Abstract
The objective of the study is analyzing the profitability performances of the BIST manufacturing sub-sectors for the period 2019-2021 using different multi-criteria decision-making methods. Six profitability criteria consisting of financial ratios are determined, and the profitability performances of seven sub-sectors are examined. The weights of the evaluation criteria are calculated with CRITIC and Entropy methods, and rankings are obtained using VIKOR and TOPSIS methods. Also, to convert negative values to positive in the decision matrices z-score calculation method is applied. The results reveal that the Chemicals, Petroleum Rubber and Plastic Products sub-sector ranks the first, while the Food, Beverage and Tobacco sub-sector ranks the last in terms of profitability performance in the analyzes made using four different integrated methods. In addition, it is concluded that the ranking results of the analyzes using four different methods are similar to each other. Also, profitability performance rankings of manufacturing sub-sectors are compared with their index price performances with Spearman’s rank correlation. The results show that there is no significant relationship between the index price and profitability performance rankings of the manufacturing sub-sectors for the years 2019, 2020 and 2021.
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