BIST Bilişim Sektöründe Faaliyet Gösteren ve Nakit Akış Profili 2 olan Başarılı İşletmelerin Finansal Performans Değerlendirmesi: Entropi-Topsis Yöntemiyle Uygulama
Financial Performance Evaluation of Successful Businesses Operating in the BIST IT Sector and Having a Cash Flow Profile of 2: Application by Entropy-Topsis Method

Summary/Abstract: This study includes the evaluation of the financial performance of companies operating in the IT sector registered in Borsa Istanbul. It is seen that the IT sector has a higher growth rate than other sectors and is developing rapidly. It can be said that this sector has become an important sector in terms of increasing Turkey's trade volume, contributing to economic growth and increasing international competitiveness. Considering these characteristics of IT sector enterprises, the financial evaluation of the enterprises, especially in terms of cash sufficiency, was prioritized as the motivation of the study. The aim of this study is to select the IT sector businesses that are considered successful and have a cash flow profile of 2 and evaluate them in terms of financial performance. For this purpose, the problems of the problem were solved by collecting data and applying analysis methods in order to research the subject in the IT sector and reveal the results. When national and international studies on financial performance evaluation with multi-criteria decision-making methods in the IT sector are examined, it has been determined that most of these studies are analyzed using accrual-based financial ratios as performance evaluation criteria. In this study, unlike other studies, financial performance evaluation was made by using a combination of cash and accrual-based criteria by selecting businesses that are assumed to have successful business characteristics with a cash flow profile of 2. Thus, an original study that can contribute to the literature has been presented. Businesses with Profile 2; According to the data obtained from the cash flow statement, it has positive cash flows from main activities and negative cash flows from investment and financing activities. The business is able to generate sufficient positive cash flow from its core activities to invest in long-term assets, reduce debt, and pay dividends. This profile reflects a successful business and is believed to be relatively common. When previous studies on cash flow profiles in different sectors are examined, it is seen that the majority of the results are concentrated in profile 2. For this reason, in this study, it was preferred to evaluate the financial performance of IT sector businesses with profile 2, which is the most common and successful business. In the implementation of the study, 31 businesses operating in the IT sector registered in Borsa Istanbul and whose data for the 2022-2023 period can be accessed were included in the research. First of all, all of the businesses included in the research were subjected to cash flow profile determination. Then, in accordance with the purpose of the study, the second stage of the analysis was started to evaluate the financial performance of 8 successful businesses with a cash flow profile of 2 for two consecutive years. At this stage, financial ratios used as financial success criteria were selected and used as research criteria. The reason for using these financial ratios in the study is that successful businesses operating in the IT sector with a cash flow profile of 2 are included in the analysis scope of the study and success is the main criterion. Multicriteria decision-making methods were used to rank the financial performance of businesses. First of all, criterion weights were determined using the entropy method. Afterwards, the financial performance of the businesses was evaluated over the years with the TOPSIS method, which ranks all the alternatives according to their closeness to the ideal solution. As a result of the study, it was determined that the company with the best financial performance in both 2022 and 2023 was Papilon Defense Technology and Trade (PAPIL), while the company with the lowest financial performance was Logo Yazılım Sanayi ve Ticaret (LOGO). It has been determined that these identified enterprises are different from the enterprises obtained in the results of previous studies conducted on the same sector. In addition, only 8 of the 31 businesses registered in the BIST IT sector were able to achieve a successful business profile in the years analyzed. It can be said that this result has some implications specifically for this sector. These inferences; It is listed as follows: businesses cannot use their assets efficiently, the level of profit making from the assets they own is low, and businesses may have problems in maintaining their existence.

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