Özet:

Investors make their investment decisions according to the revenue they expect from their shares.Because there are many intra- and non-business factors that affect the revenue of their shares, the estimates are not always consistent. The aim of this study is to examine the asymmetric relationships between the financial rates indicating intra-business factors and the industrial production index indicating non-business factors and the company’s share revenues by the Panel Non-Reality Delayed Authorized Model (Panel NARDL) developed by Shin, Yu, and Greenwood-Nimmo (2014). In the study, the data of 103 enterprises that were traded in the manufacturing industry in the 2005Q1-2019Q4 period in BIST, the dependent variable used the share revenues, the independent variable the currency rate, the total debt rate, the cash cycle, the profitability of the capital and the industrial production index. According to the analyses carried out, there has been a short-term asymmetric relationship between the profitability of the capital and the return of the share in the long term; the cash cycle and the industrial production index and the return in the short term. The findings are important in terms of the movements in the return of stock are analyzed in the light of the new approach.