Strategic Financial Performance Evaluation of the Turkish Companies Traded on Istanbul Stock Exchange

Year 2012, Volume: 12 Issue: 4, 529 - 539, 01.09.2012

Ali Bayrakdaroğlu Neşe Yalçın

Abstract

Son yıllarda işletmelerin stratejik finansal performanslarının değerlendirilmesi özellikle rekabetçi ekonomik çevrelerde önemli hale gelmiştir. Bu çalışmanın temel amacı; İMKB-30 endeksinde işlem gören imalat sanayi işletmelerinin yedi stratejik finansal performans ölçütüne göre çok kriterli karar verme (ÇKKV) teknikleri olarak bilinen Bulanık Analitik Hiyerarşi Prosesi (BAHP) ve VIKOR (VI_sekriterijumsko KOmpromisno Rangiranje) yöntemi ile değerlendirilmesidir. İşletmelerin değerlendirilmesinde ele alınan bu yedi finansal ölçüt, en yaygın değer temelli finansal performans ölçütleri olarak bilinmektedir. Çalışmada ele alınan yedi ölçüt şunlardır; Ekonomik Katma Değer (EVA), Arındırılmış Ekonomik Katma Değer (REVA), Gerçek Katma Değer (E-EVA), Piyasa Katma Değeri (MVA), Yatırımın Nakit Akım Karlılığı (CFROI) ve Nakit Katma Değer (CVA). Çalışmada performans ölçütlerinin ağırlıkları BAHP ile belirlenmiştir. İşletmeler stratejik finansal performans ölçütlerinin hem 1998-2011 dönemindeki her bir yılına ait değerleri ve hem de ölçütlerin bu dönemi kapsayan ortalama değerleri bakımından VIKOR yöntemi ile sıralanmıştır

Keywords

Stratejik performans ölçütleri, performans değerlendirmesi, ÇKKV, BAHP, VIKOR, İMKB-30

Strategic Financial Performance Evaluation of the Turkish Companies Traded on ISE

Abstract

Strategic financial performance evaluation has been more important in a highly competitive environment. The main aim of this study is to evaluate the Turkish industrial companies traded on Istanbul Stock Exchange 30 (ISE-30) with respect to seven strategic financial performance measures by using Fuzzy Analytic Hierarchy Process (FAHP) and VIKOR (VI_sekriterijumsko KOmpromisno Rangiranje) method which are known as Multi Criteria Decision Making (MCDM) methods. The strategic performance measures used for performance evaluation are mostly known as the value-based financial performance measures. These seven performance measures are as follows; Economic Value Added (EVA), Refined Economic Value Added (REVA), Equity Economic Value Added (E-EVA), True Value Added (TVA), Market Value Added (MVA), Cash Flow Return on Investment (CFROI) and Cash Value Added (CVA), respectively. In this study, the weights of the performance measures are obtained by using FAHP. The companies are ranked with respect to their strategic financial performance measures’ values for each year for the period 1998-2011, and also ranked with respect to the average values of these measures for the related period by using the VIKOR method

Keywords

Strategic performance measures, performance evaluation, MCDM, FAHP, VIKOR, ISE-30

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