摘要：Purpose – In this study,financial factors affecting the stock returns of energy companies enlisted in Istanbul Stock Exchange are examined. Design/methodology/approach – Factors that might have effect on the stock returns are identified and firm size,sales revenue,operating profit and short-term liabilities are chosen. Akenerji,Aksa,Aksu,Ayen and Zorlu which are enlisted in Istanbul Stock Exchange are selected for the analysis. How the change in the factors affects the stock returns of energy companies is examined through panel data analysis method. Findings – The results revealed that the change in the short-term liabilities has negative and statistically meaningful effect on the stock returns. Moreover,the change in the sales revenue has positive and statistically meaningful effect on the returns. To sum up,an increase in the short-term liabilities has negative while an increase in the sales revenue has positive effect on the stock returns of energy firms in Turkey. Discussion – The stock returns of energy firm enlisted in Istanbul Stock Exchange are affected by the unsystematic risk factors found as change in the total sales and the current liabilities.
其他摘要：Amaç – Bu çalışma insan kaynağının büyük öneme sahip olduğu otel işletmelerinde çalışan Amaç – Bu çalışmanın amacı Borsa İstanbul'da işlem gören enerji firmalarının hisse senedi getirilerine etki eden şirket finansal verilerini analiz etmektir. Yöntem – H
关键词：Stock return;Energy;Panel data analysis;Firm size;Short term debt
其他关键词：Hisse senedi getirisi;Enerji;Panel veri analizi;Firma büyüklüğü;Kısa vadeli borç
