DÖVİZ KURU VE HİSSE SENEDİ FİYATLARI GEÇİŞKENLİĞİ: BİST100 VE ALT ENDEKSLER ÜZERİNE BİR UYGULAMA

İlyas Kays İmamoğlu; Rahman Aydın

doi:10.37880/cumuiibf.1235466

TR EN

DÖVİZ KURU VE HİSSE SENEDİ FİYATLARI GEÇİŞKENLİĞİ: BİST100 VE ALT ENDEKSLER ÜZERİNE BİR UYGULAMA

Öz

Hisse senedi piyasası ile döviz kurları arasındaki ilişki özellikle gelişmekte olan ülkeler için araştırılmaktadır. Çünkü bu ülkeler ekonomik büyümeleri için dış tasarruflara ihtiyaç duymaktadırlar. Ayrıca yabancı fonlar da bu piyasalarda var olan fırsatları değerlendirmek üzere farklı sektörlere yatırım yapmayı tercih etmektedirler. Bu sektörlerden biri de hisse senedi piyasasıdır. Hisse senedi piyasasına gelen fonların nedeni ise literatürde farklı teoriler yardımı ile açıklanmaktadır. Bu teoriler, özellikle gelişmekte olan ülke piyasaları üzerine geçerliliği incelenmektedir. Bu kapsamda çalışmada Türkiye’de hisse senedi piyasaları arasında yer alan BİST100, BİST Mali, BİST Hizmet, BİST Sınai ve BİST Teknoloji endeksleri ile döviz kuru arasındaki ilişki araştırılmaktadır. Bu amaçla çalışmada beş farklı model kullanılmış ve bu modelleri tahmin etmek üzere ARDL yöntemi tercih edilmiştir. ARDL yönteminden elde edilen bulgulara göre BİST100, BİST Mali ve BİST Hizmet endekslerinde geleneksel teorilerin geçerli olduğu belirlenmiştir. BİST Teknoloji endeksinde ise portföy teorisinin varlığı tespit edilmiştir. Son olarak BİST Sınai endeksinde ise döviz kuru ile hisse senedi arasında bir ilişki olmadığı sonucuna ulaşılmıştır.

Anahtar Kelimeler

EXCHANGE RATE AND SHARE PRICES PASSAGE: AN APPLICATION ON BIST100 AND SUB-INDICES

Abstract

The relationship between the stock market and exchange rates is being investigated, especially for developing countries. Because these countries need foreign savings for their economic growth. In addition, foreign funds prefer to invest in different sectors to evaluate the opportunities available in these markets. One of these sectors is the stock market. The reason for the funds coming to the stock market is explained with the help of different theories in the literature. The validity of these theories, especially in emerging market markets, is examined. In this context, the relationship between the BIST100, BIST Financial, BIST Service, BIST Industrial and BIST Technology indices, which are among the stock markets in Turkey, and the exchange rate are investigated in this study. For this purpose, five different models were used in the research, and the ARDL method was preferred to estimate these models. According to the findings obtained from the ARDL method, it has been determined that traditional theories are valid in BIST100, BIST Financial and BIST Service indices. The existence of portfolio theory was selected in the BIST Technology index. Finally, it has been concluded that there is no relationship between the exchange rate and the stock in the BIST Industrial index.

Keywords

Öz

Anahtar Kelimeler

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Details

Primary Language

Turkish

Subjects

Economics

Journal Section

Research Article

Authors

İlyas Kays İmamoğlu
0000-0002-7732-4148
Türkiye

Rahman Aydın ^*
0000-0003-0440-7468
Türkiye

Early Pub Date

July 28, 2023

Publication Date

July 31, 2023

Submission Date

January 15, 2023

Acceptance Date

May 16, 2023

Published in Issue

Year 2023 Volume: 24 Number: 3

DOI

https://doi.org/10.37880/cumuiibf.1235466

IZ

https://izlik.org/JA92JY49UP

Cite

RIS / Bibtex

APA

İmamoğlu, İ. K., & Aydın, R. (2023). DÖVİZ KURU VE HİSSE SENEDİ FİYATLARI GEÇİŞKENLİĞİ: BİST100 VE ALT ENDEKSLER ÜZERİNE BİR UYGULAMA. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 24(3), 302-316. https://doi.org/10.37880/cumuiibf.1235466

Cited By

BIST 100 ve Katılım 50 Endekslerinin Döviz Kuru, CDS Risk Primi, CBOE Oynaklık Endeksi (VIX) ve Petrol Fiyatları Arasındaki İlişkinin İncelenmesi

Kahramanmaraş Sütçü İmam Üniversitesi Sosyal Bilimler Dergisi

https://doi.org/10.33437/ksusbd.1400787