Sermaye Artırımı Duyurularının Hisse Getirileri Üzerine Etkileri: BİST'te Bir İnceleme

Yıl 2023, Cilt: 8 Sayı: 2, 224 - 243, 02.07.2023

Cumali Ünal Bahadır Ergün

https://doi.org/10.30784/epfad.1243465

Öz

Bu çalışmanın amacı bedelli ve bedelsiz sermaye artırımı duyurularının hisse senedi getirilerine olan etkisini araştırmaktır. Çalışmada 2010- 2022 yılları arasında BIST-30 ve BIST-50 endekslerinde yer alan ve bu endekslerde bulunduğu sırada sermaye artırımı duyuruları gerçekleştiren şirketler analiz edilmiştir. Toplamda 35 şirketin 84 farklı sermaye artırım duyurusu çalışmaya dahil edilmiştir. Çalışmada olay çalışması yöntemi kullanılmış olup, (-10, +10) ve (-5, +5) olarak iki farklı olay penceresi oluşturulmuştur. Analiz sonunda sermaye artırım duyurularının hisse getirilerini etkilediği gözlemlenmiştir. Çalışma bu etkinin istatistiksel olarak anlamlı negatif yönlü olduğunu ortaya çıkarmıştır. Bu duruma göre yatırımcıların sermaye artırımı duyurusu gerçekleştiren şirketlerden bekledikleri getirilerin negatif olması ve portföylerini bu sonuca göre düzenlemeleri gerektiği önerilmektedir. Araştırma sonuçlarına göre Borsa İstanbul'un yarı güçlü formda etkin olmayan bir piyasa olduğu ortaya çıkmıştır.

Anahtar Kelimeler

Bedelli Sermaye Artırımı, Bedelsiz Sermaye Artırımı, Olay Çalışması.

The Effects of New Equity Announcements on Stock Returns: An Examination on BIST

Öz

The aim of this study is to examine the effect of rights and bonus issue announcements on stock returns. The study analyzes the companies included in the BIST-30 and BIST-50 indices between 2010 and 2022 and the companies that made capital increase announcements while they were included in these indices. In total, 84 different capital increase announcements of 35 companies were included in the study. In the study, the event study method was used and two different event windows were created as (-10, +10) and (-5, +5). At the end of the analysis, it was observed that new equity announcements affected stock returns. The study revealed that this effect was statistically significant negative. According to this situation, it can be said that the return expectations of the investors from the companies that announce the new equity issue should be negative and they should arrange their portfolios according to this result. According to the results of the research, it has been revealed that Borsa Istanbul is an inefficient market in semi-strong form.

Anahtar Kelimeler

Rights Issue, Bonus Issue, Event Study

Kaynakça

• Akkranupornpong, J. and Kleiner, B.H. (2004). When to issue the company stock. Management Research News, 27(4/5), 82-90. https://doi.org/10.1108/01409170410784509
• Arabacı, Ö. (2013). General information on joint stock companies’ capitals, capital increase systems with methods and significant innovations introduced by Turkish trade code no: 6102 on the subject. Customs and Trade Journal, 1, 28-33. Retrieved from https://dergipark.org.tr/en/pub/gumrukticaretdergisi
• Barclay, M. and Litzenberger, R. (1988). Announcement effects of new equity issues and the use of intraday price data. Journal of Financial Economics, 21, 71-99. http://doi.org/10.1016/0304-405X(88)90032-3
• Barnes M.L. and Shiguang M. (2001). Market efficiency or not? The behaviour of China’s stock prices in response to the announcement of bonus issues (Center for International Economic Studies, Discussion Paper No. 0120). Retrieved from https://ro.uow.edu.au/commpapers/475/
• Bashir, A. (2013). Impact of right issues announcement on shareholders wealth: Case study of Pakistani listed companies. International Journal of Contemporary Business Studies, 4(3), 6-12. Retrieved from http://www.akpinsig/
• Başkaya, H. and Kaderli, P. (2017). Measuring the effect of capital increase announcements on stocks of publicly traded corporations: An application in Istanbul stock exchange. Journal of Aydin Faculty of Economics, 2(1), 28-42. Retrieved from https://dergipark.org.tr/tr/pub/aifd/
• Bhattacharya, S. (1979). Imperfect information, dividend policy, and “The bird in the hand” fallacy. The Bell Journal of Economics, 10(1), 259–270. https://doi.org/10.2307/3003330
• BIST. (2023). Borsa Istanbul historic and reference data platform [Dataset]. Retrieved from datastore.borsaistanbul.com
• Brown, S.J. and Warner, J.B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31. https://doi.org/10.1016/0304-405X(85)90042-X
• Broyles, J., Cooper, I. and Archer, S. (1983). Financial management handbook (2. ed.). Aldershot: Gower Publishing Company Limited.
• Campbell, J.Y., Lo, A.W., MacKinlay, A.C. and Whitelaw, R.F. (1998). The econometrics of financial markets. Macroeconomic Dynamics, 2(4), 559-562. https://doi.org/10.1017/S1365100598009092
• Cikrikci, M. and Ozyesil, M. (2018). Announcement effect anomaly and its factors on seasoned equity offerings: Evidence from Turkey. Journal of Economics, Finance and Accounting (JEFA), 5(2), 168-183. http://doi.org/10.17261/Pressacademia.2018.823
• Cotterell, P.J.M (2011). The impact of rights issues announcements on share price performance in South Africa (Unpublished doctoral dissertation). University of Pretoria, Pretoria.
• Cowan, A.R. and Sergeant, A.M. (1996). Trading frequency and event study test specification. Journal of Banking & Finance, 20(10), 1731-1757. https://doi.org/10.1016/S0378-4266(96)00021-0
• Doğukanlı, H. and Ergün, B. (2011). Behavioral finance versus efficient markets: Examination of overreaction hypothesis in ISE. Journal of Çukurova University Social Sciences Institute, 20(1), 321-336. Retrieved from https://dergipark.org.tr/tr/pub/cusosbil/
• Ege, İ., Topaloğlu, E.E. and Coşkun, D. (2012). Behavioral finance and anomalies: Testing of January anomaly at ISE. The Journal of Accounting and Finance, 56, 175-190. Retrieved from https://dergipark.org.tr/en/pub/mufad/
• Erol, A. and Aytekin, S. (2018). Assessing the impact of bonus issue announcements on stock price returns in Borsa Istanbul equity market. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 5(3), 898-912. http://doi.org/10.30798/makuiibf.439219
• Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. http://doi.org/10.2307/2325486
• Fernando, K.G.K. and Guneratne, P.S.M. (2009). Measuring abnormal performance in event studies: An application with bonus issue announcements in Colombo Stock Exchange (CSE) (SSRN Working Paper No. 1513320). Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1513320
• Ginglinger, E. and Gajewski, J.F. (2002). Seasoned equity issues in a closely held market: Evidence from France. European Finance Review, 6(3), 291-319. Retrieved from https://shs.hal.science/
• Hall, B.H. (2002). The financing of research and development. Oxford Review of Economic Policy, 18, 35-51. Retrieved from https://academic.oup.com/oxrep
• İş Yatırım. (2023). The equity issue dates [Dataset]. Retrieved from https://www.isyatirim.com.tr/tr-tr/analiz/hisse/Sayfalar/Temel-Degerler-Ve-Oranlar.aspx#page-2
• KAP. (2023). Public disclosure platform [Dataset]. Retrieved from https://www.kap.org.tr/tr/bildirim-sorgu
• Karabulut, R. and Şeker, K. (2020). İşletmelerde sermaye yapısı ve borçlanma araçları. Ankara: Iksad Publications.
• Karan, M.B. (2004). Yatırım analizi ve portföy yönetimi (5. bs.). Ankara: Gazi Kitabevi.
• Kendirli, S. and Elmali, M.E. (2016). The effects of right offering announcements on returns of shares of deposit banks traded in Istanbul stock-exchange. Journal of Economic Development, Environment and People, 5(1), 74-82. https://doi.org/10.26458/jedep.v5i1.136
• Khurana, R. and Warne, D.P. (2016). Market reaction to bonus issue in India: An empirical study. International Journal of Innovations in Engineering and Technology (IJIET), 7(4), 253-259. Retrieved from https://ijiet.com/
• Kithinji, J., Oluoch, W. and Mugo, R. (2014). What is the effect of rights issue on firms share performance in the Nairobi securities exchange? Research Journal of Finance and Accounting, 5, 76-84. Retrieved from https://www.iiste.org/
• Küçüksille, E. and Mizrahi, R. (2015a). The effect of right issues announcements on public companies’ stock performances: Evidence from Istanbul Stock Exchange. Karamanoglu Mehmetbey University Journal of Social and Economic Research, 17(29), 63-69. Retrieved from https://dergipark.org.tr/en/pub/kmusekad
• Küçüksi̇lle, E. and Mi̇zrahi̇, R. (2015b). The impact of bonus issue announcements on stock market values: Evidence from Istanbul Stock Exchange. Journal of Social Sciences and Humanities Researches, 16(35), 129-149. Retrieved from https://dergipark.org.tr/tr/pub/sobbiad/
• Lambrechts, I.J. and Mostert, F.J. (1980). An analysis of the behavior of market prices during rights issues. Investment Analysts Journal, 15, 25-33. https://doi.org/10.1080/10293523.1980.11082634
• Mahmood, S., Mirza, H. and Mushtaq, N. (2014). Market reaction to the rights issue announcements: Evidence from an emergıng market. Vidyabharati International Interdisciplinary Research Journal, 3, 91-111. Retrieved from https://www.viirj.org/
• Otieno, O.D. and Ochieng, D.E. (2015). The effects of rights issue announcements on stock returns for firms listed at the Nairobi Securities Exchange. International Journal of Education and Research, 3(9), 411-426. Retrieved from http://www.ijern.com
• Özer, G. and Yücel, R. (2001). İMKB’de hisse senedi ihraç tarihi etrafındaki anormal fiyat hareketleri: 1990-1996 dönemini kapsayan deneysel bir araştırma. Active Finans Dergisi, Ocak-Şubat, 1-15. Retrieved From https://www.researchgate.net/
• Raja, M. and Sudhahar, J.C. (2010). An empirical test of Indian stock market efficiency in respect of bonus announcement. Asia Pasific Journal of Finance and Banking Research, 4(4), 1-14. Retrieved from https://onlinelibrary.wiley.com/
• Ramesh, S. and Rajumesh, S. (2014). Information content of right issue announcements: A study of listed companies in Colombo stock exchange of Sri Lanka. Research Journal of Finance and Accounting, 5(5), 154-162. Retrieved from https://core.ac.uk/
• Rashid, A. (2014). Firm external financing decisions: Explaining the role of risks. Managerial Finance, 40(1), 97-116. https://doi.org/10.1108/MF-02-2013-0049
• Sakarya, S. (2011). The rating scores of the enterprises in scope of the ISE corporate governance index and the analysis of relations between the stock returns with the event study method. ZKU Journal of Social Sciences, 7(13), 147-162. Retrieved from https://dergipark.org.tr/en/pub/ijmeb/
• Sakarya, Ş., Çalış, N. and Kayacan, M.A. (2018). Measuring the effect of dividend payment announcements on stock prices: An application in stock exchange Istanbul. The Sakarya Journal of Economics, 7(2), 92- 106. Retrieved from https://dergipark.org.tr/en/pub/sid/
• Serra, A. (2004). Event study tests: A brief survey. Revista Electrónica de Gestao Organizacional, 2(3), 248-255. Retrieved from https://www.ssrn.com/
• Thaler, R. (1987). Anomalies: Seasonal movements in security prices II: Weekend, holiday, turn of the month, and intraday effects. Journal of Economic Perspectives, 1(2), 169-177. doi:10.1257/jep.1.2.169
• Tsangarakis N.V. (1993). Seasoned equity issues in the Greek stock market. Stock price reaction on the ex-rights day: A test of semi-strong form market efficiency. SPOUDAI-Journal of Economics and Business, 43(2), 128-138. Retrieved from https://spoudai.org/index.php/journal
• Tuna, I. (2014). Sermaye artırımını etkileyen şirkete özgü faktörlerin belirlenmesi (Unpublished doctoral dissertation). Gaziosmanpaşa University, Social Sciences Institute, Tokat.
• Yahoo Finance. (2023). BIST-100 Index value [Dataset]. Retrieved from https://finance.yahoo.com
• Yaşar, S. (2006). Firma finansmanında hisse senedi piyasalarının rolü: Türkiye örneği (1. bs.). Ankara: SPK Yayınları.
• Yolcu, M. and Öztürk, F. (2021). The effect of rights issue announcements on stock prices: An evidence from Istanbul Stock Exchange. Atlas Journal, 7(37), 1231–1238. https://doi.org/10.31568/atlas.597