Financial Performance Analysis of Healthcare Companies on Borsa Istanbul during COVID-19 via MOORA and TOPSIS Methods

Abstract

With the volatility crisis brought by the pandemic, technology and health sector companies have entered the agenda of more investors in the global capital markets. COVID-19 has increased the uncertainty in financial markets as well as paralyzing the health systems of countries. Making the optimum decision among multiple alternatives is of vital importance for investors. For this purpose, multiple criteria decision-making applications (MCDA) have been used with increasing frequency in the recent years. In this study, the financial performance of healthcare companies traded in Borsa Istanbul was examined by MOORA and TOPSIS methods for four periods during the pandemic process. Interestingly, the same companies came out first in terms of financial performance for both methods in three of the four periods analyzed. For this purpose, these two methods have been recommended to the financial decision makers who are on the verge of analyzing the companies in financial markets during uncertainty.