Performances comparison of companies with PROMEYHEE method: An application in BIST

Investors attach importance to performance indicators because they need to periodically monitor the capital they entrust to businesses. From this point of view, the study consists of three stages. In the first chapter, traditional performance measurement methods used by both businesses and investors for many years are explained. In the second chapter, Economic Value Added (EVA) and other value based performance measurement methods are explained by considering the missing characteristics of traditional performance criteria. This section explains the features of the concept of EVA, usage areas and how they are calculated. In the last chapter, study is completed with application. Based on the information theoretically explained in this study, the performances of the 23 businesses operating in the Borsa İstanbul Metal Goods, Machinery Index between 2012-2016 were measured by both ratio analysis and EVA method in the Promethee programme. As a result of the application, it can be concluded that there are no similar results between the ratio analysis and the EVA analysis after the performance measurements are made on the businesses and they are the indicators that are formed to meet the different purposes. Although the variation in the ratio used in the rate analysis or the change in the weights given in the analysis process is considered to be the criticism of the Promethee program used in the study, researching the existence of bilateral interaction between the criteria is an important guide for the decision-makers to reach the right information.