PAY GERİ ALIM DUYURULARININ PAY GETİRİLERİ ÜZERİNE KISA DÖNEM ETKİSİ: BIST İMALAT SEKTÖRÜ ÖRNEĞİ

Öz

Pay geri alım işlemi şirketlerin arz edilmiş toplam pay miktarının bir kısmını satın alarak ve bu sayede pay miktarını azaltıp,  geri kalan payların gelecekteki nakit akışı üzerindeki etkisini arttırması yoluyla yatırımcıya dolaylı olarak kar dağıtımını ifade etmektedir.  Ülkemizde son yıllarda kullanılmaya başlanan pay geri alımı,  dünya genelinde on yıllardır kullanılmaktadır. Pay geri alımı araştırmacılarında dikkatini çekmiş ve bu konu hakkında birçok çalışma gerçekleştirilmiştir. Bu çalışma da ise BIST İmalat sektöründe faaliyet gösteren şirketlerin pay geri alımları ele alınmış ve 2011 ve 2018 yılları arasında gerçekleştirmiş oldukları pay geri alım duyuruları ve bu duyuruların pay getirilerine etkisi incelenmiştir. Çalışmada olay çalışması (Event Study) metodu kullanılmıştır. Şirketlerin gerçekleştirmiş oldukları geri alım duyurularını takip eden kısa dönem içerisinde pay getiri performansının ölçülebilmesi amacıyla farklı pencerelerde AAR ve CAAR değerleri hesaplanmıştır. Bu kapsamda elde edilen bulgular İmalat sektöründe faaliyet gösteren şirketlerin gerçekleştirmiş oldukları hisse senedi geri alım duyuru tarihleri civarında pozitif anormal getirilerin elde edilebildiğini göstermektedir. Buna ek olarak, çalışma kapsamında pay geri alım duyurularının getiriler üzerindeki etkisi firma bazında da incelenmiş ve elde edilen sonuçlar değerlendirilmiştir. 

Anahtar Kelimeler

• Pay geri alımları,Pay geri alım duyurusu,Pay fiyat performansı,Anormal getiri,Düşük değerlenme

SHORT TERM EFFECT OF SHARE BUYBACK ANNOUNCEMENTS ON THE SHARE RETURNS THE EXAMPLE OF BIST MANUFACTURING SECTOR

Öz

Share buy-back transaction implies an indirect profit distribution to the investor by reducing the amount of shares by buying a portion of the total amount of shares offered and by increasing the effect of the remaining shares on the future cash flow. Share buy-back, which has been used in Turkey in recent years, has been used for decades in the world. Share buy-back also attracted the attention of researchers and many studies have been carried out on this subject. A number of studies have been carried out on this issue. In this study, share buy-back of the companies operating in the BIST Manufacturing sector were discussed and the share buy-back announcements made between 2011 and 2018 and the effect of these announcements on the share returns were examined. Event Study method was used in the study. AAR and CAAR values were calculated in different windows in order to measure the share return performance in the short term following the repurchase announcements of the companies. Findings in this context indicate that positive abnormal returns can be achieved around the dates of the repurchase announcement of the companies operating in the manufacturing sector. In addition, the impact of share repurchase announcements on returns was also examined on a firm basis and the results obtained were evaluated

Anahtar Kelimeler

• Share buybacks,Share buyback announcement,Share price performance,Abnormal return,Undervaluation

Kaynakça

1. Andriosopoulos D., And Lasfer M. (2015). ‘’The Market Valuation of Share Repurchases in Europe.’’ Journal of Banking & Finance 55: 327-339.
2. Chan K., Ikenberry D. And Lee I. (2004). ‘’Economic Sources of Gain in Stock Repurchases.’’ Journal of Financial and Quantitative Analysis 39.03: 461-479.
3. Chatterjee C. And Dutta P. (2015). ‘’Anomalous Price Behaviour Around Open Market Stock Repurchase Announcements in India." Vikalpa 40.4 (2015): 435-443.
4. Comment R., And Jarrell G. A. (1991). ‘’The Relative Signalling Power of Dutch‐Auction And Fixed‐Price Self‐Tender Offers and Open‐Market Share Repurchases.’’ The Journal of Finance 46.4: 1243-1271.
5. Dıttmar A. K. (2000). ‘’Why Do Firms Repurchase Stock.’’ The Journal of Business 73.3: 331-355.
6. Fox J. (2018). ‘’The Big and Possibly Dumb Buyback Boom.’’ www.bloomberg.com. https://www.bloomberg.com/view/articles/2018-03-06/the-big-and-possibly-dumb-boom-in-corporate-share-buybacks
7. Grullon G. And Ikenberry D. (2000). ‘’What Do We Know About Stock Repurchases?’’ Journal of Applied Corporate Finance 13.1: 31-51.
8. Grullon G. And Michaely R. (2002). ‘’Dividends, Share Repurchases, and The Substitution Hypothesis.’’ The Journal Of Finance 57.4: 1649-1684.

9. Ikenberry, D., Lakonishok J., And Vermaelen T. (1995). ‘’Market Underreaction To Open Market Share Repurchases.’’ Journal of Financial Economics 39.2 : 181-208.
10. Ikenberry D., Lakonıshok J. And Vermaelen T. (2000). ‘’Stock Repurchases in Canada: Performance and Strategic Trading." The Journal of Finance 55.5 : 2373-2397.
11. Isa M., And Lee S. P. (2014). ‘’Market Reactions to Share Repurchase Announcements in Malaysia.’’ Asian Academy of Management Journal of Accounting and Finance 10.1 : 45-73.
12. Kaderli, Y. (2007). ‘’Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü İle İncelenmesi: İstanbul Menkul Kıymetler Borsasındaki Bazı Firmalar Üzerine Bir Uygulama.’’ Muhasebe Ve Finansman Dergisi, (36), 144-154.
13. Karakuş, R., İ, Zor, Ve Küçük, Ş. Y. (2017). ‘’Pay Geri Alım İlanlarının Hisse Getirisine Etkisi.’’ Journal of Accounting & Finance, (75).
14. Lakonishok J., And Vermaelen T. (1990). ‘’Anomalous Price Behavior Around Repurchase Tender Offers.’’ The Journal of Finance 45.2 (1990): 455-477.
15. Lee, C. I., Ejara, D. D., & Gleason, K. C. (2010). ‘’An Empirical Analysis of European Stock Repurchases.’’ Journal of Multinational Financial Management, 20(2-3), 114-125.
16. Manconi, A., Peyer, U., & Vermaelen, T. (2015). ‘’Buybacks Around The World: Market Timing, Governance And Regulation.’’ Knowledge. Insead. Edu,
17. Netter J. M. And Mitchell M. L. (1989). ‘’Stock-Repurchase Announcements and Insider Transactions After The October 1987 Stock Market Crash." Financial Management: 84-96.
18. Mcnally W. J., Smith B. F. And Barnes T. (2006). ‘’The Price Impacts of Open Market Repurchase Trades.’’ Journal of Business Finance & Accounting 33.5‐6: 735-752.
19. Peyer, U. C., & Vermaelen, T. (2005). ''The Many Facets of Privately Negotiated Stock Repurchases''. Journal of Financial Economics, 75(2), 361-395.
20. Peyer U. C., & Vermaelen T. (2009). ‘’The Nature And Persistence of Buyback Anomalies.’’ Review of Financial Studies 22.4: 1693-1745.
21. Skinner D. J. (2008). ‘’The Evolving Relation Between Earnings, Dividends, And Stock Repurchases.’’ Journal of Financial Economics 87.3: 582-609.
22. Vermaelen T. (1981). ‘’Common Stock Repurchases And Market Signalling: An Empirical Study.’’ Journal of Financial Economics 9.2: 139-183.
23. Vermaelen T. (1984). ‘’Repurchase Tender Offers, Signaling, And Managerial Incentives.’’ Journal of Financial And Quantitative Analysis 19.02: 163-181.
24. Zhang H.(2005). ‘’Share Price Performance Following Actual Share Repurchases.’’ Journal of Banking & Finance 29.7: 1887-1901.