ŞİRKET FİNANSMANINDA HALKA ARZLAR : BORSA İSTANBUL ÖRNEĞİ

Yıl 2023, , 830 - 866, 29.09.2023

Recep Ali Küçükçolak , Sami Küçükoğlu , Necla İlter Küçükçolak

https://doi.org/10.46928/iticusbe.1180429

Öz

Bu çalışmada işletme finansmanında halka arzları değerlendirmek amacıyla 2021 yılında halka arz olan 52 şirket ile 2022 yılı ağustos ayı dönemine kadar halka arz olan 30 adet şirketin verileri Borsa İstanbul (BİST) özelinde deskriptif yöntem ile incelenmiştir. Araştırmada kullanılan veriler Kamuoyu Aydınlatma Platformu (KAP) ile şirketlerin Sermaye Piyasası Kurulu (SPK) tarafından onaylanmış izahnamelerinden elde edilmiştir. Belirlenen sonuçlara göre 2021’de gerçekleşen 52 adet şirketin halka arz edilmesinden sonra 2022 yılında ağustos ayı sonu itibariyle gerçekleşen 30 adet şirketin halka arz edilmesi 2022 yıl sonu itibariyle halka arzların 2021’e göre düşük bir ivmede gerçekleşeceğine işaret etmektedir. Halka arzlarda düşüşün global finansal piyasalardaki gelişmeler, dünya çapında artan enflasyon oranları, ekonomik büyüme oranlarındaki yavaşlama, Ukrayna’da devam eden savaş gibi koşullar altında devam edeceği ön görülmektedir.

Anahtar Kelimeler

Halka arzlar, Finans, Borsa İstanbul, Sermaye Piyasaları

PUBLIC OFFERINGS IN COMPANY FINANCE: THE EXAMPLE OF BORSA ISTANBUL

Öz

In this study, in order to evaluate public offerings in business finance, the data of 52 companies that went public in 2021 and 30 companies that went public until August 2022 were analyzed with a descriptive method in Borsa Istanbul (BIST). The data used in the research were obtained from the Public Disclosure Platform (KAP) and the companies' prospectuses approved by the Capital Markets Board (SPK). According to the determined results, after the public offering of 52 companies in 2021, the public offering of 30 companies as of the end of August in 2022 indicates that by the end of 2022, the public offerings will take place at a lower pace compared to 2021. It is predicted that the decline in public offerings will continue under conditions such as developments in global financial markets, increasing inflation rates around the world, slowdown in economic growth rates, and the ongoing war in Ukraine.

Anahtar Kelimeler

Public offerings, Finance, Borsa Istanbul, Capital Markets

Kaynakça

• Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and Medium Enterprises Financing: A Review of Literature. International Journal of Business and Management, Vol. 8, No. 14.
• Amorim, D., Camargos, M., & Ferreira, C. (2021). Macroeconomic Factors and Initial Public Offerings in Brazil. Global Business Review. https://doi.org/10.1177/09721509211003696.
• Badru, B. O. (2021). Decomposition of intended use of initial public offering proceeds: Evidence from Malaysia. Gadjah Mada International Journal of Business, 23(1), 76–90. https://search.informit.org/doi/10.3316/informit.785845580975376.
• Baxamusa, M., & Jalal, A. (2018). Industry networks and IPO waves. Journal of Banking & Finance, 88, ISSN 0378-4266, 129-146. https://doi.org/10.1016/j.jbankfin.2017.11.015.
• Chhabra, S., & Kiran, R. (2020). Impact of information on winners' curse and long run performance of initial public offerings. International Journal of Finance & Economics, 27(1), 975-992. https://doi.org/10.1002/ijfe.2186.
• Cook, P. (2001). Finance and Small and Medium-Sized Enterprise in Developing Countries. . Journal of Development Entrepreneurship, 6(1), , 17. .
• de Jong, A., & Legierse, W. (2021). What causes hot markets for equity IPOs? An analysis of initial public offerings in the Netherlands, 1876–2015. European Review of Economic History, 26(2), 208-233.
• Dong, Y., & Huang, J. (2022). Price limits, investor sentiment, and initial public offering underpricing: A quasi-natural experiment based on ChiNext,. Emerging Markets Review, 100893. https://doi.org/10.1016/j.ememar.2022.100893.
• Gao, Q., Long, H., & Zhao, J. (2021). Are initial public offerings significant to firm performance in an emerging stock market? Evidence from China. South African Journal of Business Management, 52(1), 13, https://doi.org/10.4102/sajbm.v52i1.2517.
• Honjo, Y. (2020). Public or perish? From founding to initial public offering. Review of Managerial Science, 15(6), 1573-1610. https://doi.org/10.1007/s11846-020-00390-4.
• IOSCO. (2015, July). The Growth and Emerging Markets Committee of the International Organization of Securities Commissions. https://www..org/library/pubdocs/pdf/IOSCOPD493.pdf adresinden alındı
• Jenkinson, T., Jones, H., & Suntheim, F. (2018). Quid pro quo? What factors influence IPO allocations to investors? The Journal of Finance, 73(5) , 2303-2341.
• Kalgo, S. H., Nahar, H. S., & Noordin, B. A. (2022). The Impact Of Inıtıal Publıc Offerıng (Ipo) Attrıbutes, Fırm-Level Characterıstıcs And Ownershıp On Malaysıan Ipo Fırms' Earnıngs Management. Asian Academy of Management Journal of Accounting and Finance. Vol. 18, No.1, 235–262.
• KAP. (2022). Kamu Oyu Aydınlatma Platformu. https://www.kap.org.tr/tr/ adresinden alındı
• Kotlar, J., Signori, A., De Massis, A., & Vismara, S. (2018). Financial wealth, socioemotional wealth, and IPO underpricing in family firms: A two-stage gamble model. Academy of Management Journal, 61(3), 1073-1099. https://doi.org/10.5465/amj.2016.0256.
• Massel , N., Park, J., & Reichelt, K. (2021). Do Revenues Matter More Than Earnings for Initial Public Offerings? Journal of Accounting, Auditing & Finance, 0148558X211046512. https://doi.org/10.1177/0148558X211046512.
• Min, J. H. (2022). Are Korea ındıvıdual ınvestors ırratıonal ın ıpo market?: An explanatıon from the wınner's curse perspectıve. Asian Academy of Management Journal of Accounting & Finance, 18(1), p1-1. 1p.
• Ou, C., & Haynes, G. (2006). Acquisition of Additional Equity Capital by Small Firms- Findings from the National Survey of Small Business Finances. . Small Business Economics, 27(2), 157-168. http://dx.doi.org/10/.1007/s11187-006-0009-8 .
• PWC. (2022). Global ipo watch q2 2022. www.pwc.com: https://www.pwc.com/gx/en/audit-services/ipo-centre/assets/pwc-global-ipo-watch-q2-2022.pdf adresinden alındı
• Rasheed, A., Khalid Sohail, M., Din, S. U., & Ijaz, M. (2018). How do investment banks price initial public offerings? an empirical analysis of emerging market. International Journal of Financial Studies, 6(3), 77. https://doi.org/10.3390/ijfs6030077.
• Rudy, B. C., & Cavich, J. (2020). Nonmarket signals: Investment in corporate political activity and the performance of initial public offerings. Business & Society, 59(3), 419-438. https://doi.org/10.1177/0007650317717263.
• Singh, A. K., & Jain, S. (2020). Foreign direct investment and initial public offerings: Exploring the roads less travelled. FIIB Business Review, 9(4) , 309-318. https://doi.org/10.1177/2319714520973849.
• Su, C. (2018). The efficiency of IPO issuing mechanisms and market conditions: evidence in China. Review of Quantitative Finance and Accounting, 51(2), 461-495. https://doi.org/10.1007/s11156-017-0677-2.
• Tutuncu, L. (2021). Allocation discretion, price discounts and returns in Turkish initial public offerings. International Journal of Islamic and Middle Eastern Finance and Management, Vol. 15 No. 5, 865-883. https://doi.org/10.1108/IMEFM-05-2020-0258.
• Wei, H., Mohd‐Rashid, R., Mehmood, W., & Tajuddin, A. (2021). Institutional quality and initial public offering underpricing: evidence from Hong Kong. Journal of Public Affairs, e2676, https://doi.org/10.1002/pa.2676.