Satın alma ve birleşme haberlerinin borsa getirisi üzerine etkisi: 2005-2017 Borsa İstanbul örneği
Yükleniyor...
Tarih
2022
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Niğde Ömer Halisdemir Üniversitesi / Sosyal Bilimler Enstitüsü
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Şirket birleşme ve satın alma faaliyetleri ekonomik döngü içerisinde baştan beri yer alan bir unsurdur. Birleşme ve satın almalar şirketlerin farklı dönemlerde kullandıkları bir dışsal büyüme stratejisi olarak bilinmektedir. Aynı zamanda teknolojinin gelişmesi, uluslararası faaliyetlerin artması, ulaşımda kolaylığın olması gibi sebeplerden dolayı da dünyada sermaye hareketliliği artış göstermeye ve hız kazanmaya başlamıştır. Bu sebepler sonucunda şirketlerin bulunmuş oldukları çevrede rekabet artmıştır. Şirketler bulundukları konumları koruyabilmek ve varlıklarını sürdürebilmek için farklı strateji arayışında bulunmuşlardır. Birleşme ve satın almalar ise, şirketlerin en fazla tercih ettiği stratejiler arasında olmuştur. Bu çalışmada temel amaç, birleşme ve satın alma faaliyeti gösteren şirketlerin, işlemi gerçekleştirmeden önce çıkan birleşeceklerine dair dedikodu tarihlerinde borsa getirileri üzerinde etkilerinin olup olmadığının araştırılmasıdır. Bu amaç doğrultusunda, borsada işlem gören ve 2005-2017 yılları arasında birleşme ve satın alma faaliyeti gösteren 20 şirketin verilerinden yararlanılarak hedef şirketlerin getirilerine etkisi araştırılmıştır. Yapılan araştırma sonucunda ele alınan dönemlerde satın alma ve birleşme dedikodu haberlerinin bazı hedef şirketlerin getirisine etkisinin anlamlı olduğu bulunurken, bazı şirketlerin ise bu olaya anlamsız tepki gösterdiği saptanmıştır. Bağımlı Örneklem t-Testi (Paired Samples t-Test) sonuçlarına bakıldığında (-2/+2) olay penceresinde CAAR değerleri üzerinde anlamsız etki saptanırken, (-3/+3) olay penceresinde bu etki anlamlı olarak tespit edilmiştir. Yani uzun dönemde şirketlerin dedikodu tarihlerine verecekleri tepki anlamlı olarak görülmektedir.
Company mergers and acquisitions are an element that has taken place in the economic cycle from the very beginning. Mergers and acquisitions are known as an external growth strategy that companies use in different periods. At the same time, capital mobility in the world has started to increase and gain momentum due to reasons such as the development of tecnology, the increase in international activities, and the ease of transportation. As a result of these reasons, competition has increased in the environment where companies are located. Companies have sought different strategies in order to maintain their positions and maintain their existence. Mergers and acquisitions have been among the strategies most preferred by companies. The main purpose of this study is to investigate whether the companies operating in mergers and acquisitions have an impact on the stock market returns on the dates of rumors about their mergers before the transaction. For this purpose, the effect of the data on the returns of the target companies was investigated by using the data of 20 companies that were traded in the stock exchange in merger and acquisition activities between 2005-2017. As a result of the research, it was found that the effect of the acquisition and merger gossip news on the returns of some target companies had a significant, while some companies reacted to this event insignificantly. Considering the results of the Paired Samples t-Test, a meaningless effect was detected on the CAAR values in the (-2/+2) event window, while this effect was found to be significant in the (-3/+3) event window. In other words, the reaction of companies to gossip dates is seen as meaningful in the long run.
Company mergers and acquisitions are an element that has taken place in the economic cycle from the very beginning. Mergers and acquisitions are known as an external growth strategy that companies use in different periods. At the same time, capital mobility in the world has started to increase and gain momentum due to reasons such as the development of tecnology, the increase in international activities, and the ease of transportation. As a result of these reasons, competition has increased in the environment where companies are located. Companies have sought different strategies in order to maintain their positions and maintain their existence. Mergers and acquisitions have been among the strategies most preferred by companies. The main purpose of this study is to investigate whether the companies operating in mergers and acquisitions have an impact on the stock market returns on the dates of rumors about their mergers before the transaction. For this purpose, the effect of the data on the returns of the target companies was investigated by using the data of 20 companies that were traded in the stock exchange in merger and acquisition activities between 2005-2017. As a result of the research, it was found that the effect of the acquisition and merger gossip news on the returns of some target companies had a significant, while some companies reacted to this event insignificantly. Considering the results of the Paired Samples t-Test, a meaningless effect was detected on the CAAR values in the (-2/+2) event window, while this effect was found to be significant in the (-3/+3) event window. In other words, the reaction of companies to gossip dates is seen as meaningful in the long run.
Açıklama
Anahtar Kelimeler
Birleşme ve Satın Alma, BİST 100, Olay Analizi, Mergers and Acquisitions, BIST 100, Event Analysis
Kaynak
WoS Q Değeri
Scopus Q Değeri
Cilt
Sayı
Künye
Ercan, S. (2022). Satın alma ve birleşme haberlerinin borsa getirisi üzerine etkisi 2005-2017 Borsa İstanbul örneği. (Yüksek Lisans Tezi) Niğde Ömer Halisdemir Üniversitesi, Sosyal Bilimler Enstitüsü, Niğde
