THE EFFECT OF SHARE BUYBACKS ON STOCK RETURNS: EVIDENCE FROM BORSA ISTANBUL

Hasan Hüseyin Yıldırım; Nevzat Çalış; Şakir Sakarya

Makale detayları

THE EFFECT OF SHARE BUYBACKS ON STOCK RETURNS: EVIDENCE FROM BORSA ISTANBUL

Yazarlar:

Hasan Hüseyin Yıldırım | Nevzat Çalış | Şakir Sakarya

Yayıncı:

Pamukkale University

Ana Başlıklar:

Finans | Finansal Piyasalar ve Kurumlar

Dergi:

Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 69, pp.163-175

Belge Tipi:

Makale

Yayın Tarihi:

7/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001354325

pISSN:

1308-2922

Anahtar kelimeler:

Özet:

 Company executives engage in stock buybacks either to improve financial ratios or due to the expectation that the likelihood of improved company performance in the future will lead to an increase in stock prices. With the recent amendments to the Capital Markets Board of Turkey and the Turkish Commercial Code, companies buying back their own shares has become a very common situation in Turkey in recent years. This study aims to examine the effect of stock buybacks on stock returns. The study includes firms engaged in stock buybacks in the Borsa İstanbul stock buyback index, based on 508 days of trading data from 23.05.2022 to 01.05.2024, with a sample of 42 companies involved in stock repurchases. Panel data analysis was used in the application part of the study. Hausman and Breusch-Pagan LM tests were performed in the selection of the panel regression model. As a result, it was determined that the pooled panel regression model was the appropriate model. Regression analysis was performed using Huber Eicker and White Estimators, which are robust estimators, depending on the regression analysis assumptions. As a result, it was concluded that the stock buyback, which is the subject of the research, has a statistically significant and negative effect on stock returns.

 Company executives engage in stock buybacks either to improve financial ratios or due to the expectation that the likelihood of improved company performance in the future will lead to an increase in stock prices. With the recent amendments to the Capital Markets Board of Turkey and the Turkish Commercial Code, companies buying back their own shares has become a very common situation in Turkey in recent years. This study aims to examine the effect of stock buybacks on stock returns. The study includes firms engaged in stock buybacks in the Borsa İstanbul stock buyback index, based on 508 days of trading data from 23.05.2022 to 01.05.2024, with a sample of 42 companies involved in stock repurchases. Panel data analysis was used in the application part of the study. Hausman and Breusch-Pagan LM tests were performed in the selection of the panel regression model. As a result, it was determined that the pooled panel regression model was the appropriate model. Regression analysis was performed using Huber Eicker and White Estimators, which are robust estimators, depending on the regression analysis assumptions. As a result, it was concluded that the stock buyback, which is the subject of the research, has a statistically significant and negative effect on stock returns.

 Company executives engage in stock buybacks either to improve financial ratios or due to the expectation that the likelihood of improved company performance in the future will lead to an increase in stock prices. With the recent amendments to the Capital Markets Board of Turkey and the Turkish Commercial Code, companies buying back their own shares has become a very common situation in Turkey in recent years. This study aims to examine the effect of stock buybacks on stock returns. The study includes firms engaged in stock buybacks in the Borsa İstanbul stock buyback index, based on 508 days of trading data from 23.05.2022 to 01.05.2024, with a sample of 42 companies involved in stock repurchases. Panel data analysis was used in the application part of the study. Hausman and Breusch-Pagan LM tests were performed in the selection of the panel regression model. As a result, it was determined that the pooled panel regression model was the appropriate model. Regression analysis was performed using Huber Eicker and White Estimators, which are robust estimators, depending on the regression analysis assumptions. As a result, it was concluded that the stock buyback, which is the subject of the research, has a statistically significant and negative effect on stock returns.

 Firma yöneticileri finansal oranları iyileştirmek veya gelecek dönemde şirket performansının iyi olma ihtimalinin artmasına bağlı olarak hisse fiyatının yükseleceğine yönelik beklentiden dolayı hisse senetlerini geri alım yapmaktadırlar. Son dönemlerde SPK ve Türk Ticaret Kanunundaki düzenlemelerle birlikte Türkiyede şirketlerin kendi paylarını geri alması son yıllarda oldukça sık karşılaşılan bir durum haline gelmiştir. Bu çalışma hisse senedi geri alımlarının hisse senedi getirilerine etkisini incelemeyi amaçlanmıştır. Çalışmada Borsa İstanbul hisse senedi geri alım endeksinde faaliyet yürüten 42 firmanın 23.05.2022-01.05.2024 tarihleri arasındaki 508 günlük işlem verilerinden yararlanılarak hisse senedi geri alımı yapan firmalar örnekleme dahil edilmiştir. Çalışmanın uygulama kısmında panel veri analizinden yararlanılmıştır. Panel regresyon modelinin seçiminde Hausman ve Breusch-Pagan LM testleri yapılmıştır. Sonuç olarak havuzlanmış panel regresyon modelinin uygun model olduğu tespit edilmiştir. Regresyon analizi varsayımlarına bağlı olarak dirençli tahmincilerden Huber Eicker ve White Tahmincisi kullanılarak regresyon analizi yapılmıştır. Sonuç olarak araştırmanın da konusu olan hisse senedi geri alımının hisse getirisi üzerinde istatistiksel olarak anlamlı ve negatif bir etkisinin olduğu sonucuna ulaşılmıştır.

Makale detayları

THE EFFECT OF SHARE BUYBACKS ON STOCK RETURNS: EVIDENCE FROM BORSA ISTANBUL

Yazarlar:

Hasan Hüseyin Yıldırım | Nevzat Çalış | Şakir Sakarya

Yayıncı:

Pamukkale University

Ana Başlıklar:

Finans | Finansal Piyasalar ve Kurumlar

Dergi:

Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 69, pp.163-175

Belge Tipi:

Makale

Yayın Tarihi:

7/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001354325

pISSN:

1308-2922

Stock Repurchase

Borsa Istanbul

Panel Data AnalysisHisse Senedi Geri Alımı

Borsa İstanbul

Panel Veri Analizi

Sayı

Makale detayları

THE EFFECT OF SHARE BUYBACKS ON STOCK RETURNS: EVIDENCE FROM BORSA ISTANBUL

Yazarlar: Hasan Hüseyin Yıldırım | Nevzat Çalış | Şakir Sakarya

Yayıncı: Pamukkale University

Ana Başlıklar: Finans | Finansal Piyasalar ve Kurumlar

Dergi: Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 69, pp.163-175

Belge Tipi: Makale

Yayın Tarihi: 7/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001354325

pISSN: 1308-2922

Stock Repurchase

Borsa Istanbul

Panel Data AnalysisHisse Senedi Geri Alımı

Borsa İstanbul

Panel Veri Analizi

Sayı

Yazarlar:

Hasan Hüseyin Yıldırım | Nevzat Çalış | Şakir Sakarya

Yayıncı:

Pamukkale University

Ana Başlıklar:

Finans | Finansal Piyasalar ve Kurumlar

Dergi:

Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Issue 69, pp.163-175

Belge Tipi:

Makale

Yayın Tarihi:

7/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001354325

pISSN:

1308-2922