HİSSE SENEDİ GERİ ALIMLARININ HİSSE SENEDİ GETİRİLERİNE ETKİSİ: BORSA İSTANBUL’DAN KANITLAR

Company executives engage in stock buybacks either to improve financial ratios or due to the expectation that the likelihood of improved company performance in the future will lead to an increase in stock prices. With the recent amendments to the Capital Markets Board of Turkey and the Turkish Commercial Code, companies buying back their own shares has become a very common situation in Turkey in recent years. This study aims to examine the effect of stock buybacks on stock returns. The study includes firms engaged in stock buybacks in the Borsa İstanbul stock buyback index, based on 508 days of trading data from 23.05.2022 to 01.05.2024, with a sample of 42 companies involved in stock repurchases. Panel data analysis was used in the application part of the study. Hausman and Breusch-Pagan LM tests were performed in the selection of the panel regression model. As a result, it was determined that the pooled panel regression model was the appropriate model. Regression analysis was performed using Huber Eicker and White Estimators, which are robust estimators, depending on the regression analysis assumptions. As a result, it was concluded that the stock buyback, which is the subject of the research, has a statistically significant and negative effect on stock returns.