Efficiency analysis in financial markets by data envelopment analysis technique: An application in ise food industry

In this study, from a financial point of view, the efficiency of Istanbul Stock Exchange Food Industry firms is measured by Data Envelopment Analysis.This study consists of three sections. In the first section, performance and the terms about performance are defined and performance measurement methods are mentioned.In the second section, historical development of Data Envelopment Analysis, application fields, application stages, mathematical fundamentals and models are revealed.In the third section, application of Data Envelopment Analysis takes place. Efficiency scores of 18 firms which are traded in ISE Food Industry for 2009, 2010 and 2011 are measured. Basic financial ratios are used as input and output data at the analysis which is applied via EMS 1.3 program. At the end of the application, efficiency scores of firms each year are measured and recommendations are made for inefficient firms. Moreover, efficient firms are sorted by super efficiency scores with super efficient analysis.Keywords: Data Envelopment Analysis, Efficiency, Performance, Performance Measurement