Özet:

Most of studies deal with relationships between financial ratios and stock returns suggest that there is a linear relationship between financial ratios and stock returns and these analyses follow this direction. The accuracy of this assumption in reality takes an important place in terms of validity of analysis results. Hereby, this study aims to observe the validity of assumption towards a linear relationship between ratio and stock returns used in financial analysis and determining existing non-linear relationship models unless there is a linear relationship between relevant variables. The scope of this study involves firms activating in IMKB manufacturing sector in 2009. Financial ratios are used; these ratios present liquidity, efficiency, leverage, profitability and stock exchange performance situations of companies as independent variables. Stock returns as dependent variables are calculated in accordance with two different methods including buy-and-hold return method and cumulative return method. As relationships between stock returns and financial ratios are stated, 10 different models are also used including one linear model and nine non-linear models (logarithmic, inverse, quadratic, cubic, compound, power, S-curve, growth and exponential). Finally, the analysis results explain that there are mostly non-linear relationships between stock returns and financial ratio

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