PAY GERİ ALIM DUYURULARININ PAY GETİRİLERİ ÜZERİNE KISA DÖNEM ETKİSİ: BIST İMALAT SEKTÖRÜ ÖRNEĞİ

Abstract

Pay geri alım işlemi şirketlerin arz edilmiş toplam pay miktarının bir kısmını satın alarak ve bu sayede pay miktarını azaltıp,  geri kalan payların gelecekteki nakit akışı üzerindeki etkisini arttırması yoluyla yatırımcıya dolaylı olarak kar dağıtımını ifade etmektedir.  Ülkemizde son yıllarda kullanılmaya başlanan pay geri alımı,  dünya genelinde on yıllardır kullanılmaktadır. Pay geri alımı araştırmacılarında dikkatini çekmiş ve bu konu hakkında birçok çalışma gerçekleştirilmiştir. Bu çalışma da ise BIST İmalat sektöründe faaliyet gösteren şirketlerin pay geri alımları ele alınmış ve 2011 ve 2018 yılları arasında gerçekleştirmiş oldukları pay geri alım duyuruları ve bu duyuruların pay getirilerine etkisi incelenmiştir. Çalışmada olay çalışması (Event Study) metodu kullanılmıştır. Şirketlerin gerçekleştirmiş oldukları geri alım duyurularını takip eden kısa dönem içerisinde pay getiri performansının ölçülebilmesi amacıyla farklı pencerelerde AAR ve CAAR değerleri hesaplanmıştır. Bu kapsamda elde edilen bulgular İmalat sektöründe faaliyet gösteren şirketlerin gerçekleştirmiş oldukları hisse senedi geri alım duyuru tarihleri civarında pozitif anormal getirilerin elde edilebildiğini göstermektedir. Buna ek olarak, çalışma kapsamında pay geri alım duyurularının getiriler üzerindeki etkisi firma bazında da incelenmiş ve elde edilen sonuçlar değerlendirilmiştir. 

Keywords

• Pay geri alımları,Pay geri alım duyurusu,Pay fiyat performansı,Anormal getiri,Düşük değerlenme

SHORT TERM EFFECT OF SHARE BUYBACK ANNOUNCEMENTS ON THE SHARE RETURNS THE EXAMPLE OF BIST MANUFACTURING SECTOR

Abstract

Share buy-back transaction implies an indirect profit distribution to the investor by reducing the amount of shares by buying a portion of the total amount of shares offered and by increasing the effect of the remaining shares on the future cash flow. Share buy-back, which has been used in Turkey in recent years, has been used for decades in the world. Share buy-back also attracted the attention of researchers and many studies have been carried out on this subject. A number of studies have been carried out on this issue. In this study, share buy-back of the companies operating in the BIST Manufacturing sector were discussed and the share buy-back announcements made between 2011 and 2018 and the effect of these announcements on the share returns were examined. Event Study method was used in the study. AAR and CAAR values were calculated in different windows in order to measure the share return performance in the short term following the repurchase announcements of the companies. Findings in this context indicate that positive abnormal returns can be achieved around the dates of the repurchase announcement of the companies operating in the manufacturing sector. In addition, the impact of share repurchase announcements on returns was also examined on a firm basis and the results obtained were evaluated

Keywords

• Share buybacks,Share buyback announcement,Share price performance,Abnormal return,Undervaluation

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