The Effects of Inclusion in The BIST Sustainability Index: An Application on Borsa Istanbul

Raif Parlakkaya, Ümran Münire Kahraman and Yasin Cihan

Journal of Finance Letters (Maliye ve Finans Yazıları), 2019, vol. 34, issue 111, 33-50

Abstract: The concept of sustainability, used to mean meeting today’s needs without jeopardizing the rights of future generations, is now being met with increased interest in all segments of society. In this context, BIST Sustainability Index started to be published by Borsa İstanbul since 2014. The purpose of this study is to determine the effect of the inclusion in the BIST Sustainability Index on the company’s stock returns. In this context, the effects of the inclusion of total 43 companies in the BIST Sustainability Index, were determined by the event study method. As a result,the year-by-year and cumulative evaluations were made and it was determined that the inclusion of the BIST Sustainability Index has no impact on the stock returns.

Keywords: Sustainability Index; Event Study; Abnormal Return (search for similar items in EconPapers)
JEL-codes: G10 G11 G14 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:34:y:2019:i:111:p:33-50

DOI: 10.33203/mfy.455322

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