The Impact of Reputation Capital on Stock Return in Banks: A Case Study in Borsa Istanbul

Abstract

The aim of this study is to calculate the reputational capital of nine Turkish commercial banks whose stocks are traded on Borsa Istanbul between 2015 and 2021, in accordance with the reputational capital model (CRMF - The Reputational Capital of Banks in the Financial Markets) developed by Pacelli (2016), and to determine the impact of changes in certain micro and macro indicators on stock returns through panel data analysis. According to the results of analysis, at the 1% level of statistical significance, the price-earnings ratio positively affects stock returns, while the economic growth rate has a negative effect. At the 5% level of statistical significance, the change rate of reputational capital, net profit growth rate, and exchange rate positively affect stock returns. At the 10% level of statistical significance, the CBRT overnight interest rate negatively affects stock returns. It has been observed that the trading volume rate and consumer price index do not have statistically significant effects on stock returns.

Keywords

• Corporate Reputation
• Risk Management
• Reputational Capital
• Banking
• Borsa Istanbul.

Bankalarda İtibar Sermayesinin Pay Senedi Getirisi Üzerinde Etkisi: Borsa İstanbul’da Bir Uygulama

Abstract

Bu çalışmanın amacı, Pacelli (2016) tarafından geliştirilen itibar sermayesi modeline (CRMF - The Reputational Capital of Banks in the Financial Markets) uygun olarak, 2015-2021 yılları arasında hisse senetleri Borsa İstanbul'da işlem gören dokuz Türk ticari bankasının itibar sermayesini hesaplamak ve bazı mikro ve makro göstergelerdeki değişimlerin hisse senedi getirileri üzerindeki etkisini panel veri analizi ile belirlemektir. Analiz sonuçlarına göre; %1 istatistiksel anlamlılık düzeyinde fiyat-kazanç oranı hisse senedi getirilerini pozitif yönde etkilerken, ekonomik büyüme oranı negatif yönde etkilemektedir. %5 istatistiksel anlamlılık düzeyinde itibar sermayesi değişim oranı, net kar büyüme oranı ve döviz kuru hisse senedi getirilerini pozitif yönde etkilemektedir. %10 istatistiksel anlamlılık düzeyinde ise TCMB gecelik faiz oranı hisse senedi getirilerini negatif yönde etkilemektedir. İşlem hacmi oranı ve tüketici fiyat endeksinin hisse senedi getirileri üzerinde istatistiksel olarak anlamlı bir etkiye sahip olmadığı görülmüştür.

Keywords

• Kurumsal İtibar
• Risk Yönetimi
• İtibar Sermayesi
• Bankacılık
• Borsa İstanbul

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