Araştırma Makalesi
BibTex RIS Kaynak Göster

The Response of Stock Returns to the Brand Value Announcements

Yıl 2019, Cilt: 6 Sayı: 1, 93 - 108, 15.01.2019
https://doi.org/10.17541/optimum.454371

Öz

The aim of
this study was to investigate how did the stocks of the firms, listed in the
top 10 brand value list of Turkey, priced before and after the brand value
announcements. In this context the adjusted stock prices of the firms entered
the annual list of Turkey’s first 10 most valuable brands announced by Brand
Finance and the daily data of the BIST100 index were utilized for the period of
2012 and 2017. Event study methodology was employed for the analysis. After the
analysis, statistically significant and positive reactions of the investors to
the brand value announcements were observed substantially in the first years.
In other words, in the light of the information that generally the same firms
were listed from the beginning of the announcements, in the following years the
possibility to have abnormal returns by investing in the stocks that possibly
will enter to the list of most valuable brands decreased.
It can be asserted that this might proceed from the reflection of
information to the prices by the time of progress.

Kaynakça

  • Aaker, D. A., & Jacobson, R. (1994). The financial information content of perceived quality. Journal of marketing research, 191-201.
  • Aaker, D. A., & Jacobson, R. (2001). The value relevance of brand attitude in high-technology markets. Journal of marketing research, 38(4), 485-493.
  • Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: An event study analysis. The journal of marketing, 56-62.
  • ALTUNIŞIK, R., Özdemir, Ş., & Torlak, Ö. (2006). Modern Pazarlama. İstanbul: Değişim Yayınları.
  • Barth, M. E., Clement, M. B., Foster, G., & Kasznik, R. (1998). Brand values and capital market valuation. Review of accounting studies, 3(1-2), 41-68.
  • Basgoze, P., Yildiz, Y., & Metin Camgoz, S. (2016). Effect of brand value announcements on stock returns: empirical evidence from Turkey. Journal of Business Economics and Management, 17(6), 1252-1269.
  • Bharadwaj, S. G., Tuli, K. R., & Bonfrer, A. (2011). The impact of brand quality on shareholder wealth. Journal of Marketing, 75(5), 88-104.
  • Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of financial economics, 14(1), 3-31.
  • Campbell, J. Y., Lo, A. W., & MacKinlay, A.C. (1997). The econometrics offinancial markets. Chichester: Princeton University Press.
  • Cowan, A. R., & Sergeant, A. M. (1996). Trading frequency and event study test specification. Journal of Banking & Finance, 20(10), 1731-1757.
  • De Beijer, D., Dekimpe, M. G., Dutordoir, M., & Verbeeten, F. H. (2008). The impact of brand value announcements on firm value.
  • Dutordoir, M., Verbeeten, F. H., & De Beijer, D. (2015). Stock price reactions to brand value announcements: Magnitude and moderators. International Journal of Research in Marketing, 32(1), 34-47.
  • Fama, E. F. (1991). Efficient capital markets: II. The journal of finance, 46(5), 1575-1617.
  • Heding, T., Knudtzen, C. F., & Bjerre, M. (2009). Brand management: Research, theory and practice. Routledge.
  • Hsu, F. J., Wang, T. Y., & Chen, M. Y. (2013). The impact of brand value on financial performance. Advances in Management and Applied Economics, 3(6), 129.
  • Kapferer, J. (2008). The New Strategic Brand Management: Creating and Sustaining Brand Equity Long Term 4th edition (New Strategic Brand Management: Creating & Sustaining Brand Equity).
  • Kotler, P., & Keller, K. L. (2009). Marketing management 13e. New Jersey.
  • Kotler, P., Armstrong, G., Saunders, J., & Wong, V. (1999). Priciples of Marketing (Second European Edition ed.). Upper Sadle River: Prentice Hall Inc.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • Madden, T. J., Fehle, F., & Fournier, S. (2006). Brands matter: An empirical demonstration of the creation of shareholder value through branding. Journal of the Academy of Marketing Science, 34(2), 224-235.
  • McWilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of management journal, 40(3), 626-657.
  • Mizik, N., & Jacobson, R. (2008). The financial value impact of perceptual brand attributes. Journal of Marketing Research, 45(1), 15-32.
  • http://brandfinance.com/images/upload/turkey_100_2017_unlocked.pdf (erişim tarihi: 12/08/2018)
  • http://brandfinance.com/images/upload/turkey_100_report_2016_for_print.pdf (erişim tarihi: 12/08/2018)

Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi

Yıl 2019, Cilt: 6 Sayı: 1, 93 - 108, 15.01.2019
https://doi.org/10.17541/optimum.454371

Öz

Bu çalışmada Türkiye marka değeri
sıralamasında ilk 10’a girebilmiş firmalarının hisse senetlerinin bu duyuru
öncesi ve sonrası ne şekilde fiyatlandığının araştırılması amaçlanmıştır. Bu bağlamda
2012 ve 2017 yılları arasında Brand Finance tarafından ilan edilen Türkiye’nin
En Değerli Markaları Yıllık Raporu’na giren ilk 10 şirketin düzeltilmiş günlük
hisse senedi fiyatları ve BIST100 endeksine ait günlük veriler kullanılmıştır.
Analiz yöntemi olarak olay etüdü yöntemi seçilmiştir. Yapılan analiz sonrasında
yatırımcıların marka değeri duyurularına verdikleri tepkinin daha çok ilk
yıllarda istatistiksel olarak anlamlı ve pozitif olduğu gözlenmiştir. Diğer bir
ifade ile ilk yıllardan itibaren benzer firmaların listeye girdiği bilgisi
ışığında, ilerleyen yıllarda marka değeri sıralamasında ilk 10’a girmesi
muhtemel hisse senetlerine yatırım yaparak normalüstü getiri elde etme
olasılığı azalmıştır. Bu durumun bilginin zaman geçtikçe fiyatlara yansıtılmış
olmasından kaynaklandığı ileri sürülebilir.

Kaynakça

  • Aaker, D. A., & Jacobson, R. (1994). The financial information content of perceived quality. Journal of marketing research, 191-201.
  • Aaker, D. A., & Jacobson, R. (2001). The value relevance of brand attitude in high-technology markets. Journal of marketing research, 38(4), 485-493.
  • Agrawal, J., & Kamakura, W. A. (1995). The economic worth of celebrity endorsers: An event study analysis. The journal of marketing, 56-62.
  • ALTUNIŞIK, R., Özdemir, Ş., & Torlak, Ö. (2006). Modern Pazarlama. İstanbul: Değişim Yayınları.
  • Barth, M. E., Clement, M. B., Foster, G., & Kasznik, R. (1998). Brand values and capital market valuation. Review of accounting studies, 3(1-2), 41-68.
  • Basgoze, P., Yildiz, Y., & Metin Camgoz, S. (2016). Effect of brand value announcements on stock returns: empirical evidence from Turkey. Journal of Business Economics and Management, 17(6), 1252-1269.
  • Bharadwaj, S. G., Tuli, K. R., & Bonfrer, A. (2011). The impact of brand quality on shareholder wealth. Journal of Marketing, 75(5), 88-104.
  • Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of financial economics, 14(1), 3-31.
  • Campbell, J. Y., Lo, A. W., & MacKinlay, A.C. (1997). The econometrics offinancial markets. Chichester: Princeton University Press.
  • Cowan, A. R., & Sergeant, A. M. (1996). Trading frequency and event study test specification. Journal of Banking & Finance, 20(10), 1731-1757.
  • De Beijer, D., Dekimpe, M. G., Dutordoir, M., & Verbeeten, F. H. (2008). The impact of brand value announcements on firm value.
  • Dutordoir, M., Verbeeten, F. H., & De Beijer, D. (2015). Stock price reactions to brand value announcements: Magnitude and moderators. International Journal of Research in Marketing, 32(1), 34-47.
  • Fama, E. F. (1991). Efficient capital markets: II. The journal of finance, 46(5), 1575-1617.
  • Heding, T., Knudtzen, C. F., & Bjerre, M. (2009). Brand management: Research, theory and practice. Routledge.
  • Hsu, F. J., Wang, T. Y., & Chen, M. Y. (2013). The impact of brand value on financial performance. Advances in Management and Applied Economics, 3(6), 129.
  • Kapferer, J. (2008). The New Strategic Brand Management: Creating and Sustaining Brand Equity Long Term 4th edition (New Strategic Brand Management: Creating & Sustaining Brand Equity).
  • Kotler, P., & Keller, K. L. (2009). Marketing management 13e. New Jersey.
  • Kotler, P., Armstrong, G., Saunders, J., & Wong, V. (1999). Priciples of Marketing (Second European Edition ed.). Upper Sadle River: Prentice Hall Inc.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • Madden, T. J., Fehle, F., & Fournier, S. (2006). Brands matter: An empirical demonstration of the creation of shareholder value through branding. Journal of the Academy of Marketing Science, 34(2), 224-235.
  • McWilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of management journal, 40(3), 626-657.
  • Mizik, N., & Jacobson, R. (2008). The financial value impact of perceptual brand attributes. Journal of Marketing Research, 45(1), 15-32.
  • http://brandfinance.com/images/upload/turkey_100_2017_unlocked.pdf (erişim tarihi: 12/08/2018)
  • http://brandfinance.com/images/upload/turkey_100_report_2016_for_print.pdf (erişim tarihi: 12/08/2018)
Toplam 24 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Bahadır Ergün 0000-0002-0844-412X

Yayımlanma Tarihi 15 Ocak 2019
Gönderilme Tarihi 17 Ağustos 2018
Yayımlandığı Sayı Yıl 2019 Cilt: 6 Sayı: 1

Kaynak Göster

APA Ergün, B. (2019). Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, 6(1), 93-108. https://doi.org/10.17541/optimum.454371
AMA Ergün B. Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi. OEYBD. Ocak 2019;6(1):93-108. doi:10.17541/optimum.454371
Chicago Ergün, Bahadır. “Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi 6, sy. 1 (Ocak 2019): 93-108. https://doi.org/10.17541/optimum.454371.
EndNote Ergün B (01 Ocak 2019) Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 6 1 93–108.
IEEE B. Ergün, “Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi”, OEYBD, c. 6, sy. 1, ss. 93–108, 2019, doi: 10.17541/optimum.454371.
ISNAD Ergün, Bahadır. “Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi”. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 6/1 (Ocak 2019), 93-108. https://doi.org/10.17541/optimum.454371.
JAMA Ergün B. Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi. OEYBD. 2019;6:93–108.
MLA Ergün, Bahadır. “Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, c. 6, sy. 1, 2019, ss. 93-108, doi:10.17541/optimum.454371.
Vancouver Ergün B. Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi. OEYBD. 2019;6(1):93-108.

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