Kurumlar vergisi oranındaki değişikliğin hisse senedi getirileri üzerindeki etkisinin incelenmesi

Çalışmanın amacı, kurumlar vergisinde indirim öngören açıklamanın hisse senedi getirileri üzerindeki etkisinin incelenmesidir. Çalışmanın örneklemini 2004 yılında en fazla kurumlar vergisi tahakkuk ettirilen on şirket arasından verisi derlenen beş şirket oluşturmaktadır. Çalışmada, olay çalışması yönteminden yararlanılmıştır. Bu çerçevede, 29/11/2005 tarihinde yapılan kurumlar vergisi indirimi açıklaması olay günü olarak belirlenmiş ve buna bağlı olarak olay penceresi olay gününün beş gün öncesi ve beş gün sonrası dikkate alınarak oluşturulmuştur. Analiz sonuçları, kurumlar vergisi indirimi açıklamasının olay gününde hisse senedi getirilerinde anormal bir tepkiye neden olduğunu göstermektedir. Buna göre İMKB yarı güçlü formda etkin bir piyasa olarak değerlendirilebilir.

Investigating the impact of the change in corporate tax rate on stock returns

Aim of this study is to investigate the impact of deduction in corporate tax announcement on stock returns. The sample of the study is composed of five companies, of which data is collected among ten companies that were accrued the highest corporate tax in 2004. Event study method is employed in the study. In this manner, corporate tax deduction announcement made on November 29th 2005 is determined as event day and event window is constructed by establishing five days before and after the event day. Analysis results suggest that stock returns react significantly to corporate tax deduction announcement on the event day. In this manner, ISE would be accepted as a semi-strong form efficient market.

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