Evaluation of Financial Performance of Businesses in Stock Market Istanbul Retail Trade Sector According to Traditional and Cash Flow Ratios with Cocoso Method

Ayşe Soy Temür; Saadet Tulum

doi:10.16951/trendbusecon.1532523

EN TR

Evaluation of Financial Performance of Businesses in Stock Market Istanbul Retail Trade Sector According to Traditional and Cash Flow Ratios with Cocoso Method

Abstract

The purpose of this research is to evaluate the financial performance of companies in the Istanbul Stock Market (BIST) retail trade sector comparatively based on traditional financial rates and cash flow rates. In the study, the financial ratio based on 12 traditional financial ratios and 14 cash flow statements obtained by benefiting from the annual financial statements of the enterprises published in public information platform (PIP) as a criterion in the calculation of financial performance rankings was taken into consideration. Critic method was used in calculating the criteria weights, while CoCoSo and TOPSIS method was used in determining the financial performance rankings. The ranking results obtained were compared and Spearman’s test was applied in order to determine whether there was consistency between the findings. In comparisons based on traditional and cash flow ratios, the highest level of similarity was obtained in 2017 and 2018 for the CoCoSo method and in 2017 and 2019 for the TOPSIS method. The lowest similarity was in 2021 and 2022 for CoCoSo and in 2018, 2021 and 2022 for TOPSIS. In the financial performance ranking results obtained from the methods, similar ranking results were achieved in all years except 2018 and 2019 for traditional ratios and 2019 and 2020 for cash flow ratios.

Keywords

Istanbul Stock Market Retail Trade , Critic Weight CoCoSo , Financial Performance , Cash Flow Ratios

BIST Perakende Ticaret Sektöründeki İşletmelerin Finansal Performanslarının Geleneksel ve Nakit Akış Rasyolarına Göre CoCoSo Yöntemi ile Değerlendirilmesi

Öz

Araştırmanın amacı, BIST perakende ticaret sektöründeki şirketlerin finansal performanslarının geleneksel finansal oranlar ve nakit akış oranlarına göre karşılaştırmalı olarak değerlendirilmesidir. Çalışmada, finansal performans sıralamalarının hesaplanmasında kriter olarak işletmelerin KAP’ta yayımladıkları 2017-2022 dönemine ilişkin yıllık mali tablolarından faydalanılarak 12 geleneksel finansal oran ile 14 nakit akım tablolarından elde edilen finansal oran dikkate alınmıştır. Kriter ağırlıkları hesaplanırken Critic, finansal performans sıralamalarının belirlenmesinde ise, CoCoSo ve TOPSIS yönteminden faydalanılmıştır. Elde edilen sıralama sonuçları karşılaştırılmış ve bulgular arasında tutarlılık olup olmadığının belirlenmesi amacıyla Spearman’s testi uygulanmıştır. Geleneksel ve nakit akış oranlarına dayalı karşılaştırmalarda en yüksek benzerlik düzeyi CoCoSo yönteminde 2017 ve 2018, TOPSIS yönteminde 2017 ve 2019 yıllarında elde edilmiştir. En düşük benzerlik ise CoCoSo'ya göre 2021 ve 2022, TOPSIS'e göre ise 2018, 2021 ve 2022 yıllarındadır. Yöntemlerden elde edilen finansal performans sıralama sonuçlarında ise, geleneksel oranlara göre 2018 ve 2019, nakit akış oranlarına göre 2019 ve 2020 haricindeki tüm yıllarda birbirine benzer sıralama sonuçlarına ulaşılmıştır.

Anahtar Kelimeler

Borsa Istanbul Perakende Ticaret , Critic Ağırlıklandırmalı CoCoSo , Finansal Performans , Nakit Akış Oranları

References

Acikgoz, T. (2021). Investigation of cash flow profiles of manufacturing sector and comparison of financial performance. The Journal of Accounting and Finance, 90, 127-148. [CrossRef]
Akbulut, O. Y., & Hepsen, A. (2021). Analysis of the relationship between financial performance and stock return with Entropy and CoCoSo MCDM techniques. Journal of Research in Economics Politics and Finance, 6(3), 681-709. [CrossRef]
Akgul, Y. (2021). Analysis of financial performance of commercial banks traded in Borsa Istanbul with the integrated Critic-CoCoSo model. Journal of Economics and Financial Researches, 3(2), 71-90. [CrossRef]
Altas, D., Kaspar, E. C., & Ergut, O. (2012). Comparison of correlation coefficients: A simulation study. Papers on Social Science, 2(1), 1-10. [CrossRef]
Apan, M., & Oztel, A. (2020). Cash flow based financial performance analysis with integrated Entropy-Edas method: Evidence from 2011-2018 period data of firms traded in BIST forest, paper, printing index. Journal of Bartİn Faculty of Forestry, 22(1), 170-184. [CrossRef]
Askin, G., & Erdem, M. (2022). Financial performance evaluation of food retail companies using Entropi- TOPSIS method. European Journal of Science and Technology, 33, 25-33. [CrossRef]
Balci, N. (2024). Financial performance evaluation in BIST wholesale and retail trade industry with SECA method after Covid-19 pandemic. Journal of Financial Politic & Economic Reviews/Finans, 61(669), 89-110.
Bektas, S. (2022). Evaluating the performance of the Turkish insurance sector for the period 2002-2021 with Merec, Lopcow, CoCoSo, Edas MCDM methods. BDDK Journal of Banking and Financial Markets, 16(2), 247-283. [CrossRef]
Bozkurt, A. A., & Simsek, A. (2024). Analysis of the financial performance of cement sector companies on BIST using MEREC-Based WEDBA and CoCoSo methods. Turkish Studies-Economics, Finance, Politics, 19(3), 805-843. [CrossRef]
Carslaw, C., & Mills, J. (1991). Developing ratios for effective cash flow statement analysis. Journal of Accountancy, 172(5), 63-70.

Calis, N., & Sakarya, S. (2022). Analysis of companies' financial performances before and after covid-19 with critic-based CoCoSo method: An application on BIST automotive industry. Bingol University Journal of Economics and Administrative Sciences, 6(2), 287-322. [CrossRef]
Celik, M., Demir, B., & Elmas, B. (2023). Authors, Accounting and Auditing on the Axis of Current Developments, 2 Eds., Gaziantep: Ozgur Publications: 123-146.
Ciftaslan, M. E., & Rencber, O. F. (2022). Performance analysis of systemic important banks with IDOCRIW and CoCoSo methods: Example of Turkey. Kahramanmaras Sutcu Imam Univesity Journal of Social Science, 19, 54-72. [CrossRef]
Ciftci, H. N., Yildirim, S. K., & Yildirim, B. F. (2021). Analysis of financial performances based on cash flow ratios using combined compromise solution method: An application on energy companies traded in BIST. The Journal of Accounting and Finance, 92, 207-224. [CrossRef]
Cilek, A. (2022). Efficiency analysis with integrated SV-CoCoSo techniques: An application in deposit banks groups, Karadeniz Journal of Social Science, 14(26):52-69. [CrossRef]
Demirkol, O. F., & Ikvan, A. (2019). Evaluation of financial rate analysis under the intermediate method: Application in BIST wholesale and retail trade, hotel and restaurant sector. Journal of Institute of Economic Development and Social Researches, 5(17), 145-157. [CrossRef]
Deste, M., & Halifeoğlu, M. (2019). Determination of financial performance criteria for the supply chain management ın retail trade ındustry: An application in BIST. Bingöl Univesity Journal of Social Science Institute, 9(18), 751-774. [CrossRef]
Diakoulaki, D., Mavrotas, G., & Papayannakis, L. (1995), Determining objective weights in multiple criteria problems: The critic method. Computers & Operations Research, 22(7), 763-770. [CrossRef]
Ertas, 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, 93, 53-74. [CrossRef]
Ghosh, S., & Bhattacharya, M. (2022). Analyzing the impact of covid-19 on the financial performance of the hospitality and tourism industries: An ensemble MCDM approach in the Indian context. International Journal of Contemporary Hospitality Management, 34(8), 3113-3142. [CrossRef]
Giacomino, D. E., & Mielke, D. E. (1993). Cash flows: Another approach to ratio analysis. Journal of Accountancy, 175(3), 55-58.
Gulcemal, T., Izci, A. C., & Tasci, M. Z. (2023). Performance analysis of ınsurance companies traded on BIST 100 by Critic-CoCoSo method. The Journal of Accounting and Finance, 97, 63-78. [CrossRef]
Itik, Ü. M., & Sel, A. (2021). An investigation into the financial performance of retail trade sector companies traded in Borsa Istanbul by cilos weighting and TOPSIS methods: 2013-2019. Journal of the Human and Social Science Researches, 10(3), 2769-2795.
Iyibildiren, M. (2022). The evaluation of excessive price allegations for chain supermarkets during covid-19 in terms of financial performance. Journal of Economics and Financial Researches, 4(1), 77-101.
Kaya, A., Pamucar, D., Gürler, H.E., & Özçalıcı, M. (2024). Determining the financial performance of the firms in the Borsa Istanbul sustainability index: integrating multi criteria decision making methods with simulation. Financ Innov, 10(21), 1-44. [CrossRef]
Mills, J., Yamamura, J. (1998). The power of cash flow ratios. Journal of Accountancy, 186(4), 53-61.
Ministry of Commerce. (2023). Retail Trade. https://ticaret.gov.tr/ic-ticaret/perakende-ticaret
Onder, C., & Gurbuz, A. O. (2023). Post IPO cash flow efficiency analysis of Borsa Istanbul firms. PressAcademia Procedia (PAP), 16, 85-89. [CrossRef]
Ozbek, A. (2016). The performance measurement of Bim chain stores during 2008-2015 years using the Electre III method. Kirikkale Univesity Journal of Social Sciences, 6(2), 273-290. [CrossRef]
Ozsahin Koc, F., & Aydingulu Sakalsiz, S. (2024). The impact of companies' marketing, sales and distribution expenses on financial performance: A research on BIST wholesale and retail sector. Journal of Omer Halisdemir University Faculty of Economics and Administrative Sciences, 17(4), 884-900. [CrossRef]
Pala, O. (2021). Financial performance analysis of BIST transportation companies based on Idocriw and Marcos. Kafkas University Faculty of Economics and Administrative Sciences Journal, 12(23), 263-294.
Peng, X., & Huang, H. (2020), Fuzzy decision making method based on CoCoSo with critic for financial risk evaluation. Technological and Economic Development of Economy, 26(4), 695-724. [CrossRef]
Sakarya, S., & Aksu, M. (2020). Evaluation of Financial Performance of Enterprises in Transportation Sector with Improved Entropy Based TOPSIS Method. Optimum Journal of Economics and Management Sciences, 7(1), 21-40.
Sakarya, S., & Budak, M. Y. (2022). Determining the financial performances of companies operating in the BIST retail trade sector by the entropy-based TOPSIS method during the covid-19 pandemic process. International Journal of Accounting and Finance Researches, 4(1), 17-39. [CrossRef]
Sakarya, S., & Eryaman, C. (2022). Financial ratios based on cash flow statement and financial performance analysis with promethee method: An application in BIST it sector. Aksaray University Journal of Social Sciences Institute, 6(1), 51-78. [CrossRef]
Sakarya, S., & Girgin, F. (2020). Measurement of financial performance within the extent of tas 7 statement of cash flows: An application in BIST. International Journal of Business, Economics and Management Perspectives, 4(2), 61-82. [CrossRef]
Sakarya, S., & Ilkdogan, S. (2022). Evaluation of financial performance of businesses operating in the BIST it sector within the scope of cash flow ratios with the Critic-based TOPSIS method. Pamukkale University Journal of Business Research, 9(2), 421-445. [CrossRef]
Satir, H., Kisakurek, M. M., & Yasar, F. (2019). Evaluation of the relationship between liquidity and financial performance by TOPSIS analysis method: An application in BIST retail trade sector. Journal of Institute of Economic Development and Social Researches, 10(1), 1-15. [CrossRef]
Soy Temur, A., Isler, I. I., & Temur, G. (2017). Evaluation of financial performance by TOPSIS method: An application on BIST retail trade enterprises. The Journal of Kesit Academy, 11, 712-729. [CrossRef]
Soy Temur, A., Tulum, S. (2022), Financial performance analysis of BIST technology enterprises with critic weighted CoCoSo method based on cash flow ratios. Pamukkale University Journal of Social Sciences Institute, 51, 383-401. [CrossRef]
Topal, A. (2021). Financial performance analysis of electricity generation companies with multi-criteria decision making: Entropy-based CoCoSo method. Business & Management Studies: An International Journal, 9(2), 532-546. [CrossRef]
Ulker, Y., & Arslan, O. (2020). Financial analysis and an implementation on food retailing industry in Turkey. MANAS Journal of Social Studies, 9(4), 2531-2546. [CrossRef]
Winarno, E., & Dwi Cahyono, T. (2024). Penerapan Metode COCOSO dan TOPSIS untuk Pemilihan Lokasi Pembangunan Perumahan Kota Semarang. Bilgi Teknolojileri Bülteni (BIT), 5(4), 222-232. [CrossRef]
Yazdani, M., Wen, Z., Liao, H., Banaitis, A., & Turskis, Z. (2019). A grey combined compromise solution (CoCoSo-G) method for supplier selection in construction management. Journal of Civil Engineering and Managment, 25(8), 858-874. [CrossRef]
Yazdani, M., & Zarate, P. (2019). A combined compromise solution (CoCoSo) method for multi-criteria decision-making problems. Management Decision, 57(9), 2501-2519. [CrossRef]
Yılmaz Özekenci, S. (2024). Financial performance measurement of companies in the BIST sustainability 25 index with LBWA and MEREC-based CRADIS methods. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 11(3), 1184-1211. [CrossRef]
Yue, Z. (2011). An Extended TOPSIS for Determining Weights of Decision Makers with Interval Numbers. Knowledge Based Systems, 24, 146-153.
Yurdakul, M., & İc, Y. (2003). A Case Study Using TOPSIS Method for Performance Measurement and Analysis of Turkish Automotive Companies. Gazi University Faculty of Engineering and Architecture Journal, 18(1), 1-18.

Details

Primary Language

English

Subjects

Financial Economy

Journal Section

Research Article

Authors

Ayşe Soy Temür ^*
0000-0003-4455-5035
Türkiye

Saadet Tulum
0000-0002-4693-2538
Türkiye

Early Pub Date

July 13, 2025

Publication Date

July 15, 2025

Submission Date

August 13, 2024

Acceptance Date

June 12, 2025

Published in Issue

Year 1970 Volume: 39 Number: 3

DOI

https://doi.org/10.16951/trendbusecon.1532523

IZ

https://izlik.org/JA96MD52BP

APA

Soy Temür, A., & Tulum, S. (2025). Evaluation of Financial Performance of Businesses in Stock Market Istanbul Retail Trade Sector According to Traditional and Cash Flow Ratios with Cocoso Method. Trends in Business and Economics, 39(3), 359-377. https://doi.org/10.16951/trendbusecon.1532523

Content of this journal is licensed under a Creative Commons Attribution 4.0 International License

29928

Evaluation of Financial Performance of Businesses in Stock Market Istanbul Retail Trade Sector According to Traditional and Cash Flow Ratios with Cocoso Method

Abstract

Keywords

BIST Perakende Ticaret Sektöründeki İşletmelerin Finansal Performanslarının Geleneksel ve Nakit Akış Rasyolarına Göre CoCoSo Yöntemi ile Değerlendirilmesi

Öz

Anahtar Kelimeler

References

Details

Primary Language

Subjects

Journal Section

Authors

Early Pub Date

Publication Date

Submission Date

Acceptance Date

Published in Issue

DOI

IZ

Cite