Effect of brand value announcements on stock returns: empirical evidence from Turkey
This study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Vilnius Gediminas Technical University
2016-12-01
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| Series: | Journal of Business Economics and Management |
| Subjects: | |
| Online Access: | https://journals.vgtu.lt/index.php/JBEM/article/view/2307 |
| _version_ | 1818890700173869056 |
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| author | Pinar Basgoze Yilmaz Yildiz Selin Metin Camgoz |
| author_facet | Pinar Basgoze Yilmaz Yildiz Selin Metin Camgoz |
| author_sort | Pinar Basgoze |
| collection | DOAJ |
| description | This study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within the years of 2010–2014 by using BrandFinance Turkey’s 100 ranking list as a data source. The findings indicate that the companies listed in the Turkey Top 100 Brands list earn positive abnormal returns 7 months after the announcement. Similarly, the companies which had greater brand values relative to the previous year, experienced significant positive abnormal returns in the 7-months period. Additional findings suggest that investors are able to beat the market in the long run regarding risk-adjusted returns by consistently investing in the Top Brands. Overall, the study demonstrates new evidence to the marketing-finance interface by focusing on the Turkish case as an important emerging market. |
| first_indexed | 2024-12-19T17:29:05Z |
| format | Article |
| id | doaj.art-7d66c5c151a84220ad95e9d65c59767e |
| institution | Directory Open Access Journal |
| issn | 1611-1699 2029-4433 |
| language | English |
| last_indexed | 2024-12-19T17:29:05Z |
| publishDate | 2016-12-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Journal of Business Economics and Management |
| spelling | doaj.art-7d66c5c151a84220ad95e9d65c59767e2022-12-21T20:12:30ZengVilnius Gediminas Technical UniversityJournal of Business Economics and Management1611-16992029-44332016-12-0117610.3846/10.3846/16111699.2016.1153517Effect of brand value announcements on stock returns: empirical evidence from TurkeyPinar Basgoze0Yilmaz Yildiz1Selin Metin Camgoz2Department of Business Administration, Faculty of Economics and Administrative Sciences, Hacettepe University, Beytepe-06532, Ankara TURKEYDepartment of Business Administration, Faculty of Economics and Administrative Sciences, Hacettepe University, Beytepe-06532, Ankara TURKEYDepartment of Business Administration, Faculty of Economics and Administrative Sciences, Hacettepe University, Beytepe-06532, Ankara TURKEYThis study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within the years of 2010–2014 by using BrandFinance Turkey’s 100 ranking list as a data source. The findings indicate that the companies listed in the Turkey Top 100 Brands list earn positive abnormal returns 7 months after the announcement. Similarly, the companies which had greater brand values relative to the previous year, experienced significant positive abnormal returns in the 7-months period. Additional findings suggest that investors are able to beat the market in the long run regarding risk-adjusted returns by consistently investing in the Top Brands. Overall, the study demonstrates new evidence to the marketing-finance interface by focusing on the Turkish case as an important emerging market.https://journals.vgtu.lt/index.php/JBEM/article/view/2307brand valuebrand value announcementstock returnsevent study analysisemerging marketsTurkey |
| spellingShingle | Pinar Basgoze Yilmaz Yildiz Selin Metin Camgoz Effect of brand value announcements on stock returns: empirical evidence from Turkey Journal of Business Economics and Management brand value brand value announcement stock returns event study analysis emerging markets Turkey |
| title | Effect of brand value announcements on stock returns: empirical evidence from Turkey |
| title_full | Effect of brand value announcements on stock returns: empirical evidence from Turkey |
| title_fullStr | Effect of brand value announcements on stock returns: empirical evidence from Turkey |
| title_full_unstemmed | Effect of brand value announcements on stock returns: empirical evidence from Turkey |
| title_short | Effect of brand value announcements on stock returns: empirical evidence from Turkey |
| title_sort | effect of brand value announcements on stock returns empirical evidence from turkey |
| topic | brand value brand value announcement stock returns event study analysis emerging markets Turkey |
| url | https://journals.vgtu.lt/index.php/JBEM/article/view/2307 |
| work_keys_str_mv | AT pinarbasgoze effectofbrandvalueannouncementsonstockreturnsempiricalevidencefromturkey AT yilmazyildiz effectofbrandvalueannouncementsonstockreturnsempiricalevidencefromturkey AT selinmetincamgoz effectofbrandvalueannouncementsonstockreturnsempiricalevidencefromturkey |