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Journals / Muhasebe ve Finansman Dergisi / 2026 / Özel Sayı

The Effect of Foreign Share Changes on BİST Sector Indices in Borsa Istanbul

Borsa İstanbul’daki Yabancı Pay Değişiminin BİST Sektör Endeksleri Üzerindeki Etkisi

Murat Atik(MİLLİ SAVUNMA ÜNİVERSİTESİ)0000-0002-5150-0203
Bülent Yılmaz(MİLLİ SAVUNMA ÜNİVERSİTESİ, KARA HARP OKULU, DEKANLIK)0000-0003-1114-2365
Pages
473–490
Publication Date
2021-08-16
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

As a result, although the foreign share ratio is high in the selected 6 sectors, contrary to popular belief, the change in the foreign share does not have a causal effect on the sector indices except financial and banking sectors, the change in the sector indices does not depend on the change in the foreign share ratio, and Borsa İstanbul's own internal dynamic It has been determined that it is caused by the effect.

📌 3 Key Takeaways

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Objective & Hypothesis:While foreign direct investments are important for the economic growth of countries, foreign portfolio investments that provide a rapid financial development are also necessary for the financial markets.
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Key Findings & Data:Foreign portfolio investments can affect the capital markets, providing confidence in the stock market and a rapid economic growth especially for developing countries.
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Conclusion & Impact:As a result, although the foreign share ratio is high in the selected 6 sectors, contrary to popular belief, the change in the foreign share does not have a causal effect on the sector indices except financial and banking sectors, the change in the sector indices does not depend on the change in the foreign share ratio, and Borsa İstanbul's own internal dynamic It has been determined that it is caused by the effect.
🔬Design:Araştırma Makalesi
📍Scope:Comprehensive Sample
⚙️Variables:Yabancı Pay · BIST Sektör · Yabancı Sermaye

Abstract

While foreign direct investments are important for the economic growth of countries, foreign portfolio investments that provide a rapid financial development are also necessary for the financial markets. Foreign portfolio investments can affect the capital markets, providing confidence in the stock market and a rapid economic growth especially for developing countries. Therefore, developing countries want to attract foreign investors to capital markets. The purpose of this study is to examine the effect of the change in the foreign share ratio on the BIST sector indices on a monthly basis based on the selected sectors in Borsa Istanbul. Granger and Toda Yamamoto causality analysis methods were used to determine the relationship between sector indices and the change in foreign share ratio. As a result, although the foreign share ratio is high in the selected 6 sectors, contrary to popular belief, the change in the foreign share does not have a causal effect on the sector indices except financial and banking sectors, the change in the sector indices does not depend on the change in the foreign share ratio, and Borsa İstanbul's own internal dynamic It has been determined that it is caused by the effect.

Özet

Ülkelerin ekonomik büyümeleri için doğrudan yabancı yatırımlar reel sektör için önemli iken, hızlı bir finansal gelişmeyi sağlayan yabancı portföy yatırımları da finansal piyasalar için gereklidir. Yabancı portföy yatırımları sermaye piyasalarını etkileyerek, borsaya olan güveni ve özellikle gelişmekte olan ülkeler için hızlı bir ekonomik büyüme sağlayabilmektedir. Bu yüzden gelişmekte olan ülkeler yabancı yatırımcıyı sermaye piyasalarına çekmek istemektedir. Bu çalışmanın amacı Borsa İstanbul’da seçilen sektörler bazında aylık yabancı pay oranındaki değişimin BIST sektör endeksleri üzerindeki etkisini incelemektir. Sektör endekslerinin yabancı pay oranındaki değişimi ile ilişkisini tespit etmek için Granger ve Toda Yamamoto nedensellik analiz yöntemleri kullanılmıştır. Sonuç olarak seçilen 6 sektörde yabancı pay oranı yüksek olsa da sanılanın aksine yabancı paydaki değişimin mali ve bankacılık sektörleri hariç olmak üzere sektör endeksleri üzerinde bir nedensellik etkisinin olmadığı, sektör endekslerindeki değişimin yabancı pay oranındaki değişime bağlı olmayıp Borsa İstanbul’un kendi iç dinamik ve diğer faktörlerin etkisinden kaynaklandığı tespit edilmiştir.

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Cite This Article

Atik, M., Yılmaz, B. (2021). The Effect of Foreign Share Changes on BİST Sector Indices in Borsa Istanbul. Muhasebe ve Finansman Dergisi, Özel Sayı, 473–490. https://doi.org/10.25095/mufad.934431

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