An Empirical Analysis of Share Buyback Decisions in Borsa Istanbul

Year 2025, Volume: 10 Issue: 1, 412 - 428, 28.03.2025

Recep Ali Küçükçolak , Sami Küçükoğlu , Necla İlter Küçükçolak

https://doi.org/10.30784/epfad.1621302

Abstract

This study analyses the impact of share buyback decisions on the share values of 95 companies traded on Borsa Istanbul in 2022-2023. The aim of the study is to evaluate the effects of share buyback decisions on share prices and market performance. In the analysis, 5, 10, and 21-day cumulative returns before and after the share buyback announcements are examined. Since the data are not normally distributed, nonparametric tests are primarily used in the study. The Wilcoxon Signed Rank Test was applied to evaluate the return differences before and after the share buyback announcements, and the Spearman Correlation Test was applied to examine the relationship between share buyback decisions and BIST-100 index returns. Due to the large sample size (n = 95), the dependent sample t-test was also used as a supporting method. The results show that share buyback decisions have a statistically significant and positive effect on share values. Especially in the 10 and 21-day periods, a significant increase in share returns is observed. Moreover, there is a positive correlation between share buyback decisions and BIST-100 index returns.

Keywords

BIST, Capital Markets, Cumulative Return, Repurchase, Stock Value

Borsa İstanbul’da Hisse Geri Alım Kararlarına İlişkin Ampirik Bir Analiz

Abstract

Bu çalışma, hisse geri alım kararlarının 2022-2023 yıllarında Borsa İstanbul'da işlem gören 95 şirketin hisse değerleri üzerindeki etkisini analiz etmektedir. Çalışmanın amacı, hisse geri alım kararlarının hisse fiyatları ve piyasa performansı üzerindeki etkilerini değerlendirmektir. Analizlerde hisse geri alım duyuruları öncesi ve sonrası 5, 10 ve 21 günlük kümülatif getiriler incelenmiştir. Veriler normal dağılmadığı için çalışmada öncelikli olarak parametrik olmayan testler kullanılmıştır. Hisse geri alım duyuruları öncesi ve sonrası getiri farklılıklarını değerlendirmek için Wilcoxon İşaretli Sıralar Testi, hisse geri alım kararları ile BIST-100 endeks getirileri arasındaki ilişkiyi incelemek için Spearman Korelasyon Testi uygulanmıştır. Örneklem büyüklüğünün fazla olması (n=95) nedeniyle bağımlı örneklem t-testi de destekleyici bir yöntem olarak kullanılmıştır. Sonuçlar, hisse geri alım kararlarının hisse değerleri üzerinde istatistiksel olarak anlamlı ve pozitif bir etkiye sahip olduğunu göstermektedir. Özellikle 10 ve 21 günlük dönemlerde hisse getirilerinde önemli bir artış gözlenmektedir. Ayrıca, hisse geri alım kararları ile BIST-100 endeks getirileri arasında pozitif bir korelasyon bulunmaktadır.

Keywords

BİST, Hisse Geri Alımı, Hisse Değeri, Kümülatif Getiri, Sermaye Piyasaları

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