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Hisse Geri Alım Programı Duyurularının Şirketlerin Piyasa Değerlerine Etkisi: Borsa İstanbul Örneği

The Effects of Share Repurchase Programs’ Announce-ments on Stock Market Values: Evıdence from Borsa Is-tanbul

Journal Name:

  • Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2017

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Abstract (2. Language): 
The aim of this study is to examine if the Borsa Istanbul stock market is a semi-strong effective form or not by an-alyzing the stock market values of firms’ whether they af-fected by the announcement of share repurchase pro-grams in the period of 2010-2015. The event study method is used in application. The event window is (-20,+20) working days. Additionally, after the announce-ment of programs the firms which repurchased and not repurchased analyzed individually. According to the re-sults; it is not possible to have cumulative abnormal re-turns statistically after the announcements of share re-purchasing programs. As a result, it is observed that Borsa Istanbul stock market has been affected by the an-nouncements of share repurchase programs and it is not a semi-strong form effective market in the given period.
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Abstract (Original Language): 
Bu çalışmanın amacı Borsa İstanbul’da işlem gören ve 2010-2015 yılları arasında hisse geri alım programı yapa-cağını açıklayan şirketlerin piyasa değerlerinin, hisse geri alım programı duyurularından etkilenip etkilenmediğini inceleyerek, hisse senedi piyasasının yarı etkin güçlü ya-pıda olup olmadığını araştırmaktır. Olay çalışması yön-temi kullanılan çalışmada olay penceresi (-20,+20) iş günü alınmış ve ilgili dönemde geri alım programı duyurusu ya-pan şirketler, geri alım yapan ve yapmayan şirketler ola-rak iki farklı grup halinde ayrıca incelenmiştir. Araştırma bulgularına göre, hisse geri alım programı duyurularından sonra istatistiksel olarak anlamlı kümülatif anormal getiri elde edilmesi mümkün değildir. Araştırma sonucunda, Borsa İstanbul Hisse Senedi Piyasasının incelenen dönem içinde hisse geri alım programı duyurularından etkilendiği ve yarı güçlü etkin yapıda bir piyasa olmadığı gözlemlen-miştir.
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