PANEL DATA ANALYSIS OF THE EFFECT OF FINANCIAL RATIOS ON STOCK RETURNS: EVIDENCE FROM BIST 100 FIRMS - F？NANSAL ORANLARIN PAY GET？R？LER？ üZER？NDEK？ ETK？S？N？N PANEL VER？ ANAL？Z？: B？ST 100 F？RMALARINDAN KANITLAR

The aim of this study is to determine the traditional financial ratios influencing the stock returns of firms which are continuously operating within the scope of Borsa Istanbul (B？ST) 100 index during the period of 2010-2017. Financial ratios used as independent variables in the study are stock market performance ratios, financial structure ratios, profitability ratios, activity ratios and liquidity ratios, respectively. According to the findings obtained from the study where panel data regression analysis method is applied, financial ratios such as market value book value, earnings per share, total debt ratio and return on asset ratio are found to be statistically significant in explaining the change in stock returns. Specifically, stock returns are positively associated with market value book value, earnings per share, total debt ratio and return on asset ratio