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Borsa İstanbul'da Pandemi Dönemindeki Uzun Vadeli İHA Performansına İlişkin Karşılaştırmalı Bir ÇKKA Uygulaması

Year 2023, Volume: 8 Issue: 20, 269 - 293, 27.02.2023
https://doi.org/10.25204/iktisad.1242437

Abstract

Bu çalışmanın amacı, halka arzların uzun vadeli performans analizlerini karşılaştırmalı bir analiz sistemiyle yaparak finansal karar vericilere bir referans yol haritası sunmaktır. Karmaşık cevapları olan problemlerde çok kriterli karar analizi (ÇKKA) yöntemleri kullanılmaktadır. 2020 yılının ilk çeyreğinde tüm dünyaya yayılan pandemi, sermaye piyasalarında kısa süreli bir şok etkisi yaratsa da sermaye piyasaları bu şoku yeni yatırımcılarla atlatmıştır. Pandemi öncesi Borsa İstanbul'daki hissedar sayısı 1,3 milyon iken bu sayı sonrasında 3,3 milyonu geçmiştir. Bu sayının artması aynı zamanda finansal karar vericilerin sayısının da artması anlamına gelmektedir. Bu araştırmada, Borsa İstanbul'da pandemi öncesi gerçekleşen 49 adet ilk halka arzın uzun dönem performansı karşılaştırmalı ÇKKA perspektifiyle incelenmektedir. Bu amaçla CRITIC ağırlıklandırma tekniği ile ARAS, MOORA, TOPSIS, COPRAS ve ELECTRE III yöntemlerinin kullanıldığı çalışmada pandemi sürecindeki 10 dönem incelenmiştir. Halka arz alanında yapılmış en kapsamlı ÇKKA çalışması olan araştırma sonucunda, analiz edilen diğer 4 yönteme göre üstün sonuçlar ürettiği için MOORA yöntemi finansal karar vericilere önerilmiştir.

References

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A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul

Year 2023, Volume: 8 Issue: 20, 269 - 293, 27.02.2023
https://doi.org/10.25204/iktisad.1242437

Abstract

The aim of the study is to help financial decision makers by making long-term performance analysis of initial public offerings with a comparative analysis perspective. Multi-criteria decision analysis (MCDA) methods are used in problems with complex answers. The pandemic, which spreads throughout the world in the first quarter of 2020, created a short-term shock effect in the capital markets, but capital markets survived this shock with new investors. While the number of shareholders in Borsa Istanbul was 1.3 million before the pandemic, this number exceeded 3.3 million afterwards. An increase in this number also means an increase in the number of financial decision makers. At this research, the long-term performance of 49 initial public offerings, which took place in Borsa Istanbul before the pandemic is analyzed with a comparative MCDA perspective. To that end, the study, in which CRITIC weighting technique and ARAS, MOORA, TOPSIS, COPRAS and ELECTRE III methods were used, examined 10 periods during the pandemic process. As a result of the research, which is the most comprehensive MCDA study in the field of IPOs, the MOORA method has been recommended to financial decision makers because it produced superior results compared to other 4 methods analyzed.

References

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  • Ahmad, W., Ahmed, T. and Shabbir, G. (2015). Determinants of textile firms’ profitability in Pakistan. Forman Journal of Economic Studies, 11(1), 87-101.
  • Al-Homaidi, E. A., Tabash, M. I., Farhan, N. H., and Almaqtari, F. A. (2018). Bank-specific and macro-economic determinants of profitability of Indian commercial banks: A panel data approach. Cogent Economics & Finance, 6(1): 1548072.
  • Artikis, P. G. (2008). Wealth Added Financial Management Research. Mibes E-book. Ashayeri, J. and Rongen, J. M. (1997). Central distribution in Europe: A multi-criteria approach to location selection. The International Journal of Logistics Management, 8(1), 97-109.
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  • Azimi, F. A., Jalali, A. A., and Farahi, A. (2012). Comparison of multiple criterion decision making methods for evaluation Parsian banks e-readiness for ECRM implementation. Australian Journal of Basic and Applied Sciences, 6(9), 251-263.
  • Balezentis, A., and Balezentis, T. (2011a). Framework of strategic management model for strategy Europe 2020: Diachronic analysis and proposed guidelines. Inžinerinė ekonomika-Engineering Economics, 22(3), 271–282.
  • Balezentis, A., Valkauskas, R., and Balezentis, T. (2010). Evaluating situation of Lithuania in the European Union: structural indicators and MULTIMOORA method. Technological and Economic Development of Economy, 16(4), 578–602.
  • Balezentis, T. and Streimikiene, D. (2017). Multi-criteria ranking of energy generation scenarios with Monte Carlo simulation. Applied Energy, 185, 862-871. https://doi.org/10.1016/j.apenergy.2016.10.085.
  • Balezentis, T., and Balezentis, A. (2011b). A multi-criteria assessment of relative farming efficiency in the European Union Member States. Žemės ūkio mokslai, 18(3), 125–135.
  • Baydaş, M., and Elma, O. E. (2021). An objective criteria proposal for the comparison of MCDM and weighting methods in financial performance measurement: An application in Borsa Istanbul. Decision Making: Applications in Management and Engineering, 4(2), 257–279. https://doi.org/10.31181/dmame210402257b
  • Baydaş, M., Elma, O. E., and Pamučar, D. (2022). Exploring the specific capacity of different multi criteria decision making approaches under uncertainty using data from financial markets. Expert Systems with Applications, 197, 116755. https://doi.org/10.1016/j.eswa.2022.116755
  • Brauers, W. K. M. (2012). Project management for a country with multiple objectives. Czech Economic Review, 6(1), 80–101.
  • Brauers, W. K. M. (2013). Multi-objective seaport planning by MOORA decision making. Annals of Operations Research, 206(1), 39-58.
  • Brauers, W. K. M. and Zavadskas, E. K. (2010). Project management by MULTIMOORA as an instrument for transition economies. Technological and economic development of economy, 16(1), 5-24.
  • Brauers, W. K. M., and Zavadskas, E. K. (2012). Robustness of MULTIMOORA: A method for multi-objective optimization. Informatica, 23(1), 1–25.
  • Brauers, W. K. M., Zavadskas, E. K., Peldschus, F., and Turskis, Z. (2008). Multi‐objective decision‐making for road design. Transport, 23(3), 183-193.
  • Brauers, W.K.M. (2004). Optimization methods for a stakeholder society, a revolution in economic thinking by multi-objective optimization. Boston: Kluwer Academic Publishers.
  • Bülbül, S., and Köse, A. (2011). Türk Gıda Şirketlerinin Finansal Performansının Çok Amaçlı Karar Verme Yöntemleriyle Değerlendirilmesi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25, 71-97.
  • Chatterjee, P., and Chakraborty, S. (2012). Material selection using preferential ranking methods. Materials & Design, 35, 384–393.
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There are 82 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Papers
Authors

Orhan Emre Elma 0000-0002-3521-3677

Publication Date February 27, 2023
Submission Date January 25, 2023
Published in Issue Year 2023 Volume: 8 Issue: 20

Cite

APA Elma, O. E. (2023). A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, 8(20), 269-293. https://doi.org/10.25204/iktisad.1242437
AMA Elma OE. A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul. JEBUPOR. February 2023;8(20):269-293. doi:10.25204/iktisad.1242437
Chicago Elma, Orhan Emre. “A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi 8, no. 20 (February 2023): 269-93. https://doi.org/10.25204/iktisad.1242437.
EndNote Elma OE (February 1, 2023) A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8 20 269–293.
IEEE O. E. Elma, “A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul”, JEBUPOR, vol. 8, no. 20, pp. 269–293, 2023, doi: 10.25204/iktisad.1242437.
ISNAD Elma, Orhan Emre. “A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul”. İktisadi İdari ve Siyasal Araştırmalar Dergisi 8/20 (February 2023), 269-293. https://doi.org/10.25204/iktisad.1242437.
JAMA Elma OE. A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul. JEBUPOR. 2023;8:269–293.
MLA Elma, Orhan Emre. “A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, vol. 8, no. 20, 2023, pp. 269-93, doi:10.25204/iktisad.1242437.
Vancouver Elma OE. A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul. JEBUPOR. 2023;8(20):269-93.