Evaluation of financial performance of commercial and manufacturing companies operating in iron-steel sector and financial performance effect of internal control systems: The case of Hatay province

The aim of this study is to evaluate the financial performances of the companies operating in Borsa Istanbul Main Metal Industry Index and Hatay. In the first part of the study, general information about iron-steel and its industry was given. In addition, the development of the sector was explained in both Turkey and World. In the second part of the study, the measurement methods of financial performance of firms and internal control details of them were discussed. In the third part of the study, the general structure and characteristics of Stock Exchange Istanbul and economic features of Hatay city were explained and so the importance of iron steel sector in Hatay province was emphasized. The fourth and the final part of the study is part of research and practice are discussed in two sub-parts. In the first sub-part, the financial performances of companies whose shares are traded in the stock exchange and offered to the public and those that are not offered to the public are analyzed by the topsis method. The financial performances of the firms in the study were analyzed both in-house and by comparison with each other. As the entropy method gave negative results as the weighting in the topsis method, the weightings were made in the result of the interviews with the expert academicians and the literature studies done. Thus, analyzes show that publicly traded companies have better financial performance than non-publicly traded companies. In the second part of the research and application section, 250 enterprises were reached for the survey study, but 101 of these enterprises participated. Using the SPSS program, the quantitative data obtained from the questionnaire were analyzed with techniques such as reliability analysis, frequency analysis, factor analysis, T-test, one way ANOVA. According to the findings of the analysis, there were significant differences between the descriptive questions of the business and the financial performance and internal control sub-factors. In addition, the financial performance sub-factors of the business are influenced by sub-factors related to internal control. Researches in the literature often examine the financial performance of the firms those have been publicly traded. In this study, financial performances of firms operating in BIST Main Metal Index and the firms operating in Hatay but not public offering were analyzed. In addition, financial performances of firms with and without public offering were analyzed and compared. In this regard, the study will contribute to the literature.