Comparative Financial Efficiency and Performance Analysis with TOPSIS and MOORA Methods: An Application on Logistic Companies

Year 2025, Volume: 59 Issue: 3, 531 - 548, 21.07.2025

İsmail Öztanır

https://doi.org/10.51551/verimlilik.1656798

Abstract

Purpose: This study aims to evaluate the financial performance and efficiency of logistics companies listed on Borsa Istanbul, with a focus on analyzing the impact of the pandemic through financial ratios from 2019 to 2023.
Methodology: In the research, TOPSIS and MOORA methods, which are multi-criteria decision-making methods, were used. These methods were used to assess the performance of the companies with the help of selected financial ratios.
Findings: Analysis of the top three performing companies showed notably high efficiency ratios—particularly receivables and inventory turnover—alongside low debt levels. GSDDE, ranked first by the TOPSIS method, stood out with significantly higher operating profitability in its peak years. Additionally, companies with stronger liquidity (e.g., higher acid-test ratios) outperformed others, highlighting the importance of solid cash reserves during economic uncertainty.
Originality: It is unique in that it focuses on measuring financial efficiency in the logistics sector by using TOPSIS and MOORA methods together and is research that compares pre- pandemic and post-pandemic performance results in the light of the findings of recent studies in the relevant sector. The study provides a unique perspective on the impact of the COVID-19 pandemic (2019–2023) on the logistics sector, offering insights into key financial indicators such as efficiency, debt structure, and profitability trends.

Keywords

Financial Performance , Efficiency Analysis , TOPSIS , MOORA , Logistics Industry

Ethical Statement

It was declared by the author(s) that scientific and ethical principles have been followed in this study and all the sources used have been properly cited.

Supporting Institution

Any specific grant has not been received from funding agencies in the public, commercial, or not-for-profit sectors.

TOPSIS ve MOORA Yöntemleri ile Karşılaştırmalı Finansal Verimlilik ve Performans Analizi: Lojistik Şirketlerine Yönelik Bir Uygulama

Abstract

Amaç: Bu çalışma, Borsa İstanbul’da işlem gören lojistik şirketlerinin finansal performans ve verimliliğini değerlendirmeyi ve 2019-2023 yılları arasındaki finansal oranlar üzerinden pandeminin sektör üzerindeki etkilerini analiz etmeyi amaçlamaktadır.
Yöntem: Araştırmada yöntem olarak çok kriterli karar verme yöntemlerinden TOPSIS ve MOORA kullanılmıştır. Bu yöntemler, seçilen finansal oranlar yardımıyla şirketlerin performans sıralamasında kullanılmıştır.
Bulgular: En iyi performans gösteren ilk üç şirketin finansal oranları incelendiğinde, özellikle alacak ve stok devir hızları gibi verimlilik oranlarının sektör ortalamasının üzerinde olduğu ve borç oranlarının düşük olduğu görülmüştür. TOPSIS yöntemine göre birinci sırada yer alan GSDDE, yüksek puan aldığı yıllarda diğer şirketlere kıyasla dikkate değer ölçüde yüksek faaliyet kârlılığı göstermiştir. Ayrıca, likiditesi güçlü olan (örneğin, yüksek asit-test oranına sahip) şirketlerin daha iyi performans sergilediği ve ekonomik belirsizlik dönemlerinde güçlü nakit rezervlerinin önemini vurguladığı anlaşılmıştır.
Özgünlük: TOPSIS ve MOORA yöntemlerini birlikte kullanarak lojistik sektöründe finansal verimliliğin ölçülmesine odaklanmış olması ve ilgili sektörde literatürde yakın zamanda yapılan çalışmaların bulguları ışığında pandemi öncesi ve sonrası performans sonuçlarını karşılaştıran bir araştırma olması bakımından özgündür. Çalışma, COVID-19 salgınının (2019-2023) lojistik sektörü üzerindeki etkisine dair benzersiz bir bakış açısı sunarak verimlilik, borç yapısı ve kârlılık eğilimleri gibi temel finansal göstergelere ilişkin fikirler sunmaktadır.

Keywords

Finansal Performans , Verimlilik Analizi , TOPSIS , MOORA , Lojistik Sektörü

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