Borsa İstanbul Enerji Şirketlerinin Finansal Performansının Analizi: LOPCOW-MAIRCA Bütünleşik Yaklaşımı

Öz

Enerji sektörü, ekonomik sürdürülebilir kalkınmanın sağlanması ve iklim hedeflerine ulaşılması açısından hayati bir rol oynamaktadır. Stratejik öneminin yanı sıra enerji sektöre yapılan yatırımların sürekli artış eğiliminde olması, sektörünün yatırımcılar için de artan bir öneme sahip olduğunu işaret etmekte ve enerji firmalarının finansal performansları yatırım kararları açısından önem kazanmaktadır. Çok Kriterli Karar Verme (ÇKKV) Yöntemlerinin kullanıldığı bu çalışmada, 2021-2023 yılları arasında Borsa İstanbul'da işlem gören enerji firmalarının finansal performanslarını analiz edilmiştir. Analizin ilk aşamasında, seçilen finansal performans kriterlerinin ağırlıkları, objektif ağırlıklandırma tekniklerinden biri olan LOPCOW (Logarithmic Percentage Change-driven Objective Weighting) yöntemi ile belirlenmiştir. İkinci aşamada ise finansal performans sıralaması, MAIRCA (Multi-Attribute Ideal-Real Comparative Analysis) yöntemi kullanılarak oluşturulmuştur. ÇKKV yöntemleri tek dönemlik (genellikle yıllık) verileri analiz etmektedir. Bu çalışmada kullanılan üç yıllık veri analizine ait sıralama sonuçları Borda Sayım Yöntemi kullanılarak birleştirilmiştir. Elde edilen bulgular, enerji sektöründeki firmaların finansal performansına yönelik çok boyutlu bir değerlendirme sunmakta ve bu performansın çeşitli faktörlerden etkilendiğini ortaya koymaktadır. Çalışma sonuçları, enerji sektöründe faaliyet gösteren firmaların finansal performanslarını iyileştirmeye yönelik stratejik kararların alınmasında rehber niteliği taşımaktadır.

Anahtar Kelimeler

• Enerji Sektörü
• Finansal Performans
• Borsa İstanbul
• Çok Kriterli Karar Verme Yöntemleri
• MAIRCA
• LOPCOW

Analysing the Financial Performance of Borsa Istanbul Energy Companies: Integrated LOPCOW-MAIRCA MCDM Approach

Öz

The energy sector plays a vital role in ensuring sustainable economic development and achieving climate targets. In addition to its strategic importance, the increasing investment in the energy sector suggests that it is increasingly important to investors, and the financial performance of energy companies is gaining significance in investment decisions. In this study, which employed Multi-Criteria Decision Making (MCDM) methods, the financial performance of energy companies listed on Borsa Istanbul between 2021 and 2023 was analysed. In the first stage of the analysis, the weights of the selected financial performance criteria were determined using the LOPCOW (Logarithmic Percentage Change-driven Objective Weighting) method, a technique that employs objective weighting. In the second stage, the financial performance ranking was created using the MAIRCA (Multi-Attribute Ideal-Real Comparative Analysis) method. MCDM methods analyse data from a single period (usually annual). The ranking results of the data analysis used in this study over three years were combined using the Borda count method. The findings offer a comprehensive assessment of the financial performance of firms in the energy sector, revealing that multiple factors influence this performance. The study results inform strategic decisions aimed at enhancing the financial performance of firms in the energy sector.

Anahtar Kelimeler

• Energy Sector
• Financial Performance
• Borsa Istanbul
• Multi-Criteria Decision Making Methods
• MAIRCA
• LOPCOW

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