jkem Bilgi Ekonomisi ve Yönetimi Dergisi 1308-3937 İbrahim Güran YUMUŞAK 10.54860/beyder.1762057 Capital Market Sermaye Piyasaları GIDA İLE İLGİLİ HİSSE SENETLERİNDE RAMAZAN ETKİSİ: SEÇİLMİŞ İSLAMİ SERMAYE PİYASALARINDA BİR OLAY ÇALIŞMASI ANALİZİ RAMADAN EFFECT ON FOOD-RELATED STOCKS: AN EVENT STUDY ON SELECTED ISLAMIC STOCK MARKETS https://orcid.org/0000-0002-1327-9982 Işıker Murat American International University https://orcid.org/0009-0000-9479-6211 Jallad Issam American International University https://orcid.org/0000-0002-3175-7626 Lary Akeel American International University 12 30 2025 20 2 87 95 08 10 2025 08 21 2025 Copyright © 2006, Journal of Knowlede Economy and Knowledge Management 2006 Journal of Knowlede Economy and Knowledge Management

Bu çalışma, Müslümanların çoğunlukta yaşadığı seçilmiş ülkelerde gıda sektöründe faaliyet gösteren hisse senetlerinin Ramazan ayı öncesinde ve sırasında ana hisse senedi endeksine kıyasla anormal getiriler sağlayıp sağlamadığını araştırmayı amaçlamaktadır. Ramazan ayı öncesinde ve sırasında, sosyal yardım faaliyetleri ve aile ziyaretleri gibi nedenlerle gıda ile ilgili ürünlere olan talepte artış gözlemlenmektedir. Çalışmada olay çalışması yöntemi kullanılmıştır. Analizde, 2004–2024 dönemini kapsayan yirmi bir yıllık veri seti kullanılmış ve 191 gıda sektörü hissesi üzerinden 2,346 olay incelenmiştir. Bulgular, ülkelere göre farklılık göstermekte olup, Ramazan ayı boyunca analiz edilen ülkelerin çoğunda negatif yönlü anormal getiriler gözlemlenmiştir.

This study analyzes whether food-related stocks outperform the benchmark index around the holy month of Ramadan in selected Islamic stock exchange markets. Ramadan is an important month in Muslim-majority countries, often characterized by increased consumption of food-related products due to charity, social aid activities, and family gatherings. An event study methodology is employed to calculate return anomalies around Ramadan for food-related stocks in Egypt, Indonesia, Pakistan, Saudi Arabia, and Türkiye. The dataset covers twenty-one years, from 2004 to 2024, and includes 2,346 events from 191 publicly listed food-related firms. The findings suggest mixed results across countries, with abnormal negative returns observed in most markets during the Ramadan period.

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