F-BWM-MARCOS approach for performance evaluation of Türkiye's top 500 industrial enterprises in the pre-pandemic and pandemic era

Purpose The purpose of this study is to analyze the impacts of the COVID-19 pandemic on the performance of companies using a hybrid Multi-Criteria Decision-Making (MCDM) approach. Specifically, the study examines Türkiye’s Top 500 Industrial Enterprises to analyze their performance before and during the pandemic, and to capture their performance in determining investment and production strategy. Design/methodology/approach To achieve the study’s objectives, the Fuzzy Best-Worst Method (F-BWM) was used to obtain importance levels of performance indicators, decreasing the vagueness in experts’ decision-making preferences. The Measurement Alternatives and Ranking According to Compromise Solution (MARCOS) method was used to rank enterprises based on their performance. Findings The COVID-19 pandemic has clearly had a substantial impact on the performance of Türkiye’s top 500 industrial enterprises. While some companies suffered decreased sales, others reported that their revenues increased or remained constant during the outbreak. The results reveal that the pandemic caused a shift in the initial ranking outcomes for the first two enterprises. Research limitations/implications The study’s limitations include the sample size and the time period under consideration, which may have an impact on the generalizability of the findings. Practical implications Decision-makers’ investment, employment and operational decisions were influenced by the impact of the COVID-19 pandemic. The results provide insights for decision-makers on how to achieve higher growth and performance under the pressure of the pandemic. Social implications The study’s practical consequences help decision-makers understand how to attain higher growth and performance in the face of the epidemic. Originality/value The originality of this study lies in using a hybrid MCDM approach to examine the impact of the COVID-19 pandemic on company performance. A hybrid MCDM approach is proposed to help decision-makers make the best possible investment and implementation decisions.