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Entropi ve Copras Yöntemleri Kullanılarak Menkul Kıymet Yatırım Ortaklıklarının Nakit Düzeylerinin Kıyaslanması

Year 2018, Volume: 7 Issue: 5, 64 - 83, 29.12.2018

Haşim Bağcı Nihan Caba

https://doi.org/10.15869/itobiad.463778
Cited By: 5

Abstract

Çoğu yatırımcı birbirleriyle benzer davranışlar
sergilemekte ve tasarruflarını doğru alanlara yönlendirmek için kısa vadede
yüksek kazanç sağlayan yatırım araçlarını tercih etmektedir. Bu nedenle; Menkul
Kıymet Yatırım Ortaklıkları (MKYO) günümüzde oldukça popüler yatırım
araçlarından biri haline gelmiştir. MKYO’nun faaliyet gösterdiği alanlar; sermaye
piyasası, altın ve kıymetli madenler piyasalarıyla sınırlı olsa da, günümüz
koşullarında bu piyasalardaki yatırımlar kârlı olduğu için MKYO’ların önemi
giderek artmaktadır. MKYO’lar nakit karşılığı çıkarıldığı için bu ortaklıkların
nakit düzeyi de oldukça önemlidir. Bu çalışmanın amacı; MKYO’ların 2010-2017
yılları arasındaki nakit düzeylerini karşılaştırmaktır. Bu amaçla Borsa
İstanbul’da faaliyet gösteren BİST MKYO Endeksi’ne kayıtlı 9 firmanın nakit durumları
incelenmiştir. Belirlenen oranlar bağlamında Entropi ve Copras yöntemleri kullanılarak
firmaların nakit düzeyleri saptanmıştır. Öncelikle oranların ağırlıklarını
hesaplamak için Entropi yöntemi kullanılmış ve her oranın önem derecesi tespit
edilmiştir. Bu tespitin ardından MKYO’ların nakit seviyeleri Copras yöntemiyle
hesaplanmıştır. Analiz sonucunda 2010-2017 zaman aralığında her yıl için nakit
durumu en iyi olan firma belirlenmiştir.      

Keywords

Menkul Kıymet Yatırım Ortaklıkları Nakit Nakit Seviyesi Entropi Yöntemi Copras Yöntemi

References

  • Alam, N., Tang, K. B. & Rajjaque, M. S. (2013). A comparative performance of conventional and Islamic unit trusts: Market timing and persistence evidence. Journal of Financial Services Marketing, 18(4), 316-326.
  • Babayiğit, S. A. & Demir, H. (2018). Dar kapsamlı sermaye piyasası mevzuatı ve meslek kuralları. Ankara: Aktif Akademi Eğitim Merkezi.
  • Carhart, M. (1997). On persistence in mutual fund performance. Journal of Finance, 52, 57-82.
  • Çıtak, L. (2008). Türkiye’deki menkul kıymet yatırım ortaklıklarının etkinliklerinin veri zarflama analizi ile değerlendirilmesi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31, 69-94.
  • Daniel, K., Grinblatt, M., Titman, S. & Wermers, R. (1997). Measuring mutual fund performance with characteristic-based benchmarks. Journal of Finance, 52, 1-33.
  • Demir, Y. & Terzioğlu, M. (2014). Menkul kıymet yatırım ortaklıklarının İMKB 100 endeksi üzerine etkisi: Çok değişkenli regresyon analizi. Ekonomik ve Sosyal Araştırmalar Dergisi, 10(1), 47-59.
  • Ding, B. & Wermers, R. (2012). Mutual fund performance and governance structure: The role of portfolio managers and boards of directors. Erişim tarihi: 14.06.2018, https://www.dnb.nl/en/binaries/2%20-%20Russ%20Wermers%20-%20Bill%20Ding_tcm47-280247.pdf.
  • Elmacı, O. & Kestane, A. (2017). Maliyet yönetiminde göreli etkinlik analizi: BIST menkul kıymetler yatırım ortaklığı endeksinde uygulama. Social Sciences Studies Journal, 3(7), 265-275.
  • Fama, E. &French, K. (1992). The cross-section of expected stock returns, Journal of Finance, 47, 427-465.
  • Ferreira, A. A., Keswani, A., Miguel, A. F. & Ramos, S. B. (2011). The determinants of mutual fund performance: A cross-country study. Review of Finance, 17(2), 483-525.
  • Glaeser, E., Huang, W., Ma, Y. & Shleifer, A. (2017). A real estate boom with Chinese characteristics. Journal of Economic Perspectives, 31(1), 93-116.
  • Gündoğdu, A. (Ed.). (2016). Finansal piyasalar ve kurumlar: Teori ve Türkiye uygulamasına güncel bir bakış. Seçkin Yayıncılık: Ankara.
  • Ishfaq, M., Maqbool, Z., Akram, S., Tariq, S. & Khurshid, M. K. (2017). Mediating role of risk perception between cognitive biases and risky investment decision: Empirical evidence from Pakistan’s equity market. Journal of Managerial Sciences, 11(3), 265-278.
  • Jagongo, A. & Mutswenje, V. S. (2014). A survey of the factors influencing investment decisions: The case of individual investors at the NSE. International Journal of Humanities and Social Science, 4(4), 92-102.
  • Kamil, N. M., Subramaniam, M., Ali, H. E., Musah, M. B. & Alex, A. (2018). Factors influencing the selection of unit trust funds among Malaysian retail investors. Journal of Islamic Accounting and Business Research, 9(2), 155-170.
  • Kamuyu Aydınlatma Platformu (KAP). https://www.kap.org.tr/tr/ (Erişim Tarihi: 15.08.2018).
  • Karami, A. & Johansson, R. (2014). Utilization of multi attribute decision making techniques to ıntegrate automatic and manual ranking of options. Journal of Information Science and Engineering, 30, 519-534.
  • Leković, M., Cvijanović, D. & Jakšić, M. (2018). Farmland real estate investment trusts. Economics of Agriculture, 65(2), 745-755.
  • Levišauskaitė, K. (2010). Investment analysis and portfolio management (Leonardo da Vinci Programme Project). Vytautas Magnus University, Kaunas, Lithuania.
  • Low, S. W. (2008). A cross-sectional analysis of Malaysian unit trust fund expense ratios. Journal of Asset Management, 9, 270-277.
  • Mulliner, E., Smallbone, K. & Maliene, V. (2013). An assessment of sustainable housing affordability using a multiple criteria decision making method. Omega, 41(2), 270-279.
  • Neumann, J. V. & Morgenstern, O. (1944). Theory of games and economic behavior. Princeton University Press, Princeton.
  • Othman, A. H. A., Aziz, H. A. & Kassim, S. (2018). Identification of macroeconomic determinants for diversification and investment strategy for Islamic unit trust funds in Malaysia. International Journal Of Emerging Markets, 13(4), 653-675.
  • Podvezko, V. (2011). The comparative analysis of MCDA methods SAW and COPRAS. Inzinerine Ekonomika-Engineering Economics, 22(2), 134-146.
  • Potter, R. E. (1971). An empirical study of motivations of common stock investors. Southern Journal of Business, 6(1), 41-44.
  • Ripain, N. & Ahmad, N. W. (2018). An overview of unit trust funds in Malaysia. Reports on Economics and Finance, 4(3), 117-123.
  • Sermaye Piyasası Kurulu (SPK). www.spk.gov.tr (Erişim Tarihi: 20.08.2018).
  • Soo-Wah, L. (2013). Investment performance analysis of managerial expertise: Evidence from Malaysian-based international equity unit trust funds. Jurnal Pengurusan, 38, 41-51.
  • Su, L., Lin, L., Chen, S. & Li, L. (2018). Effect analysis of real estate price and monetary policy: An empirical study based on China macroeconomic data. Applied Economics and Finance, 5(2), 158-167.
  • Sultana, S., Zulkifli, N. & Zainal, D. (2018). Environmental, social and governance (ESG) and investment decision in Bangladesh. Sustainability, 10, 1-19.
  • Tikkanen, J. (2018). Stocks and residential real estate as investment options in Finland (Bachelor’s Thesis). Helsinki Metropolia University, Helsinki.
  • Wang, T. C. & Lee, H. D. (2009). Developing a Fuzzy TOPSIS approach based on subjective weights and objective weights. Expert Systems with Applications, 36(5), 8980-8985.
  • Weistroffer, C. & Sebastian, S. (2015). The German open-end fund crisis – A valuation problem? Journal of Real Estate Finance & Economics, 50, 517-548.
  • Wu, J., Sun, J., Liang, L. & Zha Y. (2011). Determination of weights for ultimate cross efficiency using shannon entropy. Expert Systems with Applications, 38(5), 5162-5165.
  • Yaseen, Z. & Naqvi, S. R. (2018). Factors affecting investment decision in banking sector of Pakistan: Analysis of Islamic and conventional banks. Journal of Islamic Financial Studies, 4(1), 58-74.
  • Yıldız, F. & Doğan, M. (2012). Genel müdürün yönetim kurulu üyesi olması halinin menkul kıymet yatırım ortaklığı firmalarının performansına etkisi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(2), 353-366.
  • Zavadskas, E. K., Kaklauskas, A., Turskis, Z. & Tamosaitiene, J. (2008). Contractor selection multi-attribute model applynig COPRAS method with grey ınterval numbers. International Conference 20th EURO Mini Conference “Continuous Optimization and Knowledge-Based Technologies” (EurOPT-2008), 20-23 May 2008, Neringa, Lithuania, 241-247.
  • Zhang, H., Gu, C., Gu, L. & Zhang, Y. (2011). The evaluation of tourism destination competitiveness by TOPSIS & Information entropy a case in the Yangtze River Delta of China. Tourism Management, 32, 443-451.

A Comparison of the Cash Levels of Securities Investment Trusts by Using the Entropy and COPRAS Methods

Year 2018, Volume: 7 Issue: 5, 64 - 83, 29.12.2018

Haşim Bağcı Nihan Caba

https://doi.org/10.15869/itobiad.463778
Cited By: 5

Abstract

Many
investors exhibit similar behaviors and prefer high-yielding investment
instruments in the short term to direct their savings to the right
areas.Therefore; today Securities Investment Trusts (SIT) has become one of the
most popular investment tools. Although the
business segments of SIT is limited to the capital market and gold and the
precious metals markets, the importance of SIT is gradually increasing as the
investments in these markets are profitable in today's conditions. For
SIT have issued in exchange for cash, the cash level of these partnerships is
also very important. This study aims
to compare the cash levels of SIT between 2010 and 2017. For this purpose, the
cash positions of 9 firms which are registered in XYORT Index operating in the
Istanbul Stock Exchange (BIST) were examined. Within the frame of the
determined ratios, the cash levels of the firms were determined using the Entropy
and Copras methods. Firstly, the Entropy method
was used to calculate the weights of the ratios, and the importance of each
ratio was determined. Then, the cash levels of the SIT were calculated by COPRAS
method. According to the analysis results, the company with the best cash
position per year in the period of 2010-2017 is determined.

Keywords

Securities Investment Trusts Cash Cash Level Entropy Method COPRAS Method

References

  • Alam, N., Tang, K. B. & Rajjaque, M. S. (2013). A comparative performance of conventional and Islamic unit trusts: Market timing and persistence evidence. Journal of Financial Services Marketing, 18(4), 316-326.
  • Babayiğit, S. A. & Demir, H. (2018). Dar kapsamlı sermaye piyasası mevzuatı ve meslek kuralları. Ankara: Aktif Akademi Eğitim Merkezi.
  • Carhart, M. (1997). On persistence in mutual fund performance. Journal of Finance, 52, 57-82.
  • Çıtak, L. (2008). Türkiye’deki menkul kıymet yatırım ortaklıklarının etkinliklerinin veri zarflama analizi ile değerlendirilmesi. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 31, 69-94.
  • Daniel, K., Grinblatt, M., Titman, S. & Wermers, R. (1997). Measuring mutual fund performance with characteristic-based benchmarks. Journal of Finance, 52, 1-33.
  • Demir, Y. & Terzioğlu, M. (2014). Menkul kıymet yatırım ortaklıklarının İMKB 100 endeksi üzerine etkisi: Çok değişkenli regresyon analizi. Ekonomik ve Sosyal Araştırmalar Dergisi, 10(1), 47-59.
  • Ding, B. & Wermers, R. (2012). Mutual fund performance and governance structure: The role of portfolio managers and boards of directors. Erişim tarihi: 14.06.2018, https://www.dnb.nl/en/binaries/2%20-%20Russ%20Wermers%20-%20Bill%20Ding_tcm47-280247.pdf.
  • Elmacı, O. & Kestane, A. (2017). Maliyet yönetiminde göreli etkinlik analizi: BIST menkul kıymetler yatırım ortaklığı endeksinde uygulama. Social Sciences Studies Journal, 3(7), 265-275.
  • Fama, E. &French, K. (1992). The cross-section of expected stock returns, Journal of Finance, 47, 427-465.
  • Ferreira, A. A., Keswani, A., Miguel, A. F. & Ramos, S. B. (2011). The determinants of mutual fund performance: A cross-country study. Review of Finance, 17(2), 483-525.
  • Glaeser, E., Huang, W., Ma, Y. & Shleifer, A. (2017). A real estate boom with Chinese characteristics. Journal of Economic Perspectives, 31(1), 93-116.
  • Gündoğdu, A. (Ed.). (2016). Finansal piyasalar ve kurumlar: Teori ve Türkiye uygulamasına güncel bir bakış. Seçkin Yayıncılık: Ankara.
  • Ishfaq, M., Maqbool, Z., Akram, S., Tariq, S. & Khurshid, M. K. (2017). Mediating role of risk perception between cognitive biases and risky investment decision: Empirical evidence from Pakistan’s equity market. Journal of Managerial Sciences, 11(3), 265-278.
  • Jagongo, A. & Mutswenje, V. S. (2014). A survey of the factors influencing investment decisions: The case of individual investors at the NSE. International Journal of Humanities and Social Science, 4(4), 92-102.
  • Kamil, N. M., Subramaniam, M., Ali, H. E., Musah, M. B. & Alex, A. (2018). Factors influencing the selection of unit trust funds among Malaysian retail investors. Journal of Islamic Accounting and Business Research, 9(2), 155-170.
  • Kamuyu Aydınlatma Platformu (KAP). https://www.kap.org.tr/tr/ (Erişim Tarihi: 15.08.2018).
  • Karami, A. & Johansson, R. (2014). Utilization of multi attribute decision making techniques to ıntegrate automatic and manual ranking of options. Journal of Information Science and Engineering, 30, 519-534.
  • Leković, M., Cvijanović, D. & Jakšić, M. (2018). Farmland real estate investment trusts. Economics of Agriculture, 65(2), 745-755.
  • Levišauskaitė, K. (2010). Investment analysis and portfolio management (Leonardo da Vinci Programme Project). Vytautas Magnus University, Kaunas, Lithuania.
  • Low, S. W. (2008). A cross-sectional analysis of Malaysian unit trust fund expense ratios. Journal of Asset Management, 9, 270-277.
  • Mulliner, E., Smallbone, K. & Maliene, V. (2013). An assessment of sustainable housing affordability using a multiple criteria decision making method. Omega, 41(2), 270-279.
  • Neumann, J. V. & Morgenstern, O. (1944). Theory of games and economic behavior. Princeton University Press, Princeton.
  • Othman, A. H. A., Aziz, H. A. & Kassim, S. (2018). Identification of macroeconomic determinants for diversification and investment strategy for Islamic unit trust funds in Malaysia. International Journal Of Emerging Markets, 13(4), 653-675.
  • Podvezko, V. (2011). The comparative analysis of MCDA methods SAW and COPRAS. Inzinerine Ekonomika-Engineering Economics, 22(2), 134-146.
  • Potter, R. E. (1971). An empirical study of motivations of common stock investors. Southern Journal of Business, 6(1), 41-44.
  • Ripain, N. & Ahmad, N. W. (2018). An overview of unit trust funds in Malaysia. Reports on Economics and Finance, 4(3), 117-123.
  • Sermaye Piyasası Kurulu (SPK). www.spk.gov.tr (Erişim Tarihi: 20.08.2018).
  • Soo-Wah, L. (2013). Investment performance analysis of managerial expertise: Evidence from Malaysian-based international equity unit trust funds. Jurnal Pengurusan, 38, 41-51.
  • Su, L., Lin, L., Chen, S. & Li, L. (2018). Effect analysis of real estate price and monetary policy: An empirical study based on China macroeconomic data. Applied Economics and Finance, 5(2), 158-167.
  • Sultana, S., Zulkifli, N. & Zainal, D. (2018). Environmental, social and governance (ESG) and investment decision in Bangladesh. Sustainability, 10, 1-19.
  • Tikkanen, J. (2018). Stocks and residential real estate as investment options in Finland (Bachelor’s Thesis). Helsinki Metropolia University, Helsinki.
  • Wang, T. C. & Lee, H. D. (2009). Developing a Fuzzy TOPSIS approach based on subjective weights and objective weights. Expert Systems with Applications, 36(5), 8980-8985.
  • Weistroffer, C. & Sebastian, S. (2015). The German open-end fund crisis – A valuation problem? Journal of Real Estate Finance & Economics, 50, 517-548.
  • Wu, J., Sun, J., Liang, L. & Zha Y. (2011). Determination of weights for ultimate cross efficiency using shannon entropy. Expert Systems with Applications, 38(5), 5162-5165.
  • Yaseen, Z. & Naqvi, S. R. (2018). Factors affecting investment decision in banking sector of Pakistan: Analysis of Islamic and conventional banks. Journal of Islamic Financial Studies, 4(1), 58-74.
  • Yıldız, F. & Doğan, M. (2012). Genel müdürün yönetim kurulu üyesi olması halinin menkul kıymet yatırım ortaklığı firmalarının performansına etkisi. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(2), 353-366.
  • Zavadskas, E. K., Kaklauskas, A., Turskis, Z. & Tamosaitiene, J. (2008). Contractor selection multi-attribute model applynig COPRAS method with grey ınterval numbers. International Conference 20th EURO Mini Conference “Continuous Optimization and Knowledge-Based Technologies” (EurOPT-2008), 20-23 May 2008, Neringa, Lithuania, 241-247.
  • Zhang, H., Gu, C., Gu, L. & Zhang, Y. (2011). The evaluation of tourism destination competitiveness by TOPSIS & Information entropy a case in the Yangtze River Delta of China. Tourism Management, 32, 443-451.
There are 38 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Haşim Bağcı 0000-0002-5828-2050

Nihan Caba 0000-0003-1137-1934

Publication Date December 29, 2018
Published in Issue Year 2018 Volume: 7 Issue: 5

Cite

APA Bağcı, H., & Caba, N. (2018). Entropi ve Copras Yöntemleri Kullanılarak Menkul Kıymet Yatırım Ortaklıklarının Nakit Düzeylerinin Kıyaslanması. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 7(5), 64-83. https://doi.org/10.15869/itobiad.463778

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