MEREC ve EDAS Yöntemleriyle Çok Kriterli Finansal Performans Analizi: BİST’te İşlem Gören Bilgi ve İletişim Şirketleri Üzerine Bir Uygulama
Multi-Criteria Financial Performance Analysis with MEREC and EDAS Methods: An Application on Information and Communication Companies Listed in BIST

Summary/Abstract: This study aims to evaluate the financial performance of information and communication sector companies traded on the Istanbul Stock Exchange (BIST) in light of objective indicators and to analyze financial performance dynamics across the pre-pandemic, pandemic, and post-pandemic periods. The sample consists of six BIST-listed information and communication sector companies with comparable financial data spanning 2019–2024. Fourteen ratios, categorized into four groups —liquidity, financial structure, activity, and profitability— were used in the financial performance evaluation. Criteria weights were determined using the MEREC method; the annual performance scores of the firms were calculated using the EDAS method. Interperiod differences were examined using the Kruskal–Wallis H test, and the sensitivity of EDAS scores to financial ratios was assessed using multiple linear regression analysis. The findings show that the Acid-Test Ratio consistently carries the highest weight across all periods, while Accounts Receivable Turnover and Asset Turnover emerge as relatively more influential criteria particularly during and after the pandemic period. It was determined that EDAS scores are positive for all firms. The Kruskal–Wallis test revealed no significant difference between periods (p>0.05). Sensitivity analysis showed that the Acid-Test Ratio and Accounts Receivable Turnover were significantly and positively associated with EDAS scores. Overall, the findings indicate that financial performance in the sector is primarily driven by liquidity strength and operational efficiency. These results demonstrate that the integrated MEREC–EDAS framework provides a robust, objective, and replicable tool for multi-period financial performance assessment, offering actionable insights for investors, managers, and policymakers operating in dynamic sectoral environments.

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