Çolak, Mehmet Selman - In: Borsa Istanbul Review 21 (2021) 3, pp. 239-255
introduce a new index, called the multivariate firm assessment (MFA) score, which uses the ratios that best explain the … around 90 percent. Furthermore, the MFA score reflects the impact of macroeconomic developments on firms' balance sheets and … thus serves as an early warning of financial distress for Turkish firms. Our analyses using the MFA score suggest that non …