Data envelopment analysis on financial efficiency measurement: An empirical application in BIST

According to the macroeconomic goals of Turkey, industry has an importance. Financial performances of companies operate in this sector, can be regarded as an indicator of performance of the sector. And the main companies of the sector are traded at Istanbul Exchange Market (BIST). Thus, financial efficiencies of 49 companies which are traded in BIST Industry Index and also operate in Automotive, Apparel, Steel, Electric Electronic and Services sectors that have biggest share in Turkey's export, have measured for 2015 and 2016. Data Envelopment Analysis has been used for finacial effciency measurement. First it had been measured by CCR model of DEA for the both years and stated the differences between two years, then the analysis repeated with BCC model of DEA. Both models are established as input oriented. In the study, Total Assets, Equity Capital, Net Current Assets, Current Ratio, Liability / Total Assets, Equity Capital / Liability, Equity Capital / Total Assets, Net Sales / Equity Capital, Net Current Assets / Net Sales, Net Sales / Net Profit are used as input; Net Sales, Net Profit / Equity Capital, Net Profit / Total Assets are used as output. It has been concluded that in 2015, 34 companies are efficient and 15 companies are not; in 2016, significant amount of them has lost the status of being efficient and 15 companies are efficient and 34 companies are not.