Halka Arz Sonrası Faaliyet Performansı: Borsa İstanbul Halka Arzlarından Yeni Kanıtlar

Year 2024, Volume: 9 Issue: 1, 159 - 182, 29.03.2024

Cengiz Önder , Ali Osman Gürbüz

https://doi.org/10.30784/epfad.1400168

Abstract

Bu çalışma, 2005-2019 yıllarında halka açılan seçilmiş 83 Borsa İstanbul firmasının halka arz sonrası faaliyet performansını incelemektedir. Çalışma ayrıca, halka arz aracılık türüne göre ve halka arz yöntemine göre şirketlerin halka arz sonrası faaliyet performanslarını karşılaştırmaktadır. Bunların yanı sıra çalışma, faaliyet performansını etkileyen şirkete özgü faktörler ve makroekonomik faktörleri de analiz etmektedir. Tek değişkenli analizlerde Mann Whitney U Testi ve Wilcoxon İşaretli Sıralar Testi uygulanmıştır. Çok değişkenli analizde panel veri ekonometrik modeli kullanılmıştır. Çalışma sonucunda halka arz şirketlerinin performanslarında düşüş tespit edilmiştir. En iyi gayret aracılığı ve bakiyeyi yüklenim aracılığıyla halka açılan şirketlerin performansları arasında anlamlı farklılık yoktur. Ortak satışıyla halka açılan şirketlerin performansı sermaye artışı yaparak halka açılan şirketlere göre daha iyidir. Ayrıca, şirkete özgü değişkenlerden aktif büyüklük ile makroekonomik değişkenlerden tüketici fiyat endeksi faaliyet performansını anlamlı şekilde etkilemektedir. Çalışmanın, halka arz yöntemine ve aracılık türüne göre faaliyet performansının karşılaştırılması ile makroekonomik faktörlerin etkisinin araştırılması konusunda literatüre katkı sağlaması beklenmektedir.

Keywords

Halka Arz, Borsa İstanbul, Sermaye Yapısı Finansal Tablolar

The Post-Initial Public Offering (IPO) Operating Performance: Further Evidence from Borsa Istanbul IPOs

Abstract

This study aims to examine the post-IPO operating performance of 83 selected Borsa Istanbul firms that went public between 2005 and 2019. The study also compares the post-IPO operating performance of firms according to underwriting type and IPO method. Besides, the study analyzes firm-specific factors and macroeconomic factors affecting the operating performance of IPO firms. Mann Whitney U Test and Wilcoxon Signed Rank Test were applied in univariate analysis. In multivariate analysis, a panel data econometric model was used. This study found that firms’ operating performance declined after going public. There is no significant difference in operating performance between the commitment type of IPOs and the best effort type of IPOs. Share sales type of IPOs perform better than capital increase type of IPOs. Asset size as a firm-specific variable and consumer price index as a macroeconomic variable significantly affect operating performance. The study aims to enrich the literature by comparing the operating performance of firms based on the IPO method and the underwriting type, and by examining the influence of macroeconomic factors on performance.

Keywords

Public Offering, Borsa Istanbul, Capital Structure, Financial Tables

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