A Comparative MCDA Application on The Long-Term Performance of IPOs During the Pandemic on Borsa Istanbul

Authors : Orhan Emre ELMA

Pages : 269-293

Doi:10.25204/iktisad.1242437

View : 14 | Download : 7

Publication Date : 2023-02-27

Article Type : Research Paper

Abstract :The aim of the study is to help financial decision makers by making long-term performance analysis of initial public offerings with a comparative analysis perspective. Multi-criteria decision analysis insert ignore into journalissuearticles values(MCDA); methods are used in problems with complex answers. The pandemic, which spreads throughout the world in the first quarter of 2020, created a short-term shock effect in the capital markets, but capital markets survived this shock with new investors. While the number of shareholders in Borsa Istanbul was 1.3 million before the pandemic, this number exceeded 3.3 million afterwards. An increase in this number also means an increase in the number of financial decision makers. At this research, the long-term performance of 49 initial public offerings, which took place in Borsa Istanbul before the pandemic is analyzed with a comparative MCDA perspective. To that end, the study, in which CRITIC weighting technique and ARAS, MOORA, TOPSIS, COPRAS and ELECTRE III methods were used, examined 10 periods during the pandemic process. As a result of the research, which is the most comprehensive MCDA study in the field of IPOs, the MOORA method has been recommended to financial decision makers because it produced superior results compared to other 4 methods analyzed.
Keywords : ÇKKV, Sermaye Piyasaları, Uzun Dönemli Performans, İlk Halka Arz