Examination of Financial Performance of Manufacturing Sector Companies in the BIST Participation Sustainability Index by MEREC and COBRA Methods

Kemal Vatansever and Tuba Bayraktar

Journal of Research in Economics, Politics & Finance, 2025, vol. 10, issue SI, 275-304

Abstract: Measuring the financial performance of companies is important in terms of ensuring superiority in competition, achieving profitability targets, and ensuring the continuity of activities. The main objective of this study is to analyse the financial performance of the manufacturing sector companies in the Borsa Istanbul (BIST) Participation Sustainability Index (XSRDK) between 2018 and 2023 with MEREC and COBRA methods, which are multi-criteria decision-making methods. The data set of the study consists of 13 companies in the BIST Participation Sustainability Index operating in the manufacturing sector, and eight (8) financial ratios used as criteria in the study. In the analyses, the importance weights of the criteria were determined with the MEREC method, while the performance ranking among the companies was determined with the COBRA method. According to the results of the analysis, the company with the highest financial performance for 2018 is İskenderun Demir ve Çelik A.Ş. (ISDMR), for 2019 is SASA Polyester Sanayi A.Ş. (SASA), for 2020 is Vestel Beyaz Eşya Sanayi ve Ticaret A.Ş. (VESBE), for 2021 is Kardemir Karabük Demir Çelik Sanayi ve Ticaret A.Ş. (KRDMD), Çimsa Çimento Sanayi ve Ticaret A.Ş. (CIMSA) for 2022 and Akçansa Çimento Sanayi ve Ticaret A.Ş. (AKCNS) for 2023.

Keywords: Participation Sustainability Index; Financial Performance; Manufacturing Sector; MEREC; COBRA; Multi-Criteria Decision Making (search for similar items in EconPapers)
JEL-codes: G10 G30 Q56 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ahs:journl:v:10:y:2025:i:si:p:275-304

DOI: 10.30784/epfad.1677702

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