Evaluation of financial performance of paper companies traded at BIST with TOPSIS method

Aim of study: It was aimed to rank financial performance of companies in the paper industry traded at BIST. Material and methods: The financial performances of seven companies in the paper industry which are traded on the Borsa ？stanbul (BIST) were determined by using financial data in 2016. For this purpose, ten financial ratios were obtained from the financial data of companies, each of which had its own superiority. The data were conducted by the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method which is the "Multi Criteria Decision Making" (MCDM) method to interpret. Main results: The results indicated that the companies were ranked follows; ALKA, KARTN, VKING, BAKAB, TIRE, OLMIP and KAPLM based on the financial performance scores. Research highlights: In Turkey, production in paper industry meets nearly half of the consumption and paper demand are met by imports. The high prices of energy and initial investment costs encourage imports of paper products and they prevent new investments. From this perspective, growth, development and high performance of paper companies will keep this industry alive