ANALYSIS OF THE FINANCIAL PERFORMANCE AND ESG SCORES OF BORSA ISTANBUL SUSTAINABILITY INDEX COMPANIES: AN INTEGRATED ENTROPY - GRA APPROACH

Authors : Tuğçehan Sarmusak, Ozan Gönüllü

Pages : 415-428

Doi:10.46238/jobda.1828841

View : 53 | Download : 87

Publication Date : 2026-01-02

Article Type : Research Paper

Abstract :This study was conducted to comprehensively evaluate the financial and sustainability performance of companies listed in the Borsa Istanbul Sustainability Index (BIST Sustainability Index). In the research, an integrated analytical framework was established by employing the Entropy-based objective weighting method together with Grey Relational Analysis (GRA), both of which are prominent techniques within the field of Multi-Criteria Decision-Making (MCDM). A total of 13 criteria—comprising financial ratios and ESG sub-scores for the year 2023—were assessed to measure the performance levels of the companies. Through the Entropy method, the relative importance weights of the criteria were determined, and these weights were subsequently incorporated into the GRA model to derive the overall performance ranking of the firms. The findings indicate that financial ratios play a decisive role in determining corporate performance.
Keywords : ESG, Çok Kriterli Karar Verme, Sürdürülebilirlik, Entropi, Gri İlişkisel Analiz, BIST

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