Financial performance analysis using TOPSIS and COPRAS, one of multi-criteria decision-making methods: A research on energy sector companies traded in Borsa Istanbul

In today's world, energy is one of the most valuable elements that serve the purpose of bringing the prosperity and comfort of society to the highest possible level, both socially and economically, in all societies that have achieved or are on the path to achieving a high standard of living. In the current circumstances, the ever-evolving and expanding energy world, which has become increasingly necessary in direct proportion to the rapidly advancing technological innovations in our time, has begun to be preferred more and more in all economic sectors. In light of these developments, interest in organizations operating in the energy sector has grown rapidly, and companies in this sector have gained more importance. The changing demographic structure of the world has made the increasing population and decreasing natural energy resources more critical for companies operating in the energy sector to enhance their energy sources. It is also important that these efforts do not negatively impact the environment, ecosystems, living spaces, and health conditions. The energy sector plays a crucial role in the economic development and well-being of a society. Therefore, it is emphasized that all businesses in the energy sector must be financially strong, and their financial performance has significant importance for the national economy and social welfare. The aim of this study is to evaluate the financial condition of the top 15 energy companies with the best financial ratios listed on Borsa Istanbul (BIST). This evaluation is carried out using the multi-criteria decision-making methods Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and COmplex PRoportional ASsessment (COPRAS) in a comparative manner. In this context, data from the past five years, starting from 2019, has been used to examine the top 15 energy companies listed on Borsa Istanbul, which are in the best financial condition. The five-year financial data of the examined companies was obtained from the www.kap.org.tr website. The collected data was analyzed first separately using the TOPSIS and COPRAS methods and then in a comparative manner.