İnançlı mülkiyet ilkesinin İMKB'de incelenmesi

Bu çalışmanın amacı, kurumsal yatırımcıların, İMKB’deki yatırımlarının inançlı mülkiyet ilkesine uygun olup olmadığının incelenmesidir. Çalışmada, 2005, 2006 ve 2007 yılları için kurumsal yatırımcı sahiplik oranlarına göre oluşturulan şirket portföylerinin bazı özelliklerinin birbirlerinden farklı olup olmadığı t-testi yardımıyla incelenmiştir. Söz konusu özellikler, ilgili şirketin piyasa değeri, kaldıraç oranı, işlem görme oranı, hisse senedi getirilerinin standart sapması ve aktif karlılık oranıdır. Analiz sonuçları, kurumsal yatırımcıların İMKB’de inançlı mülkiyet ilkesine uygun biçimde yatırım yaptıklarını göstermiştir. Kurumsal yatırımcılar, büyük ölçekli, aktif karlılığı yüksek, toplam riski, kaldıraç oranı ve hisse senedi likiditesi düşük şirketlere yatırım yapmayı tercih etmişlerdir.

Investigation of prudent investment hypothesis in ISE

Aim of this study is to examine whether institutional investors pursue prudent investment policy in ISE. Empirical analysis is performed by examining the difference among various firm characteristics of company portfolios constructed according to institutional ownership for the years, 2005, 2006 and 2007. Firm characteristics are market value, leverage ratio, turnover ratio, standard deviation of stock returns and return-on-assets. Analysis results suggest that institutional investors invest prudently in ISE companies. Institutional investors seem to prefer companies with big scale, high level of return-on-assets, low level of total risk, stock liquidity, and leverage ratio.

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