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An Evaluation of the Financial Performance of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method

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  • Mehmet Islamoglu
  • Mehmet Apan
  • Ahmet Oztel

Abstract

Real Estate Investment Trusts are financial intermediaries which facilitate the provision of finance for real estate properties and thus play a key role in the development of the real estate market. An accredited assessment of financial performance is more vital today as there is increasing competition which poses a risk to maintaining the market share of companies. Therefore, the valuation of companies in terms of liquidity, profitability, turnover and capital structure help managers to take the necessary measures and thus contribute to the soundness of the companies. In this study, a financial analysis of REITs between 2011Q1-2014Q3 within the financial market in Turkey was measured using Entropy based TOPSIS (Technique for Order Preference by Similarity to An Ideal Solution) which is a widely-used Multi-Criteria Decision Making (MCDM) method. According to the empirical results, for all the periods, Avrasya, Akmerkez, Sinpas, Kiler and Is were found to be the most efficient REITs respectively, whereas, Idealist, Atakule, Alarko, Nurol and Vakif demonstrated the worst financial performances throughout the whole period.

Suggested Citation

  • Mehmet Islamoglu & Mehmet Apan & Ahmet Oztel, 2015. "An Evaluation of the Financial Performance of REITs in Borsa Istanbul: A Case Study Using the Entropy-Based TOPSIS Method," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 6(2), pages 124-138, April.
    • Handle: RePEc:jfr:ijfr11:v:6:y:2015:i:2:p:124-138
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    References listed on IDEAS

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    Cited by:

    1. Bilgehan Tekin, 2021. "The Factors Affecting the Market Value/Book Value and Profitability of REITs in Turkey," International Real Estate Review, Global Social Science Institute, vol. 24(3), pages 469-499.
    2. Owen Ndoromo & Karin Österman & Kaj Björkqvist, 2018. "Sex Differences in Perpetration of Low Intensity Intimate Partner Aggression in South Sudan," European Journal of Interdisciplinary Studies Articles, Revistia Research and Publishing, vol. 4, ejis_v4_i.
    3. Tamala Amelia Manda, 2024. "Bankruptcy Prediction in REITs," International Real Estate Review, Global Social Science Institute, vol. 27(1), pages 139-167.
    4. Hongfang Li & Huixiao Wang & Yaxue Yang & Ruxin Zhao, 2021. "Regional Coordination and Security of Water–Energy–Food Symbiosis in Northeastern China," Sustainability, MDPI, vol. 13(3), pages 1-19, January.

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