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

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 Multi Criteria Decision Making (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 Fuzzy Shannon’s Entropy (FSE). Evaluation and ranking were made on the base of the new method of Fuzzy Evaluation Based on Distance from Average Solution (FEDAS). In order to test the reliability of the approach a scenario analysis is conducted based on CRITIC weighting method. Comparison with other MCDM 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.

Gıda ve İçecek İndeksinin Finansal Performans Değerlendirmesinde Bulanık ÇKKV Yaklaşımı

Performans değerlendirmesi, farklı kriterler ve çelişkili veriler içeren çok karmaşık bir uygulama alanıdır. Daha kaliteli bir sonuca ulaşmak için araştırmacılar var olan bütün verilere dayanarak en uygun yöntemi kullanmaya çalışmışlardır. Bu çalışmada, bulanık Çok Kriterli Karar Verme (ÇKKV) yöntemlerine dayanan bir finansal performans değerlendirme modeli önerilmekte, Gıda ve İçecek İndeksinde yer alan firmalara uygulanmıştır. Çalışmada, karlılık, verimlilik, büyüme, likidite, kaldıraç ve piyasa oranları kullanılmıştır. Kriterlerin ağırlıklar belirlemek amacıyla FSE, alternatifleri sıralamak amacıyla ise FEDAS yöntemleri kullanılmıştır. Çalışmada önerilen modelin güvenilirliğini test etmek için CRITIC yöntemine dayalı bir senaryo analizi yapılmıştır. Ayrıca, yaklaşımın geçerliliğini test etmek için farklı ÇKKV yöntemleriyle karşılaştırmalar yapılmıştır. Çalışma sonucunda önerilen modelin güvenilir olduğu tespit edilmiş olup diğer ÇKKV yöntemleriyle karşılaştırıldığında en uygun sonucu sağladığı görülmüştür

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