International Journal of Academic Research in Business and Social Sciences 2016, Vol. 6, No. 10 ISSN: 2222-6990 273 www.hrmars.com Efficiency Analysis of Gold Mining Companies through Financial Statements Aşır ÖZBEK Assistant Professor Vocational School, Kırıkkale University, Ankara Yolu 7. km. 71450 Kırıkkale, Turkey E-mail: ozbek@kku.edu.tr DOI: 10.6007/IJARBSS/v6-i10/2357 URL: http://dx.doi.org/10.6007/IJARBSS/v6-i10/2357 Abstract In this study, efficiency analysis of six companies (IHMAD, IPEKE, KOZAL, KOZAA, METAL and PARKME) that have been active in gold production sector and operating within the scope of Borsa Istanbul (BIST) was procured by considering financial statements through Efficiency Analysis Technique with Output Satisficing (EATWOS) method. Data used in the analysis were collected through financial statements belonging to 2008 – 2015 fiscal period partaken in Public Disclosure Platform (PDP). Within the scope of this study, measurement of economic efficiency of establishments is aimed. In accordance with this purpose, number of employees, total asset values and capitals constituted input factors while output factors are specified as net sales and net profits. In consequence of comparative analysis of results obtained from this implementation, annual performance of companies was designated, and procurement of basic data for future strategic decisions was targeted. When the results of the study conducted is analyzed comparatively, it is determined that KOZAL Company is the most successful company of all periods, and IHMAD Company is determined as the least successful company. Keywords: Efficiency Analysis, Mining, EATWOS, Multiple Criteria Decision Making (MCDM) 1. Introduction In this day and age, over 10 billion tons with the value of 1,5 trillion USD has been produced all around the world by annual means. 75% of this amount belongs to energy raw materials, 10% of it belongs to metallic mining and 15% of it belongs to industrial raw material production (TBMM Research Commission Report 2010). USA, China, South Africa, Canada, Australia and Russia are the leading countries that play an important role in mining reserves and global mine production (Mining Sector 2012). Turkish mining sector has become one of the most important sectors of industrial production with its endorsement rising from 1,365 (1 USD = 2,93 Turkish Lira) billion USD to 5,154 billion USD between the years of 2002 and 2008 and number of business enterprises rising from 1.388 pieces to 2.422 pieces, with its capacity of employment of 114.000 persons by the year of 2010 and totally 30.795 pieces of licenses. While gross domestic product of mining sector was 546 million USD in the year of 2000, this amount had reached to 5,358 billion USD in 2010 and total