The Impact of Reputation Capital on Stock Return in Banks: A Case Study in Borsa Istanbul

Mehmetali Candoğan; Melek Acar

Article Details

The Impact of Reputation Capital on Stock Return in Banks: A Case Study in Borsa Istanbul

Authors:

Mehmetali Candoğan | Melek Acar

Publisher:

Dokuz Eylul University

Main Topics:

Bankacılıkta Risk Yönetimi

Journal:

İzmir İktisat Dergisi Vol.40 Issue 2, pp.410-433

Document Type:

Article

Publication Date:

4/2025

Document Language:

English

Document ID (Org No.):

2001348738

pISSN:

1308-8505

Keywords:

Abstract:

 The aim of this study is to calculate the reputational capital of nine Turkish commercial banks whose stocks are traded on Borsa Istanbul between 2015 and 2021, in accordance with the reputational capital model CRMF - The Reputational Capital of Banks in the Financial Markets developed by Pacelli 2016, and to determine the impact of changes in certain micro and macro indicators on stock returns through panel data analysis. According to the results of analysis, at the 1 level of statistical significance, the price-earnings ratio positively affects stock returns, while the economic growth rate has a negative effect. At the 5 level of statistical significance, the change rate of reputational capital, net profit growth rate, and exchange rate positively affect stock returns. At the 10 level of statistical significance, the CBRT overnight interest rate negatively affects stock returns. It has been observed that the trading volume rate and consumer price index do not have statistically significant effects on stock returns.

 The aim of this study is to calculate the reputational capital of nine Turkish commercial banks whose stocks are traded on Borsa Istanbul between 2015 and 2021, in accordance with the reputational capital model CRMF - The Reputational Capital of Banks in the Financial Markets developed by Pacelli 2016, and to determine the impact of changes in certain micro and macro indicators on stock returns through panel data analysis. According to the results of analysis, at the 1 level of statistical significance, the price-earnings ratio positively affects stock returns, while the economic growth rate has a negative effect. At the 5 level of statistical significance, the change rate of reputational capital, net profit growth rate, and exchange rate positively affect stock returns. At the 10 level of statistical significance, the CBRT overnight interest rate negatively affects stock returns. It has been observed that the trading volume rate and consumer price index do not have statistically significant effects on stock returns.

 The aim of this study is to calculate the reputational capital of nine Turkish commercial banks whose stocks are traded on Borsa Istanbul between 2015 and 2021, in accordance with the reputational capital model CRMF - The Reputational Capital of Banks in the Financial Markets developed by Pacelli 2016, and to determine the impact of changes in certain micro and macro indicators on stock returns through panel data analysis. According to the results of analysis, at the 1 level of statistical significance, the price-earnings ratio positively affects stock returns, while the economic growth rate has a negative effect. At the 5 level of statistical significance, the change rate of reputational capital, net profit growth rate, and exchange rate positively affect stock returns. At the 10 level of statistical significance, the CBRT overnight interest rate negatively affects stock returns. It has been observed that the trading volume rate and consumer price index do not have statistically significant effects on stock returns.

 Bu çalışmanın amacı, Pacelli 2016 tarafından geliştirilen itibar sermayesi modeline CRMF - The Reputational Capital of Banks in the Financial Markets uygun olarak, 2015-2021 yılları arasında hisse senetleri Borsa İstanbulda işlem gören dokuz Türk ticari bankasının itibar sermayesini hesaplamak ve bazı mikro ve makro göstergelerdeki değişimlerin hisse senedi getirileri üzerindeki etkisini panel veri analizi ile belirlemektir. Analiz sonuçlarına göre; 1 istatistiksel anlamlılık düzeyinde fiyat-kazanç oranı hisse senedi getirilerini pozitif yönde etkilerken, ekonomik büyüme oranı negatif yönde etkilemektedir. 5 istatistiksel anlamlılık düzeyinde itibar sermayesi değişim oranı, net kar büyüme oranı ve döviz kuru hisse senedi getirilerini pozitif yönde etkilemektedir. 10 istatistiksel anlamlılık düzeyinde ise TCMB gecelik faiz oranı hisse senedi getirilerini negatif yönde etkilemektedir. İşlem hacmi oranı ve tüketici fiyat endeksinin hisse senedi getirileri üzerinde istatistiksel olarak anlamlı bir etkiye sahip olmadığı görülmüştür.

Article Details

The Impact of Reputation Capital on Stock Return in Banks: A Case Study in Borsa Istanbul

Authors:

Mehmetali Candoğan | Melek Acar

Publisher:

Dokuz Eylul University

Main Topics:

Bankacılıkta Risk Yönetimi

Journal:

İzmir İktisat Dergisi Vol.40 Issue 2, pp.410-433

Document Type:

Article

Publication Date:

4/2025

Document Language:

English

Document ID (Org No.):

2001348738

pISSN:

1308-8505

Corporate Reputation

Risk Management

Reputational Capital

Banking

Borsa Istanbul.Kurumsal İtibar

Risk Yönetimi

İtibar Sermayesi

Bankacılık

Borsa İstanbul

Issues

Article Details

Authors: Mehmetali Candoğan | Melek Acar

Publisher: Dokuz Eylul University

Main Topics: Bankacılıkta Risk Yönetimi

Journal: İzmir İktisat Dergisi Vol.40 Issue 2, pp.410-433

Document Type: Article

Publication Date: 4/2025

Document Language: English

Document ID (Org No.): 2001348738

pISSN: 1308-8505

Issues

Authors:

Mehmetali Candoğan | Melek Acar

Publisher:

Dokuz Eylul University

Main Topics:

Bankacılıkta Risk Yönetimi

Journal:

İzmir İktisat Dergisi Vol.40 Issue 2, pp.410-433

Document Type:

Article

Publication Date:

4/2025

Document Language:

English

Document ID (Org No.):

2001348738

pISSN:

1308-8505