Özet:

In recent years, the concept of corporate governance, a concept that has gained considerable importance; is known as good management practices and creates serious advantages for enterprises. In this study, which unifies the effects of financial performance on returns with corporate governance concept; the enterprises are divided into two groups. In the first group, the enterprises included in the BIST Corporate Governance Index (XKURY) and in the second group which are not included in the BIST Corporate Governance Index. Analyzing the effect of financial ratio of these two business groups on stock returns, determining whether there is a difference or not is the main starting point of the study. The study covers 14 financial ratio and 1 control variable used as liquidity, efficiency, profitability and market measurements. Annual data of the enterprises are used for the period of 2013-2018. In the review period, a total of 190 enterprises that have continuous data are included in the research. 39 of these enterprises are included in Corporate Governance Index and 151 of the enterprises are not included in Corporate Governance Index. The financial ratio of the enterprises and the control variable were analyzed independently and the stock returns were analyzed by two different regression models. According to the results obtained from the analyzes, the ratio of the financial ratio of the enterprises included in the Corporate Governance Index to the ratio was 13. 7%, while the rate of disclosure of the stock returns of the companies in the companies not included in the Corporate Governance Index was found to be 4.9%.

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