Abstract:

The sustainability of a company’s activities is directly proportional to its financial performance. Accordingly, it is necessary to evaluate the financial performance of companies from different perspectives with different methods and variables. In this study, the financial performance of 29 companies traded in the BIST Corporate Governance Index between 2015-2019 was measured and compared with corporate governance ratings. In this context, the financial ratios of the companies (liquidity ratios, activity ratios, financial leverage ratios and profitability ratios) were calculated. The financial performance of the 29 companies covered was determined using the Gray Relation Analysis (GRA) method from multi-criteria decision-making techniques. The output obtained is compared with the ranking of corporate governance rating ratings for companies. As a result of the study, it has been observed that the corporate management performance of the companies being analyzed has not affected their financial performance

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