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Financial Performance Evaluation of Turkish Energy Companies with Fuzzy AHP and Fuzzy TOPSIS Methods

Author

Listed:
  • Eyüboğlu, Kemal

    (Karadeniz Technical University)

  • Çelik, Pelin

    (Karadeniz Technical University)

Abstract

Turkey’s economy has expanded in recent years with the increase in energy consumption. Energy is a key input in production and plays a crucial role in the development of an economy. Energy sector interacts with other sectors hence the performances of energy firms are inevitable to follow-up. In the study thirteen energy firms are evaluated with 5 main and 15 sub-criteria for the period of 2008-2013. The 15 sub-criteria are classified in the following main criteria: liquidity, activity, financial leverage, profitability and growth ratios. The weights of the ratios are determined by Fuzzy AHP and then Fuzzy TOPSIS method is used for the rankings of the energy firms. Traditional multi-criteria decision making methods are not used in this study, due to the fact that they are insufficient under uncertainty. After 2008 global financial crisis, the uncertainty has increased all over the world hence the usage of fuzzy methods can provide better results under these conditions. Findings show that Avrasya Oil, Turcas and Aksu have the highest ranking.

Suggested Citation

  • Eyüboğlu, Kemal & Çelik, Pelin, 2016. "Financial Performance Evaluation of Turkish Energy Companies with Fuzzy AHP and Fuzzy TOPSIS Methods," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 7(3), pages 21-37, July.
    • Handle: RePEc:ris:buecrj:0233
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    Citations

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    Cited by:

    1. Joseph Junior Aduba, 2022. "Framework for firm-level performance evaluations using multivariate linear correlation with MCDM methods: application to Japanese firms," Asia-Pacific Journal of Regional Science, Springer, vol. 6(1), pages 1-44, February.
    2. Silvia Angilella & Maria Rosaria Pappalardo, 2021. "Assessment of a failure prediction model in the energy sector: a multicriteria discrimination approach with Promethee based classification," Papers 2102.07656, arXiv.org.
    3. Monika Rakos & Janos Szendrak & Laszlo Erdey & Peter Miklos Komives & Veronika Fenyves, 2022. "Analysis of the Economic Situation of Energy Companies in Central and Eastern Europe," International Journal of Energy Economics and Policy, Econjournals, vol. 12(4), pages 553-562, July.
    4. Silvia Angilella & Maria Rosaria Pappalardo, 2022. "Performance assessment of energy companies employing Hierarchy Stochastic Multi-Attribute Acceptability Analysis," Operational Research, Springer, vol. 22(1), pages 299-370, March.

    More about this item

    Keywords

    Performance Evaluation; Fuzzy AHP; Fuzzy TOPSIS; Energy Sector; Multi-Criteria Decision Making;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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