Abstract:

In recent years, the concept of corporate governance has become important for the reputation, positive image and efficiency of the enterprises in terms of creating added value for the national economy. In addition, the corporate governance principles have a great effect on the success of the companies with regard to their sustainability, financial stability and competitive advantage. The purpose of the study is to conduct a financial situation analysis for the companies publicly-traded in Borsa Istanbul (BIST). In this context, the enterprises are included in two groups as the available in the Corporate Governance Index and the ones that are not involved. The ratios are used for comparative financial situation analysis and 13 ratios are calculated under 4 financial measurement category-liquidity, efficiency, profitability and market. The research includes the data of the enterprises for the period of 2012-2018. In the data set, 39 enterprises in corporate governance index makes the first group and 159 enterprises not included in the index makes the other group. There are 19,404 observations of 198 enterprises in the scope of the study. SPSS and JASP statistical programs are used for statistical analysis. The temporal change in ratios is examined for separate business groups and in terms of the effect and direction of the ratios on the business groups. According to the results, there is no significant difference between the average in the companies included in the Corporate Governance Index. In other enterprises, only the difference in the three ratio is significant, while the effect of the time groups and the effects on time is significant in eight ratio. In addition, it is determined that the average values of other companies in the Corporate Governance Index are higher except the current ratio.

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