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- Title
BANKALARIN SÜRDÜRÜLEBİLİRLİK ENDEKSİNE DAHİL EDİLMELERİNİN HİSSE SENEDİ GETİRİLERİ ÜZERİNDEKİ ETKİSİ.
- Authors
GÖK, İbrahim Yaşar; GÖKŞEN, Handan
- Abstract
In the study, it is aimed to investigate the effects of banks' inclusion announcements in the Borsa Istanbul Sustainability Index (XUSRD) on the return by using event study analysis. The study covers eight banks which are included in the XUSRD between November 2014 and October 2019. It is determined that, in general, the average abnormal returns are generally negative before the announcements and positive after the announcements. Although the cumulative average abnormal returns (CAAR) are increasing negatively from the 10th day before the event to the event day, they start to recover following the events and reach a positive value first time in the 10th day after the event. The mean difference for the CAAR values between 10 days after the event and 10 days before the event is positive and statistically significant. While the CAAR values for the periods of (0, +1) and (0, +2) are positive but indifferent from zero, the CAAR values from the period of (0, +3) to (0, +10) are positive and significantly different from zero. These findings indicate that the inclusion of banks into XUSRD creates a positive impact on the investors.
- Subjects
ABNORMAL returns; CORPORATE sustainability; SUSTAINABILITY; INVESTORS; ANNOUNCEMENTS
- Publication
Visionary E-Journal / Vizyoner Dergisi, 2020, Vol 11, Issue 26, p89
- ISSN
1308-9552
- Publication type
Article
- DOI
10.21076/vizyoner.655406