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Evaluation of financial performance of paper companies traded at BIST with TOPSIS method

Yıl 2018, Cilt 18, Sayı 1, 92 - 98, 23.03.2018
https://doi.org/10.17475/kastorman.331279

Öz

Aim of study: It was aimed to rank financial performance of companies in the paper industry traded at BIST.

Material and methods: The financial performances of seven companies in the paper industry which are traded on the Borsa İstanbul (BIST) were determined by using financial data in 2016. For this purpose, ten financial ratios were obtained from the financial data of companies, each of which had its own superiority. The data were conducted by the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method which is the "Multi Criteria Decision Making" (MCDM) method to interpret.

Main results: The results indicated that the companies were ranked follows; ALKA, KARTN, VKING, BAKAB, TIRE, OLMIP and KAPLM based on the financial performance scores.

Research highlights: In Turkey, production in paper industry meets nearly half of the consumption and paper demand are met by imports. The high prices of energy and initial investment costs encourage imports of paper products and they prevent new investments. From this perspective, growth, development and high performance of paper companies will keep this industry alive.

Kaynakça

  • Bakırcı, F., Shiraz, S. E. and Sattary, A., 2014. Financial Performance Analysis of Iron, Steel Metal Industry Industry Companies in The Borsa İstanbul: DEA Super Efficiency and TOPSIS Methods, Ege Academic Review, 14(1), 9-19.
  • Behzadian, M., Otaghsara, S. K., Yazdani, M. and Ignatius, J., 2012. A State-of the-Art Survey of TOPSIS Applications, Expert Systems with Applications, 39, 13051-13069.
  • Çakır, S. and Perçin, S., 2013. Performance Measurement of Logistics Firms with Multi-Criteria Decision Making Methods, Ege Academic Review, 13(4), 449-459.
  • Çabuk, Y., Karayılmazlar, S., Aytekin, A., Onat, S. M. and Kurt. R., 2014. The Turkish Paper and Paperboard İndustry: A Study of The Statistical Assessment, Analysis and Forecast, Journal of the Faculty of Forestry Istanbul University, 64(1). 67-79.
  • Dasthi, Z., Pedram, M. M. and Shanbehzadeh, J. (2010) “A Multi- Criteria Decision Making Based Method for Ranking Sequential Patterns”, Proceedings of the International MultiConference of Engineers and Computer Scientists, (17-19 May), Hong Kong.
  • Dumanoğlu, S., 2010, Financial Performance Evaluation of Cement Firms Trading in ISE By Using TOPSIS Method, Marmara University, Journal of Economics and Administrative Sciences, 29(2), 232-339.
  • Ergül, N., 2014. Testing of Companies’ Financial Performance in the BIST - Tourism Industry, Journal of The Faculty of Economics and Administrative Sciences, 4(1), 325-340.
  • Feng, C. M. and Wang, R. T. 2000. Performance Evaluation for Airlines Including The Consideration of Financial Ratios, Journal of Air Transport Management, 6, 132-142.
  • Hwang, C.L., and Yoon, K., 1981. Multiple Attribute Decision Making: Methods and Applications, Springer-Verlag, Heidelberg,
  • Meydan, C., Yıldırım, B. F. and Senger, Ötüken, 2016. Evaluation Of The Financial Performance Of Food And Beverage Companies Traded On BIST Using Grey Relational Analyis, The Journal of Accounting and Finance, 147-167.
  • Ömürbek, N. and Mercan, Y., 2014. Performance Evaluation of Sub-manufacturing Industrys Using TOPSIS and ELECTRE Methods, Çankırı Karatekin University, Journal of The Faculty of Economics and Administrative Sciences, 4(1), 237-266.
  • Wang, Y. J. and Lee, H. S. 2007. Generalizing TOPSIS for Fuzzy Multiple-Criteria Group Decision-Making, Computers and Mathematics with Applications, 53, 1762–1772.
  • Wang, Y. J. 2014. The Evaluation of Financial Performance for Taiwan Container Shipping Companies by Fuzzy TOPSIS, Applied Soft Computing, 22, 28–35.
  • Young, J. L., Ting, Y. L. and Hwang, C. L. 1994. TOPSIS for MODM, European Journal of Operational Research, North-Holland, 76, 486-500.
  • Yousefi, A. ve Hadi-Vencheh, A. (2010) “An Integrated Group Decision Making Model and Its Evaluation by DEA for Automobile Industry“ Expert Systems with Applications, 37(8), 543-556.
  • Yorulmaz, H., 2014. Paper Industry Industry Report in East Marmara Region, Brand, East Marmara Development Agency, Series of Regional Plan Publications -16, 1-38.
  • Yurdakul, M. and İç, Y. T., 2005. Development of a Performance Measurement Model for Manufacturing Companies Using The AHP and TOPSIS Approaches, International Journal of Production Research, 43(21), 4609-4641.
  • Türkmen, S. Y. and Çağıl, G. 2012. Evaluation of Financial Performance of Information Industry Companies Traded in IMKB with TOPSIS Method, Maliye Finans Yazıları Dergisi, 26(95), 59-78.

BİST’de işlem gören kağıt sektöründeki firmaların TOPSIS yöntemiyle finansal performanslarının değerlendirilmesi

Yıl 2018, Cilt 18, Sayı 1, 92 - 98, 23.03.2018
https://doi.org/10.17475/kastorman.331279

Öz

BİST’de işlem gören kağıt sektöründeki firmaların TOPSIS yöntemiyle finansal performanslarının değerlendirilmesi

Özet

Çalışmanın amacı: BİST’de işlem gören kağıt sektöründeki firmaların finansal performanslarına göre sıralanması amaçlanmıştır.

Materyal ve yöntem: Borsa İstanbul’da (BIST) işlem gören kağıt sektöründeki 7 firmanın 2016 yılına ait verileri kullanılarak finansal performansları belirlenmeye çalışılmıştır. Bu amaçla, şirketlere ait finansal verilerden 10 finansal oran elde edilmiştir ve bu finansal oranların her biri diğerlerine göre üstünlüğe sahiptir. Bütünleşik bir değerlendirme yapılması amacıyla, veriler “Çok Kriterli Karar Verme” (ÇKKV) yöntemlerinden olan TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) yöntemi ile değerlendirilmiştir.

Sonuçlar: Şirketler finansal performanslarına göre ALKA, KARTN, VKING, BAKAB, TIRE, OLMIP ve KAPLM olarak sıralanmıştır..

Araştırma vurguları: Ülkemiz kağıt sektöründe gerçekleştirilen üretim ile tüketimin yarısı karşılanabilmekte ve kağıt ihtiyacı ithalatla karşılanmaktadır. Enerji fiyatlarının ve ilk yatırım maliyetlerinin yüksek olması yeni yatırımları engellerken ithalata teşvik etmektedir. Bu bakımdan sektörde var olan firmaların gelişmesi, büyümesi ve performanslarının yüksek olması sektörü canlı tutacaktır.

Kaynakça

  • Bakırcı, F., Shiraz, S. E. and Sattary, A., 2014. Financial Performance Analysis of Iron, Steel Metal Industry Industry Companies in The Borsa İstanbul: DEA Super Efficiency and TOPSIS Methods, Ege Academic Review, 14(1), 9-19.
  • Behzadian, M., Otaghsara, S. K., Yazdani, M. and Ignatius, J., 2012. A State-of the-Art Survey of TOPSIS Applications, Expert Systems with Applications, 39, 13051-13069.
  • Çakır, S. and Perçin, S., 2013. Performance Measurement of Logistics Firms with Multi-Criteria Decision Making Methods, Ege Academic Review, 13(4), 449-459.
  • Çabuk, Y., Karayılmazlar, S., Aytekin, A., Onat, S. M. and Kurt. R., 2014. The Turkish Paper and Paperboard İndustry: A Study of The Statistical Assessment, Analysis and Forecast, Journal of the Faculty of Forestry Istanbul University, 64(1). 67-79.
  • Dasthi, Z., Pedram, M. M. and Shanbehzadeh, J. (2010) “A Multi- Criteria Decision Making Based Method for Ranking Sequential Patterns”, Proceedings of the International MultiConference of Engineers and Computer Scientists, (17-19 May), Hong Kong.
  • Dumanoğlu, S., 2010, Financial Performance Evaluation of Cement Firms Trading in ISE By Using TOPSIS Method, Marmara University, Journal of Economics and Administrative Sciences, 29(2), 232-339.
  • Ergül, N., 2014. Testing of Companies’ Financial Performance in the BIST - Tourism Industry, Journal of The Faculty of Economics and Administrative Sciences, 4(1), 325-340.
  • Feng, C. M. and Wang, R. T. 2000. Performance Evaluation for Airlines Including The Consideration of Financial Ratios, Journal of Air Transport Management, 6, 132-142.
  • Hwang, C.L., and Yoon, K., 1981. Multiple Attribute Decision Making: Methods and Applications, Springer-Verlag, Heidelberg,
  • Meydan, C., Yıldırım, B. F. and Senger, Ötüken, 2016. Evaluation Of The Financial Performance Of Food And Beverage Companies Traded On BIST Using Grey Relational Analyis, The Journal of Accounting and Finance, 147-167.
  • Ömürbek, N. and Mercan, Y., 2014. Performance Evaluation of Sub-manufacturing Industrys Using TOPSIS and ELECTRE Methods, Çankırı Karatekin University, Journal of The Faculty of Economics and Administrative Sciences, 4(1), 237-266.
  • Wang, Y. J. and Lee, H. S. 2007. Generalizing TOPSIS for Fuzzy Multiple-Criteria Group Decision-Making, Computers and Mathematics with Applications, 53, 1762–1772.
  • Wang, Y. J. 2014. The Evaluation of Financial Performance for Taiwan Container Shipping Companies by Fuzzy TOPSIS, Applied Soft Computing, 22, 28–35.
  • Young, J. L., Ting, Y. L. and Hwang, C. L. 1994. TOPSIS for MODM, European Journal of Operational Research, North-Holland, 76, 486-500.
  • Yousefi, A. ve Hadi-Vencheh, A. (2010) “An Integrated Group Decision Making Model and Its Evaluation by DEA for Automobile Industry“ Expert Systems with Applications, 37(8), 543-556.
  • Yorulmaz, H., 2014. Paper Industry Industry Report in East Marmara Region, Brand, East Marmara Development Agency, Series of Regional Plan Publications -16, 1-38.
  • Yurdakul, M. and İç, Y. T., 2005. Development of a Performance Measurement Model for Manufacturing Companies Using The AHP and TOPSIS Approaches, International Journal of Production Research, 43(21), 4609-4641.
  • Türkmen, S. Y. and Çağıl, G. 2012. Evaluation of Financial Performance of Information Industry Companies Traded in IMKB with TOPSIS Method, Maliye Finans Yazıları Dergisi, 26(95), 59-78.

Ayrıntılar

Birincil Dil İngilizce
Konular Fen
Bölüm Makaleler
Yazarlar

Tutku ÜÇÜNCÜ
Kastamonu University
Türkiye


Kadri Cemil AKYÜZ
Karadeniz Technical University
Türkiye


İlker AKYÜZ
Karadeniz Technical University
Türkiye


Bahadır Çağrı BAYRAM
Kastamonu University
0000-0002-8563-0233
Türkiye


Nadir ERSEN
ARTVİN ÇORUH ÜNİVERSİTESİ
Türkiye

Yayımlanma Tarihi 23 Mart 2018
Yayınlandığı Sayı Yıl 2018, Cilt 18, Sayı 1

Kaynak Göster

Bibtex @araştırma makalesi { kastorman331279, journal = {Kastamonu University Journal of Forestry Faculty}, issn = {1303-2399}, eissn = {1309-4181}, address = {}, publisher = {Kastamonu Üniversitesi}, year = {2018}, pages = {92 - 98}, doi = {10.17475/kastorman.331279}, title = {Evaluation of financial performance of paper companies traded at BIST with TOPSIS method}, key = {cite}, author = {Üçüncü, Tutku and Akyüz, Kadri Cemil and Akyüz, İlker and Bayram, Bahadır Çağrı and Ersen, Nadir} }
APA Üçüncü, T. , Akyüz, K. C. , Akyüz, İ. , Bayram, B. Ç. & Ersen, N. (2018). Evaluation of financial performance of paper companies traded at BIST with TOPSIS method . Kastamonu University Journal of Forestry Faculty , 18 (1) , 92-98 . DOI: 10.17475/kastorman.331279
MLA Üçüncü, T. , Akyüz, K. C. , Akyüz, İ. , Bayram, B. Ç. , Ersen, N. "Evaluation of financial performance of paper companies traded at BIST with TOPSIS method" . Kastamonu University Journal of Forestry Faculty 18 (2018 ): 92-98 <https://dergipark.org.tr/tr/pub/kastorman/article/331279>
Chicago Üçüncü, T. , Akyüz, K. C. , Akyüz, İ. , Bayram, B. Ç. , Ersen, N. "Evaluation of financial performance of paper companies traded at BIST with TOPSIS method". Kastamonu University Journal of Forestry Faculty 18 (2018 ): 92-98
RIS TY - JOUR T1 - Evaluation of financial performance of paper companies traded at BIST with TOPSIS method AU - Tutku Üçüncü , Kadri Cemil Akyüz , İlker Akyüz , Bahadır Çağrı Bayram , Nadir Ersen Y1 - 2018 PY - 2018 N1 - doi: 10.17475/kastorman.331279 DO - 10.17475/kastorman.331279 T2 - Kastamonu University Journal of Forestry Faculty JF - Journal JO - JOR SP - 92 EP - 98 VL - 18 IS - 1 SN - 1303-2399-1309-4181 M3 - doi: 10.17475/kastorman.331279 UR - https://doi.org/10.17475/kastorman.331279 Y2 - 2018 ER -
EndNote %0 Kastamonu Üniversitesi Orman Fakültesi Dergisi Evaluation of financial performance of paper companies traded at BIST with TOPSIS method %A Tutku Üçüncü , Kadri Cemil Akyüz , İlker Akyüz , Bahadır Çağrı Bayram , Nadir Ersen %T Evaluation of financial performance of paper companies traded at BIST with TOPSIS method %D 2018 %J Kastamonu University Journal of Forestry Faculty %P 1303-2399-1309-4181 %V 18 %N 1 %R doi: 10.17475/kastorman.331279 %U 10.17475/kastorman.331279
ISNAD Üçüncü, Tutku , Akyüz, Kadri Cemil , Akyüz, İlker , Bayram, Bahadır Çağrı , Ersen, Nadir . "Evaluation of financial performance of paper companies traded at BIST with TOPSIS method". Kastamonu University Journal of Forestry Faculty 18 / 1 (Mart 2018): 92-98 . https://doi.org/10.17475/kastorman.331279
AMA Üçüncü T. , Akyüz K. C. , Akyüz İ. , Bayram B. Ç. , Ersen N. Evaluation of financial performance of paper companies traded at BIST with TOPSIS method. Kastamonu University Journal of Forestry Faculty. 2018; 18(1): 92-98.
Vancouver Üçüncü T. , Akyüz K. C. , Akyüz İ. , Bayram B. Ç. , Ersen N. Evaluation of financial performance of paper companies traded at BIST with TOPSIS method. Kastamonu University Journal of Forestry Faculty. 2018; 18(1): 92-98.
IEEE T. Üçüncü , K. C. Akyüz , İ. Akyüz , B. Ç. Bayram ve N. Ersen , "Evaluation of financial performance of paper companies traded at BIST with TOPSIS method", Kastamonu University Journal of Forestry Faculty, c. 18, sayı. 1, ss. 92-98, Mar. 2018, doi:10.17475/kastorman.331279

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