At the beginning of the 20th century, due to the major corporate scandals in America and Europe and the increasing power of corporations in the social sphere, there have been significant changes in the expectations of shareholders and stakeholders. The ethical understanding that companies are organisations that should only produce economic benefits has changed. Now, the society has different expectations from companies based on moral, social and voluntary behaviour in addition to economic responsibilities. One of these expectations is an ethical management style. The concept of ethical management, which argues that ethics can be managed professionally within an organisation, is conceptualised as ethical management in the literature. Ethical management differs from the traditional shareholder approach in that it takes into account the expectations of stakeholders other than shareholders. Since taking into account the expectations of stakeholders is important for companies to achieve their long-term goals, ethical management has become a current practice in companies. The corporate governance approach, which takes into account the interests of all stakeholders other than shareholders, has a suitable ground for ethical management. In 1999, following the principles published by the OECD, countries have adapted the concept of corporate governance to their own cultures and it has become a widespread practice in the world over time. The Capital Markets Board of Türkiye has established the fundamental principles of corporate governance as fairness, integrity, transparency, and accountability. These principles aim to protect the interests of all stakeholders and ensure a balance among them. In this study, transparency and accountability, which are discussed in line with ethical governance, come to the forefront as principles that managers and companies should take into account in terms of affecting the decisions of investors. Concepts such as ethical management, social responsibility, stakeholderism and corporate governance are not independent management practices but complement each other. In this respect, this study is important in terms of capturing the relationality between these concepts.