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Journals / Doğuş Üniversitesi Dergisi / 2025 / Cilt: 27 Sayı: 1

THE RHETORICAL STRUCTURE OF CEO LETTERS AND THEIR RELATIONSHIP WITH FINANCIAL INDICATORS: AN EXAMINATION OF BIST COMPANIES

CEO MEKTUPLARININ RETORİK YAPISI VE FİNANSAL GÖSTERGELERLE İLİŞKİSİ: BİST ŞİRKETLERİNDE BİR İNCELEME

Neriman Yalçın(ADANA SCIENCE AND TECHNOLOGY UNIVERSITY)0000-0002-2196-4779
Mehmet Güneş(ADANA ALPARSLAN TÜRKEŞ BİLİM VE TEKNOLOJİ ÜNİVERSİTESİ)0000-0002-1938-6914
Pages
976–996
Publication Date
2026-03-27
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The qualitative findings indicate that the majority of CEO letters were signed by male executives, presented in relatively short formats, and included limited use of visual rhetoric such as photographs or logos.

📌 3 Key Takeaways

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Objective & Hypothesis:The aim of this study is to identify the rhetorical characteristics of CEO letters and to analyze the relationship between these rhetorical features and firms’ financial indicators.
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Key Findings & Data:For this purpose, CEO letters of 69 companies listed in the Borsa Istanbul (BIST) Manufacturing Index for the years 2023 and 2024 were qualitatively coded using the Maxqda software.
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Conclusion & Impact:The qualitative findings indicate that the majority of CEO letters were signed by male executives, presented in relatively short formats, and included limited use of visual rhetoric such as photographs or logos.
🔬Design:Modeling & Simulation
📍Scope:2023 Verileri
⚙️Variables:CEO mektupları · Retorik analiz · Ethos

Abstract

The aim of this study is to identify the rhetorical characteristics of CEO letters and to analyze the relationship between these rhetorical features and firms’ financial indicators. For this purpose, CEO letters of 69 companies listed in the Borsa Istanbul (BIST) Manufacturing Index for the years 2023 and 2024 were qualitatively coded using the Maxqda software. Subsequently, the rhetorical ratios (Ethos, Pathos, and Logos) were tested through regression analyses to examine their association with financial indicators. The qualitative findings indicate that the majority of CEO letters were signed by male executives, presented in relatively short formats, and included limited use of visual rhetoric such as photographs or logos. The rhetorical composition of the sample suggests that the letters are primarily characterized by self-representational discourse (Ethos), followed by emotionally appealing statements (Pathos), while rational and evidence-based arguments (Logos) are the least emphasized. According to the quantitative findings, the rhetorical structure of CEO letters is associated with firms’ financial indicators in specific ways. The results indicate that the Ethos and Pathos dimensions are linked to certain financial risk indicators to a limited extent, such as trade receivables and leverage, whereas the Logos dimension does not exhibit a statistically significant relationship with financial indicators in the multiple regression models. Since the findings reveal noteworthy relationships between the rhetorical and formal characteristics of CEO letters and financial indicators in certain dimensions, it is concluded that corporate management should adopt a more strategic approach in preparing these texts. Furthermore, stakeholders seeking information about firms are advised to consider CEO letters not merely as rhetorical discourse, but as communicative statements that provide valuable insights into the company.

Özet

Bu çalışmanın amacı, CEO mektuplarının retorik özelliklerini belirlemek ve bu özelliklerin finansal göstergelerle ilişkisini analiz etmektir. Bu amaçla Borsa İstanbul (BİST) İmalat endeksinde listelenen 69 şirketin 2023 ve 2024 yılı CEO mektupları nitel olarak Maxqda yazılımı ile kodlanmış; ardından retorik oranların (Ethos, Pathos, Logos) finansal göstergelerle ilişkisi regresyon analizi ile test edilmiştir. Nitel bulgulara göre, CEO mektuplarında erkek yönetici imzasının yoğunlukta olduğu, mektupların kısa metinler halinde yazıldığı ve görsel retoriğin (fotoğraf, logo) sınırlı kullanıldığı görülmektedir. Örneklemde yer alan CEO mektuplarının retorik özellikleri, mektupların ağırlıklı olarak şirketlerin kendilerini ifade etme söylemlerinden (Ethos), daha sonra hedef kitlenin duygularını hitap eden söylemlerden (Pathos) ve en az yoğunlukta da mantık ve kanıt gösteren söylemlerden (Logos) oluştuğunu göstermiştir. Nicel bulgulara göre ise, CEO mektuplarının retorik yapısı işletmelerin finansal göstergelerinden farklı yönlerde etkilemektedir. Ethos ve Pathos finansal zorluk yaşayan şirketlerin retorik stratejilerini açıklarken, Logos finansal açıdan güçlü şirketlerin iletişiminde belirleyici olmaktadır. Araştırmanın bulguları, CEO mektuplarının retorik özellikleri ve biçimsel özellikleri ile finansal göstergeler arasında anlamlı bir ilişki olduğunu ortaya koyduğundan, şirket yönetimlerinin söz konusu metinlerin hazırlanmasında daha stratejik davranması gerektiği sonucuna ulaşılmıştır. Ayrıca, şirketlerle ilgili bilgi edinmek isteyen paydaşların da CEO mektuplarını sadece bir hitabet değil, şirket hakkında ipuçları içeren bir beyan kapsamında değerlendirmeleri gerektiği önerilmektedir.

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Cite This Article

Yalçın, N., Güneş, M., *, N. Y. (2026). THE RHETORICAL STRUCTURE OF CEO LETTERS AND THEIR RELATIONSHIP WITH FINANCIAL INDICATORS: AN EXAMINATION OF BIST COMPANIES. Doğuş Üniversitesi Dergisi, Cilt: 27 Sayı: 1, 976–996. https://doi.org/10.31671/doujournal.1814949

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