F-BWM-MARCOS approach for performance evaluation of Türkiye's top 500 industrial enterprises in the pre-pandemic and pandemic era

Abstract

Purpose – The purpose of this study is to analyze the impacts of the COVID-19 pandemic on the performance of companies using a hybrid Multi-Criteria Decision-Making (MCDM) approach. Specifically, the study examines Turkiye € ’s Top 500 Industrial Enterprises to analyze their performance before and during the pandemic, and to capture their performance in determining investment and production strategy. Design/methodology/approach – To achieve the study’s objectives, the Fuzzy Best-Worst Method (F-BWM) was used to obtain importance levels of performance indicators, decreasing the vagueness in experts’ decision-making preferences. The Measurement Alternatives and Ranking According to Compromise Solution (MARCOS) method was used to rank enterprises based on their performance. Findings – The COVID-19 pandemic has clearly had a substantial impact on the performance of Turkiye € ’s top 500 industrial enterprises. While some companies suffered decreased sales, others reported that their revenues increased or remained constant during the outbreak. The results reveal that the pandemic caused a shift in the initial ranking outcomes for the first two enterprises. Research limitations/implications – The study’s limitations include the sample size and the time period under consideration, which may have an impact on the generalizability of the findings. Practical implications – Decision-makers’ investment, employment and operational decisions were influenced by the impact of the COVID-19 pandemic. The results provide insights for decision-makers on how to achieve higher growth and performance under the pressure of the pandemic. Social implications – The study’s practical consequences help decision-makers understand how to attain higher growth and performance in the face of the epidemic. Originality/value – The originality of this study lies in using a hybrid MCDM approach to examine the impact of the COVID-19 pandemic on company performance. A hybrid MCDM approach is proposed to help decision-makers make the best possible investment and implementation decisions.