Financial Performance Evaluation of Food and Drink Index Using Fuzzy MCDM Approach

Abstract

Performance evaluation presents a very complex field involving different criteria and contradicted information. Though, there is an insisting need to a reliable and consistent approach where the application procedures are not complicated. In this study, a fuzzy MCDM approach is developed to evaluate the financial performance of companies listed in food and drink index of Istanbul Stock Exchange. Financial ratios were identified to create a base for financial performance evaluation in the areas of: profitability, efficiency, growth, liquidity, leverage and market ratios. Weight coefficients were obtained by the objective method of FSE. Evaluation and ranking were made on the base of the new method of FEDAS. In order to test the reliability of the approach a sensitivity analysis is conducted based on CRITIC weighting method. Comparison with FTOPSIS, FVIKOR, FCOPRAS, FMOORA and FSAW methods and spearman correlation are conducted to test validity of the proposed approach. The proposed approach is reliable and provides the most suitable result comparing with other MCDM methods, and has a strong positive correlation with average results.

Keywords

• Fuzzy EDAS,Financial Performance Evaluation,Food and Drink Index

Financial Performance Evaluation of Food and Drink Index Using Fuzzy MCDM Approach

Öz

Performans değerlendirmesi, farklı kriterler ve çelişkili veriler içeren çok karmaşık bir çalışma alanıdır. Daha kaliteli bir sonuca ulaşmak için araştırmacılar var olan bütün verilere dayanarak en uygun yöntemleri kullanmaya çalışmışlardır. Bu çalışmada, ÇKKV yöntemlerine dayanan bir finansal performans değerlendirme modeli önerilmektedir.  Önerilen bu modeli Gıda ve İçecek İndeksinde yer alan firmaların finansal performansını değerlendirmek için uygulanmıştır. Çalışmada, karlılık, verimlilik, büyüme, likidite, kaldıraç ve piyasa oranları kullanılmıştır. Kriterleri ağırlıklandırmak amacıyla FSE, alternatifleri sıralamak amacıyla ise FEDAS yöntemleri kullanılmıştır. Çalışmada önerilen yaklaşımın güvenilirliğini test etmek için CRITIC ağırlıklandırma yöntemine dayalı bir duyarlılık analizi yapılmıştır. Ayrıca, yaklaşımın geçerliliğini test etmek için FTOPSIS, FVIKOR, FCOPRAS, FMOORA ve FSAW yöntemleriyle karşılaştırmalar yapılmıştır. Çalışma sonucunda önerilen modelin güvenilir olduğu tespit edilmiş olup diğer ÇKKV yöntemleriyle karşılaştırıldığında en uygun sonucu sağladığı görülmüştür.

Anahtar Kelimeler

• Bulanık EDAS,Finansal Performans Değerlendirme,Gıda ve İçecek İndeksi

Kaynakça

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