Şirketlerin Gönüllü Açıklamalarının Hisse Senedi Getirileri Üzerine Etkileri

Year 2013, Volume: 20 Issue: 2, 91 - 104, 01.06.2013

Burak Babacan Gökhan Özer

Abstract

This paper examines the stock returns’ reaction to the voluntary disclosures made by non financial firms listed on the Istanbul Stock Exchange Market 100 Index. An event study methodology was conducted to examine the effect of voluntary disclosures on stock returns. The results show that voluntary disclosures effect the stock returns. We also found that stock returns reaction is stronger espacially for the firms those 1) have less distributed capital 2) supply products with the low level technology changing.

Keywords

Voluntary Disclosures, Stock Returns, Event Study

Şirketlerin Gönüllü Açıklamalarının Hisse Senedi Getirileri Üzerine Etkileri

Abstract

Bu çalışmada hisse senetleri İMKB 100 endeksinde işlem gören banka ve diğer finansal kurum dışındaki firmaların gönüllü açıklamalarının, hisse senedi getirileri üzerindeki etkisi araştırılmıştır. Gönüllü açıklamaların hisse senedi getirileri üzerindeki etkisini incelemeye yönelik olarak olay etüdü yöntemi kullanılmıştır. Çalışma sonuçları gönüllü açıklamaların hisse senedi getirilerini etkilediğini, bu etkinin özellikle sunduğu mal ve hizmetin teknolojik değişim hızı ve dolaşımdaki sermayesi düşük olan firmalarda ortaya çıktığını göstermektedir.

Keywords

Gönüllü Açıklamalar, Hisse Senedi Getirileri, Olay Etüdü.

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