Belirli Süreyle Temettü Dağıtan Şirketlerin Performanslarının İkili Üstünlük Algoritmaları İle Analizi: Oreste Uygulaması

Year 2022, Volume: 11 Issue: 2, 270 - 289, 29.09.2022

Burhan Günay

https://doi.org/10.53306/klujfeas.1063843

Abstract

Yatırımcıların pay sahibi olduğu şirketlerden elde edebilecekleri en önemli haklardan birisi kâr payı hakkıdır. Pay senedi sahiplerinin bu haklarından doğan alacakları kâr payı tutarı, şirketlerin oluşturdukları temettü politikaları çerçevesinde oluşmaktadır. Şirketlerin uygulayacağı temettü politikalarından şirketlerin değerleri ve performansları etkilenebilmektedir. Şirketin dönemsel faaliyetlerinin sonucunda oluşan mali tablolarda açıklanan kârın, hissedarlara dağıtılıp dağıtılmayacağı, temettü dağıtım oranı ve kâr payı ödeme şeklinin nasıl olacağı şirket tarafından verilmesi gereken önemli kararlardan sayılmaktadır. Bu kararların sonucunda şirketin temettü dağıtım politikaları belirlenmektedir. Şirketlerin temettü dağıtım politikalarını belirlerken hedeflerinden birisi de şirket değerini en yüksek seviyeye ulaştırmaktır. Literatürde temettü politikası ile şirket değeri ve performansı arasında birçok çalışma bulunmaktadır. Bu çalışmada literatürdeki çalışmalardan farklı olarak Borsa İstanbul (BİST)’da yer alan ve son beş yıl düzenli temettü dağıtan şirketlerin performanslarının değerlendirilmesi amaçlanmıştır. Bu amaçla 19 şirketin 2018-2020 yılları arasındaki verilerinden yararlanarak, ilgili yıllar için ikili üstünlük algoritmalarına sahip ORESTE yöntemi ile şirketlerin performans sıralaması gerçekleştirilmiştir. Çalışma sonucunda başarılı ve başarısız şirketlere ait sıralama sonuçları sunulmuştur.

Keywords

temettü politikası, çok kriterli karar verme, şirket karlılığı, ikili üstünlük algoritmaları, oreste

Analysis of The Performance of Companies Distributing Dividends For A Certain Period of Time With Binary Superiority Algorithms: Oreste Application

Abstract

The values and performance of the companies may be affected by the dividend policies that the companies will implement. The profit disclosed in the financial statements as a result of the company's periodic activities; whether it will be distributed to shareholders, the dividend distribution rate and how the dividend will be paid are considered to be important decisions that should be made by the company. As a result of these decisions, the company's dividend distribution policies are determined one of the objectives of the companies in determining the dividend distribution policies is to reach the highest level of the company's value. There are many studies in the literature on the relationship between dividend policy and company value and performance. In this study, it is aimed to evaluate the performance of companies participating in Borsa Istanbul (BIST) and distributing regular dividends for the last five years, unlike the studies in the literature. For this purpose, using the data of 19 companies between the years 2018-2020, the performance ranking of companies was carried out using the ORESTE method with dual superiority algorithms for the relevant years. As a result of the study, the ranking results of successful and unsuccessful companies are presented.

Keywords

dividend policy, multi criteria decision making, company profitability, binary superiority algorithms, oreste

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