BIST Kurumsal Yönetim Endeksi Şirketlerinde Finansal Oranların Faaliyet Kârı Büyümesi Üzerindeki Etkisinin Analizi
Analysis of the Impact of Financial Ratios on Operating Profit Growth in BIST Corporate Governance Index Companies

Summary/Abstract: The purpose of this study is to analyze the relationship between financial ratios and operational profit growth (Esas Faaliyet Kârı Büyüme %) among companies listed in the BIST Corporate Governance Index (KYD) in Turkey. By focusing on the period between 2009 and 2021, the research investigates how various financial indicators impact corporate decision -making and performance. The study employs a quantitative methodology using regression analysis and the Variance Inflation Factor (VIF) to identify multi-Collinearity and key financial ratios influencing operational profit growth. Additionally, the Analytic Hierarchy Process (AHP) and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) are applied to determine the relative importance of variables and rank companies based on their performance. Key findings highlight that factors such as EBITDA growth and net sales growth play a significant role in driving operational profit growth. The research identifies companies like IHLAS, VKGYO, and AKSGY as consistently high-performing due to effective financial management and strategic adaptability, while companies such as MGROS and TRCAS face persistent challenges. The study underscores critical areas for managerial focus, including: (1) Cost Management: Operating margin ratios reflect control over expenses, with declines signaling rising costs. (2) Pricing Strategy: Gross margin contractions indicate the need to reassess pricing strategies. (3) Resource Allocation: Ratios like Return on Assets (ROA) and Return on Equity (ROE) guide capital investment decisions. (4) Investment Decisions: Profitability ratios inform strategic capital allocation. And (5) Operational Efficiency: Tu rnover ratios, including inventory and asset turnover, support strategies for improving resource management. The findings demonstrate that financial ratios are essential tools for sustaining operational profit growth and provide actionable insights for cor porate managers and investors. This study contributes to the literature by bridging the gap in understanding how financial metrics influence strategic decisions within the context of Turkey's corporate governance framework.

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