı analizi Mann Whitney U testi kullanılarak yapılmıştır. Karşılaştırmalı analiz sonucunda duran varlık devir hızı, uzun vadeli borç, faiz karşılama ve kârlılık oranlarının tümünde anlamlı farklılıklar olduğu bulunmuştur. AbstractFinancial ratio analysis is one of the most popular analysis techniques of the financial analysis. Business owners, investors, credit agencies and other private and legal corporate bodies are informed about the financial structures, profitability,