Benchmarking the Financial Performance of the Corporate Governance Index under Borsa Istanbul Companies Using SITDE and MABAC Framework

Galip Cihan Yalçın; Hamide Özyürek; Ceren Dişçi

Authors

Galip Cihan Yalçın Department of Business, Faculty of Economics and Administrative Sciences, OSTIM Technical University, Ankara, Türkiye Author https://orcid.org/0000-0001-9348-0709
Hamide Özyürek Department of Business, Faculty of Economics and Administrative Sciences, OSTIM Technical University, Ankara, Türkiye Author https://orcid.org/0000-0002-2574-954X
Ceren Dişçi Department of Business, Faculty of Economics and Administrative Sciences, OSTIM Technical University, Ankara, Türkiye Author https://orcid.org/0009-0004-3146-8383

Keywords:

Financial performance, Corporate Governance Index, Borsa Istanbul, SITDE, MABAC , MCDM

Abstract

Financial performance is a fundamental indicator of how effectively, efficiently, and sustainably firms utilize their financial resources within a given period. Financial analysis techniques are employed to assess a firm's current financial position, evaluate past performance, and provide a basis for future strategic and financial planning. Financial analysis is a critical decision-support tool for internal managers, investors, creditors, and other stakeholders. This study aims to examine the financial performance of companies listed in the Corporate Governance Index under Borsa Istanbul for the period 2018–2023 by employing multi-criteria decision-making methods. The analysis utilizes the SITDE and MABAC techniques. Banks, financial institutions, insurance companies, and firms with incomplete financial data during the research period were excluded, resulting in a final sample of 28 companies. Financial data were obtained from the Public Disclosure Platform, and a total of 23 financial ratios were incorporated into the analysis. The findings indicate that total liabilities emerged as the most influential criterion in 2018, 2019, and 2021, highlighting the significant role of capital structure in firm performance. In 2020 and 2023, net profit/loss for the period was the dominant factor, suggesting that value creation capacity primarily shaped performance outcomes. Operating profit was the leading criterion in 2022, emphasizing the importance of operational efficiency and core business profitability. Firm-level results reveal that Iskenderun Demir ve Celik A.S. ranked highest in 2018 and 2020, Enka Insaat ve Sanayi A.S. in 2021, and Pegasus Hava Tasimaciligi A.S. in 2019, 2022, and 2023, with pandemic-related effects explaining Pegasus's relatively lower rankings in 2020–2021.

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