Borsa İstanbul’da Finans Dışı Şirketlerin Finansal ve Çevresel Etkinlik Analizi

Abstract

The possibility of achieving returns above the market average remains one of the most intriguing areas of study in the financial literature. Fama's studies introduced the Efficient Market Hypothesis, suggesting that in efficient markets, all information is reflected in prices, encompassing economic dynamics, and price movements are random, making it impossible to achieve above-market returns. Numerous studies have supported this idea. On the other hand, researchers have often explored the possibility of obtaining above-market returns in markets outside efficient markets or through different analysis methods considering market anomalies. Additionally, numerous academic studies have been conducted on stock selection criteria. Strategies such as investing in companies with low Market-to-Book Value ratios, investing in companies that have shown high growth in recent periods, investing in companies in the durable consumer goods sector, or investing in companies with stable price trends have been prominently featured. In this study, the application of Data Envelopment Analysis (DEA), which has a wide range of applications beyond being used as an optimization tool, aims to measure the efficiency of companies in different non-financial sectors listed on Borsa Istanbul. This efficiency measurement, despite different sectors, facilitated the evaluation of each company's efficiency in terms of its financial ratios and data. The study analyzed whether there was a difference in returns among the companies with obtained efficiency scores. The fact that a company with the same or similar financial ratios can have different profitability ratios in different periods has been identified as an efficiency criterion. In summary, the study investigated whether companies efficiently utilizing their resources could consistently achieve a significantly higher return compared to inefficient companies over the period of examination from 2005 to 2021 among Borsa Istanbul companies. While the average returns of efficient companies were higher than the BIST100 average in absolute terms, statistically, it did not guarantee above-market returns. The study also included an analysis based on the data provided by companies under the Carbon Disclosure Mechanism (CDM), considering efficiency scores. The analysis explored whether there was differentiation in terms of CDM data between efficient and inefficient companies, and whether the CDM data influenced the efficiency scores when considered as inputs in the DEA analysis.