Özet:

The purpose of this study is to measure the financial efficiencies of the firms which are constituent of BIST Sustainability Index and determine whether they have made progress in a year-by-year process or not. In this context, using the continuous financial data between the years 2012 and 2015 of 18 firms which are belonging to BIST Sustainability Index, financial efficiencies of the firms were measured through the Data Enveloping Analysis and whether or not there was progress in their financial efficiency on a yearly basis was investigated using the Malmquist Total Factor Productivity Index. Current Ratio, Accounts Receivable Turnover, Inventory Turnover, Total Debt to Assets Ratio and Equity to Assets Ratio were used as input and Net Profit Margin, Return on Asset Ratio and Return on Equity Ratio were used as output for the measurement of financial efficiency. According to the results, financial efficiency levels of the firms increased 10,8% in 2013 compared to previous year. Although the financial efficiency of the firms exhibited a slight drop in 2014 compared to previous year, values of the financial efficiency was approximately as same as values of 2013 in 2015. 

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