Türkiye’de kurumlar vergisi değişikliğinin hisse senedi fiyatları üzerine kısa dönemli etkisi

Date

2016-01-01

Author

Kütük, Samet
Derin Güre, Pınar

Metadata

Show full item record

Item Usage Stats

180
views

0
downloads

The aim of this paper is to analyze the short-term effects of the official announcement of the corporate income tax change on stock prices in Turkey in 2005. Prime Minister of Turkey announced the decline in corporate income tax rate on November 29, 2005. He indicated that the corporate tax rate would be decreased from 30% to 20% starting from the next year. In line with the market efficiency hypothesis, we use event study methodology to measure the effects of this announcement on asset prices. To the best of our knowledge, we are the first to analyze impacts of the announcement of the corporate income tax change in Turkey in 2005 on asset prices using substantially large data sets. Kandır and Yakar (2012) investigate the effects of the same announcement with five companies among highest corporate income tax payers in Istanbul Stock Exchange Market and they conclude that reactions in the stock returns were significant. We obtain that there is no significant change in asset prices in the event period using two different large sample sets. This result is parallel to the fact that stock prices in semi-efficient stock markets reflect publicly available information and expectation.

Subject Keywords

Kurumlar vergisi değişikliği, Türkiye’de Hisse Senedi Fiyatları, Olay Çalışması, Etkin Piyasa Hipotezi, İMKB

URI

https://hdl.handle.net/11511/76628

Journal

Ankara Üniversitesi SBF Dergisi

DOI

https://doi.org/10.1501/SBFder_0000002393

Collections

Department of Economics, Article

Suggestions

OpenMETU
Core

Impacts of the corporate income tax change on asset prices in Turkey / Kütük, Samet; Derin Güre, Pınar; Department of Economics (2014) The aim of this paper is to analyze impacts of the announcement of the corporate income tax change on asset prices in Turkey in 2005. Prime Minister of Turkey in his speech in his political party group meeting in Turkish Grand National Assembly announced the decline in corporate income tax rate on November 29, 2005. He indicated that the corporate tax rate would be decreased from 30% to 20% starting from the next year. In line with the market efficiency hypothesis, we use event study methodology to measure ...
The Effects of tax amnesties on tax revenues and shadow economy in Turkey Kara, Hüseyin; Derin Güre, Pınar; Department of Economics (2014) This thesis analyzes tax revenue and shadow economy implications of tax amnesties in Turkey after 1985. Cross-examination of amnesty effects was carried out through Ordinary Least Squares regression and Error Correction Model. In addition to amnesty years, pre and post effects of amnesties on revenue and shadow economy are analyzed. Results indicate that none of the amnesties necessarily display an escalating behavior for tax revenue except for 1988 amnesty. 1988 amnesty is found to increase tax revenue bot...
Financial dollarization in the Turkish economy: “the portfolio view” Serdaroğlu, Tuncay; Tunç, Gül İpek; Akbostancı Özkazanç, Elif; Department of Economics (2011) The purpose of this study is to analyze financial dollarization phenomenon in the Turkish economy since the beginning of 1990’s based on Ize and Levy Yeyati’s (2003) minimum variance portfolio (MVP) framework. Financial dollarization, steamed by unfavorable macroeconomic conditions and uncertainties, is revealed by the experiences of recent banking and financial crisis as carrying significant drawbacks such that it complicates economic policy implementation and contains the seeds of fragility for the whole ...
Sequencing, pace and timing of financial liberalization process in Turkey with implications on the macroeconomic environment Ganioğlu, Aytül; Şenses, Fikret; Department of Economics (2006) This study basically analyzes timing, sequencing and pace of the financial liberalization experience of the Turkish economy in the 1980s and evaluates its implications for the crises in the Turkish economy since the 1990s. The objectives of this study are threefold: Firstly, it aims to reveal the main policy objectives and political factors pushing the government to take capital account liberalization decision in 1989. It is concluded that domestic decision makers have shaped and taken the decision of capit...
Financial fragilities of Turkish non-financial sectors Kılıç, Abdurrahman; Özmen, Erdal; Department of Economics (2015) This thesis investigates financial structure of Turkish non-financial sectors and the impacts of their financial fragilities on profitability using the Central Bank of the Republic of Turkey (CBRT) sector level company accounts data base. The results suggest that corporate sector leverage dramatically increased after 2009. Despite the improvements in maturity and liability dollarization of the corporate sector, fragilities still appear to be substantially high. Foreign currency denominated assets have becom...

Citation Formats

S. Kütük and P. Derin Güre, “Türkiye’de kurumlar vergisi değişikliğinin hisse senedi fiyatları üzerine kısa dönemli etkisi,” Ankara Üniversitesi SBF Dergisi, pp. 303–322, 2016, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/76628.