EVALUATION OF THE FINANCIAL PERFORMANCES OF TURKISH BASIC METAL INDUSTRY COMPANIES DURING THE COVID-19 PANDEMIC WITH ENTROPY – MARCOS INTEGRATED APPROACH

Year 2022, Volume: 44 Issue: 1, 53 - 77, 24.06.2022

Ozan Gönüllü

https://doi.org/10.14780/muiibd.1135471

Cited By: 2

Abstract

The economies of many countries have come to a standstill due to the contraction in global production
caused by COVID-19 epidemic which was declared a pandemic by World Health Organization (WHO)
in March 2020. The basic metal industry, which is the locomotive of the Turkish manufacturing sector, is
one of the sectors greatly affected by the pandemic. The financial performances of companies in the sector
seriously affect the decision-making processes of managers and capital market investors. In this study, the
financial performances of 20 firms listed in the BIST Base Metal Index (XMANA) during the pandemic
were analyzed. The analysis results of the pandemic period (2020/06 – 2021/06) were compared with the
previous one-year period and significant changes were found. For performance measurement, 15 different
criteria were determined which were compiled from the balance sheet and income statements, consisting
of liquidity, profitability, cost, value, growth, capital structure and activity ratios. In the study, Entropy,
which is a multi-criteria decision-making method, was used to calculate the importance weights of the
criteria; in addition, the MARCOS Method, a new method proposed in 2020, was used to rank companies
according to the determined criteria. According to the analysis results, the metal industry company with
the highest financial performance during the pandemic period is ÇEMTAŞ Çelik Makina Sanayi ve Ticaret
A.Ş. (ÇEMTS). Kardemir Karabük Demir Çelik Sanayi A.Ş. (KRDMD) and AYES Çelik Hasır ve Çit Sanayi
A.Ş. (AYES) followed it, respectively.

Keywords

COVID-19 Pandemic, Financial Performance, Multi-Criteria Decision Making, Entropy, MARCOS

TÜRK ANA METAL SANAYİ ŞİRKETLERİNİN COVID-19 PANDEMİSİ DÖNEMİNDEKİ FİNANSAL PERFORMANSLARININ ENTROPİ – MARCOS BÜTÜNLEŞİK YAKLAŞIMI İLE DEĞERLENDİRİLMESİ

Abstract

Dünya Sağlık Örgütü’nün (WHO) Mart 2020’de pandemi olarak ilan ettiği COVID-19 salgınının yol
açtığı küresel üretim daralması, birçok ülkenin ekonomisini durma noktasına getirmiştir. Türk imalat
sektörünün lokomotifi konumunda olan ana metal sanayisi de pandemiden en çok etkilenen sektörlerin
başında gelmektedir. Sektördeki şirketlerin finansal performansları, yöneticilerin ve sermaye piyasası
yatırımcılarının karar verme süreçlerini ciddi bir şekilde etkilemektedir. Bu çalışmada Borsa İstanbul Metal
Ana Endeksinde (XMANA) yer alan 20 şirketin pandemi dönemi finansal performansı analiz edilmiştir.
Pandemi dönemi (2020/06 – 2021/06) analiz sonuçları bir önceki bir yıllık dönem ile karşılaştırılmış ve
önemli değişimlere rastlanmıştır. Performans ölçümü amacı ile bilanço ve gelir tablolarından derlenmiş;
likidite, kârlılık, maliyet, değer, büyüme, sermaye yapısı ve faaliyet oranlarından oluşan 15 farklı kriter
belirlenmiştir. Çalışmada çok kriterli karar verme tekniklerinden Entropi Yöntemi kriterlerin önem
ağırlıklarının hesaplanmasında; 2020 yılında geliştirilmiş yeni bir yöntem olan MARCOS Yöntemi ise
şirketlerin belirlenen kriterlere göre sıralanmasında kullanılmıştır. Çalışma sonuçlarına göre, pandemi
dönemi finansal performansı en yüksek firma olan ÇEMTAŞ Çelik Makina Sanayi ve Ticaret A.Ş.
(CEMTS)’yi; sırasıyla Kardemir Karabük Demir Çelik Sanayi ve Ticaret A.Ş. (KRDMD) ve AYES Çelik
Hasır ve Çit Sanayi A.Ş. (AYES) takip etmiştir.

Keywords

COVID-19 Pandemisi, Finansal Performans, Çok Kriterli Karar Verme, Entropi, MARCOS

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