QUARTERLY EARNINGS ANNOUNCEMENT AND ITS IMPACT ON CORPORATE FINANCIAL PERFORMANCE

Yıl 2021, Cilt 23, Sayı 4, 797 - 815, 31.12.2021

Abdullahi Mohamed NUR

https://doi.org/10.31460/mbdd.878008

Öz

Using event study methodology and regression analysis method, this study had examined quarterly earning announcement and its impact on the stock returns. The earning announcements were divided in to three groups: (1) Good news (quarterly positive earnings announcement), (2) No news (quarterly neutral earnings announcement) and (3) Bad news (quarterly negative earnings announcement). The study result confirmed that both the good news and the bad news had a strong impact which is significant statistically on the share returns. While no news did not show any impact which is significant statistically. The study is in line with the information content hypothesis, as the good news (bad news) event announcement had impacted to the abnormal returns positively (negatively) and significant statistically. The study also found a positive and statistically significant relationship between quarterly earnings and stock price.

Anahtar Kelimeler

Quarterly Earnings Announcement, Event Study Methodology, Abnormal Returns, Cumulative Abnormal returns, OLS Regression, Stock Returns

ÇEYREK KAZANÇ DUYURUSUNUN KURUMSAL FİNANSAL PERFORMANS ÜZERİNDEKİ ETKİSİ

Öz

Çalışmanın amacı, olay çalışma metodolojisi ve regresyon analiz yöntemini kullanarak çeyrek kazanç duyurusunu ve hisse senedi getirileri üzerindeki etkisini incelemektir. Kazanç duyuruları üç gruba ayrılmıştır: (1) İyi haber (olumlu kazanç duyurusu), (2) Haber yok (nötr kazanç duyurusu) ve (3) Kötü haber (olumsuz kazanç duyurusu). Çalışma sonuçları hem iyi haberin hem de kötü haberin hisse getirileri üzerinde istatistiksel olarak önemli bir etkiye sahip olduğunu doğrulamıştır. Haber yok (nötr kazanç), istatistiksel olarak önemli olan herhangi bir etki göstermemiştir. Bu çalışma, bilgi içeriği hipotezi doğrultusunda iyi haber (kötü haber) olay duyurusu anormal getirileri olumlu (olumsuz) ve istatistiksel olarak anlamlı şekilde etkilemiştir. Çalışma aynı zamanda çeyrek kazanç ile hisse senedi fiyatı arasında pozitif ve istatistiksel olarak anlamlı bir ilişki olduğunu tespit edilmiştir.

Anahtar Kelimeler

Çeyrek Kazanç Duyurusu, Olay Çalışması Methodolojisi, Anormal Getiriler, Kümülatif Anormal Getiriler, OLS Regresyonu, Hisse Senedi Getirileri

Kaynakça

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