Stock Return Dynamics in Logistics Companies: Evidence from Panel Data
Öz
The study examines the factors affecting the stock returns, including dividends, of ten logistics companies traded on the Istanbul Stock Exchange between 2012 and 2022 using panel data analysis method, and the financial performance index, the logistics service quality index, and the BIST-100 return variables. The findings indicate that the coefficients for financial performance (2.652; p=0.018) and market return (0.086; p<0.001) are positive and significant, while the coefficient for logistics service quality is insignificant. The study concludes that balance sheet indicators and market conditions are decisive in pricing, while operational quality indicators are ineffective.
Anahtar Kelimeler
Financial performance index, Logistics service quality, Borsa Istanbul
Kaynakça
- Açıkgöz, T., & Sezgin Alp, Ö. (2023). The impact of oil prices on the transportation industry stock returns: The case of the Turkish equity market. Ekonomi Politika ve Finans Araştırmaları Dergisi, 8(3), 425–439. https://doi.org/10.30784/epfad.1297913
- Al-Shattarat, H. K., Haddad, H., Abdelateef Mahmoud, S., & Syed, A. M. (2023). The impact of liquidity ratios and cash flow sources on profitability in industrial companies listed on the Amman Stock Exchange. In B. A. M. Alareeni & I. Elgedawy (Eds.), Artificial intelligence (AI) and finance (Studies in Systems, Decision and Control, Vol. 488). Springer. https://doi.org/10.1007/978-3-031-39158-3_68
- Arı, G., Akbinar Dikici, Z. Y., Kayran, O., & Çetiner, E. M. (2022). Firmaların kârlılık belirleyicileri: Borsa İstanbul’a (BIST) kayıtlı lojistik firmaları üzerine bir panel veri analizi. Journal of Social, Humanities and Administrative Sciences, 8(48), 145–152. https://doi.org/10.31589/JOSHAS.897
- Arifin, Z., & Halilintar, M. (2023). Analysis of stock return in view of liquidity and profitability. In Proceedings of the International Conference on Law, Social Sciences, and Education (ICLSSEE 2023). https://doi.org/10.4108/eai.6-5-2023.2333552
- Bakırcı, F., Takım, A., & Tüzemen, A. (2017). Türkiye’de dış ticaret ve lojistikte yeni fırsatlar ve hedefler. The International New Issues in Social Sciences, 5(5), 175–204.
- Bilgin, R., & Basti, E. (2014). Further evidence on the validity of CAPM: The Istanbul Stock Exchange application. Inzinerine Ekonomika–Engineering Economics, 25(1), 5–12. https://doi.org/10.5755/j01.ee.25.1.1847
- Damodaran, A. (2025, January). Betas by sector (US) [Data set]. Stern School of Business, New York University. https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html
- El-Masry, A. A., Olugbode, M., & Pointon, J. (2010). The exposure of shipping firms’ stock returns to financial risks and oil prices: A global perspective. Maritime Policy & Management, 37(5), 453–473. https://doi.org/10.1080/03088839.2010.503713
- El Sakty, K., Abdelraouf, M., & Allam, S. (2023). How logistics performance reshapes the movement of stocks in the context of climate change? Business Logistics in Modern Management, 43.
- Eurostat. (2024). Balance of payments statistics. Retrieved April 11, 2025, from https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Balance_of_payments_statistics