FINANCIAL PERFORMANCE EVALUATION USING FUZZY GRA AND FUZZY ENTROPY METHODS: WHOLESALE AND RETAIL INDUSTRY

Year 2020, Issue: 28, 47 - 64, 21.06.2020

Nada Sarsour , Hüseyin Dağlı , Selçuk Perçin

https://doi.org/10.18092/ulikidince.653144

Cited By: 1

Abstract

Financial evaluation is the starting point for making business plan and strategy, therefore, this study aimed mainly to present an effective approach to evaluate the financial performance of the BIST Wholesale and Retail Industry firms listed on Istanbul Stock Exchange over the period of 2015-2018. The Fuzzy Grey Rational Analysis (GRA) method is used to evaluate financial performance of different alternatives considering the distances between fuzzy sets based on the grey and fuzzy theory. While, Fuzzy Entropy method is used to determine the relative importance of 15 financial criteria (ratios). Based on a comprehensive financial evaluation framework the study ranks the financial performance of the 17 wholesale and retail trade index firms and shows that MIPAZ firm has the best relative financial performance. Moreover, net profit margin ratio has the highest relative importance indicator for evaluating financial performance. A sensitivity analysis is presented for confirming validity of the proposed model, in addition to a comparison between fuzzy GRA and GRA is demonstrated to test the reliability of the proposed model.

Keywords

Financial Performance Evaluation, Financial Ratio, Fuzzy GRA, Fuzzy Entropy

FINANCIAL PERFORMANCE EVALUATION USING FUZZY GRA AND FUZZY ENTROPY METHODS: WHOLESALE AND RETAIL INDUSTRY

Abstract

Finansal değerlendirme, işletme planı ve stratejisi için başlangıç noktasıdır. Bu nedenle, çalışmada BIST Toptan ve Perakende Ticaret indeksindeki şirketlerin 2015-2018 dönemindeki finansal performanslarını değerlendirmek için etkili bir model sunmak amaçlanmıştır. Finansal performans çok boyutlu bir kavram olduğundan, çalışmada çok kriterli karar verme yöntemlerinden Bulanık Gri İlişkisel Analiz (GİA) yöntemi ve Bulanık Entropi yöntemi kullanılmıştır. Bulanık GİA, Gri teoriye dayalı bulanık kümeler arasındaki mesafeleri göz önünde bulundurarak farklı alternatiflerin finansal performansını değerlendirmek için kullanılmıştır. Bulanık Entropi yöntemi ise, çalışmada kullanılan kârlılık, kaldıraç, büyüme, likidite, verimlilik ve piyasa oranlarının ağırlıklarını hesaplamak için kullanılmıştır. Önerilen modeli, toptan ve perakende ticaret endeksinde yar alan 17 şirkete uygulanmış olup ve MIPAZ şirketinin en iyi finansal performansa sahip olduğu sonucuna ulaşılmıştır. Önerilen modelin geçerliliğini doğrulamak için duyarlılık analizi ve GİA ile karşılaştırma analizi yapılmıştır. Bu doğrultusunda, çalışma sonuçları toptan ve perakende ticaret firmalarının değerlendirilmesinde önerilen modelin geçerli ve güvenilir olduğunu göstermiştir.

Keywords

Finansal Performans değerlendirme, Finansal oranları, Bulanık GİA, Bulanık Entropi

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