Financial Performance Comparison of BIST Mining Index Firms via the VIKOR, TOPSIS, MOORA, and COPRAS Methods

Nazif Ayyildiz

Fiscaoeconomia, 2026, issue 1

Abstract: This study aims to comparatively analyze the financial performance of companies listed in the Borsa İstanbul (BIST) Mining Index (XMADN) during the 2020–2024 period using Multi-Criteria Decision-Making (MCDM) methods. The financial structures of the companies were evaluated based on six key criteria: current ratio, return on equity, net profit margin, asset turnover ratio, leverage ratio, and stock return. These criteria enable a multidimensional analysis of firms’ liquidity, profitability, operational efficiency, indebtedness, and market performance. The relative importance levels of the criteria were objectively determined using the data-driven CRITIC technique, and the obtained weights were integrated into the VIKOR, TOPSIS, MOORA, and COPRAS methods to derive performance rankings. The analysis results show that KOZAL achieved the highest financial performance across all methods, while KOZAA ranked last. Although the rankings of other companies varied depending on the method used, overall trends were similar. Furthermore, the application results reveal a high degree of consistency among the rankings produced by the four methods. Within this scope, the study contributes both methodologically and practically to the literature on multi-criteria financial performance analysis focused on the mining sector. The inclusion of market-based indicators such as stock returns alongside financial ratios constitutes one of the distinguishing aspects of this study.

Keywords: Mining Sector; Financial Performance; Multi-Criteria Decision Making; CRITIC (search for similar items in EconPapers)
JEL-codes: G12 G30 Q30 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:260126

DOI: 10.25295/fsecon.1743367

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