(Analyasis on The Financial Performance of Companies in Bist Metalware And Machine Index by An Integrand Approach With Dematel And Moora)

Abstract

Purpose – In this study, we examine the financial performance of 28 companies in metalware and machine index, listed in Borsa Istanbul. Design/methodology/approach – We aim to make analyses through and compare the results from a hybrid model which utilizes two multi-criteria decision-making methods, namely, DEMATEL (The Decision Making Trial and Evaluation Laboratory) and MOORA (Multi-Objective Optimization on the Basis of Ratio Analysis). Findings – Fourteen selection criteria on the ratios of liquidity, operating efficiency, financial structure and profitability are determined regarding the three-years period between 2016 and 2018. We make a questionnaire with a scale of 1 to 4 in a pool of selected experts in the field. Based on the responses, we calculate the weights of the selection criteria in DEMATEL method perspective. Financial performances are evaluated through MOORA method and companies are sorted with respect to financial performance each year. Discussion – Finally, companies are reordered for the whole period via the use of Borda method. As a result on the average financial performance of three years, Eminiş Ambalaj Sanayi ve Ticaret A.Ş. has shown best among all companies.