A Financial Ratio Analysis on BIST Information and Technology Index (XUTEK) Using AHP-weighted Grey Relational Analysis

Turhan, Tunahan; Aydemir, Erdal

doi:10.29130/dubited.1011252

Cited by 4 publications

(1 citation statement)

References 38 publications

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“…Of course, a single criterion or ratio is insufficient for an overall assessment of the multidimensional performance of companies. In this sense, MCDM methods take into account the dimensions that express the different purposes of the enterprises and transform them into a single score ( Diakoulaki, Mavrotas & Papayannakis, 1995 ; Zopounidis et al, 2015 ; Rasoulzadeh & Fallah, 2020 ; Turhan & Aydemir, 2021 ; Khodadadi-Karimvand & Shirouyehzad, 2021 ; Edu, Agoyi & Agozie, 2021 ; Baydaş, 2022a ). Thus, a fair comparison becomes possible for companies.…”

Section: Introductionmentioning

confidence: 99%

Proposal for an objective binary benchmarking framework that validates each other for comparing MCDM methods through data analytics

Baydaş

Eren

Stević

et al. 2023

PeerJ Computer Science

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When it comes to choosing the best option among multiple alternatives with criteria of different importance, it makes sense to use multi criteria decision making (MCDM) methods with more than 200 variations. However, because the algorithms of MCDM methods are different, they do not always produce the same best option or the same hierarchical ranking. At this point, it is important how and according to which MCDM methods will be compared, and the lack of an objective evaluation framework still continues. The mathematical robustness of the computational procedures, which are the inputs of MCDM methods, is of course important. But their output dimensions, such as their capacity to generate well-established real-life relationships and rank reversal (RR) performance, must also be taken into account. In this study, we propose for the first time two criteria that confirm each other. For this purpose, the financial performance (FP) of 140 listed manufacturing companies was calculated using nine different MCDM methods integrated with step-wise weight assessment ratio analysis (SWARA). İn the next stage, the statistical relationship between the MCDM-based FP final results and the simultaneous stock returns of the same companies in the stock market was compared. Finally, for the first time, the RR performance of MCDM methods was revealed with a statistical procedure proposed in this study. According to the findings obtained entirely through data analytics, Faire Un Choix Adéquat (FUCA) and (which is a fairly new method) the compromise ranking of alternatives from distance to ideal solution (CRADIS) were determined as the most appropriate methods by the joint agreement of both criteria.

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Section: Introductionmentioning

confidence: 99%

Proposal for an objective binary benchmarking framework that validates each other for comparing MCDM methods through data analytics

Baydaş

Eren

Stević

et al. 2023

PeerJ Computer Science

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Comparison of fuzzy and crisp decision matrices: An evaluation on PROBID and sPROBID multi-criteria decision-making methods

Wang,

Baydaş,

Stević

et al. 2023

Demonstratio Mathematica

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The use of multi-criteria decision-making (MCDM) methods to select the most appropriate one from a range of alternatives considering multiple criteria is a suitable methodology for making informed decisions. When constructing a decision or objective matrix (DOM) for MCDM procedure, either crisp numerical values or fuzzy linguistic terms can be used. A review of relevant literature indicates that decision experts often prefer to give linguistic terms (instead of crisp numerical values) based on their domain knowledge, to establish a fuzzy DOM. However, previous research articles have not adequately studied the selection between fuzzy and crisp DOM in MCDM, especially under the context of assessing the financial performance (FP) of listed firms – a notably complex decision-making problem. As such, the primary motivation of this study is to bridge this research gap through comparative analyses of fuzzy and crisp DOM in MCDM. Along this path, and in order to handle fuzzy DOM, this work also proposes two new fuzzy MCDM methods: fuzzy preference ranking on the basis of ideal-average distance (PROBID) and fuzzy sPROBID (simpler PROBID), extending the applicability of the original crisp PROBID and sPROBID methods. Moreover, for the first time in the literature, this work compares the FP rankings obtained using fuzzy MCDM methods with an objective benchmark we have identified, i.e., the real-life stock return (SR)-based ranking. The case study of ranking the FP of 32 listed firms demonstrates that the fuzzy MCDM methods produce higher correlation results with the SR-based ranking. The results also suggest that the proposed fuzzy sPROBID method with triangular fuzzy DOM performs the best for assessing the FP of firms in terms of Spearman’s rank correlation coefficient with the SR-based ranking. Overall, the contributions of this work are three-fold: first, it proposes two new fuzzy MCDM methods (i.e., fuzzy PROBID and fuzzy sPROBID); second, it advances the application of fuzzy MCDM methods in assessing and ranking the FP of listed firms to make rational investment decisions in the financial market; third, it studies the selection between fuzzy and crisp DOM through comparisons with an objective benchmark.

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Finansal Performansın Ölçülmesinde Piotroski F-Skoru Bileşenleri ve ÇKKV Yöntemlerinin Bağlantısı: MEREC Tabanlı MARCOS Uygulaması

Sezgin,

Aytekin,

Sakarya

2024

EPF Journal

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Bu çalışmanın amacı, Borsa İstanbul bilişim sektöründe yer alan firmaların finansal performanslarının analiz edilmesidir. 2023:Q1-2023:Q4 arasındaki dört çeyreklik dönemi kapsayan çalışmada kriterlerin ağırlıklandırılmasında MEREC yöntemi kullanılmıştır. Kriter ağırlıkları belirlendikten sonra firmaların finansal performans sıralamaları MARCOS yöntemi ile belirlenmiştir. Ayrıca çalışmada iki farklı senaryoya dayalı olarak duyarlılık analizleri yapılmış ve analiz sonucunda elde edilen bulgular karşılaştırmalı olarak incelenmiştir. Literatürdeki diğer çalışmalardan farklı olarak kriter seçiminde Piotroski F-skoru bileşenlerinden yararlanılmıştır. MEREC yöntemine göre elde edilen kriter ağırlıklarında dönemler itibariyle farklılaşma olmakla birlikte, en yüksek ağırlığa sahip kriterlerin aktif devir hızı ve aktif karlılık oranı olduğu tespit edilmiştir. Buna karşın, en düşük kriter ağırlığına cari oranın sahip olduğu görülmüştür. Çalışma sonucunda en iyi ve en düşük performansa sahip firmaların incelenen dönemler itibariyle dalgalanma gösterdiği belirlenmiştir. Bununla birlikte, sonuçlar genel olarak incelendiğinde, en iyi performansa sahip firmalar SMART ve PAPIL olmuştur. En düşük performansa sahip firmaların ise genel olarak KAREL ve OBASE olduğu tespit edilmiştir.

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A Financial Ratio Analysis on BIST Information and Technology Index (XUTEK) Using AHP-weighted Grey Relational Analysis

Cited by 4 publications

References 38 publications

Proposal for an objective binary benchmarking framework that validates each other for comparing MCDM methods through data analytics

Proposal for an objective binary benchmarking framework that validates each other for comparing MCDM methods through data analytics

Comparison of fuzzy and crisp decision matrices: An evaluation on PROBID and sPROBID multi-criteria decision-making methods

Finansal Performansın Ölçülmesinde Piotroski F-Skoru Bileşenleri ve ÇKKV Yöntemlerinin Bağlantısı: MEREC Tabanlı MARCOS Uygulaması

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