INVESTIGATING THE IMPACT OF RIGHTS ISSUE ANNOUNCEMENTS ON STOCK RETURNS: THE CASE OF BORSA ISTANBUL

Halil Ökkeş Küdük; Serkan Yılmaz Kandır

Makale detayları

INVESTIGATING THE IMPACT OF RIGHTS ISSUE ANNOUNCEMENTS ON STOCK RETURNS: THE CASE OF BORSA ISTANBUL

Yazarlar:

Halil Ökkeş Küdük | Serkan Yılmaz Kandır

Yayıncı:

Cukurova University

Ana Başlıklar:

Ekonometri (Diğer)

Dergi:

Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.34 Issue 1, pp.825-840

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001347114

pISSN:

1304-8899

Anahtar kelimeler:

Özet:

 Stock returns are one of the most frequently analyzed issues in the finance literature. For all stakeholders of companies, it is important to identify the factors that affect share returns. Capital increase announcements are among these factors. The aim of this study is to examine the effect of rights issue paid-in capital increase announcements on share returns. Event study methodology is employed as the research method in the study. In this framework, the companies listed on Borsa Istanbul are classified into two groups: Those included in the BIST-100 index and those outside the BIST-100 index. Rights issue announcements made during the period 2017-2022 are analyzed within two different event windows: 5-day and 10-day periods. The analysis aims to identify whether differences in company size or the length of the event window led to variations in the findings. Findings reveal that capital increase announcements have a significant impact on stock returns. Rights issue announcements were found to result in negative cumulative average abnormal returns. Moreover, cumulative average abnormal returns initiated by the announcements of BIST-100 index firms generated more negative abnormal returns compared to those by companies not included in the BIST-100 index. Thus, company size appears to be a significant factor that impacts the reaction of investors to rights issue announcements. In addition, findings reveal that Borsa Istanbul does not seem to be efficient in the semi-strong form.

 Stock returns are one of the most frequently analyzed issues in the finance literature. For all stakeholders of companies, it is important to identify the factors that affect share returns. Capital increase announcements are among these factors. The aim of this study is to examine the effect of rights issue paid-in capital increase announcements on share returns. Event study methodology is employed as the research method in the study. In this framework, the companies listed on Borsa Istanbul are classified into two groups: Those included in the BIST-100 index and those outside the BIST-100 index. Rights issue announcements made during the period 2017-2022 are analyzed within two different event windows: 5-day and 10-day periods. The analysis aims to identify whether differences in company size or the length of the event window led to variations in the findings. Findings reveal that capital increase announcements have a significant impact on stock returns. Rights issue announcements were found to result in negative cumulative average abnormal returns. Moreover, cumulative average abnormal returns initiated by the announcements of BIST-100 index firms generated more negative abnormal returns compared to those by companies not included in the BIST-100 index. Thus, company size appears to be a significant factor that impacts the reaction of investors to rights issue announcements. In addition, findings reveal that Borsa Istanbul does not seem to be efficient in the semi-strong form.

 Stock returns are one of the most frequently analyzed issues in the finance literature. For all stakeholders of companies, it is important to identify the factors that affect share returns. Capital increase announcements are among these factors. The aim of this study is to examine the effect of rights issue paid-in capital increase announcements on share returns. Event study methodology is employed as the research method in the study. In this framework, the companies listed on Borsa Istanbul are classified into two groups: Those included in the BIST-100 index and those outside the BIST-100 index. Rights issue announcements made during the period 2017-2022 are analyzed within two different event windows: 5-day and 10-day periods. The analysis aims to identify whether differences in company size or the length of the event window led to variations in the findings. Findings reveal that capital increase announcements have a significant impact on stock returns. Rights issue announcements were found to result in negative cumulative average abnormal returns. Moreover, cumulative average abnormal returns initiated by the announcements of BIST-100 index firms generated more negative abnormal returns compared to those by companies not included in the BIST-100 index. Thus, company size appears to be a significant factor that impacts the reaction of investors to rights issue announcements. In addition, findings reveal that Borsa Istanbul does not seem to be efficient in the semi-strong form.

 Pay getirileri, finans literatüründe sıklıkla incelenen konular arasında yer almaktadır. Şirketlerin tüm paydaşları için, pay getirilerini etkileyen faktörlerin belirlenmesi önem taşımaktadır. Bu faktörler arasında sermaye artışı duyuruları da bulunmaktadır. Bu çalışmanın amacı, bedelli sermaye artışı duyurularının pay getirileri üzerindeki etkisini incelemektir. Çalışmada araştırma yöntemi olarak olay çalışması yöntemi kullanılmıştır. Bu çerçevede, Borsa İstanbulda işlem gören şirketler, BİST-100 endeksi içerisinde yer alan ve BİST-100 endeksi dışında kalanlar olmak üzere ayrılarak 2017-2022 yılları arasında yaptıkları bedelli sermaye artışı duyuruları 5 ve 10 günlük olmak üzere iki farklı olay penceresinde analiz edilmiştir. Bu doğrultuda yapılan analiz ile şirket büyüklüğünün veya olay penceresinin uzunluğunun farklılaşmasıyla, bulgulardaki olası farklılığın da belirlenmesi hedeflenmiştir. Bulgular, sermaye artışı duyurularının pay getirileri üzerinde etkili olduğunu göstermektedir. Bedelli sermaye artışı duyurularının negatif kümülatif ortalama anormal getiriye neden olduğu saptanmıştır. BİST-100 endeksine dahil olan şirketler tarafından yapılan duyuruların neden olduğu kümülatif ortalama anormal getirilerin, BİST-100 endeksine dahil olmayan şirketlere göre daha fazla negatif değerler aldığı belirlenmiştir. Bu durumda bedelli sermaye artışı duyurularına yatırımcıların verdiği tepkiyi belirleyen faktörlerden birisinin de şirket büyüklüğü olduğu saptanmıştır. Ayrıca elde edilen bulgular Borsa İstanbulun yarı güçlü formda etkin olmadığını ortaya koymaktadır.

Makale detayları

INVESTIGATING THE IMPACT OF RIGHTS ISSUE ANNOUNCEMENTS ON STOCK RETURNS: THE CASE OF BORSA ISTANBUL

Yazarlar:

Halil Ökkeş Küdük | Serkan Yılmaz Kandır

Yayıncı:

Cukurova University

Ana Başlıklar:

Ekonometri (Diğer)

Dergi:

Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.34 Issue 1, pp.825-840

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001347114

pISSN:

1304-8899

Stock returns

Rights issue announcements

Event study methodpay getirileri

bedelli sermaye artışı duyuruları

olay çalışması yöntemi

Sayı

Makale detayları

INVESTIGATING THE IMPACT OF RIGHTS ISSUE ANNOUNCEMENTS ON STOCK RETURNS: THE CASE OF BORSA ISTANBUL

Yazarlar: Halil Ökkeş Küdük | Serkan Yılmaz Kandır

Yayıncı: Cukurova University

Ana Başlıklar: Ekonometri (Diğer)

Dergi: Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.34 Issue 1, pp.825-840

Belge Tipi: Makale

Yayın Tarihi: 4/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001347114

pISSN: 1304-8899

Stock returns

Rights issue announcements

Event study methodpay getirileri

bedelli sermaye artışı duyuruları

olay çalışması yöntemi

Sayı

Yazarlar:

Halil Ökkeş Küdük | Serkan Yılmaz Kandır

Yayıncı:

Cukurova University

Ana Başlıklar:

Ekonometri (Diğer)

Dergi:

Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.34 Issue 1, pp.825-840

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001347114

pISSN:

1304-8899