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Strategic Financial Performance Evaluation of the Turkish Companies Traded on ISE

Author

Listed:
  • Ali BAYRAKDAROGLU

    (Mugla University, Faculty of Economics and Administrative Sciences, Department of Business Administration)

  • Nese YALCIN

    (Nevsehir University, Faculty of Economics and Administrative Sciences, Department of Business Administration)

Abstract

Strategic financial performance evaluation has been more important in a highly competitive environment. The main aim of this study is to evaluate the Turkish industrial companies traded on Istanbul Stock Exchange 30 (ISE-30) with respect to seven strategic financial performance measures by using Fuzzy Analytic Hierarchy Process (FAHP) and VIKOR (VI_sekriterijumsko KOmpromisno Rangiranje) method which are known as Multi Criteria Decision Making (MCDM) methods. The strategic performance measures used for performance evaluation are mostly known as the value-based financial performance measures. These seven performance measures are as follows; Economic Value Added (EVA), Refined Economic Value Added (REVA), Equity Economic Value Added (E-EVA), True Value Added (TVA), Market Value Added (MVA), Cash Flow Return on Investment (CFROI) and Cash Value Added (CVA), respectively. In this study, the weights of the performance measures are obtained by using FAHP. The companies are ranked with respect to their strategic financial performance measures’ values for each year for the period 1998-2011, and also ranked with respect to the average values of these measures for the related period by using the VIKOR method.

Suggested Citation

  • Ali BAYRAKDAROGLU & Nese YALCIN, 2012. "Strategic Financial Performance Evaluation of the Turkish Companies Traded on ISE," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 12(4), pages 529-539.
    • Handle: RePEc:ege:journl:v:12:y:2012:i:4:p:529-539
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    References listed on IDEAS

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    1. Yang, Taho & Chen, Mu-Chen & Hung, Chih-Ching, 2007. "Multiple attribute decision-making methods for the dynamic operator allocation problem," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 73(5), pages 285-299.
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    Cited by:

    1. Serhat KARAOGLAN & Serap SAHIN, 2018. "BIST XKMYA Isletmelerinin Finansal Performanslarinin Cok Kriterli Karar Verme Yontemleri Ile Olcumu ve Yontemlerin Karsilastirilmasi," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 18(1), pages 63-80.

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    More about this item

    Keywords

    Strategic performance measures; performance evaluation; MCDM; FAHP; VIKOR; ISE-30;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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