FİNANSAL ANALİZDE KULLANILAN ORANLAR VE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ: EKONOMİK KRİZ DÖNEMLERİ İÇİN İMKB İMALAT SANAYİ ŞİRKETLERİ ÜZERİNE AMPİRİK BİR UYGULAMA

36632

This study deals whether there is any relationship between stock returns and the ratios used in financial analysis for 2001 and 2008 economic crisis periods experienced in our country and whether the effects of these ratios differ from on stock returns for crisis periods mentioned above in case of any relation. For this purpose, an empirical study is prepared on manufacturing industry companies effecting transactions in ISE. Findings include 17 financial ratios in analysis and these ratios are divided into 5 groups. So 6 items for 2001 economic crisis period and 4 items for 2008 economic crisis period make clear that they have statistically meaningful relationship with stock returns. But for “Return on Equity” of profitability ratios and “Market Capitalization/Book Value” of stock exchange performance ratios, financial ratios associated with stock returns differ in periods. Also results suggest that explaining of financial ratios changes in stock returns for 2008 economic crisis period are more effective than items for 2001 economic crisis period.

225

Financial Ratios , Stock Returns , Crisis Period , ISE

Journal Of Economics and Administrative Sciences, Ataturk University

240

Journal Of Economics and Administrative Sciences, Ataturk University