Analyzing the performance of the enterprises in Borsa Istanbul industrial index with Critic-based Gray Relational Analysis method

The aim of this study is to analyze the financial performance of the enterprises in the Borsa Istanbul Industrial Index with the help of Critic-based Gray Relational Analysis, one of the multi-criteria decision-making techniques. The study aims to examine the financial performance of 153 industrial enterprises traded on the Borsa Istanbul Industrial Index between 2018 and 2023. The variables used within the scope of the study were tried to be formed from the variables frequently used by experts in stock selection. These variables are equity/paid-in capital, market capitalization/book value, return, trading volume, market capitalization/net sales, price/earnings, fd/ EBIT, return on assets, return on equity, EBIT growth and total debt/equity. The data used in the study were obtained with the help of Finnet Expert Analysis program. In this context, the variables analyzed were weighted with the Critic method. Then, the performance ranking of the enterprises was determined with the Gray Relational Analysis method. According to the results of the research, among the 153 enterprises included in the analysis, Ereğli Demir Çelik, Ege Endüstri, Say Yenilenebilir Enerji, Karsan Otomotiv, F-M İzmit Piston, and İzmir Demir Çelik, Batısöke Çimento, Doğanlar Mobilya, Pınar Su, Koza Polyester were the top five in terms of high financial performance in the light of the determined criteria and time interval, respectively.