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Imkb’de Islem Goren Cimento Sektorundeki Sirketlerin Finansal Performanslarinin VIKOR Yontemi Ile Siralanmasi


  • Unal H. Ozden

    () (Istanbul Commerce University)

  • Ozlem Deniz Basar

    () (Istanbul Commerce University)

  • Seda Bagdatli Kalkan

    () (Istanbul Commerce University)


The aim of the study is ranking financial performances of cement industry companies with VIKOR method which is one of the multi-criteria decision making (MCDM) techniques. The cement industry is the Turkey's most important sector of the construction industry and this study is about the companies that provide input to the cement industry. VIKOR (Vise Kriterijumska Optimizacija I Kompromisno Resenje) method has been developed for the solution of decision making problems which cannot be measured in same units or having controversial criteria. In this method criteria are appraised together and alternatives generates optimum solution from the closest feasible solutions or using for ranking alternatives based on their performance. In the study financial indicators of cement companies in 2011 were used as criteria. To be objective the weights of the criteria used in this study were asked to people who are expert about the market. As a result, financial performance of the companies which traded on the ISE by the cement industry are ranked with the VIKOR method. The spearman correlation coefficient were used for investigating relationships between obtained rankings and stock returns of these companies.

Suggested Citation

  • Unal H. Ozden & Ozlem Deniz Basar & Seda Bagdatli Kalkan, 2012. "Imkb’de Islem Goren Cimento Sektorundeki Sirketlerin Finansal Performanslarinin VIKOR Yontemi Ile Siralanmasi," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 17(1), pages 23-44, November.
  • Handle: RePEc:ist:ancoec:v:17:y:2012:i:1:p:23-44

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    More about this item


    VIKOR; MCDM; Cement Industry; Ranking;

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D - Microeconomics
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics


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