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Kahramanmaraş Depremlerinin Finansal Performansa Etkisi: Deprem Bölgesinde Bulunan İşletmelerde Bir Uygulama

Year 2024, Volume: 19 Issue: 3, 713 - 725, 01.12.2024
https://doi.org/10.17153/oguiibf.1420199

Abstract

Bu çalışmanın amacı, 6 Şubat 2023 tarihinde Kahramanmaraş’ta meydana gelen depremlerin deprem bölgesinde yer alan ve hisseleri BIST’te işlem gören işletmelerin finansal performansı üzerindeki etkisinin Lopcow temelli Cobra yöntemiyle incelenmesidir. Çalışma kapsamında ilk olarak söz konusu işletmelere ait finansal veriler Lopcow yöntemi ile ağırlıklandırılmıştır. Daha sonra Cobra yöntemi kullanılarak ilgili işletmelerin finansal performans sıralaması gerçekleştirilmiştir. Cobra yönteminin sıralama sonuçlarına göre, ARSAN işletmesinin 2022Q1 döneminde, SANKO işletmesinin 2022Q2-2022Q4 döneminde ve ISDMR işletmesinin 2023Q1-2023Q3 döneminde göreceli olarak en iyi finansal performansa sahip olduğu görülmüştür.

Ethical Statement

Bu çalışma bilimsel araştırma ve yayın etiği kurallarına uygun olarak hazırlanmıştır.

References

  • Açıkgöz, T. (2021), "Investigation of cash flow profiles of manufacturing sector and comparison of financial performances with TOPSIS method", The Journal of Accounting and Finance, Vol.15, No. 90: 127-148.
  • AFAD. (2023). 06 Şubat 2023 Pazarcık-Elbistan Kahramanmaras (Mw: 7.7- 7.6) Earthquakes Report. Ankara: AFAD.
  • Akbulut, O. Y., & Hepşen, A. (2021), "Analysis of the relationship between financial performance and stock return with entropy and CoCoSo MCDM techniques", Journal of Research in Economics, Politics & Finance, Vol.6, No. 3: 681-709.
  • Alnıpak, S., & Kale, S. (2021), "The effects of the Covid-19 pandemic on the financial performance of the transport sector", Journal of Economic Policy and Finance Research, Vol.6, No. Special Issue: 139-156.
  • Atabay, E., & Kamilçelebi Öztürk, A. (2023), "The effect of earthquakes on the financial situation of companies: 2023 earthquake based on the 1999 and 2011 Earthquakes", (Ed. S. Sarıbaş, & T. Akkuş), Innovative Studies in Social, Human and Administrative Sciences, İzmir: Duvar Publications: 1208-1243.
  • Baydaş, M., & Eren, T. (2021), "A different approach to the selection of MCDM method for financial performance measurement: an application in Borsa Istanbul", Eskisehir Osmangazi University Journal of Economics and Administrative Sciences, Vol.16, No. 3: 687.
  • Ecer, F., & Pamucar, D. (2022), "A novel LOPCOW-DOBI multi-criteria sustainability performance assessment methodology: An application in developing country banking sector", Omega, Vol. 112, 1-17.
  • Ecer, F., Küçükönder, H., Kayapınar Kaya, S., & Görçün, Ö. F. (2023), "Sustainability performance analysis of micro-mobility solutions in urban transportation with a novel IVFNN-Delphi-LOPCOW-CoCoSo framework", Transportation Research Part A, Vol. 172, 1-20.
  • Ersoy, N. (2020), "Evaluation of financial performance with grey relational analysis method: a research study on companies in Borsa Istanbul transportation index", The Journal of Accounting and Finance, Vol. 86, No.2: 223-246.
  • Ertaş, F. C., & Yetim, A. (2022), "Investigation of financial performance of businesses in the food and beverage sector in the Covid-19 pandemic with TOPSIS method: BIST Example", The Journal of Accounting and Finance, Vol. 16, No. 93: 53-74.
  • Gök Kısa, A., & Perçin, S. (2020), "Performance evaluation of Turkish manufacturing industry with fuzzy multicriteria decision making approach", International Journal of Economic and Administrative Studies, Special ıssue: 31-56.
  • Göktaş, L. S. (2023), "The impact of earthquakes centered in Kahramanmaras on the tourism industry and suggestions for steps to be taken after the earthquake", Journal of Gastronomy, Hospitality and Travel, Vol. 6, No. 2: 624-635.
  • Gürsoy, S., Zeren, F., Kevser, M., Akyol, G., & Tunçel, M. B. (2023), "The impact of 2023 Turkey earthquake on İstanbul Stock Market: evidence from Fourier volatility spillover test", Social Sciences Research Journal, Vol. 12, No. 1: 98-105.
  • Hamurcu, Ç. (2022), "Could earthquakes have an effect on insurance sector stocks? a study on the Izmir earthquake in 2020", İzmir Journal of Economics, Vol. 37, No. 2: 428-442.
  • hmb.gov.tr, w. (2023, 3 10). T.C. Hazine ve Maliye Bakanlığı Web Sitesi. T.C. Hazine ve Maliye Bakanlığı Web Sitesi: https://ms.hmb.gov.tr/uploads/2023/03/Asrin-Felaketi-Sonrasi-Hazine-ve-Maliye-Bakanligi-Olarak-Atilan-Adimlar. Retrieved from pdf
  • Joseph, I.-L. (2022), "The effect of natural disaster on economic growth: Evidence from a major earthquake in Haiti", World Development, Vol. 159, No. 1: 1-20.
  • Kanat, E., & Tetik, N. (2023), "Effects of 6 February 2023 Kahramanmaras centered earthquakes on BIST (Borsa Istanbul)", Academic Recommendations for the Aftermath of Kahramanmaras Centered Earthquakes, (Ed. M. Öztürk, & M. Kırca), Gaziantep: Özgür Publications: 113-122.
  • Karadeniz, E., & İskenderoğlu, Ö. (2022), "Financial performance of football clubs and the impact of the covid-19 epidemic: comparison of the five national league of union of European football associations", Business and Economics Research Journal, Vol. 13, No. 2: 299-317.
  • Karamahmutoğlu, M. (2022), "The impact of covid-19 on the financial performance of transportation and tourism companies: an application in Borsa Istanbul (BIST)", Accounting and Auditing Review, Vol.21, No. 65: 65-88.
  • Kehribar, Ö., Karademir, F., & Evci, S. (2021), "Evaluation of the financial performance of businesses during the Covıd-19 pandemic process with entropy and MAIRCA methods: BIST food, beverage index example", Business & Management Studies: An International Journal, Vol. 9, No. 1: 200-214.
  • Kırkağaç, M., & Karpuz, E. (2023), "An event study analysis on the effect of 2023 Kahramanmaras earthquakes on BIST bank and insurance markets", Kırıkkale University Journal of Social Sciences, Vol. 13, No. 2: 390-402.
  • Köse, A., & Akıllı, K. (2021), "Financial performance of brokerage firm evaluation with VIKOR method", Cumhuriyet University Journal of Economics and Administrative Sciences, Vol. 22, No. 2: 168-192.
  • Krstic, M., Agnusdei, G. P., Miglietta, P. P., Tadic, S., & Roso, V. (2022), "Applicability of Industry 4.0 technologies in the reverse logistics: a circular economy approach based on comprehensive distance-based ranking (COBRA) method", Sustainability, Vol.14, 1-30.
  • Krstic, M., Elia, V., Agnusdei, G. P., De Leo, F., Tadic, S., & Miglietta, P. P. (2023), "Evaluation of the agri-food supply chain risks: the circular economy context", British Food Journal, Vol. 125, No. 4: 1-21.
  • Kurt, G., & Kablan, A. (2022), "Analyzing the effects of COVID-19 on the financial performance of the airlines trading in BIST transportation index with multiple-criteria-decision-making methods", Journal of Business Academy, Vol. 3, No. 1: 16-33.
  • Oral, C., & Şenen, M. (2023), "Evaluation of financial performance using the gray relational analysis method: an application on technology companies Traded in BIST", Journal Of companBusiness Research-Turk, Vol. 15, No. 2: 894-906.
  • Özdemir, O., & Parmaksız, S. (2022), "Comparison of financial performance of BIST energy enterprises with multi-criteria decision-making techniques: analysis with TOPSIS and EDAS methods", Başkent University Journal of Commercial Sciences, Vol. 6, No. 1: 34-56.
  • Pala, O. (2021), "Financial performance analysis of BIST transportation companies based on IDOCRIW and MARCOS", Kafkas University Economics and Administrative Sciences Faculty, Vol. 12, No. 3: 263-294.
  • Popoviç, G., Pucar, D., & Smarandache, F. (2022), "MEREC-COBRA approach in E-commerce Development strategy selection", Journal of Process Management and New Technologies, Vol. 10, No. 3-4: 66-74.
  • Reliefweb Situation Report. (2023, 3 10). Türkiye Earthquake March 2023, Bi-weekly Highlights - 10/03/2023. Reliefweb: https://reliefweb.int/report/turkiye/turkiye-earthquake-march-2023-bi-weekly-highlights-10032023 retrieved from
  • Satır, H., Kısakürek, M. M., & Yaşar, F. (2020), "Evaluation of the relationship between liquidity and financial performance by TOPSIS analysis method: an application in BIST retail trade sector", Journal of Kahramanmaras Sütçü İmam University Faculty of Economics and Administrative Sciences, Vol. 10, No. 1: 1-15.
  • Say, S., & Doğan, M. (2023), "The Effect of Earthquakes on Stock Returns: The Example of the 2023 Kahramanmaras Earthquake", Social Sciences Research Journal, Vol. 12, No. 1, 90-97.
  • Söylemez, Y. (2020), "Comparison of Topsis and gray relative analysis methods in financial performance evaluation", Journal of Management and Economics Research, Vol. 18, No.3: 61-79.
  • Şahin, A., & Sarı, E. B. (2019), "Comparison of financial and stock exchange performance of BIST-manufacturing companies with entropi based TOPSIS and VIKOR methods", Journal of Accounting and Taxation Studies, Vol. 12, No.2: 255-270.
  • Şen, S. (2023), "The effect of Kahramanmaras earthquakes on the economy", The Journal of Diplomacy and Strategy, Vol. 4(, No: 1: 1-55.
  • Tetik, N., & Albulut, İ. İ. (2023), "Economic and financial effects of the earthquake on February 6, 2023: a review on exports", (ed. M. Öztürk, & M. Kırca), Academic Recommendations for the Aftermath of Kahramanmaras Centered Earthquakes, Gaziantep: Özgür Publications: 93-103.
  • Tetik, N., & Öner, A. (2023), "Possible economic and financial effects of the 6 February 2023: Kahramanmaras centered earthquake on SMEs in the region", (ed. M. Öztürk, and M. Kırca), Academic Recommendations for the Aftermath of Kahramanmaras Centered Earthquakes, Gaziantep: Özgür Publications: 83-93.
  • Yıldırım, H., & Alola, A. A. (2020), "Do Earthquakes Affect Stock Market Index. International Journal of Society Researches", Vol. 15, No. 10: 4770-4780.
  • Yıldırım, H., & Kılıç, M. (2021), "Effect of covıd-19 on financial statements of transport sectors operating in BIST" International Journal of Strategic Dimensions, Vol. 1, No. 1: 58-70.

The Effect of Kahramanmaras Earthquakes on Financial Performance: An Application in Companies Located in the Earthquake Area

Year 2024, Volume: 19 Issue: 3, 713 - 725, 01.12.2024
https://doi.org/10.17153/oguiibf.1420199

Abstract

The aim of this study is to examine the impact of the earthquakes that occurred on February 6, 2023, in Kahramanmaras on the financial performance of companies located in the earthquake area and whose stocks are traded on the BIST using Lopcow-based Cobra method. Within the scope of the study Firstly, the financial data of these companies were weighted using the Lopcow method. Subsequently, the Cobra method was employed to rank the financial performance of the relevant companies. According to the ranking results of the Cobra method, it was observed that ARSAN had the best relative financial performance in the 2022Q1 period, SANKO in the periods 2022Q2-2022Q4, and ISDMR in the periods 2023Q1-2023Q3.

Ethical Statement

This study has been prepared in accordance with scientific research and publication ethics rules.

References

  • Açıkgöz, T. (2021), "Investigation of cash flow profiles of manufacturing sector and comparison of financial performances with TOPSIS method", The Journal of Accounting and Finance, Vol.15, No. 90: 127-148.
  • AFAD. (2023). 06 Şubat 2023 Pazarcık-Elbistan Kahramanmaras (Mw: 7.7- 7.6) Earthquakes Report. Ankara: AFAD.
  • Akbulut, O. Y., & Hepşen, A. (2021), "Analysis of the relationship between financial performance and stock return with entropy and CoCoSo MCDM techniques", Journal of Research in Economics, Politics & Finance, Vol.6, No. 3: 681-709.
  • Alnıpak, S., & Kale, S. (2021), "The effects of the Covid-19 pandemic on the financial performance of the transport sector", Journal of Economic Policy and Finance Research, Vol.6, No. Special Issue: 139-156.
  • Atabay, E., & Kamilçelebi Öztürk, A. (2023), "The effect of earthquakes on the financial situation of companies: 2023 earthquake based on the 1999 and 2011 Earthquakes", (Ed. S. Sarıbaş, & T. Akkuş), Innovative Studies in Social, Human and Administrative Sciences, İzmir: Duvar Publications: 1208-1243.
  • Baydaş, M., & Eren, T. (2021), "A different approach to the selection of MCDM method for financial performance measurement: an application in Borsa Istanbul", Eskisehir Osmangazi University Journal of Economics and Administrative Sciences, Vol.16, No. 3: 687.
  • Ecer, F., & Pamucar, D. (2022), "A novel LOPCOW-DOBI multi-criteria sustainability performance assessment methodology: An application in developing country banking sector", Omega, Vol. 112, 1-17.
  • Ecer, F., Küçükönder, H., Kayapınar Kaya, S., & Görçün, Ö. F. (2023), "Sustainability performance analysis of micro-mobility solutions in urban transportation with a novel IVFNN-Delphi-LOPCOW-CoCoSo framework", Transportation Research Part A, Vol. 172, 1-20.
  • Ersoy, N. (2020), "Evaluation of financial performance with grey relational analysis method: a research study on companies in Borsa Istanbul transportation index", The Journal of Accounting and Finance, Vol. 86, No.2: 223-246.
  • Ertaş, F. C., & Yetim, A. (2022), "Investigation of financial performance of businesses in the food and beverage sector in the Covid-19 pandemic with TOPSIS method: BIST Example", The Journal of Accounting and Finance, Vol. 16, No. 93: 53-74.
  • Gök Kısa, A., & Perçin, S. (2020), "Performance evaluation of Turkish manufacturing industry with fuzzy multicriteria decision making approach", International Journal of Economic and Administrative Studies, Special ıssue: 31-56.
  • Göktaş, L. S. (2023), "The impact of earthquakes centered in Kahramanmaras on the tourism industry and suggestions for steps to be taken after the earthquake", Journal of Gastronomy, Hospitality and Travel, Vol. 6, No. 2: 624-635.
  • Gürsoy, S., Zeren, F., Kevser, M., Akyol, G., & Tunçel, M. B. (2023), "The impact of 2023 Turkey earthquake on İstanbul Stock Market: evidence from Fourier volatility spillover test", Social Sciences Research Journal, Vol. 12, No. 1: 98-105.
  • Hamurcu, Ç. (2022), "Could earthquakes have an effect on insurance sector stocks? a study on the Izmir earthquake in 2020", İzmir Journal of Economics, Vol. 37, No. 2: 428-442.
  • hmb.gov.tr, w. (2023, 3 10). T.C. Hazine ve Maliye Bakanlığı Web Sitesi. T.C. Hazine ve Maliye Bakanlığı Web Sitesi: https://ms.hmb.gov.tr/uploads/2023/03/Asrin-Felaketi-Sonrasi-Hazine-ve-Maliye-Bakanligi-Olarak-Atilan-Adimlar. Retrieved from pdf
  • Joseph, I.-L. (2022), "The effect of natural disaster on economic growth: Evidence from a major earthquake in Haiti", World Development, Vol. 159, No. 1: 1-20.
  • Kanat, E., & Tetik, N. (2023), "Effects of 6 February 2023 Kahramanmaras centered earthquakes on BIST (Borsa Istanbul)", Academic Recommendations for the Aftermath of Kahramanmaras Centered Earthquakes, (Ed. M. Öztürk, & M. Kırca), Gaziantep: Özgür Publications: 113-122.
  • Karadeniz, E., & İskenderoğlu, Ö. (2022), "Financial performance of football clubs and the impact of the covid-19 epidemic: comparison of the five national league of union of European football associations", Business and Economics Research Journal, Vol. 13, No. 2: 299-317.
  • Karamahmutoğlu, M. (2022), "The impact of covid-19 on the financial performance of transportation and tourism companies: an application in Borsa Istanbul (BIST)", Accounting and Auditing Review, Vol.21, No. 65: 65-88.
  • Kehribar, Ö., Karademir, F., & Evci, S. (2021), "Evaluation of the financial performance of businesses during the Covıd-19 pandemic process with entropy and MAIRCA methods: BIST food, beverage index example", Business & Management Studies: An International Journal, Vol. 9, No. 1: 200-214.
  • Kırkağaç, M., & Karpuz, E. (2023), "An event study analysis on the effect of 2023 Kahramanmaras earthquakes on BIST bank and insurance markets", Kırıkkale University Journal of Social Sciences, Vol. 13, No. 2: 390-402.
  • Köse, A., & Akıllı, K. (2021), "Financial performance of brokerage firm evaluation with VIKOR method", Cumhuriyet University Journal of Economics and Administrative Sciences, Vol. 22, No. 2: 168-192.
  • Krstic, M., Agnusdei, G. P., Miglietta, P. P., Tadic, S., & Roso, V. (2022), "Applicability of Industry 4.0 technologies in the reverse logistics: a circular economy approach based on comprehensive distance-based ranking (COBRA) method", Sustainability, Vol.14, 1-30.
  • Krstic, M., Elia, V., Agnusdei, G. P., De Leo, F., Tadic, S., & Miglietta, P. P. (2023), "Evaluation of the agri-food supply chain risks: the circular economy context", British Food Journal, Vol. 125, No. 4: 1-21.
  • Kurt, G., & Kablan, A. (2022), "Analyzing the effects of COVID-19 on the financial performance of the airlines trading in BIST transportation index with multiple-criteria-decision-making methods", Journal of Business Academy, Vol. 3, No. 1: 16-33.
  • Oral, C., & Şenen, M. (2023), "Evaluation of financial performance using the gray relational analysis method: an application on technology companies Traded in BIST", Journal Of companBusiness Research-Turk, Vol. 15, No. 2: 894-906.
  • Özdemir, O., & Parmaksız, S. (2022), "Comparison of financial performance of BIST energy enterprises with multi-criteria decision-making techniques: analysis with TOPSIS and EDAS methods", Başkent University Journal of Commercial Sciences, Vol. 6, No. 1: 34-56.
  • Pala, O. (2021), "Financial performance analysis of BIST transportation companies based on IDOCRIW and MARCOS", Kafkas University Economics and Administrative Sciences Faculty, Vol. 12, No. 3: 263-294.
  • Popoviç, G., Pucar, D., & Smarandache, F. (2022), "MEREC-COBRA approach in E-commerce Development strategy selection", Journal of Process Management and New Technologies, Vol. 10, No. 3-4: 66-74.
  • Reliefweb Situation Report. (2023, 3 10). Türkiye Earthquake March 2023, Bi-weekly Highlights - 10/03/2023. Reliefweb: https://reliefweb.int/report/turkiye/turkiye-earthquake-march-2023-bi-weekly-highlights-10032023 retrieved from
  • Satır, H., Kısakürek, M. M., & Yaşar, F. (2020), "Evaluation of the relationship between liquidity and financial performance by TOPSIS analysis method: an application in BIST retail trade sector", Journal of Kahramanmaras Sütçü İmam University Faculty of Economics and Administrative Sciences, Vol. 10, No. 1: 1-15.
  • Say, S., & Doğan, M. (2023), "The Effect of Earthquakes on Stock Returns: The Example of the 2023 Kahramanmaras Earthquake", Social Sciences Research Journal, Vol. 12, No. 1, 90-97.
  • Söylemez, Y. (2020), "Comparison of Topsis and gray relative analysis methods in financial performance evaluation", Journal of Management and Economics Research, Vol. 18, No.3: 61-79.
  • Şahin, A., & Sarı, E. B. (2019), "Comparison of financial and stock exchange performance of BIST-manufacturing companies with entropi based TOPSIS and VIKOR methods", Journal of Accounting and Taxation Studies, Vol. 12, No.2: 255-270.
  • Şen, S. (2023), "The effect of Kahramanmaras earthquakes on the economy", The Journal of Diplomacy and Strategy, Vol. 4(, No: 1: 1-55.
  • Tetik, N., & Albulut, İ. İ. (2023), "Economic and financial effects of the earthquake on February 6, 2023: a review on exports", (ed. M. Öztürk, & M. Kırca), Academic Recommendations for the Aftermath of Kahramanmaras Centered Earthquakes, Gaziantep: Özgür Publications: 93-103.
  • Tetik, N., & Öner, A. (2023), "Possible economic and financial effects of the 6 February 2023: Kahramanmaras centered earthquake on SMEs in the region", (ed. M. Öztürk, and M. Kırca), Academic Recommendations for the Aftermath of Kahramanmaras Centered Earthquakes, Gaziantep: Özgür Publications: 83-93.
  • Yıldırım, H., & Alola, A. A. (2020), "Do Earthquakes Affect Stock Market Index. International Journal of Society Researches", Vol. 15, No. 10: 4770-4780.
  • Yıldırım, H., & Kılıç, M. (2021), "Effect of covıd-19 on financial statements of transport sectors operating in BIST" International Journal of Strategic Dimensions, Vol. 1, No. 1: 58-70.
There are 39 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Articles
Authors

Veysi Asker 0000-0002-8969-7822

Publication Date December 1, 2024
Submission Date January 15, 2024
Acceptance Date February 23, 2024
Published in Issue Year 2024 Volume: 19 Issue: 3

Cite

APA Asker, V. (2024). The Effect of Kahramanmaras Earthquakes on Financial Performance: An Application in Companies Located in the Earthquake Area. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 19(3), 713-725. https://doi.org/10.17153/oguiibf.1420199