Financial Performance of BIST Sustainability Index Enterprises: Unearthing the Most Optimum MCDA Methods for Decision-Makers

Year 2024, , 461 - 478, 31.10.2024

Orhan Emre Elma

https://doi.org/10.51551/verimlilik.1410272

Abstract

Purpose: The aim of this study is to examine the financial performance of companies traded in BIST Sustainability index using 7 MCDA applications. Although there have been previous studies on aforementioned index, this study will be the first comparative and most comprehensive study conducted across 7 methods.
Methodology: Analyzes were performed using VIKOR, FUCA, MOORA, GRA, COPRAS, SAW and CODAS methods and the CRITIC technique for the financial performance of 34 companies that achieved to remain in the relevant index continuously for 11 periods, within the timeframe spanning from Q1 2019 to Q3 2021.
Findings: According to the comparative MCDA analysis, the highest capacity was found in the VIKOR method with 65.8% (p<0.01). The FUCA method followed the relevant method with 61.14% (p<0.01) and the MOORA method with 55.08% (p<0.02) capacities. COPRAS, SAW and CODAS were established as the methods with the lowest capacity.
Originality: This study is the first sustainability index study that measures the MCDA applications capacity with regard to association between the outputs they produce for corporations and the stock returns of the relevant firms and conclusively makes a comparison among analyzed methods. In this sense, it makes significant contributions to the literature.

Keywords

Capital Markets, Share Return, Sustainability, MCDA

BIST Sürdürülebilirlik Endeksi İşletmelerinin Finansal Performansı: Karar Vericiler için en Optimum ÇKKA Yöntemlerinin Ortaya Çıkarılması

Abstract

Amaç: Bu çalışmanın amacı, BIST Sürdürülebilirlik endeksinde işlem gören şirketlerin finansal performansını ÇKKA uygulamaları ile incelemektir. Daha önce bu endeksle ilgili çalışmalar olmakla birlikte, bu çalışma 7 metot üzerinden gerçekleştirilen ilk karşılaştırmalı ve en kapsamlı çalışma olacaktır.
Yöntem: Ç1 2019 ile Ç3 2021 arasındaki 11 dönem boyunca sürekli ilgili endekste kalmayı başarabilmiş 34 şirketin finansal performansı için VIKOR, FUCA, MOORA, GRA, COPRAS, SAW ve CODAS yöntemleri ile CRITIC tekniği kullanılarak analizler gerçekleştirilmiştir.
Bulgular: Yapılan karşılaştırmalı ÇKKA analizine göre en yüksek kapasite %65.80 ile VIKOR yönteminde bulunmuştur (p<0,01). FUCA yöntemi %61,14 (p<0,01) ve MOORA yöntemi ise %55,08 (p<0,02) kapasiteleri ile ilgili yöntemi takip etmişlerdir. COPRAS, SAW ve CODAS ise en düşük kapasiteye sahip metotlar olarak tespit edilmişlerdir.
Özgünlük: Bu çalışma, ÇKKA yöntemlerinin kapasitesini, şirketler için ürettikleri skorlar ile ilgili şirketlerin hisse getirileri arasındaki ilişkiye göre ölçen ve bu şekilde yöntemler arası karşılaştırma yapan ilk sürdürülebilirlik endeksi çalışmasıdır. Bu anlamda literatüre önemli katkılar sağlamaktadır.

Keywords

Sermaye Piyasaları, Hisse Getirisi, Sürdürülebilirlik, ÇKKA

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