Analysis of initial public offerings in Borsa Istanbul with CRITIC-based OCRA and COPRAS methods

Year 2023, , 226 - 245, 01.12.2023

Hakan Altın

https://doi.org/10.33707/akuiibfd.1291707

Abstract

The main purpose of the study is to propose the Operational Competitiveness Rating Analysis (OCRA) and COmplex Proportional ASsessment (COPRAS) methods to measure the financial competitiveness of companies in initial public offerings. For this, in the first stage, the financial competitiveness of the companies that were offered to the public for the first time in 2021 on Borsa Istanbul was calculated according to the OCRA method. Then, as a proof of the accuracy of the findings obtained, they were compared with the findings calculated according to the COPRAS method. For these calculations, 19 alternative companies and 10 generally accepted criteria were used. In addition, the CRiteria Importance Through Intercriteria Correlation (CRITIC) method, which is an objective evaluation criterion, was used to determine the importance weights of the criteria. The relationship between the ranking scores obtained from the methods was examined with the Spearman rank correlation. Accordingly, there is a strong positive correlation of 74.20 percent between the ranking scores of the two methods before a ranking is made. In addition, after ranking the scores from high to low, there is a positive absolute rank correlation relationship. The results obtained are statistically significant.

Keywords

Initial Public Offerings, OCRA, COPRAS

Project Number

Yok

Borsa İstanbul’da ilk halka arzların CRITIC tabanlı OCRA ve COPRAS yöntemleri ile analizi

Abstract

Çalışmanın temel amacı, ilk halka arzlarda şirketlerin finansal rekabet gücünün ölçümü için Operational Competitiveness Rating Analysis (OCRA) ve Complex Proportional ASsessment (COPRAS) yöntemlerinin önerilmesidir. Bunun için ilk aşamada, Borsa İstanbul’da 2021 yılında ilk kez halka arz edilen şirketlerin OCRA yöntemine göre finansal rekabet güçleri hesaplanmıştır. Daha sonra, elde edilen bulguların doğruluğunun bir kanıtı olarak COPRAS yöntemine göre hesaplanmış bulgular ile karşılaştırılmıştır. Bu hesaplamalar için 19 alternatif şirket ve genel kabul görmüş 10 kriter kullanılmıştır. Ayrıca, kriterlerin önem ağırlıklarının belirlenmesi konusunda objektif bir değerlendirme ölçütü olan Criteria Importance Through Intercriteria Correlation (CRITIC) yöntemi kullanılmıştır. Yöntemlerden elde edilen sıralama skorlarının arasındaki ilişki spearman sıra korelasyonu ile incelenmiştir. Buna göre, iki yöntemin sıralama skorları arasında bir sıralama yapılmadan önce yüzde 74,20 oranında pozitif yönlü kuvvetli bir ilişki vardır. Buna ilaveten, skorlar arasında büyükten küçüğe sıralama yapıldıktan sonra pozitif yönlü mutlak bir sıra korelasyon ilişki yaşanmaktadır. Elde edilen sonuçlar, istatistiksel olarak anlamlıdır.

Keywords

İlk Halka Arzlar, OCRA, COPRAS

Supporting Institution

Yok

Project Number

Yok

Thanks

Yok

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