Research Article
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Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach

Year 2025, Volume: 14 Issue: 3, 1309 - 1323, 10.07.2025

Hatice Cenger

https://doi.org/10.33206/mjss.1638816

Abstract

This study aims to comparatively analyze the financial performances of firms in the automotive sector using Data Envelopment Analysis (DEA), distinguishing between firms with effective debt management and those without. It seeks to propose recommendations for less efficient firms to improve their efficiency by benchmarking them with more efficient counterparts. In this context, the relative financial performance of automotive sector companies traded in Borsa Istanbul (BIST)i n 2022 was measured with a mathematical programming-based Data Envelopment Analysis (DEA). As a result of the study, companies that achieved relative efficiency; While TAOSA, FROTO, TTRAK and DOAS, relatively inefficient companies were OTKAR, KARSN, ASUZU and TMSN. According to the analysis results, inefficient companies were benchmarked by efficient enterprises. In this benchmarking application, any changes to be made to input variables (Total Debt/Total Assets, Net Debt/EBITDA) and output variables (Net Profit/Sales, Net Profit/Total Assets, Net Profit/Equity) were calculated in MS Excel using financial statements obtained from the Public Disclosure Platform (PDP).

Keywords

Automotive Industry Data Envelopment Analysis Benchmarking Efficiency.

Ethical Statement

During the writing process of the study “Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach” scientific rules, ethical and citation rules were followed. No falsification was made on the collected data and this study was not sent to any other academic publication medium for evaluation.

References

  • Atalay, I., & Vatansever, K. (2020). BİST'te İşlem Gören Turizm Firmalarının Etkinliklerinin Veri Zarflama Analizi Yöntemi ile Ölçümü. Third Sector Social Economic Review, 55(3), 1759-1779.
  • Anderson, S. W., & Peterson, K. J. (1993). A framework for understanding the benchmarking process. Journal of Business Logistics, 14(2), 1-27.
  • Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis. Management Science, 30(9), 1078–1092
  • Bardi, Ş. (2023). Otomotiv sektöründe faaliyet gösteren firmaların maliyet girdi odaklı etkinlik analizi. Sakarya Üniversitesi İşletme Enstitüsü Dergisi, 5(1), 15-25.
  • Barr, R. S., & Seiford, L. M. (1994), October). Benchmarking with data envelopment analysis. In ORSA/TIMS Joint National Meeting, Detroit, MI (Vol. 23).
  • Bell, R. A., & Morey, R. C. (1995). Increasing the efficiency of corporate travel management through macro benchmarking. Journal of travel research, 33(3), 11-20.Blumberg DF (1994). Strategic benchmarking of service and logistic support operations. J. Bus. Logist., 15(2): 89-119.
  • Bergeron, B. (2003). Operations management: A supply chain approach. Wiley
  • Camp, R. C. (2024). Benchmarking: The search for industry best practices that lead to superior performance. CRC Press.
  • Cenger H, 2023. Kurumsal Finans Alanında Sektörel Uygulamalar/Finansal Kaldıraç Düzeyi ve Verimlilik: Konaklama Sektörü Örneği. Yayın Evi: Nobel Bilimsel Eserler Editör Adı: Ahmet Şit, Burcu Buyuran
  • Cenger, H. (2023). Finansal kaldıraç düzeyi ve verimlilik: Konaklama sektörü örneği. In A. Şit & B. Buyuran (Eds.), *Kurumsal finans alanında sektörel uygulamalar* (ss. 95–126). Nobel Bilimsel Eserler
  • Cenger, H. (2011). İmkb’de İşlem Gören Çimento Şirketlerinin Performanslarinin Ölçülmesinde Veri Zarflama Analizi Yaklaşimi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25(3-4), 31-44.
  • Cenger, H., Sarıyer, N., (2022). Marka Değeri Hesaplanmış Borsa İstanbul’da İşlem Gören Otomotiv Sektörüne Ait Firmaların Süper Etkinlik Analizi. 25. Finans Sempozyumu.
  • Charnes, A., Cooper, W. W. & Rhodes, E. (1978). Measuring the efficien-cy of decision-making units. European Journal of Operational Re- search, 2, 429-444.
  • Charnes, A., Cooper, W. W., & Rhodes, E. (1994). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429-444.
  • Cook, W. D., & Zhu, J. (2005). Modeling Performance Measurement: Applications and Implementation Issues in DEA. Springer.
  • Cook, W. D., & Seiford, L. M. (2009). Data envelopment analysis (DEA) – Thirty years on. European Journal of Operational Research, 192(1), 1– 17. https://doi.org/10.1016/j.ejor.2008.01.032
  • Cook, W. D., Tone, K., & Zhu, J. (2014). Data envelopment analysis: Prior to choosing a model. Omega, 44, 1–4. https://doi.org/10.1016/j.omega.2013.09.006
  • Collier DA, Storbeck JE (1993). A data envelopment approach to benchmarking in the telecommunications industry. Ohio State Faculty of Management Science Working Paper, Ohio State University, Columbus.
  • Dyson, R. G., Allen, R., Camanho, A. S., Podinovski, V. V., Sarrico, C. S., & Shale, E. A. (2001). Pitfalls and protocols in DEA. European Journal of Operational Research, 132(2), 245–259.
  • Didehkhani, H., Hosseinzadeh Lotfi, F., & Sadi-Nezhad, S. (2019). Practical benchmarking in DEA using artificial DMUs. Journal of Industrial Engineering International, 15, 293-301.Eyrich HG (1991). Benchmarking to become the best of breed. Manuf. Syst., 9 (4): 40-47.
  • Emrouznejad, A., & Yang, G. L. (2018). A survey and analysis of the first 40 years of scholarly literature in DEA: 1978–2016. Socio-Economic Planning Sciences, 61, 4–8. https://doi.org/10.1016/j.seps.2017.01.008
  • Eyrich, A. (1991). Benchmarking: A technique for continuous improvement. Operations Management Review, 10(3), 45-55.
  • Fenyves, V., Tarnóczi, T., & Zsidó, K. (2015). Financial Performance Evaluation of agricultural enterprises with DEA Method. Procedia Economics and Finance, 32, 423-431..
  • Gedik, A., Koçarslan, H., & Karaer, M. (2017). İSO 500 işletmelerinin malmquist-tfv endeksi ile etkinliğinin ölçülmesi: Otomotiv sektörü örneği. International Journal of Social and Humanıtıes Sciences Research, 4(15), 1917-1923.
  • Gülcü, A. & Cenger H., (2013). İmkb’de İşlem Gören Turizm İşletmelerin Veri Zarflama Analizi Yöntemiyle Mali Performanslarinin Ölçümü ve Benchmarking Uygulamasi. The Journal of Academic Social Science Studies, 6(8), 853-870.
  • Kleinhans S, Merle C, Doumeingts G (1995). Determination of what to benchmark: a customer-oriented methodology. In: Rolstadas, A. (Ed.), Benchmarking theory and practice, Chapman and Hall, London, pp. 267-276.
  • Lim, S., Bae, H., & Lee, L. H. (2011). A study on the selection of benchmarking paths in DEA. Expert Systems with Applications, 38(6), 7665- 7673.
  • Lopes, A. L. M., Carneiro, M. L., Schneider, A. B., & de Lima, M. V. A. (2010). Markowitz na otimização de carteiras selecionadas por Data Envelopment Analysis–DEA. Gestão e Sociedade, 4(9), 640-656.
  • Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
  • Morey R, Dittman D (1995). Evaluating a hotel GM’s operational performance: a case study in benchmarking. Cornel Hotel Restaurant Adm. Q., 36(5): 30-35.,
  • Moseng B (1995). Productivity measurement: methods and tools developed in TOPP. In: Rolstadas, A. (Ed.), Benchmarking theory and practice, Chapman and Hall, London, pp. 248-260.
  • Nurcan, E., & Kaya, N. (2016). Dünya otomotiv sektöründeki lider firmaların verimliliğinin veri zarflama analizi ile incelenmesi. International Journal of Social Sciences and Education Research, 2(1), 64-75
  • Omaki, E. T. (2005). Recursos Intangíveis e Desempenho em Grandes Empresas Brasileiras: avaliações dos recursos intangíveis como estimadores de medidas de desempenho financeiras. Encontro da Associação Nacional de Pós-Graduação e Pesquisa em Administração, 29.
  • Özdemir, A. İ., & Düzgün, R. (2009). Türkiye’deki otomotiv firmalarının sermaye yapısına göre etkinlik analizi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23(1), 147-164.
  • Rahman, M., Rodríguez-Serrano, M. Á., & Lambkin, M. (2018). Brand management efficiency and firm value: An integrated resource based and signalling theory perspective. Industrial Marketing Management, 72, 112-126.
  • Şahin, İ. E., & Akkoyuncu, H. (2019). Türkiye’de otomotiv sektöründe faaliyet gösteren şirketlerin etkinlik analizi. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Prof. Dr. Fuat Sezgin Özel Sayısı, 339-347
  • Sigala M (2003). Developing and benchmarking internet marketing strategies in the hotel sector in Greece. J. Hospitality Tourism Res., 27(4): 375-401.
  • Talluri, S. (2000). Data envelopment analysis: models and extensions. Decision Line, 31(3), 8-11.
  • Tata, J. (2000). Benchmarking: A tool for competitive advantage. Journal of Business Strategy, 21(6), 34-40.
  • Tepe Mübeyyen (2006). Kiyaslama Çalişmasinda Veri Zarflama Analizi Kulanim yayınlanmamış yüksek lisans tezi,, İstanbul Teknik Üniversitesi, Fen bilimleri enstitüsü.
  • Wei, B. W., Ma, Y. Y., & Ji, A. B. (2024). Stage interval ratio DEA models and applications. Expert Systems with Applications, 238, 122397.
  • Vassiloglou, M., & Giokas, D. (1990). A study of the relative efficiency of bank branches: An application of data envelopment analysis. Journal of the Operational Research Society, 41(7), 591–597.
  • Yaylalı, M., & Çalmaşur, G. (2014). Türk otomotiv endüstrisinde maliyet ve toplam faktör verimliliği. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 18(3), 325-350.
  • Yıldız, A. (2006). Otomotiv sektörü performansının değerlendirmesi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16, ss, 4
  • Zhou, P., Ang, B. W., & Poh, K. L. (2018). A survey of data envelopment analysis in energy and environmental studies. European Journal of Operational Research, 189(1), 1–18.

Borsa İstanbul'da İşlem Gören Otomotiv Firmalarının Finansal Performansının VZA ve Benchmarking ile Değerlendirilmesi

Year 2025, Volume: 14 Issue: 3, 1309 - 1323, 10.07.2025

Hatice Cenger

https://doi.org/10.33206/mjss.1638816

Abstract

Bu çalışma, otomotive sektöründe yer alan firmaların Veri Zarflama Analizi (VZA) yoluyla, etkili borç yönetimine sahip firmalar ile bu özelliğe sahip olmayan firmaların finansal performanslarını karşılaştırmalı olarak analiz etmek, birbiri ile benchmarking, bu konuda verimli olmayan firmaların daha verimli olması için önerilerde bulunmaktır. Bu bağlamda çalışmada; Borsa İstanbul’da (BIST) işlem gören otomotive sektörüne ait firmaların 2022 yılına ait görece mali performansları matematiksel programlama tabanlı Veri Zarflama Analizi yöntemiyle ölçülmüştür. Çalışma sonucunda görece etkinliğe ulaşan firmalar; TAOSA, FROTO, TTRAK ve DOAS olurken görece verimsiz firmalar OTKAR, KARSN, ASUZU ve TMSN olmuştur. Analiz sonuçlarına göre verimli olmayan firmalar verimli firmalar ile benchmarking yapılmıştır. Girdi-çıktı bileşenlerinde yapılması gereken değişiklikler oransal olarak belirtilmiştir. uygulamada Girdi (Toplam Borç/Toplam Aktif, Net Borç /FAVÖK) ve çıktı (Net kar/Satışlar, Net kar/Toplam Aktif, Net kar/Özsermaye) değişkenleri kamu aydınlatma platformundan (KAP) elde edilen mali tablolar yardımı ile MS EXCEL’de hesaplanmıştır.

Keywords

Otomotive Sektörü Veri Zarflama Analizi Kıyaslama Etkinlik.

Ethical Statement

“Borsa İstanbul'da İşlem Gören Otomotiv Firmalarının Finansal Performansının VZA ve Benchmarking ile Değerlendirilmesi ” başlıklı çalışmanın yazım sürecinde bilimsel kurallara, etik ve alıntı kurallarına uyulmuş; toplanan veriler üzerinde herhangi bir tahrifat yapılmamış ve bu çalışma herhangi başka bir akademik yayın ortamına değerlendirme için gönderilmemiştir.

References

  • Atalay, I., & Vatansever, K. (2020). BİST'te İşlem Gören Turizm Firmalarının Etkinliklerinin Veri Zarflama Analizi Yöntemi ile Ölçümü. Third Sector Social Economic Review, 55(3), 1759-1779.
  • Anderson, S. W., & Peterson, K. J. (1993). A framework for understanding the benchmarking process. Journal of Business Logistics, 14(2), 1-27.
  • Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis. Management Science, 30(9), 1078–1092
  • Bardi, Ş. (2023). Otomotiv sektöründe faaliyet gösteren firmaların maliyet girdi odaklı etkinlik analizi. Sakarya Üniversitesi İşletme Enstitüsü Dergisi, 5(1), 15-25.
  • Barr, R. S., & Seiford, L. M. (1994), October). Benchmarking with data envelopment analysis. In ORSA/TIMS Joint National Meeting, Detroit, MI (Vol. 23).
  • Bell, R. A., & Morey, R. C. (1995). Increasing the efficiency of corporate travel management through macro benchmarking. Journal of travel research, 33(3), 11-20.Blumberg DF (1994). Strategic benchmarking of service and logistic support operations. J. Bus. Logist., 15(2): 89-119.
  • Bergeron, B. (2003). Operations management: A supply chain approach. Wiley
  • Camp, R. C. (2024). Benchmarking: The search for industry best practices that lead to superior performance. CRC Press.
  • Cenger H, 2023. Kurumsal Finans Alanında Sektörel Uygulamalar/Finansal Kaldıraç Düzeyi ve Verimlilik: Konaklama Sektörü Örneği. Yayın Evi: Nobel Bilimsel Eserler Editör Adı: Ahmet Şit, Burcu Buyuran
  • Cenger, H. (2023). Finansal kaldıraç düzeyi ve verimlilik: Konaklama sektörü örneği. In A. Şit & B. Buyuran (Eds.), *Kurumsal finans alanında sektörel uygulamalar* (ss. 95–126). Nobel Bilimsel Eserler
  • Cenger, H. (2011). İmkb’de İşlem Gören Çimento Şirketlerinin Performanslarinin Ölçülmesinde Veri Zarflama Analizi Yaklaşimi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25(3-4), 31-44.
  • Cenger, H., Sarıyer, N., (2022). Marka Değeri Hesaplanmış Borsa İstanbul’da İşlem Gören Otomotiv Sektörüne Ait Firmaların Süper Etkinlik Analizi. 25. Finans Sempozyumu.
  • Charnes, A., Cooper, W. W. & Rhodes, E. (1978). Measuring the efficien-cy of decision-making units. European Journal of Operational Re- search, 2, 429-444.
  • Charnes, A., Cooper, W. W., & Rhodes, E. (1994). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429-444.
  • Cook, W. D., & Zhu, J. (2005). Modeling Performance Measurement: Applications and Implementation Issues in DEA. Springer.
  • Cook, W. D., & Seiford, L. M. (2009). Data envelopment analysis (DEA) – Thirty years on. European Journal of Operational Research, 192(1), 1– 17. https://doi.org/10.1016/j.ejor.2008.01.032
  • Cook, W. D., Tone, K., & Zhu, J. (2014). Data envelopment analysis: Prior to choosing a model. Omega, 44, 1–4. https://doi.org/10.1016/j.omega.2013.09.006
  • Collier DA, Storbeck JE (1993). A data envelopment approach to benchmarking in the telecommunications industry. Ohio State Faculty of Management Science Working Paper, Ohio State University, Columbus.
  • Dyson, R. G., Allen, R., Camanho, A. S., Podinovski, V. V., Sarrico, C. S., & Shale, E. A. (2001). Pitfalls and protocols in DEA. European Journal of Operational Research, 132(2), 245–259.
  • Didehkhani, H., Hosseinzadeh Lotfi, F., & Sadi-Nezhad, S. (2019). Practical benchmarking in DEA using artificial DMUs. Journal of Industrial Engineering International, 15, 293-301.Eyrich HG (1991). Benchmarking to become the best of breed. Manuf. Syst., 9 (4): 40-47.
  • Emrouznejad, A., & Yang, G. L. (2018). A survey and analysis of the first 40 years of scholarly literature in DEA: 1978–2016. Socio-Economic Planning Sciences, 61, 4–8. https://doi.org/10.1016/j.seps.2017.01.008
  • Eyrich, A. (1991). Benchmarking: A technique for continuous improvement. Operations Management Review, 10(3), 45-55.
  • Fenyves, V., Tarnóczi, T., & Zsidó, K. (2015). Financial Performance Evaluation of agricultural enterprises with DEA Method. Procedia Economics and Finance, 32, 423-431..
  • Gedik, A., Koçarslan, H., & Karaer, M. (2017). İSO 500 işletmelerinin malmquist-tfv endeksi ile etkinliğinin ölçülmesi: Otomotiv sektörü örneği. International Journal of Social and Humanıtıes Sciences Research, 4(15), 1917-1923.
  • Gülcü, A. & Cenger H., (2013). İmkb’de İşlem Gören Turizm İşletmelerin Veri Zarflama Analizi Yöntemiyle Mali Performanslarinin Ölçümü ve Benchmarking Uygulamasi. The Journal of Academic Social Science Studies, 6(8), 853-870.
  • Kleinhans S, Merle C, Doumeingts G (1995). Determination of what to benchmark: a customer-oriented methodology. In: Rolstadas, A. (Ed.), Benchmarking theory and practice, Chapman and Hall, London, pp. 267-276.
  • Lim, S., Bae, H., & Lee, L. H. (2011). A study on the selection of benchmarking paths in DEA. Expert Systems with Applications, 38(6), 7665- 7673.
  • Lopes, A. L. M., Carneiro, M. L., Schneider, A. B., & de Lima, M. V. A. (2010). Markowitz na otimização de carteiras selecionadas por Data Envelopment Analysis–DEA. Gestão e Sociedade, 4(9), 640-656.
  • Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
  • Morey R, Dittman D (1995). Evaluating a hotel GM’s operational performance: a case study in benchmarking. Cornel Hotel Restaurant Adm. Q., 36(5): 30-35.,
  • Moseng B (1995). Productivity measurement: methods and tools developed in TOPP. In: Rolstadas, A. (Ed.), Benchmarking theory and practice, Chapman and Hall, London, pp. 248-260.
  • Nurcan, E., & Kaya, N. (2016). Dünya otomotiv sektöründeki lider firmaların verimliliğinin veri zarflama analizi ile incelenmesi. International Journal of Social Sciences and Education Research, 2(1), 64-75
  • Omaki, E. T. (2005). Recursos Intangíveis e Desempenho em Grandes Empresas Brasileiras: avaliações dos recursos intangíveis como estimadores de medidas de desempenho financeiras. Encontro da Associação Nacional de Pós-Graduação e Pesquisa em Administração, 29.
  • Özdemir, A. İ., & Düzgün, R. (2009). Türkiye’deki otomotiv firmalarının sermaye yapısına göre etkinlik analizi. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 23(1), 147-164.
  • Rahman, M., Rodríguez-Serrano, M. Á., & Lambkin, M. (2018). Brand management efficiency and firm value: An integrated resource based and signalling theory perspective. Industrial Marketing Management, 72, 112-126.
  • Şahin, İ. E., & Akkoyuncu, H. (2019). Türkiye’de otomotiv sektöründe faaliyet gösteren şirketlerin etkinlik analizi. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Prof. Dr. Fuat Sezgin Özel Sayısı, 339-347
  • Sigala M (2003). Developing and benchmarking internet marketing strategies in the hotel sector in Greece. J. Hospitality Tourism Res., 27(4): 375-401.
  • Talluri, S. (2000). Data envelopment analysis: models and extensions. Decision Line, 31(3), 8-11.
  • Tata, J. (2000). Benchmarking: A tool for competitive advantage. Journal of Business Strategy, 21(6), 34-40.
  • Tepe Mübeyyen (2006). Kiyaslama Çalişmasinda Veri Zarflama Analizi Kulanim yayınlanmamış yüksek lisans tezi,, İstanbul Teknik Üniversitesi, Fen bilimleri enstitüsü.
  • Wei, B. W., Ma, Y. Y., & Ji, A. B. (2024). Stage interval ratio DEA models and applications. Expert Systems with Applications, 238, 122397.
  • Vassiloglou, M., & Giokas, D. (1990). A study of the relative efficiency of bank branches: An application of data envelopment analysis. Journal of the Operational Research Society, 41(7), 591–597.
  • Yaylalı, M., & Çalmaşur, G. (2014). Türk otomotiv endüstrisinde maliyet ve toplam faktör verimliliği. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 18(3), 325-350.
  • Yıldız, A. (2006). Otomotiv sektörü performansının değerlendirmesi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16, ss, 4
  • Zhou, P., Ang, B. W., & Poh, K. L. (2018). A survey of data envelopment analysis in energy and environmental studies. European Journal of Operational Research, 189(1), 1–18.
There are 45 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Article
Authors

Hatice Cenger 0000-0002-5703-2201

Publication Date July 10, 2025
Submission Date February 12, 2025
Acceptance Date June 12, 2025
Published in Issue Year 2025 Volume: 14 Issue: 3

Cite

APA Cenger, H. (2025). Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach. MANAS Sosyal Araştırmalar Dergisi, 14(3), 1309-1323. https://doi.org/10.33206/mjss.1638816
AMA Cenger H. Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach. MJSS. July 2025;14(3):1309-1323. doi:10.33206/mjss.1638816
Chicago Cenger, Hatice. “Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach”. MANAS Sosyal Araştırmalar Dergisi 14, no. 3 (July 2025): 1309-23. https://doi.org/10.33206/mjss.1638816.
EndNote Cenger H (July 1, 2025) Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach. MANAS Sosyal Araştırmalar Dergisi 14 3 1309–1323.
IEEE H. Cenger, “Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach”, MJSS, vol. 14, no. 3, pp. 1309–1323, 2025, doi: 10.33206/mjss.1638816.
ISNAD Cenger, Hatice. “Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach”. MANAS Sosyal Araştırmalar Dergisi 14/3 (July 2025), 1309-1323. https://doi.org/10.33206/mjss.1638816.
JAMA Cenger H. Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach. MJSS. 2025;14:1309–1323.
MLA Cenger, Hatice. “Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach”. MANAS Sosyal Araştırmalar Dergisi, vol. 14, no. 3, 2025, pp. 1309-23, doi:10.33206/mjss.1638816.
Vancouver Cenger H. Financial Performance Analysis of Borsa Istanbul-Listed Automotive Firms: A DEA and Benchmarking Approach. MJSS. 2025;14(3):1309-23.
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