Borsa İstanbul'da Pandemi Dönemindeki Uzun Vadeli İHA Performansına İlişkin Karşılaştırmalı Bir ÇKKA Uygulaması

Yıl 2023, , 269 - 293, 27.02.2023

Orhan Emre Elma

https://doi.org/10.25204/iktisad.1242437

Cited By: 3

Öz

Bu çalışmanın amacı, halka arzların uzun vadeli performans analizlerini karşılaştırmalı bir analiz sistemiyle yaparak finansal karar vericilere bir referans yol haritası sunmaktır. Karmaşık cevapları olan problemlerde çok kriterli karar analizi (ÇKKA) yöntemleri kullanılmaktadır. 2020 yılının ilk çeyreğinde tüm dünyaya yayılan pandemi, sermaye piyasalarında kısa süreli bir şok etkisi yaratsa da sermaye piyasaları bu şoku yeni yatırımcılarla atlatmıştır. Pandemi öncesi Borsa İstanbul'daki hissedar sayısı 1,3 milyon iken bu sayı sonrasında 3,3 milyonu geçmiştir. Bu sayının artması aynı zamanda finansal karar vericilerin sayısının da artması anlamına gelmektedir. Bu araştırmada, Borsa İstanbul'da pandemi öncesi gerçekleşen 49 adet ilk halka arzın uzun dönem performansı karşılaştırmalı ÇKKA perspektifiyle incelenmektedir. Bu amaçla CRITIC ağırlıklandırma tekniği ile ARAS, MOORA, TOPSIS, COPRAS ve ELECTRE III yöntemlerinin kullanıldığı çalışmada pandemi sürecindeki 10 dönem incelenmiştir. Halka arz alanında yapılmış en kapsamlı ÇKKA çalışması olan araştırma sonucunda, analiz edilen diğer 4 yönteme göre üstün sonuçlar ürettiği için MOORA yöntemi finansal karar vericilere önerilmiştir.

Anahtar Kelimeler

ÇKKV, Sermaye Piyasaları, Uzun Dönemli Performans, İlk Halka Arz

A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul

Öz

The aim of the study is to help financial decision makers by making long-term performance analysis of initial public offerings with a comparative analysis perspective. Multi-criteria decision analysis (MCDA) methods are used in problems with complex answers. The pandemic, which spreads throughout the world in the first quarter of 2020, created a short-term shock effect in the capital markets, but capital markets survived this shock with new investors. While the number of shareholders in Borsa Istanbul was 1.3 million before the pandemic, this number exceeded 3.3 million afterwards. An increase in this number also means an increase in the number of financial decision makers. At this research, the long-term performance of 49 initial public offerings, which took place in Borsa Istanbul before the pandemic is analyzed with a comparative MCDA perspective. To that end, the study, in which CRITIC weighting technique and ARAS, MOORA, TOPSIS, COPRAS and ELECTRE III methods were used, examined 10 periods during the pandemic process. As a result of the research, which is the most comprehensive MCDA study in the field of IPOs, the MOORA method has been recommended to financial decision makers because it produced superior results compared to other 4 methods analyzed.

Anahtar Kelimeler

Capital Markets, MCDA, Long-Term Performance, IPO

Kaynakça

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