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- MakaleYalnız künye2026Scopus SJRQ1Entropy-based VIKOR and TOPSIS approaches for financial performance ranking: evidence from Turkish cement companies listed on Borsa Istanbul
Ayaydın, Hasan; Shırzadı, Said Abdullah; Balıkçı, Hasan Celal; Sharabati, Abdel-Aziz Ahmad; Barut, Abdulkadir
Assessing the financial performance of an enterprise is crucial for demonstrating the effectiveness of the management team, influencing investor decision-making regarding stocks, and meeting the expectations of lending institutions. Cement companies prioritise strengthening their capital structures to better withstand economic shocks. Additionally, these companies aim to use their resources more efficiently to reduce costs, increase sales, boost profits, and achieve faster growth. Accurate evaluations of the financial performance of cement companies are crucial for both the global economic landscape and their impact on the local economy. Consequently, financial performance evaluation models are essential for these companies to enhance their long-term financial results. However, to date, there appears to be no existing model that suggests periodic monitoring of the financial performance of cement companies based on their financial ratios. The current study seeks to analyze the TOPSIS and VIKOR multi-criteria decision-making methods, utilizing an entropy approach among publicly traded cement sector companies based on BIST, data between 2018 and 2020. The objective is to disclose the results of these companies and rank them based on key criteria. Additionally, a comparative analysis was conducted using the VIKOR method. The results indicated that the rankings produced by the TOPSIS and VIKOR methods were similar for 2020 and 2021, though they differed slightly in 2022 and 2023. Generally, BSOKE, KONYA, and BTCIM ranked as the top three companies in both methods, while CIMSA, BASCM, and CMENT ranked the lowest. Furthermore, companies such as AKCNS, CMENT, BUCIM, GOLTS, and NUHCM showed fluctuations in their performance. The study discusses managerial implications and provides recommendations for stakeholders.
AtıfOpenAlex4
İncele - MakaleAçık Erişim2023Scopus SJRQ4A decIsIon-makIng approach for open InnovatIon model selectIon In the TurkIsh automotIve Industry
DemIr, Ayse; Peker, Iskender; Gök, A. Cansu
The concept of open InnovatIon (OI) has become crucIal In the sustaInable competItIveness of IndustrIes. The selectIon and applIcatIon of approprIate OI models for busInesses also compose an Important research questIon. ThIs study aIms to decIde the most suItable OI model In the TurkIsh automotIve Industry through a three-step multI-crIterIa decIsIon-makIng (MCDM) model. FIrstly, the crIterIa that may affect the evaluatIon of the OI models are stated and weIghted by analytIc hIerarchy process (AHP). Afterward, VlseKrIterIjumska OptImIzacIja I KompromIsno Resenje (VIKOR) Is used to rank the OI models that can be Implemented In the automotIve Industry. In the last phase, the Impacts of dIfferentIatIon In crIterIa weIghts are tested wIth one-dImensIonal sensItIvIty analysIs. AccordIng to the results, the coupled open InnovatIon model Is ranked as the best alternatIve and the dIfferentIatIon In crIterIon weIghts does not affect thIs rankIng. ThIs study Is the fIrst attempt that attaIns the most suItable OI model In the automotIve Industry by a hybrId MCDM approach.
AtıfScopus1OpenAlex1İncele - MakaleYalnız künye2020Scopus SJRQ1A Neutrosophic VIKOR Method-Based Decision-Making with an Improved Distance Measure and Score Function: Case Study of Selection for Renewable Energy Alternatives
Eroğlu, Hasan; Şahin, Ridvan
In this study, a new score and distance function which provides more accurate results than the studies in the literature and considers the decision maker’s cognition has been proposed. In order to show the effects of the new score function coefficients on neutrosophic numbers, a new representation named “4D Plot” has been proposed. VIKOR (Vlse Kriterijumska Optimizacija Kompromisno Resenje which means multicriteria optimization and compromise solution in Serbian) method, which is based on the creation of a conciliatory solution within the framework of alternatives and evaluation criteria, provides highly effective results in multiple criteria decision-making problems. Neutrosophic numbers play an active role in facilitating the decision-making process in many studies. In this context, extension of the classical VIKOR method is introduced in detail in this study. The framework of the extended neutrosophic VIKOR method has been established. The proposed method has been applied to the renewable energy alternative selection problem in Turkey and compared with different methods and different scenarios. It has been shown that the proposed method gives more effective and accurate results. Furthermore, the sensitivity and accuracy of the study are enhanced by a sensitivity analysis. We have extended the classical VIKOR method for SVN numbers with a newly generalized score function and a distance measure. As a novel and newly presentation named “The 4D Plot” has been developed and applied in this paper to SVN numbers for presenting the effect of the new score function. The renewable energy alternative selection was made in Turkey with the proposed method by the opinions of the experts and the ranking of the alternatives was obtained. A sensitivity analysis has been made to show the accuracy and validity of the study. With the proposed distance measure and score function, it is shown that more accurate results can be found in multiple criteria decision-making problems. The model will provide solutions for many soft computing problems such as engineering and economy by finding more effective and accurate results in the neutrosophic number space according to the preference of decision makers. As a future work, the presented functions and framework can be adapted to different MCDM problems.
AtıfScopus50WoS35OpenAlex45
İncele - BildiriAçık Erişim2019Firm Selection Based on Logistics Risk Factors: A Multiple Criteria Decision Making Approach
Peker, Iskender; Korucuk, Selcuk; Baki, Birdogan
Logistics firms are exposed several domestic and global risks such as variability in demand, shipment damages, earthquakes, and terrorist attacks. The purpose of this study is to provide an approach for selecting a logistics firm based on logistics risk factors according to the manufacturing firms' perspectives. An analytical network process method is utilized to determine risk factors' importance levels and VIKOR method is used to select the logistics firm. The study results show that the most important logistics risk factors are customer and supplier, and the least risky logistic firm is B. It can be concluded that the proposed model enables managers to examine potential risks influencing their logistics activities and select the logistics firm having minimum risk.