EVALUATION OF FIRMS OF AGRICULTURE AND FOOD SECTORS QUOTED AT BORSA İSTANBUL (BİST) BY DEA-BASED MALMQUIST TOTAL FACTOR PRODUCTIVITY INDEX

This study applies a DEA-based Malmquist index to measure technical efficiency and total factor productivity change of food and agriculture firms quoted at Borsa İstanbul (BİST) over the 2010–2015 period. We have investigated efficiency scores of firms using financial ratios. The study shows that, average Malmquist index score is 16.9% below efficiency frontier. Also, four of the twenty-three firms’ (KRSAN, KENT, TUKAS and ULKER) Malmquist total factor productivity (MTFP) ratio above the efficient frontier. The results indicate that nineteen out of twenty-three firms (82.6%) experienced productivity losses in the examined period.