Assessing Food and Beverage Companies During a Time of Crisis: A Comparative MCDA Approach

Year 2024, , 1568 - 1598, 27.09.2024

Orhan Emre Elma

https://doi.org/10.25295/fsecon.1394998

Abstract

Financial performance analysis plays a pivotal role in assisting companies achieve their future goals more decisively and in identifying the shortcomings in their competition with their rivals. Multi-Criteria Decision Analysis (MCDA) methods are used in complex scenarios where decisions can be made in different variations based on more than one criterion. During the pandemic, uncertainty increased in all capital markets and the volatility of financial instruments was intensely felt. To that end, the performance of 23 companies listed in the Food and Beverage index of Borsa Istanbul, which is an emerging market, between the years 2020 and 2022, corresponding to the pandemic period, will be analyzed in this study. In the research, where 6 accounting and valuation-based ratios were used as criteria, CRITIC objective weighting technique was integrated and analyzes were made with VIKOR, GRA, TOPSIS, SAW, FUCA, ELECTRE III and COPRAS methods. The results of this research are noteworthy as it is the first study on the relevant index that includes 7 different methods comparatively. Interestingly, as a result of the study, the VIKOR method provided the most sustainable success in this period of historical uncertainty, while the FUCA method took the second place.

Keywords

Capital Markets, Share Return, MCDA

Gıda ve İçecek Firmalarının Kriz Zamanında Değerlendirilmesi: Karşılaştırmalı Bir ÇKKA Yaklaşımı

Abstract

Şirketlerin gelecek ile ilgili belirlemiş oldukları rotalara daha kararlı bir şekilde varmaları ve rakipleri ile rekabetlerinde aksayan yönlerini tespit etmeleri açısından finansal performans analizleri pivot bir rol üstlenmektedir. Kararların birden fazla kriter üzerinden farklı varyasyonlarda verilebildiği karmaşık durumlarda Çok Kriterli Karar Analizi (ÇKKA) yöntemleri kullanılmaktadır. Pandemi sürecinde tüm sermaye piyasalarında belirsizlik artmış ve finansal varlıklarda artan düzeyde volatilite hissedilmiştir. Bu amaçla, bu çalışmada gelişmekte olan bir piyasa olan Borsa İstanbul'un Gıda ve İçecek endeksinde yer alan 23 şirketin pandemi dönemine denk gelen 2020-2022 yılları arasındaki performansı analiz edilecektir. Kriter olarak 6 muhasebe ve değerlemeye dayalı oranın kullanıldığı araştırmada, CRITIC objektif ağırlıklandırma tekniği tercih edilmiş ve VIKOR, GRA, TOPSIS, SAW, FUCA, ELECTRE III ve COPRAS yöntemleriyle analizler yapılmıştır. Bu çalışmanın sonuçları, ilgili endekste 7 farklı yöntemin karşılaştırmalı olarak kullanıldığı ilk çalışma olması açısından dikkat çekicidir. İlginçtir ki, çalışma sonucunda VIKOR yöntemi bu tarihi belirsizlik döneminde en sürdürülebilir başarıyı sağlarken, FUCA yöntemi ikinci sırada yer almıştır.

Keywords

Sermaye Piyasaları, Hisse Getirisi, ÇKKA

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