Araştırma Makalesi
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THE RELATION BETWEEN FOREIGN OWNERSHIP AND STOCK RETURNS

Yıl 2021, , 1 - 21, 31.03.2021

Serkan Unal

https://doi.org/10.11611/yead.730777

Öz

Foreign investors, compared to domestic investors, manage larger investment funds and can allocate more resources for research. These factors caused a question mark on how effectively the markets operate due to the resulting information asymmetry. In this study, the relationship between the share of foreign investors and stock returns is examined in companies included in the BIST100 index. According to results of the study in which panel data analysis was used over 2015 and 2019, (1) there is no relationship between investment decisions of foreign investors and basic evaluation criteria such as price/earnings and growth of sales or momentum strategies; (2) foreign investors causes a move in stock prices during their position changes; (3) there is no abnormal stock returns in the quarter following the change in the foreign share. There is no evidence that foreign investors earn additional income compared to local investors due to information asymmetry.

Anahtar Kelimeler

Foreign Ownership Information Asymmetry BIST Stock Returns

Kaynakça

  • Arslan, M., Zaman, R., ve Phil, M. (2014) “Impact of Dividend Yield and Price Earnings Ratio on Stock Returns: a Study of Non-Financial Listed Firms of Pakistan”, Research Journal of Finance and Accounting, 5(19), 68-74.
  • Asness, C. S., Moskowitz, T. J. ve Pedersen, L. H. (2013) “Value and Momentum Everywhere”, The Journal of Finance, 68(3), 929-985.
  • Bartram, S. M., Griffin, J. M., Lim, T. H. ve Ng, D. T. (2015) “How Important are Foreign Ownership Linkages for International Stock Returns?”, The Review of Financial Studies, 28(11), 3036-3072.
  • Boddin, D., Raff, H. ve Trofimenko, N. (2017) “Foreign Ownership and the Export and Import Propensities Of Developing‐Country Firms”, The World Economy, 40(12), 2543-2563.
  • Borsa İstanbul (2015) https://www.borsaistanbul.com/duyurular/2015/12/12/borsa-istanbul-nasdaq-teknolojisini-hayata-gecirdi, (25.04.2020)
  • Capaul, C., Rowley, I. ve Sharpe, W. F. (1993) “International Value and Growth Stock Returns”, Financial Analysts Journal, 49(1), 27-36.
  • Ceylan, N. B., Dogan, B. ve Berument, M. H. (2015) “Three-Factor Asset Pricing Model and Portfolio Holdings of Foreign Investors: Evidence from an Emerging Market–Borsa Istanbul”, Economic Research-Ekonomska Istraživanja, 28(1), 467-486.
  • Chandra, U. ve Ro, B. T. (2008) “The Role of Revenue in Firm Valuation”, Accounting Horizons, 22(2), 199-222.
  • Chari, A., Chen, W. ve Dominguez, K. M. (2012) “Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States”, IMF Economic Review, 60(1), 1-42.
  • Choi, J. J., Lam, K. C., Sami, H. ve Zhou, H. (2013) “Foreign Ownership and Information Asymmetry”, Asia‐Pacific Journal of Financial Studies, 42(2), 141-166.
  • Clark, T. S. ve Linzer, D. A. (2015) “Should I Use Fixed or Random Effects?”, Political Science Research and Methods, 3(2), 399-408.
  • Demireli, E. ve Hepkorucu, A. (2014) “Yabancı Yatırımcıların Sermaye Piyasası Algısı: Borsa İstanbul Üzerine Bir Uygulama”, Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), 6(10), 2-22.
  • Desender, K. A., Aguilera, R. V., Lópezpuertas‐Lamy, M. ve Crespi, R. (2016) “A Clash of Governance Logics: Foreign Ownership and Board Monitoring”, Strategic Management Journal, 37(2), 349-369.
  • Doğukanlı, H. ve Çetenak, H. (2008) “Yabancı Portföy Yatırımları ile Hisse Senedi Getirisi Arasındaki İlişki: İMKB’de Sınama”, Çukurova Üniversitesi İİBF Dergisi, 12(2), 37-57.
  • Ertimur, Y., Livnat, J. ve Martikainen, M. (2003) “Differential Market Reactions to Revenue and Expense Surprises”, Review of Accounting Studies, 8(2-3), 185-211.
  • Ferreira, M. A. ve Matos, P. (2008) “The Colors of Investors’ Money: the Role of Institutional Investors around the World”, Journal of Financial Economics, 88(3), 499-533.
  • Froot, K. A., O’connell, P. G. ve Seasholes, M. S. (2001) “The Portfolio Flows of International Investors”, Journal of Financial Economics, 59(2), 151-193.
  • Gillan, S. ve Starks, L. T. (2003) “Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective”, Journal of Applied Finance, 13(2).
  • Gul, F. A., Kim, J. B. ve Qiu, A. A. (2010) “Ownership Concentration, Foreign Shareholding, Audit Quality, and Stock Price Synchronicity”, Journal of Financial Economics, 95(3), 425-442.
  • Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. ve Tatham, R. L. (1998) “Multivariate Data Analysis”, (Vol. 5, No. 3, pp. 207-219), Upper Saddle River, NJ: Prentice hall.
  • Hanousek, J., Shamshur, A. ve Tresl, J. (2019) “Firm Efficiency, Foreign Ownership and CEO Gender in Corrupt Environments”, Journal of Corporate Finance, 59, 344-360.
  • He, W., Li, D., Shen, J. ve Zhang, B. (2013) “Large Foreign Ownership and Stock Price Informativeness around the World”, Journal of International Money and Finance, 36, 211-230.
  • Hu, J., Mensah, A. K. ve Tsang, A. (2019) “Foreign Institutional Ownership and the Choice Between Public and Private Debt”, Journal of International Accounting Research, 18(2), 31-64.
  • Huang, R. D. ve Shiu, C. Y. (2009) “Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence From Qualified Foreign Institutional Investors in Taiwan”, Financial Management, 38(3), 567-602.
  • İskenderoğlu, Ö. ve Karadeniz, E. (2011) “İMKB 100 Endeksi Getirisi ile Yabancı Portföy Yatırımları Arasındaki İlişkinin Analizi”, Çağ Üniversitesi Sosyal Bilimler Dergisi, 8(1), 123-133.
  • Jegadeesh, N. ve Livnat, J. (2006) “Revenue Surprises and Stock Returns”, Journal of Accounting and Economics, 41(1-2), 147-171.
  • Karcıoğlu, R. ve Özer, A. (2014) “BIST'de Hisse Senedi Getirilerini Etkileyen Faktörlerin Belirlenmesi: Statik ve Dinamik Panel Veri Analizi” Uludag Journal of Economy & Society, 33(1).
  • Kilic, S., Delikanli, I. U. ve Alp, A. (2020) “Yabancı Yatırımcı Sahipliği Oranındaki Değişimin Getiri, Volatilite ve Likidite Üzerindeki Etkisi: BIST GYO Sektörü İçin Panel Veri Analizi”, Business and Economics Research Journal, 11(2), 397-411.
  • Kim, J. B., Pevzner, M. ve Xin, X. (2019) “Foreign Institutional Ownership and Auditor Choice: Evidence from Worldwide Institutional Ownership”, Journal of International Business Studies, 50(1), 83-110.
  • Kwon, H. U. ve Park, J. (2018) “R&D, Foreign Ownership, and Corporate Groups: Evidence From Japanese Firms”, Research Policy, 47(2), 428-439.
  • Lam, K. C., Sami, H. ve Zhou, H. (2012) “The Role of Cross-Listing, Foreign Ownership and State Ownership in Dividend Policy in an Emerging Market”, China Journal of Accounting Research, 5(3), 199-216.
  • Li, X., Geng, Z., Subrahmanyam, A. ve Yu, H. (2017) “Do Wealthy Investors Have an Informational Advantage? Evidence Based on Account Classifications of Individual Investors”, Journal of Empirical Finance, 44, 1-18.
  • Merkezi Kayıt İstanbul (2020) “Borsa Trendleri Raporu, Ocak- Mart 2020”, https://www.tuyid.org/files/yayinlar/Borsa-Trendleri-Raporu-2020-1C.pdf, (20.04.2020)
  • Merton, R. C. (1987) “A Simple Model of Capital Market Equilibrium with Incomplete Information”, The Journal of Finance, 42(3), 483-510.
  • Mitton, T. (2006) “Stock Market Liberalization and Operating Performance at the Firm Level”, Journal of Financial Economics, 81(3), 625-647.
  • Morck, R., Yeung, B. ve Yu, W. (2000) “The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements?”, Journal of Financial Economics, 58(1-2), 215-260.
  • Muñoz-Mendoza, J. A., Sepúlveda-Yelpo, S. M., Veloso-Ramos, C. L. ve Delgado-Fuentealba, C. L. (2019) “Effects of Foreign Ownership and International Financial Reporting Standards on Debt Maturity in Chilean Firms”, Estudios Gerenciales, 416-428.
  • Nguyen, A. P., Nguyen, H. A., Ho, T. H. M. ve Ngo, P. T. (2019) “Risk and Returns of Different Foreign Ownership Portfolios”, Cogent Economics & Finance, 7(1), 1589412.
  • Okuyan, H. A. ve Erbaykal, E. (2011) “İMKB’de Yabancı İşlemleri ve Hisse Senedi Getirileri İlişkisi”, Doğuş Üniversitesi Dergisi, 12 (2) 2011, 256-264.
  • Rhee, S. G. ve Wang, J. (2009) “Foreign Institutional Ownership and Stock Market Liquidity: Evidence from Indonesia”, Journal of Banking & Finance, 33(7), 1312-1324.
  • Rokhim, R. ve Susanto, A. P. (2011). “The Increase of Foreign Ownership and Its Impact to the Performance, Competition & Risk in Indonesian Banking Industry”, Competition & Risk in Indonesian Banking Industry (August 23, 2011).
  • Romalis, J. (2011) “The Value of Foreign Ownership”, Economic and Business Review, 13(1-2), 107-118.
  • Sarno, L., Tsiakas, I. ve Ulloa, B. (2016) “What Drives International Portfolio Flows?”, Journal of International Money and Finance, 60, 53-72.
  • Savin, N. E. ve White, K. J. (1977) “The Durbin-Watson Test for Serial Correlation with Extreme Sample Sizes or Many Regressors”, Econometrica:Journal of the Econometric Society, 1989-1996.
  • Truong, C. (2009) “Value investing using price earnings ratio in New Zealand”, University of Auckland Business Review, 11(1), 26.
  • Umutlu, M., Akdeniz, L. ve Altay‐Salih, A. (2013) “Foreign Equity Trading and Average Stock‐return Volatility”, The World Economy, 36(9), 1209-1228.
  • Unal, S. ve Derdiyok, T. (2020) “Agency Costs of Publicly Traded Firms Owners in Turkey”, Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(2), 336-357.
  • Ülkü, N. ve Weber, E. (2011) “Bigger Fish in Small Pond: the Interaction Between Foreigners' Trading and Emerging Stock Market Returns under the Microscope”, (No. 294). Arbeiten aus dem Osteuropa-Institut Regensburg.
  • Vo, X. V. (2016) “Foreign Ownership and Stock Market Liquidity-Evidence From Vietnam”, Afro-Asian Journal of Finance and Accounting, 6(1), 1-11.
  • Zyguła, A. (2017). “Impact of Foreign Ownership on Dividend Policy in Poland”, e-Finanse, 13(4), 76-88.

YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ

Yıl 2021, , 1 - 21, 31.03.2021

Serkan Unal

https://doi.org/10.11611/yead.730777

Öz

Yabancı yatırımcılar, yerli yatırımcılara kıyasla, daha büyük yatırım fonlarını yönetmekte, araştırma ve firmalardan bilgi toplamak için daha fazla kaynak ayırabilmektedirler. Bu faktörler nedeniyle yabancı yatırımcılar lehine oluşan bilgi asimetrisi, piyasaların ne kadar etkin çalıştığı konusunda soru işareti oluşturmaktadır. Bu çalışmada BIST100 endeksine dahil olan şirketlerde, yabancı yatırımcıların payı ile hisse senedi getirileri arasındaki ilişki incelenmiştir. 2015-2019 yılları arasındaki panel veri analizinin kullanıldığı çalışmada, (1) fiyat / kar ve satışların büyümesi gibi temel değerlendirme kriterleri ya da momentum stratejileri ile yabancı yatırımcıların yatırım kararları arasında ilişki olmadığı, (2) yabancı yatırımcıların yatırım yaptıkları dönemlerde hisse senedi fiyatlarında harekete yol açtığı, (3) yabancı payındaki değişimi takip eden üç aylık dönemde hisse senedi getirilerinde anormal bir durumun olmadığı tespit edilmiştir. Yabancı yatırımcıların bilgi asimetrisi nedeniyle BIST100 endeksine kıyasla ilave kazanç elde ettiklerine dair bulgu elde edilmemiştir.

Anahtar Kelimeler

Yabancı Sahipliği Bilgi Asimetrisi BIST Hisse Getirileri

Kaynakça

  • Arslan, M., Zaman, R., ve Phil, M. (2014) “Impact of Dividend Yield and Price Earnings Ratio on Stock Returns: a Study of Non-Financial Listed Firms of Pakistan”, Research Journal of Finance and Accounting, 5(19), 68-74.
  • Asness, C. S., Moskowitz, T. J. ve Pedersen, L. H. (2013) “Value and Momentum Everywhere”, The Journal of Finance, 68(3), 929-985.
  • Bartram, S. M., Griffin, J. M., Lim, T. H. ve Ng, D. T. (2015) “How Important are Foreign Ownership Linkages for International Stock Returns?”, The Review of Financial Studies, 28(11), 3036-3072.
  • Boddin, D., Raff, H. ve Trofimenko, N. (2017) “Foreign Ownership and the Export and Import Propensities Of Developing‐Country Firms”, The World Economy, 40(12), 2543-2563.
  • Borsa İstanbul (2015) https://www.borsaistanbul.com/duyurular/2015/12/12/borsa-istanbul-nasdaq-teknolojisini-hayata-gecirdi, (25.04.2020)
  • Capaul, C., Rowley, I. ve Sharpe, W. F. (1993) “International Value and Growth Stock Returns”, Financial Analysts Journal, 49(1), 27-36.
  • Ceylan, N. B., Dogan, B. ve Berument, M. H. (2015) “Three-Factor Asset Pricing Model and Portfolio Holdings of Foreign Investors: Evidence from an Emerging Market–Borsa Istanbul”, Economic Research-Ekonomska Istraživanja, 28(1), 467-486.
  • Chandra, U. ve Ro, B. T. (2008) “The Role of Revenue in Firm Valuation”, Accounting Horizons, 22(2), 199-222.
  • Chari, A., Chen, W. ve Dominguez, K. M. (2012) “Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States”, IMF Economic Review, 60(1), 1-42.
  • Choi, J. J., Lam, K. C., Sami, H. ve Zhou, H. (2013) “Foreign Ownership and Information Asymmetry”, Asia‐Pacific Journal of Financial Studies, 42(2), 141-166.
  • Clark, T. S. ve Linzer, D. A. (2015) “Should I Use Fixed or Random Effects?”, Political Science Research and Methods, 3(2), 399-408.
  • Demireli, E. ve Hepkorucu, A. (2014) “Yabancı Yatırımcıların Sermaye Piyasası Algısı: Borsa İstanbul Üzerine Bir Uygulama”, Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), 6(10), 2-22.
  • Desender, K. A., Aguilera, R. V., Lópezpuertas‐Lamy, M. ve Crespi, R. (2016) “A Clash of Governance Logics: Foreign Ownership and Board Monitoring”, Strategic Management Journal, 37(2), 349-369.
  • Doğukanlı, H. ve Çetenak, H. (2008) “Yabancı Portföy Yatırımları ile Hisse Senedi Getirisi Arasındaki İlişki: İMKB’de Sınama”, Çukurova Üniversitesi İİBF Dergisi, 12(2), 37-57.
  • Ertimur, Y., Livnat, J. ve Martikainen, M. (2003) “Differential Market Reactions to Revenue and Expense Surprises”, Review of Accounting Studies, 8(2-3), 185-211.
  • Ferreira, M. A. ve Matos, P. (2008) “The Colors of Investors’ Money: the Role of Institutional Investors around the World”, Journal of Financial Economics, 88(3), 499-533.
  • Froot, K. A., O’connell, P. G. ve Seasholes, M. S. (2001) “The Portfolio Flows of International Investors”, Journal of Financial Economics, 59(2), 151-193.
  • Gillan, S. ve Starks, L. T. (2003) “Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective”, Journal of Applied Finance, 13(2).
  • Gul, F. A., Kim, J. B. ve Qiu, A. A. (2010) “Ownership Concentration, Foreign Shareholding, Audit Quality, and Stock Price Synchronicity”, Journal of Financial Economics, 95(3), 425-442.
  • Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. ve Tatham, R. L. (1998) “Multivariate Data Analysis”, (Vol. 5, No. 3, pp. 207-219), Upper Saddle River, NJ: Prentice hall.
  • Hanousek, J., Shamshur, A. ve Tresl, J. (2019) “Firm Efficiency, Foreign Ownership and CEO Gender in Corrupt Environments”, Journal of Corporate Finance, 59, 344-360.
  • He, W., Li, D., Shen, J. ve Zhang, B. (2013) “Large Foreign Ownership and Stock Price Informativeness around the World”, Journal of International Money and Finance, 36, 211-230.
  • Hu, J., Mensah, A. K. ve Tsang, A. (2019) “Foreign Institutional Ownership and the Choice Between Public and Private Debt”, Journal of International Accounting Research, 18(2), 31-64.
  • Huang, R. D. ve Shiu, C. Y. (2009) “Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence From Qualified Foreign Institutional Investors in Taiwan”, Financial Management, 38(3), 567-602.
  • İskenderoğlu, Ö. ve Karadeniz, E. (2011) “İMKB 100 Endeksi Getirisi ile Yabancı Portföy Yatırımları Arasındaki İlişkinin Analizi”, Çağ Üniversitesi Sosyal Bilimler Dergisi, 8(1), 123-133.
  • Jegadeesh, N. ve Livnat, J. (2006) “Revenue Surprises and Stock Returns”, Journal of Accounting and Economics, 41(1-2), 147-171.
  • Karcıoğlu, R. ve Özer, A. (2014) “BIST'de Hisse Senedi Getirilerini Etkileyen Faktörlerin Belirlenmesi: Statik ve Dinamik Panel Veri Analizi” Uludag Journal of Economy & Society, 33(1).
  • Kilic, S., Delikanli, I. U. ve Alp, A. (2020) “Yabancı Yatırımcı Sahipliği Oranındaki Değişimin Getiri, Volatilite ve Likidite Üzerindeki Etkisi: BIST GYO Sektörü İçin Panel Veri Analizi”, Business and Economics Research Journal, 11(2), 397-411.
  • Kim, J. B., Pevzner, M. ve Xin, X. (2019) “Foreign Institutional Ownership and Auditor Choice: Evidence from Worldwide Institutional Ownership”, Journal of International Business Studies, 50(1), 83-110.
  • Kwon, H. U. ve Park, J. (2018) “R&D, Foreign Ownership, and Corporate Groups: Evidence From Japanese Firms”, Research Policy, 47(2), 428-439.
  • Lam, K. C., Sami, H. ve Zhou, H. (2012) “The Role of Cross-Listing, Foreign Ownership and State Ownership in Dividend Policy in an Emerging Market”, China Journal of Accounting Research, 5(3), 199-216.
  • Li, X., Geng, Z., Subrahmanyam, A. ve Yu, H. (2017) “Do Wealthy Investors Have an Informational Advantage? Evidence Based on Account Classifications of Individual Investors”, Journal of Empirical Finance, 44, 1-18.
  • Merkezi Kayıt İstanbul (2020) “Borsa Trendleri Raporu, Ocak- Mart 2020”, https://www.tuyid.org/files/yayinlar/Borsa-Trendleri-Raporu-2020-1C.pdf, (20.04.2020)
  • Merton, R. C. (1987) “A Simple Model of Capital Market Equilibrium with Incomplete Information”, The Journal of Finance, 42(3), 483-510.
  • Mitton, T. (2006) “Stock Market Liberalization and Operating Performance at the Firm Level”, Journal of Financial Economics, 81(3), 625-647.
  • Morck, R., Yeung, B. ve Yu, W. (2000) “The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements?”, Journal of Financial Economics, 58(1-2), 215-260.
  • Muñoz-Mendoza, J. A., Sepúlveda-Yelpo, S. M., Veloso-Ramos, C. L. ve Delgado-Fuentealba, C. L. (2019) “Effects of Foreign Ownership and International Financial Reporting Standards on Debt Maturity in Chilean Firms”, Estudios Gerenciales, 416-428.
  • Nguyen, A. P., Nguyen, H. A., Ho, T. H. M. ve Ngo, P. T. (2019) “Risk and Returns of Different Foreign Ownership Portfolios”, Cogent Economics & Finance, 7(1), 1589412.
  • Okuyan, H. A. ve Erbaykal, E. (2011) “İMKB’de Yabancı İşlemleri ve Hisse Senedi Getirileri İlişkisi”, Doğuş Üniversitesi Dergisi, 12 (2) 2011, 256-264.
  • Rhee, S. G. ve Wang, J. (2009) “Foreign Institutional Ownership and Stock Market Liquidity: Evidence from Indonesia”, Journal of Banking & Finance, 33(7), 1312-1324.
  • Rokhim, R. ve Susanto, A. P. (2011). “The Increase of Foreign Ownership and Its Impact to the Performance, Competition & Risk in Indonesian Banking Industry”, Competition & Risk in Indonesian Banking Industry (August 23, 2011).
  • Romalis, J. (2011) “The Value of Foreign Ownership”, Economic and Business Review, 13(1-2), 107-118.
  • Sarno, L., Tsiakas, I. ve Ulloa, B. (2016) “What Drives International Portfolio Flows?”, Journal of International Money and Finance, 60, 53-72.
  • Savin, N. E. ve White, K. J. (1977) “The Durbin-Watson Test for Serial Correlation with Extreme Sample Sizes or Many Regressors”, Econometrica:Journal of the Econometric Society, 1989-1996.
  • Truong, C. (2009) “Value investing using price earnings ratio in New Zealand”, University of Auckland Business Review, 11(1), 26.
  • Umutlu, M., Akdeniz, L. ve Altay‐Salih, A. (2013) “Foreign Equity Trading and Average Stock‐return Volatility”, The World Economy, 36(9), 1209-1228.
  • Unal, S. ve Derdiyok, T. (2020) “Agency Costs of Publicly Traded Firms Owners in Turkey”, Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(2), 336-357.
  • Ülkü, N. ve Weber, E. (2011) “Bigger Fish in Small Pond: the Interaction Between Foreigners' Trading and Emerging Stock Market Returns under the Microscope”, (No. 294). Arbeiten aus dem Osteuropa-Institut Regensburg.
  • Vo, X. V. (2016) “Foreign Ownership and Stock Market Liquidity-Evidence From Vietnam”, Afro-Asian Journal of Finance and Accounting, 6(1), 1-11.
  • Zyguła, A. (2017). “Impact of Foreign Ownership on Dividend Policy in Poland”, e-Finanse, 13(4), 76-88.
Toplam 50 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Serkan Unal 0000-0002-7060-979X

Yayımlanma Tarihi 31 Mart 2021
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Unal, S. (2021). YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ. Yönetim Ve Ekonomi Araştırmaları Dergisi, 19(1), 1-21. https://doi.org/10.11611/yead.730777
AMA Unal S. YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ. Yönetim ve Ekonomi Araştırmaları Dergisi. Mart 2021;19(1):1-21. doi:10.11611/yead.730777
Chicago Unal, Serkan. “YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ”. Yönetim Ve Ekonomi Araştırmaları Dergisi 19, sy. 1 (Mart 2021): 1-21. https://doi.org/10.11611/yead.730777.
EndNote Unal S (01 Mart 2021) YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ. Yönetim ve Ekonomi Araştırmaları Dergisi 19 1 1–21.
IEEE S. Unal, “YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ”, Yönetim ve Ekonomi Araştırmaları Dergisi, c. 19, sy. 1, ss. 1–21, 2021, doi: 10.11611/yead.730777.
ISNAD Unal, Serkan. “YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ”. Yönetim ve Ekonomi Araştırmaları Dergisi 19/1 (Mart 2021), 1-21. https://doi.org/10.11611/yead.730777.
JAMA Unal S. YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ. Yönetim ve Ekonomi Araştırmaları Dergisi. 2021;19:1–21.
MLA Unal, Serkan. “YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ”. Yönetim Ve Ekonomi Araştırmaları Dergisi, c. 19, sy. 1, 2021, ss. 1-21, doi:10.11611/yead.730777.
Vancouver Unal S. YABANCI YATIRIMCILARIN PAYI İLE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ. Yönetim ve Ekonomi Araştırmaları Dergisi. 2021;19(1):1-21.