Financial Performance Measurement With Multi-Criteria Decision Making Methods: An Application on Cement Industry
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Akkaynak,
B.
(ed.)
2025.
Finance Theory and Practices.
Synopsis
The purpose of this study is to analyze the financial performance of cement sector companies traded on Borsa Istanbul (BIST), which is an important part of Türkiye’s industrial economy, between 2017 and 2023 using multi-criteria approaches. Entropy method was used to determine the criteria weights, and MAUT and MAIRCA methods were used for performance ranking. Z-score standardization was applied to normalize the decision matrices. A sensitivity analysis was performed to evaluate the criteria weights. The results show that MAUT and MAIRCA produce similar ranking trends. Excluding 2021, inventory turnover emerged as the most influential criterion, while profitability and liquidity indicators showed cyclical variation. The study provides data-driven analytical findings for finance professionals, investors and managers in strategic decision-making processes.
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Copyright (c) 2025 Bilal Akkaynak; Kübra Saka Ilgın- Ahmet Zelka- İsmail Fatih Ceyhan- Berk Yıldız- Ferhat Demirci- Aziz Kaldırım- Bilal Akkaynak- Gülhan Deniz- Muhsin Uslu- Murat Yıldırım- Hacer Şeyma Dilaver- Salim Sercan Sarı- Hilal Ok Ergün- Hümeyra Yıldız- Muhammed Yılmaz- İbrahim Yaşar Gök- İnci Merve Altan- Adem Ruhan Sönmez- Mehmet Ozan Akman- Hasan Aydın Okuyan- Devran Deniz- Elif Sinem Köse- Muhammed Hanifi Van- Yasin Cihan