Evaluation of financial performance of BIST Buyback Index companies by multi-criteria decision making methods

This thesis aims to evaluate the financial performance of the firms included in the BIST Buyback Index (XUGRA) by employing multi-criteria decision-making approaches. The evaluation is based on key financial ratios such as Financial Leverage, ROA, ROE, Tobin's Q, Price-to-Earnings, Market Value-to-Book Value, Debt-to-Equity, and the Piotroski F-Score. In this study, the financial ratios of each firma re normalized and compred against ideal and anti-ideal reference points. Objective weights are determined by the LOPCOW method, while the obtained MARCOS and CoCoSo results were analyzed with the COPELAND method and a final evaluation was made. The analysis reveals significant performance differences among the firms. Some firms exhibit a robust financial structure and high profitability, whereas others are characterized by higher indebtedness and lower profitability. The finfings underscore the effectiveness of multi-criteria decision-making approaches in financial performance evaluation, offering meaningful insights for both academic research and practical applications. Based on the results, strategic recommendations have been proposed to enhance the financial structure of these firms.