Financial Performance of BIST Sustainability Index Enterprises: Unearthing the Most Optimum MCDA Methods for Decision-Makers

Authors : Orhan Emre Elma

Pages : 461-478

Doi:10.51551/verimlilik.1410272

View : 306 | Download : 214

Publication Date : 2024-10-31

Article Type : Research Paper

Abstract :Purpose: The aim of this study is to examine the financial performance of companies traded in BIST Sustainability index using 7 MCDA applications. Although there have been previous studies on aforementioned index, this study will be the first comparative and most comprehensive study conducted across 7 methods. Methodology: Analyzes were performed using VIKOR, FUCA, MOORA, GRA, COPRAS, SAW and CODAS methods and the CRITIC technique for the financial performance of 34 companies that achieved to remain in the relevant index continuously for 11 periods, within the timeframe spanning from Q1 2019 to Q3 2021. Findings: According to the comparative MCDA analysis, the highest capacity was found in the VIKOR method with 65.8% (p<0.01). The FUCA method followed the relevant method with 61.14% (p<0.01) and the MOORA method with 55.08% (p<0.02) capacities. COPRAS, SAW and CODAS were established as the methods with the lowest capacity. Originality: This study is the first sustainability index study that measures the MCDA applications capacity with regard to association between the outputs they produce for corporations and the stock returns of the relevant firms and conclusively makes a comparison among analyzed methods. In this sense, it makes significant contributions to the literature.
Keywords : Sermaye Piyasaları, Hisse Getirisi, Sürdürülebilirlik, ÇKKA