Determination of Financial Performance in Electric Power Enterprises with Entropy Weighted WASPAS Analysis Method

Yıl 2024, Cilt: 39 Sayı: 3, 849 - 860, 03.10.2024

Ayşe Kökyıldırım , Z. Figen Antmen

https://doi.org/10.21605/cukurovaumfd.1560478

Öz

In this study, Entropy weighted WASPAS method is applied to measure the financial performance of 11 electric power enterprises operating in Borsa Istanbul (BIST) for the period of 2022. 7 financial ratios for the year 2022 were accepted as criteria and the financial success ranking of 11 electric power enterprises was made. The financial ratios used in the study were selected among the ratios that can provide information about the liquidity and profitability status of the enterprises. In the first stage of the application, Entropy method was used to determine the criteria weights. The determined criteria weights were prioritized and used in the WASPAS (Weighted Aggregated Sum Product Assessment) method. Then, the financial performance of electric energy enterprises was ranked by making an evaluation with the WASPAS method.

Anahtar Kelimeler

Financial performance evaluation, Financial ratios, Entropy method, WASPAS method

Entropi Ağırlıklı WASPAS Analiz Yöntemi İle Elektrik Enerji İşletmelerinde Finansal Performansın Belirlenmesi

Öz

Bu çalışmada Borsa İstanbul’da (BIST) faaliyet gösteren 11 elektrik enerji işletmesinin 2022 dönemine ait finansal performanslarını ölçmek için Entropi ağırlıklı WASPAS yöntemi uygulanmıştır. 2022 yılına ait 7 finansal oran kriter kabul edilerek 11 elektrik enerji işletmesinin finansal başarı sıralaması yapılmıştır. Çalışmada kullanılan finansal oranlar işletmelerin likidite durumu ve karlılık durumu hakkında bilgi verebilecek nitelikteki oranlar arasından seçilmiştir. Uygulamanın ilk aşamasında kriter ağırlıklarının belirlenmesi için Entropi yöntemi kullanılmıştır. Belirlenen kriter ağırlıkları önceliklendirilerek WASPAS yöntemi içerisinde kullanılmıştır. Daha sonra WASPAS yöntemiyle bir değerlendirme yapılarak elektrik enerji işletmelerinin finansal performansı sıralanmıştır.

Anahtar Kelimeler

Finansal performans değerlendirmesi, Finansal oranlar, Entropi yöntemi, WASPAS yöntem

Kaynakça

• 1. Keleş, M.K., Armağan, İ.Ü., Özdağoğlu, A., 2021. Analysis of the financial performance of electricity generating companies in the covid-19 pandemic environment with roc and smart integrated approach. Bilecik Şeyh Edebali University Journal of Social Sciences, 6(2), 227-235.
• 2. Pricewaterhouse Coopers Overview of the Turkish Electricity Market. https://www.pwc.com.tr /tr/sektorler/enerji/turkiye-elektrik-piyasasina-genel-bakis-2023.pdf, Access date: 13.05.2024.
• 3. Akgün, A., 2022. Financial evaluation of bist energy companies with critic and codas integrated approach. Journal of Selçuk University Institute of Social Sciences, (48), 338-356.
• 4. Topal, A., 2021. Financial performance analysis of electricity generation companies with multi-criteria decision making analysis: entropy based cocoso method. Business & Management Studies: An International Journal, 9(2), 532-546.
• 5. Aytekin, S., Erol, A. F., 2018. Is financial performance a key determinant of corporate sustainability performance? An application with aras method in Bist sustainability index. International Journal of Economic and Administrative Studies, 869-886.
• 6. İskenderoğlu, Ö., Karadeniz, E., Ayyıldız, N., 2015. Financial analysis of the energy sector: a comparison of Turkish and European energy sector. Journal of Business and Economics Studies, 3(3), 86-97.
• 7. Özbek, A., 2021. Multi-criteria decision making methods and problem solving with Excel.
• 8. Ömürbek, V., 2013. Financial performance evaluation with topsis method in airline transportation sector. Journal of Süleyman Demirel University Faculty of Economics and Administrative Sciences, 18(3), 343-363.
• 9. Kiliç, P., 2019. The relationship between financial performance and stock returns: an application on firms operating in energy sector in Bist. Master's Thesis, Institute of Social Sciences.
• 10. Sakarya, Ş., Yıldırım, H.H., Akkuş, H.T., Determination of Financial Performance of Energy Companies Traded on Bist by Topsis Multi-Criteria Decision Making Method.
• 11. Baykal, K.B., Akıllı, K., 2023. Evaluation of financial performance of life and pension insurance companies operating in Turkey with entropy-based waspas method. Social Sciences Research Journal, 12(1), 63-80.
• 12. Kangal, I.M., 2021. Financial performance measurement of energy companies in Bist with entropy and waspas methods. EYI 2021 XXIth International Symposium on Econometrics Operations Research and Statistics: Selected Papers, 261.
• 13. Çilek, A., Karavardar, A., 2021. Analysis of banking performance of cities in the Black Sea region with entropy-based waspas method: 2014-2019 period. Opus International Journal of Society Researches, 18 (Special Issue on Management and Organization), 1484-1513.
• 14. Eş, A., Kök, E., 2020. Analysis of bank performances with entropy based waspas method. Düzce University Journal of Social Sciences, 10(2), 233-250.
• 15. Orçun, Ç., 2019. Performance analysis with waspas method in energy sector. Bolu Abant İzzet Baysal University Journal of Institute of Social Sciences, 19(2), 439-453.
• 16. Karaca, C., Ulutaş, A., 2018. Selection of a suitable renewable energy source for Turkey using entropy and waspas methods. Ege Academic Review, 18(3), 483-494.
• 17. Mert, U.R.A.L., Demireli, E., Özçalık, S.G., 2018. Performance analysis in public banks: an application with entropy and waspas methods. Pamukkale University Journal of Institute of Social Sciences, (31), 129-141.
• 18. Akçakanat, Ö., Eren, H., Aksoy, E., Ömürbek, V., 2017. Performance evaluation with entropy and waspas methods in banking sector. Journal of Süleyman Demirel University Faculty of Economics and Administrative Sciences, 22(2), 285-300.
• 19. Ersöz, F., Kabak, M., 2010. Literature review of multi-criteria decision making methods in defense industry applications. Journal of Defense Sciences, 9(1), 97-125.
• 20. Oztel, A., 2016. A new approach in multi-criteria decision making selection. 17th International Symposium on Econometrics. Sivas.
• 21. Arslankaya, D., Göraltay, K., 2019. Current approaches in multi-criteria decision making methods.
• 22. Zhang, H., Gu, C.L., Gu, L.W., Zhang, Y., 2011. The evaluation of tourism destination competitiveness by topsis & information entropy-a case in the Yangtze river delta of China. Tourism Management, 32(2), 443-451.
• 23. Zavadskas, E. K., Turskis, Z., Antucheviciene, J., Zakarevičius, A., 2012. Optimization of weighted aggregated sum product assessment. Electronics and Electrical Engineering, 122(6), 3-6.
• 24. Gezen, A., 2019. Performance analysis of participation banks operating in Turkey with entropy and waspas methods. Journal of Accounting and Finance, (84), 213-232.
• 25. Erol, I., Ferrell, W., 2009. Integrated approach for reorganizing purchasing: theory and a case analysis on a Turkish company. Computers & Industrial Engineering, 56, 1192-1204.