Özet:

The aim of this study is to measure the financial performance of six banks traded on the Borsa Istanbul Corporate Governance Index (XKURY) by the Multicriteria Decision Making (MCDM) methods, and compare the financial performance ranking results with the corporate governance rating scores and brand values calculated by Brand Finance. We analyzed the financial performance of the relevant banks through January 2016-December 2020 data and 10 ratios using Gray Relational Analysis (GRA), TOPSIS, ARAS, and MOORA methods. The financial performance ranking results are translated into seven integrated ranking results, using the Copeland method. Because the MCDM methods allow sorting alternatives by criterion values and distance from a particular criterion value, more than one integrated ordering result has been calculated, and the results obtained have been used in the Spearman rho analysis. The ranking results of the GIA, TOPSIS, ARAS, MOORA and Copeland methods are determined by Spearman rho analysis for the relationships between corporate governance and brand values. The banks with the best performance in financial performance rankings for the relevant period are GARAN, while the ones with the lowest performance are TSKB and SEKER. Negative relations were found to largely between the ranking results obtained through the GRI method and ranking of corporate governance and brand values. It has been established that positive relations are generally present between the MOORA method results and corporate governance and brand values rankings. Positive and strong relationships were identified between brand values and financial performance ratings. It has also been established that there are differences and contradictions between the financial performance rankings performed within the scope of the related integrated ranking results. We have determined that brand values and corporate governance scores have a positive effect on the financial performance of banks, although their relationship levels vary in year and data.

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