The Race of Financial Performance: Evidence from XKURY in Türkiye

This research aims to rank the 32 companies in the BIST Corporate Governance Index according to their financial performance. MARCOS and ARAS, which are among MCDM techniques, are used as methods for ranking the companies in the study. The dataset is prepared by averaging the year–end balance sheets for the years 2020, 2021 and 2022. The data used for the analysis are current ratio, cash ratio, return on assets ratio, return on equity ratio, leverage ratio and asset turnover ratio. In the research, the importance weight of the criteria was calculated by CRITIC method. According to the CRITIC method, the criterion with the highest importance weight was the asset turnover rate. The companies were also ranked with the MARCOS and ARAS methods. Some differences were detected in the ranking. Spearman's ranking correlation coefficient revealed a strong positive linear relationship between the rankings from the MARCOS and ARAS methods. The results of the two methods were validated by Spearman's correlation analysis.