Pay Geri Alımları ve Getiri Oranları: BİST Geri Alım Endeksinde Ampirik Bir Uygulama
Share Buybacks and Rate of Returns: An Empirical Application in BIST Buyback Index

Summary/Abstract: This study examines the effect of the performance ratios of the companies listed on Borsa Istanbul (BIST) Buyback Index (XUGRA) on their stock returns before and after they are listed in the index. August 15,2023, is taken into account as the date when the index calculation started. The Panel ARDL-PMG approach is used in order to examine the short-term and long-term effects of performance ratios on stock returns. According to the empirical results, before August 15,2023, only the Market Value/Book Value (MB) variable negatively affects the rate of return in the long term. In the short term, there is a positive relation between MB and the rate of return. For after August 15, 2023, the MB variable negatively affects the rate of return in the long term, while positively affects it in the short term. As the Company Value/EBITDA (CV/EBITDA) increases, the rate of return decreases in the long term. Additionally, an increase in the Price/Earnings ratio (PE) increases the rate of return in the short term. When factors affecting the rate of return are examined for all data, the rate of return decreases in the long term as MB and CV/EBITDA increase. In the short term, the only factor affecting the rate of return is MB, and this variable has a positive effect on the rate of return.

• Details
• Contents