DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS

Volume: 3 Number: 1 April 1, 2016
Journal of Economics Finance and Accounting Cover
Journal of Economics Finance and Accounting
PDF Download
EN

DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS

Abstract

ABSTRACT
In this study examined the relationship between financial performance and stock returns of fourteen energy companies active in Borsa
Istanbul has been examined. In this context, firstly ten ratios Which were drawn from financial statements of these companies, determined
and all the determined ratios were calculated separately for each company. By using the TOPSIS method, one of the multi-criteria decision
analysis (MCDA), the calculated ratios were first converted into TOPSIS scores which reflects general company performance. After that, the
relationship between TOPSIS scores and average annual returns of the companies were tested by panel data analysis. The conclusion that
there is a short-term cointegration between TOPSIS score and stock returns of companies has been inferred from the test results. However,
mutual causality between TOPSIS scores and stock returns result has not been encountered.
Keywords: Energy sector, performans analysis, TOPSIS method, panel causality test.
JEL Classification: C02, C23, G39

Keywords

Details

Primary Language

En

Subjects

-

Journal Section

-

Authors

Publication Date

April 1, 2016

Submission Date

April 1, 2016

Acceptance Date

-

Published in Issue

Year 2016 Volume: 3 Number: 1

IZ

https://izlik.org/JA54JP52CG

Cite

RIS / Bibtex
APA
Sakarya, S., & Yildirim, H. (2016). DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS. Journal of Economics Finance and Accounting, 3(1). https://izlik.org/JA54JP52CG
AMA
1.Sakarya S, Yildirim H. DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS. JEFA. 2016;3(1). https://izlik.org/JA54JP52CG
Chicago
Sakarya, Sakir, and Hasan Yildirim. 2016. “DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS”. Journal of Economics Finance and Accounting 3 (1). https://izlik.org/JA54JP52CG.
EndNote
Sakarya S, Yildirim H (April 1, 2016) DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS. Journal of Economics Finance and Accounting 3 1
IEEE
[1]S. Sakarya and H. Yildirim, “DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS”, JEFA, vol. 3, no. 1, Apr. 2016, [Online]. Available: https://izlik.org/JA54JP52CG
ISNAD
Sakarya, Sakir - Yildirim, Hasan. “DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS”. Journal of Economics Finance and Accounting 3/1 (April 1, 2016). https://izlik.org/JA54JP52CG.
JAMA
1.Sakarya S, Yildirim H. DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS. JEFA. 2016;3. Available at https://izlik.org/JA54JP52CG.
MLA
Sakarya, Sakir, and Hasan Yildirim. “DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS”. Journal of Economics Finance and Accounting, vol. 3, no. 1, Apr. 2016, https://izlik.org/JA54JP52CG.
Vancouver
1.Sakir Sakarya, Hasan Yildirim. DETERMINING THE RELATION BETWEEN FINANCIAL PERFORMANCE AND STOCK RETURNS OF ENERGY COMPANIES ON BORSA ISTANBUL WITH PANEL DATA ANALYSIS. JEFA [Internet]. 2016 Apr. 1;3(1). Available from: https://izlik.org/JA54JP52CG

Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, semiannual and open-access online journal. The journal publishes 2 issues a year. The issuing months are June and December. The publication language of the Journal is English. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.

Ethics Policy - JEFA applies the standards of Committee on Publication Ethics (COPE). JEFA is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract).

Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.