The investigation of financial performances of companies which are in the bist sustainability index and the industry 4.0 is not advised: A gray relation analysis

The first and most important aim of the developing technology in the world is to meet the needs of people. Today, developing technology products, one step ahead of this situation, but people need to use the products after they have started to offer. This happened with the Industrial 4.0 revolution, where smart factories and the world began to speak. Human beings have reached the point where they produce products that are both sustainable and completely independent of manpower in their journey of quest, which started with the depletion of natural resources and damage to the environment. Although the sustainability of the institutions is sufficient in the social, environmental and economic sense in the globalizing economy at the beginning, the Industry 4.0 revolution which provides a great competitive advantage, production capacity and value chain is preparing to move the institutions to another development era. With this development process, all countries and institutions have one goal and not to fall behind this era. The purpose of these automotive companies operating in Turkey's study is the analysis of the financial performance of Industrial 4.0 environment. It is aimed to analyze the financial performances of the companies in the automotive sector which are included in Borsa İstanbul Corporate Sustainability Index and which include Industry 4.0 technologies in their activities between 2013-2018 by using Gray Relational Analysis method. A total of ten financial ratios for performance evaluation and R & D expenditures included in these ratios were determined as effective criteria for evaluation. It was observed that the financial performances of It was observed that the financial performance of Tofaş, Otokar and Ford companies increased after their transition to Industry 4.0. The Turkish Tractor's financial performance decreased after the transition to Industry 4.0. As a result, initiatives in Industry 4.0 positively affect the financial performance of companies. Keywords: Industry 4.0; Corporate Sustainability; Borsa İstanbul; Corporate Sustainability Index; Gray Relational Analysis; Financial Performance