SavedAdd your journal

Journals / Süleyman Demirel Üniversitesi Vizyoner Dergisi / 2026 / Cilt: 17 Sayı: 51

A Study on Determining the Factors Affecting the Number of Initial Public Offerings in Borsa Istanbul

Borsa İstanbul’da İlk Halka Arz Sayısı Üzerinde Etkili Olan Faktörlerin Belirlenmesi Üzerine Bir Araştırma

Bekir Kaya(ANKARA HACI BAYRAM VELİ ÜNİVERSİTESİ)0000-0003-2648-2864
Pages
864–880
Publication Date
2026-08-30
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

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

According to the results, a positive relationship is found between the number of IPOs on the Borsa İstanbul and the industrial production index and domestic credit volume variables.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Changes in macroeconomic variables are closely monitored by financial markets.
📊
Key Findings & Data:Using monthly data, the analysis period covers October 2007 to December 2024.
💡
Conclusion & Impact:According to the results, a positive relationship is found between the number of IPOs on the Borsa İstanbul and the industrial production index and domestic credit volume variables.
🔬Design:Modeling & Simulation
📍Scope:2007 Verileri
⚙️Variables:Borsa İstanbul · İlk Halka Arz · ARDL

Abstract

Changes in macroeconomic variables are closely monitored by financial markets. This situation, which closely affects all elements of the market, whether publicly traded or privately held, is thought to also have an impact on the number of initial public offerings (IPOs). The main objective of the study is to determine whether there is a relationship between selected macroeconomic variables and the number of IPOs, and to reveal the direction of this relationship. This would provide guidance to companies considering IPOs, investors considering participating in IPOs, and market makers involved in the IPO process. Using monthly data, the analysis period covers October 2007 to December 2024. The ARDL bounds test approach is used to determine the stationarity levels of the variables, and the relationship between the selected macroeconomic variable and the number of IPOs is modeled using the established models. According to the results, a positive relationship is found between the number of IPOs on the Borsa İstanbul and the industrial production index and domestic credit volume variables.

Özet

Makroekonomik değişkenlerdeki değişmeler finansal piyasalar tarafından yakından takip edilmektedir. Halka açık ya da halka kapalı, piyasanın tüm unsurlarına yakından etkileyen bu durumun, halka açılan şirket sayısı üzerinde de bir etkisi olduğu düşünülmektedir. Seçilmiş makroekonomik değişkenlerin, halka arz sayısı ile bir ilişkisi olup olmadığının belirlenmesi ve ilişkinin yönünün ortaya konulması, bu sayede halka arzı düşünen şirketlere, halka arza katılmayı düşünen yatırımcılara, halka arz sürecinde rol alan piyasa yapıcılarına yol gösterici tespitlerde bulunmak, bu çalışmanın temel amacını oluşturmaktadır. Aylık verilerin kullanıldığı çalışmada analiz dönemi Ekim 2007 ve Aralık 2024 arasını kapsamaktadır. ARDL sınır testi yaklaşımının kullanıldığı çalışmada değişkenlerin durağanlık seviyeleri belirlenmiş ve kurulan modeller ile seçilmiş makroekonomik değişken ile halka arz sayısı arasındaki ilişki modellenmiştir. Ulaşılan sonuçlara göre, Borsa İstanbul’daki halka arz sayısı ile sanayi üretim endeksi ve yurtiçi kredi hacmi değişkenleri arasında pozitif ilişki tespit edilmiştir.

🔖

Cite This Article

Kaya, B. (2026). A Study on Determining the Factors Affecting the Number of Initial Public Offerings in Borsa Istanbul. Süleyman Demirel Üniversitesi Vizyoner Dergisi, Cilt: 17 Sayı: 51, 864–880. https://doi.org/10.21076/vizyoner.1820398

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (43)

  1. Ameer, R. (2012). Macroeconomic factors and initial public offerings (IPOs) in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 8(1), 41-67.
  2. Aidrous, I. ve Glavina, S. (2020). Impact of macroeconomic factors on the initial public offerings in the Gulf Cooperation Countries. Advances in Economics, Business and Management Research, 128, 2316-2325. https://doi.org/10.2991/aebmr.k.200312.320
  3. Akel, V. (2015). Kırılgan beşli ülkelerin hisse senedi piyasaları arasındaki eşbütünleşme analizi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 11(24), 75-96. https://doi.org/10.17130/ijmeb.2015.11.24.719
  4. Akmercan, T. ve Zortuk, M. (2023). Kantil ARDL yöntemi: Seçilmiş N-11 ülkeleri için bir uygulama (1. Baskı). Ekin Basım Yayın Dağıtım.
  5. Angelini, E. ve Foglia, M. (2018). The relationship between IPO and macroeconomics factors: An empirical analysis from UK market. Annuals of Economics and Finance, 19(1), 319-336.
  6. Autore, D. M., Boulton, T. J., Smart, S. B. ve Zutter, C. J. (2014). The impact of institutional quality on initial public offerings. Journal of Economics and Business, 73, 65-96. https://doi.org/10.1016/j.jeconbus.2014.01.002
  7. Bastı, E., Kuzey, C. ve Delen, D. (2015). Analyzing initial public offerings' short-term performance using decision trees and SVMs. Decision Support Systems, 73, 15-27. https://doi.org/10.1016/j.dss.2015.02.011
  8. Boulton, T. J. (2024). Does sustainable development matter for initial public offering underpricing? Business Strategy and the Environment, 33(8), 8361–8387. https://doi.org/10.1002/bse.3915
  9. Breinlinger, L. ve Glogova, E. (2002). Determinants of initial public offerings: A European time-series cross-section analysis. Financil Stability Report, 3, 87-106.
  10. Chang, X., Gygax, A.F., Oon, E. ve Zhang, H.F. (2008), Audit quality, auditor compensation and initial public offering underpricing. Accounting & Finance, 48, 391-416. https://doi.org/10.1111/j.1467-629X.2008.00275.x
  11. Daştan, K. ve Küçükçolak, R. A. (2025). Halka arzın işletmelerdeki finansal ve faaliyet performansına etkisi. İşletme Araştırmaları Dergisi, 17(1), 532-551. https://doi.org/10.20491/isarder.2025.1988
  12. Duong, H. N., Goyal, A., Kallinterakis, V. ve Veeraraghavan, M. (2022). Democracy and the pricing of initial public offerings around the world. Journal of Financial Economics, 145(1), 322-341. https://doi.org/10.1016/j.jfineco.2021.07.010
  13. Engle, R. F. ve Granger, C. W. J. (1987). Co-integration and error correction: Representation, estimation and testing. Econometrica, 55(2), 251-276. https://doi.org/10.2307/1913236
  14. Gnanaprakash, M., Kannan, K. ve Shivashankar, PS. (2025). The relationship between IPO and macroeconomics factors; An emprical analysis from Indian Market. European Economic Letters, 15(2), 4202-4213. https://doi.org/10.52783/eel.v15i2.3262
  15. Gökpınar, F. G. ve Sayılgan, G. (2025). An analysis of macroeconomic factors affecting long-run price performance in initial public offerings on Borsa İstanbul. Uluslararası Yönetim İktisat ve İşletme Dergisi. 21(2), 779-797. https://doi.org/10.17130/ijmeb.1501169
  16. Gujarati, D. M. ve Porter, D. C. (2009). Basic Econometrics (Fifth Edition). McGraw-Hill Irwin.
  17. Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2-3), 231-254. https://doi.org/10.1016/0165-1889(88)90041-3
  18. Johansen, S. ve Jesulies, K. (1990). Maximum likelihood estimation and inference on cointegration-with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169-210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
  19. Hwang, J. (2023). Factors influencing initial public offerings (IPOs) in the UK Market. International Journal of Finance and Accounting. 12(1), 20-27. https://doi.org/10.5923/j.ijfa.20231201.03
  20. Islam Md. S. ve Ahona, A. K. (2021). Macroeconomic factors and their influences on initial public offerings (IPO) in Bangladesh. BUFT Journal of Business & Economics (BJBE), 2, 229-239.
  21. Kovandová, S. ve Zinecker, M. (2015). Macroeconomic determinants of IPO activity in Poland between 1993-2013. Trends Economics and Management, 9(23), 24-31.
  22. Kumar, V. ve Kumar, P. (2024). Impact of macroeconomic factors on initial public offer: An analytical study of investor’s decision. International Journal for Multidisciplinary Research (IJFMR). 6(1), 1-8. https://doi.org/10.36948/ijfmr.2024.v06i01.13290
  23. Ljungqvist, A. P. (1997). Pricing initial public offerings: Further evidence from Germany. European Economic Review, 41(7), 1309-1320. https://doi.org/10.1016/S0014-2921(96)00035-9
  24. Medetoğlu, B. ve Saldanlı, A. (2023). Investigating the impact of IPOs on the BIST Technology (XUTEK) Index using the event study method. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 21(4), 215-236. https://doi.org/10.18026/cbayarsos.1295414
  25. Meluzín, T., Zinecker, M. ve Łapińska, J. (2014). Determinants of initial public offerings: The case of Poland. Revista De Mėtodos Cuantitativos Para La Economía Y La Empresa, 18, 5-17.
  26. Narayan, P. K. (2005). The saving and investment nexus for China: Evidence from cointegration tests, Applied Economics, 37(17), 1979-1990. https://doi.org/10.1080/00036840500278103
  27. Narayan, S. ve Narayan, P. K. (2004). Determinants of demand for Fiji's Exports: An empirical investigation. The Developing Economies, 42(1), 95–112. https://doi.org/10.1111/j.1746-1049.2004.tb01017.x
  28. Nayak, T. K. (2016). Study on macroeconomic factor’s impact on initial public offerings (IPO) in India. Journal of Advances and Scholarly Researches in Allied Education, XI(22), 309-314.
  29. Özyeşil, M. ve Aktürk, E. B. (2022). Macro-economic determinants of the IPO waves: An assessment of G-7 countries. F100 Research, 11(763), 1-23. https://doi.org/10.12688/f1000research.122849.2
  30. Parmaksız, S. (2024). Makroekonomik değişkenler ile enerji piyasaları arasındaki ilişkinin keşfi: Türkiye örneği. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 15(44), 1272-1298. https://doi.org/10.21076/vizyoner.1450934
  31. Pesaran, M. H. ve Shin, Y. (1999). An autoregressive distributed-lag modelling approach to cointegration analysis. S. Strøm (Ed.), Econometrics and economic theory in the 20th Century The Ragnar Frisch Centennial Symposium içinde (s. 371-413), Cambridge University Press.
  32. Pesaran, M.H., Shin, Y. ve Smith, R.J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
  33. Pesyan, V. N., Rezazadeh, A., Ahmedinejhad, H. ve Ahmadvand, S. (2023). Investigating the causal relationship between stocks initial public offerings and macroeconomic variables. Journal of Asset Management and Financing, 11(2), 35-52. https://doi.org/10.22108/amf.2023.136359.1779
  34. Rees, W. P. (1997). The arrival rate of initial public offers in the UK. European Financial Management, 3(1), 45-62. https://doi.org/10.1111/1468-036X.00030
  35. Riyath, M.I.M., Dayaratne, D.A.I ve Jahfer, A. (2025). Macroeconomic variables and initial public offerings in Sri Lanka: A principal component analysis approach. LBS Journal of Management & Research, 23(1), 1-26. https://doi.org/10.1108/LBSJMR-06-2023-0023
  36. Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H. H. ve Kantar, L. (2019). Finans Biliminde Ekonometri Uygulamaları Kavram-Uygulama-Analiz. Seçkin Yayınevi.
  37. Sermaye Piyasası Kanunu. (2012, 30 Aralık). https://www.resmigazete.gov.tr/eskiler/2012/12/20121230.htm
  38. Sermaye Piyasası Kurulu. (2026). SPK İhraç Verileri. https://spk.gov.tr/ihrac-verileri/ adresinden 24 Şubat 2026 tarihinde alınmıştır.
  39. Sevüktekin, M. ve Nargeleçekenler, M. (2010). Ekonemetrik Zaman Serileri Analizi Eviews Uygulamalı (3. Baskı). Nobel Yayın Dağıtım.
  40. Tran, A. L. ve Jeon, B. N. (2011) The dynamic impact of macroeconomic factors on initial public offerings: Evidence from time-series analysis. Applied Economics, 43(23), 3187-3201. https://doi.org/10.1080/00036840903493267
  41. Ünal, S., ve Karaarslan, S. (2024). Türkiye’de halka arzlar ve makroekonomik faktörler arasındaki ilişki. Balkan Sosyal Bilimler Dergisi, 13(26), 30-35. https://doi.org/10.55589/bsbd.1557037
  42. Vurur, S. (2025). Halka arz endeksini etkileyen makroekonomik faktörler. İstanbul Nişantaşı Üniversitesi Sosyal Bilimler Dergisi, 13(Özel Sayı), 124-138. https://doi.org/10.52122/nisantasisbd.1809645
  43. Wu, C. ve Kwok, C. C. Y. (2003). The pricing of global and domestic initial public offerings by US companies. Journal of Banking & Finance, 27(6), 1167-1184. https://doi.org/10.1016/S0378-4266(02)00248-0