IDEAS home Printed from https://ideas.repec.org/a/hur/ijaraf/v6y2016i2p104-113.html
   My bibliography  Save this article

Ranking Insurance Companies in Turkey Based on Their Financial Performance Indicators Using VIKOR Method

Author

Listed:
  • Melis Ercan
  • Emrah Onder

Abstract

Financial performance evaluation of firms is a kind of multi-criteria decision making (MCDM) problem which has multiple and conflicting criteria (financial ratios). Companies should monitor their performance indicators in order to ensure appropriate and timely decisions and plans. The aim of this study is to evaluate the financial performance of five listed insurance companies in the Istanbul Stock Exchange (Borsa IstanbulBIST) during 2010–2015 (quarterly) periods. VIKOR method is used for the ranking of firms. Our model shows that Avivasa Emeklilik and Hayat A.S. (AVISA) is the best performing insurance company in these five companies during the years 2010–2015.

Suggested Citation

  • Melis Ercan & Emrah Onder, 2016. "Ranking Insurance Companies in Turkey Based on Their Financial Performance Indicators Using VIKOR Method," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(2), pages 104-113, April.
    • Handle: RePEc:hur:ijaraf:v:6:y:2016:i:2:p:104-113
    as

    Download full text from publisher

    File URL: http://hrmars.com/hrmars_papers/Article_11_Ranking_Insurance_Companies_in_Turkey.pdf
    Download Restriction: no
    File URL: http://hrmars.com/hrmars_papers/Article_11_Ranking_Insurance_Companies_in_Turkey.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Opricovic, Serafim & Tzeng, Gwo-Hshiung, 2007. "Extended VIKOR method in comparison with outranking methods," European Journal of Operational Research, Elsevier, vol. 178(2), pages 514-529, April.
    2. Tzeng, Gwo-Hshiung & Lin, Cheng-Wei & Opricovic, Serafim, 2005. "Multi-criteria analysis of alternative-fuel buses for public transportation," Energy Policy, Elsevier, vol. 33(11), pages 1373-1383, July.
    3. repec:hur:ijaraf:v:5:y:2015:i:1:p:137-147 is not listed on IDEAS
    4. Ilyas Akhisar & Necla Tunay, 2015. "Performance Ranking of Turkish Life Insurance Companies Using AHP and TOPSIS," MIC 2015: Managing Sustainable Growth; Proceedings of the Joint International Conference, Portorož, Slovenia, 28–30 May 2015,, University of Primorska, Faculty of Management Koper.
    5. Opricovic, Serafim & Tzeng, Gwo-Hshiung, 2004. "Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS," European Journal of Operational Research, Elsevier, vol. 156(2), pages 445-455, July.
    6. Dr. Waheed Akhter & Muhammad Zia-ur-Rehman, 2011. "Financial Performance of Pakistan Insurance Industry in Global Scenario," Far East Journal of Psychology and Business, Far East Research Centre, vol. 3(1), pages 1-14, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kuang-Hua Hu & Wei Jianguo & Gwo-Hshiung Tzeng, 2017. "Risk Factor Assessment Improvement for China’s Cloud Computing Auditing Using a New Hybrid MADM Model," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 16(03), pages 737-777, May.
    2. Sirirat Sae Lim & Hong Ngoc Nguyen & Chia-Li Lin, 2022. "Exploring the Development Strategies of Science Parks Using the Hybrid MCDM Approach," Sustainability, MDPI, vol. 14(7), pages 1-29, April.
    3. Hsu, C.-H. & Wang, Fu-Kwun & Tzeng, Gwo-Hshiung, 2012. "The best vendor selection for conducting the recycled material based on a hybrid MCDM model combining DANP with VIKOR," Resources, Conservation & Recycling, Elsevier, vol. 66(C), pages 95-111.
    4. Li, Chengjiang & Negnevitsky, Michael & Wang, Xiaolin & Yue, Wen Long & Zou, Xin, 2019. "Multi-criteria analysis of policies for implementing clean energy vehicles in China," Energy Policy, Elsevier, vol. 129(C), pages 826-840.
    5. Jung-Jung Chang & Chia-Li Lin, 2023. "Determining the Sustainable Development Strategies and Adoption Paths for Public Bike-Sharing Service Systems (PBSSSs) under Various Users’ Considerations," Mathematics, MDPI, vol. 11(5), pages 1-30, February.
    6. Dilşad Güzel & Hamit Erdal, 2015. "A Comparative Assesment of Facility Location Problem via fuzzy TOPSIS and fuzzy VIKOR: A Case Study on Security Services," International Journal of Business and Social Research, LAR Center Press, vol. 5(5), pages 49-61, May.
    7. Kaya, Tolga & Kahraman, Cengiz, 2010. "Multicriteria renewable energy planning using an integrated fuzzy VIKOR & AHP methodology: The case of Istanbul," Energy, Elsevier, vol. 35(6), pages 2517-2527.
    8. Yousaf Ali & Zain Aslam & Hammad Sajid Dar & UbaidUllah Mumtaz, 2018. "A multi-criteria decision analysis of solid waste treatment options in Pakistan: Lahore City—a case in point," Environment Systems and Decisions, Springer, vol. 38(4), pages 528-543, December.
    9. Başak Bulut Karageyik & Şule Şahin, 2017. "Determination of the Optimal Retention Level Based on Different Measures," JRFM, MDPI, vol. 10(1), pages 1-21, January.
    10. Chunguang Bai & Behnam Fahimnia & Joseph Sarkis, 2017. "Sustainable transport fleet appraisal using a hybrid multi-objective decision making approach," Annals of Operations Research, Springer, vol. 250(2), pages 309-340, March.
    11. Chia-Ling Chang & Chung-Hsin Hsu, 2011. "Applying a Modified VIKOR Method to Classify Land Subdivisions According to Watershed Vulnerability," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 25(1), pages 301-309, January.
    12. Tsai, Wen-Hsien & Chou, Wen-Chin & Lai, Chien-Wen, 2010. "An effective evaluation model and improvement analysis for national park websites: A case study of Taiwan," Tourism Management, Elsevier, vol. 31(6), pages 936-952.
    13. Mohanty, Pragyan Paramita & Mahapatra, S.S. & Mohanty, Asit & Sthitapragyan,, 2018. "A novel multi-attribute decision making approach for selection of appropriate product conforming ergonomic considerations," Operations Research Perspectives, Elsevier, vol. 5(C), pages 82-93.
    14. Dilşad Güzel & Hamit Erdal, 2015. "A Comparative Assesment of Facility Location Problem via fuzzy TOPSIS and fuzzy VIKOR: A Case Study on Security Services," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 5(5), pages 49-61, May.
    15. Kuan-Wei Huang & Jen-Hung Huang & Gwo-Hshiung Tzeng, 2016. "New Hybrid Multiple Attribute Decision-Making Model for Improving Competence Sets: Enhancing a Company’s Core Competitiveness," Sustainability, MDPI, vol. 8(2), pages 1-26, February.
    16. Wu, Hung-Yi & Lin, Yi-Kuei & Chang, Chi-Hsiang, 2011. "Performance evaluation of extension education centers in universities based on the balanced scorecard," Evaluation and Program Planning, Elsevier, vol. 34(1), pages 37-50, February.
    17. Gwo-Hshiung Tzeng & Chi-Yo Huang, 2012. "Combined DEMATEL technique with hybrid MCDM methods for creating the aspired intelligent global manufacturing & logistics systems," Annals of Operations Research, Springer, vol. 197(1), pages 159-190, August.
    18. Ming-Tsang Lu & Gwo-Hshiung Tzeng & Hilary Cheng & Chih-Cheng Hsu, 2015. "Exploring mobile banking services for user behavior in intention adoption: using new hybrid MADM model," Service Business, Springer;Pan-Pacific Business Association, vol. 9(3), pages 541-565, September.
    19. Lin, Sheng-Hau & Zhao, Xiaofeng & Wu, Jiuxing & Liang, Fachao & Li, Jia-Hsuan & Lai, Ren-Ji & Hsieh, Jing-Chzi & Tzeng, Gwo-Hshiung, 2021. "An evaluation framework for developing green infrastructure by using a new hybrid multiple attribute decision-making model for promoting environmental sustainability," Socio-Economic Planning Sciences, Elsevier, vol. 75(C).
    20. Chen, Lisa Y. & Wang, Tien-Chin, 2009. "Optimizing partners' choice in IS/IT outsourcing projects: The strategic decision of fuzzy VIKOR," International Journal of Production Economics, Elsevier, vol. 120(1), pages 233-242, July.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hur:ijaraf:v:6:y:2016:i:2:p:104-113. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Hassan Danial Aslam (email available below). General contact details of provider: http://hrmars.com/index.php/pages/detail/Accounting-Finance-Journal .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.