THE IMPACT OF PRICE-EARNINGS RATIO ON BLUE-CHIP INDEX: AN EMPIRICAL ANALYSIS ON WORLD STOCK EXCHANGES

Year 2025, Issue: 47, 233 - 244, 06.05.2025

Haşim Bağcı

https://doi.org/10.18092/ulikidince.1623894

Abstract

There is high demand for firms with strong performance in the stock markets, leading to elevated prices for these shares. In this context, the study presented examines the impact of the price-to-earnings (P/E) ratio on the blue-chip index (BCI) across global stock exchanges. The aim of the study is to identify this effect, elucidate its rationale, and provide a different perspective on the topic. Accordingly, the research encompasses an 8-year period from 2016 to 2023, utilizing a sample of 9 global stock exchanges. The methods employed in the study include descriptive statistics, Pearson correlation coefficient, F-test, and simple linear regression analysis. The correlation analysis revealed the existence of a weak negative relationship between the P/E ratio and the BCI. The significance of the regression model was tested using the F-test, confirming that the model is significant. Based on the parameter estimates derived from the final regression equation, an increase in the P/E ratio reduces the BCI. The results obtained align with the effects of the P/E ratio emphasized in the literature. Therefore, firms with a low P/E ratio exhibit high performance. The BCI in the sample consists of high-performing, strong, stable, healthy growing, reliable, large, and well-known stocks.

Keywords

Price-to-earnings ratio , Blue-Chip , Blue-Chip index , Stock exchanges

FİYAT-KAZANÇ ORANININ BLUE CHİP ENDEKSİNE ETKİSİ: DÜNYA BORSALARI ÜZERİNDE AMPİRİK BİR ANALİZ

Abstract

Borsalarda performansı yüksek olan firmalara talep yüksek olup, bu hisselerin fiyatları da yüksektir. Bu bağlamda ortaya konulan çalışmada, dünya borsalarında fiyat-kazanç oranının blue-chip endeksine etkisi incelenmiştir. Çalışmada hedeflenen ise bu etkiyi belirleyerek, gerekçelerini ortaya koymak ve konuya farklı bir bakış açısı kazandırmaktır. Bu doğrultuda ilerleyen araştırmada; 2016-2023 yılları arası 8 yıl ve 9 dünya borsası örneklemi oluşturmaktadır. Çalışmada kullanılan yöntemler ise betimleyici istatistikler, Pearson korelasyon katsayısı, F testi ve basit doğrusal regresyon analizidir. Korelasyon analizi sonucunda; fiyat-kazanç oranı ile blue-chip endeksi arasında negatif yönlü zayıf bir ilişkinin varlığı tespit edilmiştir. F testi ile regresyon modelinin anlamlılığı test edilmiş ve modelin anlamlı olduğu saptanmıştır. Parametre tahminleri yapılarak son şekli verilen regresyon denklemine göre; fiyat-kazanç oranındaki artış, blue-chip endeksini azaltmaktadır. Elde edilen sonuç, literatürde vurgulanan fiyat-kazanç oranı etkisiyle örtüşmektedir. Bu nedenle düşük fiyat-kazanç oranına sahip firmaların performansı yüksektir. Örneklemdeki blue-chip endeksi; performansı yüksek, güçlü, istikrarlı, sağlıklı büyüyen, güvenilir, büyük ve tanınmış hisselerden oluşmaktadır.

Keywords

Fiyat-Kazanç Oranı , Blue-Chip , Blue-Chip Endeksi , Borsalar

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