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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2026-30-3-1664-01</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-3253</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ФОНДОВЫЕ РЫНКИ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>STOCK MARKETS</subject></subj-group></article-categories><title-group><article-title>Анализ финансовой эффективности компаний реального сектора с помощью интегрированных методов SOWIA-ELECTRE III: на примере Турции</article-title><trans-title-group xml:lang="en"><trans-title>Sector Financial Performance Analysis with Integrated SOWIA-ELECTRE III Methods: The Case of Turkish Real Sector</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-8818-0752</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Шенол</surname><given-names>З.</given-names></name><name name-style="western" xml:lang="en"><surname>Şenol</surname><given-names>Z.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Зекай Шенол — PhD, доцент, кафедра финансов и банковского дела, факультет экономики и административных наук</p><p>Сивас</p></bio><bio xml:lang="en"><p>Zekai Şenol — PhD, Assoc. Prof., Finance and Banking Departmant, Faculty of Economics and Administrative Sciences</p><p>Sivas</p></bio><email xlink:type="simple">zsenol@cumhuriyet.edu.tr</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-6299-3712</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Шенер</surname><given-names>С.</given-names></name><name name-style="western" xml:lang="en"><surname>Şener</surname><given-names>S.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Сибель Шенер — PhD, доцент, кафедра менеджмента и информационных систем, факультет экономики и административных наук</p><p>Сивас</p></bio><bio xml:lang="en"><p>Sibel Şener — PhD, Assoc. Prof., Departmant of Management and Information Systems, Faculty of Economics and Administrative Sciences</p><p>Sivas</p></bio><email xlink:type="simple">ssener@cumhuriyet.edu.tr</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-4806-8568</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Гюльчемал</surname><given-names>Т.</given-names></name><name name-style="western" xml:lang="en"><surname>Gülcemal</surname><given-names>T.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Туба Гюльчемал — PhD, доцент, кафедра финансов и банковского дела, факультет экономики и административных наук</p><p>Сивас</p></bio><bio xml:lang="en"><p>Tuba Gülcemal — PhD, Assoc. Prof., Departmant of Finance and Banking, Faculty of Economics and Administrative Sciences</p><p>Sivas</p></bio><email xlink:type="simple">tgulcemal@cumhuriyet.edu.tr</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Университет Сивас Кумхуриет</institution><country>Турция</country></aff><aff xml:lang="en"><institution>Sivas Cumhuriyet University</institution><country>Turkey</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2026</year></pub-date><pub-date pub-type="epub"><day>06</day><month>06</month><year>2026</year></pub-date><volume>30</volume><issue>3</issue><fpage>109</fpage><lpage>129</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Шенол З., Шенер С., Гюльчемал Т., 2026</copyright-statement><copyright-year>2026</copyright-year><copyright-holder xml:lang="ru">Шенол З., Шенер С., Гюльчемал Т.</copyright-holder><copyright-holder xml:lang="en">Şenol Z., Şener S., Gülcemal T.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/3253">https://financetp.fa.ru/jour/article/view/3253</self-uri><abstract><p>Целью данного исследования является определение финансовых показателей компаний корпоративного сектора с использованием интегрированного метода SOWIA-ELECTRE III. В рамках данного исследования были использованы данные 10 реальных секторов, работающих на Стамбульской бирже Borsa Istanbul в период 2016–2022 гг. Отмечено, что показатели финансовой эффективности, влияющие на результаты деятельности сектора, варьируются по годам, и важными детерминантами финансовой эффективности являются ставка текущих обязательств, соотношение цены и прибыли, соотношение стоимости фирмы к EBITA и рентабельность капитала. Согласно результатам рейтинга эффективности секторов, полученным с помощью метода ELECTRE III, можно сделать вывод, что наиболее высокие показатели были достигнуты в розничной торговле в 2017–2019, 2021 и 2022 гг., в строительстве и общественных работах в 2016 г. и в производстве продуктов питания, напитков и табачных изделий в 2020 г. Кроме того, проведено сравнение рейтингов эффективности секторов с рейтингами доходности отраслевых индексов, а степень взаимосвязи определялась с помощью коэффициента ранговой корреляции Спирмена. Соответственно, коэффициенты корреляции положительны, высоки и значимы в 2017 и 2018 гг. Сделан вывод, что существует частичная связь между отраслевыми показателями и доходностью секторов. Показано, что портфельные менеджеры и инвесторы должны придавать значение анализу финансовых показателей при исследовании секторов, а руководители экономических служб учитывать то, что общие экономические условия являются важными факторами, определяющими развитие секторов.</p></abstract><trans-abstract xml:lang="en"><p>The aim of this study is to determine the financial performance of the corporate sector employing the integrated SOWIA-ELECTRE III method. In this framework, the data of 10 real sectors operating in Borsa Istanbul over the period 2016–2022 are utilized. It was observed that the financial performance indicators affecting the sector performance varied over the years and that current liability rate, price to earning ratio, firm value/EBITA and return on equity ratios were important determinants of financial performance. According to the results of the performance rankings of the sectors obtained by the ELECTRE III method, it is understood that the highest performance was realized by retail trade in 2017, 2018, 2019, 2021 and 2022, construction and public works in 2016 and food, beverage and tobacco in 2020. In addition, the study compared sector performance rankings with sector index return rankings and the degree of the relationship was determined by the Spearman’s rank correlation coefficient. Accordingly, the correlation coefficients are positive, high and significant in 2017 and 2018. Accordingly, it can be said that there is a partial relationship between sector performances and sector returns. The study results show that portfolio managers and investors should give importance to financial performance analysis when making sector analysis, and economic managers that general economic conditions are important determinants in the development of sectors.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>Метод Electre III</kwd><kwd>Метод SOWIA</kwd><kwd>финансовые показатели</kwd><kwd>фондовый рынок</kwd><kwd>сектор</kwd></kwd-group><kwd-group xml:lang="en"><kwd>Electre III Method</kwd><kwd>SOWIA Method</kwd><kwd>Financial Performance</kwd><kwd>Stock Market</kwd><kwd>Sector Performance</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Lebas M. J. Performance measurement and performance management. International Journal of Production Economics. 1995;41(1–3):23–35. DOI: 10.1016/0925–5273(95)00081-X</mixed-citation><mixed-citation xml:lang="en">Lebas M. J. 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