Aizanoi Finance Review, no.3, pp.1-11, 2024 (Peer-Reviewed Journal)
This study aimed to categorize companies in the Borsa Istanbul National 100 Index based
on financial structure ratios using cluster analysis. Two-stage clustering analysis allowed
continuous and categorical variables to be analyzed together. Except for nine banks
traded in the Borsa Istanbul National 100 index, the data of 91 companies were analyzed.
Research findings showed that the BIST 100 index was divided into two meaningful
clusters according to their financial structure ratios and two categorical variables. Fifty
five risk-free companies were clustered in the first cluster, and thirty-six risky companies
were clustered in the second cluster. Shareholders' equity / total asset (active) ratio, risk,
short-term foreign resources / total resources (passive) ratio, current assets / total asset
(active) ratio, fixed assets / total foreign resources ratio, and index were found to be
essential variables in clustering companies into two clusters, respectively.