Measuring financial performance of iron and steel industry enterprises in Borsa Istanbul with MOORA, Gray MOORA AND COPELAND methods

Financial performance analysis is very important to see the current financial status of companies and to make future decisions. Ratio analysis method is a method that is frequently used in evaluating the financial performance of companies. With this method, the results obtained by proportioning many financial statement items to each other are evaluated one by one, specific to the business and the sector. On the other hand, it is seen that multi-criteria decision-making methods are also widely used in performance analysis in the literature. It is believed that the applications of single or hybrid multi-criteria decision making methods, in which more than one ratio is used as an input in the analysis of the financial performance of the enterprises, give more holistic results. In this study, the financial performances of the companies in BIST that produce raw iron and steel were analyzed with the MOORA, Gray MOORA and COPELAND methods, which are multi-criteria decision making methods that allow the analysis of many attributes together, and the performance rankings of the companies were made. The ratio approach rankings of the MOORA and Gray MOORA methods are compatible with the COPELAND method rankings, and the financial performance rankings of the companies are realized as İSDEMİR, ERDEMİR, KARDEMİR and İZDEMİR. As a result of the study, it was suggested to the researchers that they could use the MOORA, Gray MOORA and COPELAND methods together.