Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test

Burcu BERKE (Niğde Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü, Niğde, Türkiye)
Maliye Dergisi
9 2
Yıl: 2012 Cilt: 0 Sayı: 163 Sayfa Aralığı: 243 - 257 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test

Öz:
Döviz kurları ve hisse senedi fiyatları arasındaki ilişkiye yönelik geleneksel veportföy dengesi yaklaşımları olmak üzere iki yaklaşım bulunmaktadır. Geleneksel yaklaşıma göre döviz kurunun değişmesi firmaların kârlılığını etkileyerek hisse senedi fiyatlarında bir değişmeye neden olmakta ve bu iki değişken arasında pozitif bir ilişki bulunmaktadır. Portföy dengesi yaklaşımında ise hisse senedi fiyatlarının artması döviz kurunda azaltıcı bir etkiye ve negatif bir ilişkiye neden olmaktadır. Bu yaklaşımların geçerliliğinin sorgulandığı bu çalışmada 01/04/2002-31/07/2012 dönemi için Türkiyede TL/USD döviz kuru ile İMKB100 fiyat endeksi arasındaki ilişki FMOLS, CCR ve DOLS yöntemleri kullanılarak araştırılmaktadır. Üç testin sonuçları iki değişken arasında negatif bir ilişkinin var olduğunu ve bu nedenle portföy dengesi yaklaşımının desteklendiğini göstermektedir.
Anahtar Kelime:

Konular: İşletme İktisat

Exchange rate and IMKB100 index relationship: A new test

Öz:
There are two approaches for the relationship between exchange rates and stock prices including "traditional" and "portfolio balance" approaches. According to traditional approach, changes in exchange rates affect the profitability of firms and finally, results in a change in stock prices. In this approach, there is a positive relationship between these two variables. On portfolio balance approach, the increase in stock prices has a reducing effect on exchange rate and leads to a negative relationship. In this study questioning of the validity of these approaches for the period 01/04/2002-31/07/2012, the relationship between TL/USD exchange rate and IMKB100 price index is being investigated by using FMOLS, CCR and DOLS methods in Turkey. The results of the three tests show that there is anegative relationship between two variables and therefore, portfolio balance approach is supported.
Anahtar Kelime:

Konular: İşletme İktisat
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA BERKE B (2012). Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. , 243 - 257.
Chicago BERKE Burcu Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. (2012): 243 - 257.
MLA BERKE Burcu Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. , 2012, ss.243 - 257.
AMA BERKE B Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. . 2012; 243 - 257.
Vancouver BERKE B Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. . 2012; 243 - 257.
IEEE BERKE B "Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test." , ss.243 - 257, 2012.
ISNAD BERKE, Burcu. "Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test". (2012), 243-257.
APA BERKE B (2012). Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi, 0(163), 243 - 257.
Chicago BERKE Burcu Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi 0, no.163 (2012): 243 - 257.
MLA BERKE Burcu Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi, vol.0, no.163, 2012, ss.243 - 257.
AMA BERKE B Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi. 2012; 0(163): 243 - 257.
Vancouver BERKE B Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi. 2012; 0(163): 243 - 257.
IEEE BERKE B "Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test." Maliye Dergisi, 0, ss.243 - 257, 2012.
ISNAD BERKE, Burcu. "Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test". Maliye Dergisi 163 (2012), 243-257.
Sayfa Oluşturulma Tarihi
22-04-2024 18:36

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