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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

Determining the relation between financial performance and stock returns of energy companies on ISE with panel data analysis