Hisse senedi seçiminde çok kriterli karar verme teknikleri kullanımı: BİST100 uygulaması

In this study, it was researched whether multi-criteria decision-making techniques (MCDMT) (TOPSİS, Gri Rational Analysis-GİA, VIKOR, PROMETHEE), which have been frequently used in various fields in recent years, can be used in stock selection. For this purpose, the stock returns of the companies are correlated with their MCDMT scores. The sample of this study consists of 26 non-financial companies in the Istanbul Stock Exchange 100 (ISE 100) index between 2014 and 2023. The results show a contemporaneous relationship between the MCDMT scores and the stock returns of the companies in that year. In addition, a positive and statistically significant relationship was also found between the MCDMT scores and stock returns for the following one-month period after the publication of the year-end financial statements. The findings are consistent with all GIA, TOPSIS, PROMETHEE, and VIKOR techniques. These findings show that the MCDMT scores calculated with accounting data can be used in equity investments, and abnormal returns can be obtained this way. However, this study detected no relationship between MCDMT scores and stock returns for the following year. This is explained by factors such as economic developments that may occur in the year following the announcement of the year-end financial statements and the publication of companies' interim financial statements.