Birleşme ve Satın Almaların Satın Alan Şirketlerin Hisse Senedi Getirilerine Etkisi: Türkiye’den Kanıtlar

Year 2025, Volume: 33 Issue: 64, 103 - 130, 26.04.2025

Binali Selman Eren

https://doi.org/10.17233/sosyoekonomi.2025.02.05

Abstract

Bu çalışmanın amacı, 2016-2023 yılları arasında Türkiye’de yurt içi birleşme ve satın alma (M&A) duyurularına yatırımcıların verdiği tepkileri olay çalışması yöntemini kullanarak incelemektir. Bu amaçla analize 91 yurtiçi satın alma duyurusu dâhil edilmiştir. Anormal getiriler piyasa modeli kullanılarak çeşitli pencerelerde hesaplanmış ve kapsamlı bir test istatistik seti kullanılarak değerlendirilmiştir. Analiz sonuçları, birleşme ve devralmaların duyurulduğu tarihten önce anormal getirilerin genellikle pozitif ve anlamlı olduğunu göstermektedir. Ancak, bu etki duyuru tarihinden sonra devam etmemektedir. Bu bulgular, piyasaların yarı etkin formda etkin olmadığı hipotezini desteklemektedir.

Keywords

Birleşme ve Satın Alma , Olay Çalışması , Yatırımcı Tepkisi

The Impact of Mergers and Acquisitions on Acquirers’ Stock Returns: Evidence from Türkiye

Abstract

This study investigates investors’ reactions to domestic merger and acquisition (M&A) announcements in Türkiye between 2016 and 2023. The study analyses investor reactions using the event study method. The analysis encompasses 91 domestic acquisition announcements. The acquirers' abnormal returns are calculated using the market model and evaluated using a comprehensive set of test statistics. The analysis results indicate that abnormal returns are generally positive and significant before the M&A announcement date. Nevertheless, this effect does not persist after the first announcement date. These findings provide evidence for the hypothesis that the markets are not semi-efficient.

Keywords

Mergers and Acquisitions (M&A) , Event Study , Investor Reaction

Ethical Statement

Bu çalışma bilimsel araştırma ve yayın etiği kurallarına uygun olarak hazırlanmıştır.

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