BONO GETİRİLERİ, BIST-100 İLE BANKA KARLILIĞI ARASINDAKİ İLİŞKİ

Year 2023, , 1 - 17, 30.06.2023

Fatih Kayhan

https://doi.org/10.57085/ufebud.1239459

Abstract

Bono getiri oranı (bono piyasası faiz göstergesi) ve BIST-100 (iktisadi faaliyet düzeyi) getiri endeksinin banka karlılık oranları üzerindeki etkisinin tespit edilmesi bu makalenin hedefidir. Çalışma Türkiye’yi kapsamaktadır. Analizde kullanılan veri, 2011, 2021 yılları arası çeyrek dönemleri kapsamaktadır ve panel veri yapısı kullanılmıştır. DOLS (Panel Dinamik En Küçük Kareler Yöntemi) yöntemi analizde kullanılmıştır. Türkiye’de faaliyet gösteren ticari bankalar, katılım bankaları yanında kalkınma ve yatırım bankalarının ROA (Aktif Karlılık) oranı bağımlı değişken olarak dikkate alınmıştır; diğer yandan, Tüm-Bono Endeks Getirisi (Tahvil ve Bono piyasasını temsil etmek üzere) ve BIST-100 açıklayıcı değişkenler olarak analize dahil edilmiştir. Analiz bulguları göstermektedir ki; bono getiri endeksi (Tüm Bono) ve hisse senedi getiri endeksi (BIST-100), ROA üzerinde anlamlı derecede pozitif etkiye sahiptir.

Keywords

: BONO PİYASASI, HİSSE SENEDİ PİYASASI, BANKA KARLILIĞI

THE RELATION BETWEEN BOND RETURNS, BIST-100 RETURNS AND BANK PROFITABILITY

Abstract

The purpose of this study is to analyze the impact of bond return index (proxy for market interest rate) as well as BIST-100 (proxy for economic activity) upon bank profitability. The scope of this paper is Turkey. Data covers quarterly period between 2011 and 2021, data structure is panel data. Panel Dynamic Ordinary Least Squares (DOLS) is used in econometric analysis conducted in this study. ROA ratio of commercial bank, participation banks (non-interest banking industry) and investment & development banks are used as dependent variable; on the other hand, all-bond return index (as a reference for bond market interest rates) and BIST-100 return index are used as explanatory variables. Finding of the analysis indicate that the bond yield index (BOND) and the stock return index (BIST100) have a positive and statistically significant impact on the return on assets (ROA) of banks.

Keywords

BOND MARKET, BIST-100, BANK PROFITABILITY

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