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Journals / Bankacılar / 2020 / Cilt: 31 - Sayı: 113

Firm Characteristics and Differentiation of Stock Returns

Firmaların Seçilmiş Finansal Rasyoları ve Borsa Getirilerindeki Ayrışma

M. Selman ÇOLAK
Yavuz S. HACIHASANOĞLU
Yavuz S. HACIHASANOĞLU
Deren ÜNALMIŞ
Pages
114–126
DOI
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AI Summary & Key Takeaways

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

The results show that the balance sheet ratios related to liquidity risk, exchange rate risk, profitability, and solvency are effective in differentiating stock returns.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The financial strength of firms contributes to macro-financial stability by improving the financial health of other firms and financial institutions, with which they interact.
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Key Findings & Data:In this study, it is shown that the firms whose financial ratios are relatively strong have relatively high stock market returns in the period January 2010 – September 2018.
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Conclusion & Impact:The results show that the balance sheet ratios related to liquidity risk, exchange rate risk, profitability, and solvency are effective in differentiating stock returns.
🔬Design:Research Article
📍Scope:2010 Verileri
⚙️Variables:Domain Parameters

Abstract

The financial strength of firms contributes to macro-financial stability by improving the financial health of other firms and financial institutions, with which they interact. In this study, it is shown that the firms whose financial ratios are relatively strong have relatively high stock market returns in the period January 2010 – September 2018. The stock returns of the real sector firms traded on Borsa Istanbul (BIST) are analyzed using different balance sheet ratios of the firms. The results show that the balance sheet ratios related to liquidity risk, exchange rate risk, profitability, and solvency are effective in differentiating stock returns.

Özet

Firmaların finansal sağlamlığı, etkileşim içerisinde bulunduğu diğer firmalar ve finansal kuruluşlara da yansıyarak makro-finansal istikrara katkı sağlamaktadır. Bu çalışmada, finansal rasyoları göreli olarak sağlam bir yapıya işaret eden firmaların hisse senedi piyasalarında Ocak 2010 – Eylül 2018 döneminde görece yüksek getiri sağladığı bulgulanmaktadır. Çalışmada, Borsa İstanbul’da (BİST) işlem gören reel sektör firmalarının birikimli hisse senedi getirileri, firmaların farklı rasyoları kullanılarak incelenmiştir. Bulgular likidite riski, kur riski, kârlılık ve borç ödeme kabiliyetine ilişkin finansal rasyoların hisse senedi getirilerinin ayrışmasında etkili olduğunu göstermektedir. Çalışmada sunulan görüşler yazarlara aittir ve TCMB’nin görüşlerini temsil etmeyebilir.

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Cite This Article

ÇOLAK, M. S., HACIHASANOĞLU, Y. S., HACIHASANOĞLU, Y. S., ÜNALMIŞ, D. (2020). Firm Characteristics and Differentiation of Stock Returns. Bankacılar, Cilt: 31 - Sayı: 113, 114–126. https://ajindex.com/articles/212580

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