Siyasal: Journal of Political Sciences

GÖNDERBİLGİ
EnglishTürkçe

Araştırma Makalesi


DOI :10.26650/siyasal.2024.33.1514089   IUP :10.26650/siyasal.2024.33.1514089    Tam Metin (PDF)

Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma

Yusuf Aytürk, Caner Akbaba

İlk halka arz olgusu finans sektöründeki en belirsiz ve karmaşık konulardan biri olmaya devam etmektedir. Farklı ülkelerde yapılan bir dizi çalışma, ilk halka arzlardaki düşük fiyatlandırmanın çeşitli yönlerini ele alarak önemli kanıtlar sunmaktadır. Yatırımcılar ve ihraççılar arasındaki bilgi asimetrisi, düşük fiyatlandırmanın en önemli nedeni olarak gösterilmektedir. Piyasada gerçeğe uygun fiyat dengesine ulaşmak için ihraççılar daha fazla bilgi açıklama eğilimindedir. Riskten korunma araçları, bilgi asimetrisini de azaltabilen ve en yaygın kullanılan finansal risk yönetim araçlarındandır. Kurumsal türev araçların kullanımı ve bilgi asimetrisi arasındaki ilişki ikincil piyasalarda genellikle değer ilişkisi aracılığı ile araştırılmıştır. Ancak, araştırmacılar son zamanlarda borç piyasası, birleşme ve devralmalar ve ilk halka arzlar gibi çeşitli piyasaları kullanarak riskten korunmanın etkisini analiz etmeye başlamışlardır. Ayrıca, yüksek enflasyonist ortam nedeniyle reel varlıklara ve ilk halka arzlara yönelik artan ilgi, özellikle gelişmekte olan piyasalardaki ilk halka arzların düşük fiyatlandırması için daha fazla kanıt sağlayabilmektedir. Bu amaçla çalışmamız, finansal türev araçlar aracılığıyla finansal risk yönetiminin ilk halka arzların kısa vadeli performansı, diğer bir deyişle Türkiye halka arz piyasasında ilk halka arzların düşük fiyatlandırılması üzerindeki etkisini araştırmaktadır. Sonuç olarak, çalışmamızda 2008 ile 2023 yılları arasında Türkiye’de gerçekleşen 287 ilk halka arzdan oluşan bir örneklem kullanarak, finansal türev araç kullanımının ilk halka arzlarda düşük fiyatlandırma düzeyini negatif yönde etkilediğini tespit etmekteyiz.

Anahtar Kelimeler: Finansal türev araçlar, Değerleme, İlk halka arzlar, Düşük fiyatlandırma, Türkiye
JEL Classification : G12 , G32
DOI :10.26650/siyasal.2024.33.1514089   IUP :10.26650/siyasal.2024.33.1514089    Tam Metin (PDF)

Corporate Hedging and IPO Underpricing in Türkiye

Yusuf Aytürk, Caner Akbaba

The initial public offerings (IPO) phenomenon remains one of the most nebulous and sophisticated issues in the financial industry. Numerous studies in different countries provide significant evidence by addressing various aspects of underpricing of IPOs. Information asymmetry between investors and issuers is a prominent reason for the extent of underpricing. Issuers tend to disclose more information to reach a fair equilibrium price in the market. Hedging instruments are the most widely used financial risk management tools that can decrease information asymmetry. The relationship between corporate derivatives use and information asymmetry has been investigated through value relevance channels in secondary markets. However, researchers have recently started to analyse the impact of hedging using various markets, such as debt markets, mergers and acquisitions, and IPOs. Moreover, increasing interest in real assets and initial public offerings due to a high inflationary environment can provide further evidence for IPO underpricing, especially in emerging markets. For this purpose, this study investigates the impact of financial risk management using financial derivatives on short-term IPO performance (i.e., IPO underpricing) in the Turkish IPO market. Employing a sample of 287 Turkish IPOs between 2008 and 2023, we find that financial derivatives use negatively affects the level of IPO underpricing.

Anahtar Kelimeler: Financial derivatives, Valuation, Initial public offerings, Underpricing, Türkiye
JEL Classification : G12 , G32

PDF Görünüm

Referanslar

  • Akpinar, O. & Fettahoglu, A. (2016). Does the use of derivatives affect firm value? Evidence from Turkey. Journal of Transnational Management, 21(2), 53-61. google scholar
  • Allayannis, G., & Ofek, E. (2001). Exchange rate exposure, hedging, and the use of foreign currency derivatives. Journal of International Money and Finance, 20(2), 273-296. google scholar
  • Allayannis, G., & Weston, J. P. (2001). The use of foreign currency derivatives and firm market value. The Review of Financial Studies, 14(1), 243-276. google scholar
  • Allayannis, G., Lel, U., & Miller, D. (2012). The use of foreign currency derivatives, corporate governance, and firm value around the world. Journal of International Economics, 87(1), 65-79. google scholar
  • Allen, F., & Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303-323. google scholar
  • Avcı, B., Akdoğu, E., & Şimşir, S. A. (2020). Borsa İstanbul ilk halka arz piyasa dinamikleri ve düşük fiyatlama. Center of Excellence in Finance Araştırma Raporu. Sabancı Üniversitesi. google scholar
  • Ayturk, Y., Gurbuz, A. O., & Yanik, S. (2016). Corporate derivatives use and firm value: Evidence from Turkey. Borsa Istanbul Review, 16(2), 108-120. google scholar
  • Bartram, S. M., Brown, G. W., & Conrad, J. (2011). The effects of derivatives on firm risk and value. Journal of Financial and Quantitative Analysis, 46(4), 967-999. google scholar
  • Beatty, R. P., & Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1-2), 213-232. google scholar
  • Benveniste, L. M., & Spindt, P. A. (1989). How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics, 24(2), 343-361. google scholar
  • Bildik, R., & Yılmaz, M. K. (2008). The market performance of initial public offerings in the İstanbul stock exchange. BDDK Bankacılık ve Finansal Piyasalar, 2(2), 49-75. google scholar
  • Borsa Istanbul (2013), IPO in Turkey and listing on Borsa İstanbul. Retrieved April 20, 2024, from https://www.borsaistanbul.com/datum/ilgili_dosyalar_eng/IPO_in_Turkey_and_Listing_on_Borsa_Istanbul_Details.pdf google scholar
  • Borsa Istanbul Datastore. (2024). Public offering data [Data File]. Retrieved February 1, 2024, from https:// datastore.borsaistanbul.com/ google scholar
  • Breeden, D. T., & Viswanathan, S. (2016). Why do firms hedge? An asymmetric information model. The Journal of Fixed Income, 25, 7-25. google scholar
  • Campello, M., Lin, C., Ma, Y., & Zou, H. (2011). The real and financial implications of corporate hedging. The Journal ofFinance, 66(5), 1615-1647. google scholar
  • Carter, R., & Manaster, S. (1990, September). Initial public offerings and underwriter reputation. The Journal ofFinance, 45(4), 1045-1067. google scholar
  • Chen, J., & King, T. H. D. (2014). Corporate hedging and the cost of debt. Journal of Corporate Finance, 29, 221-245. google scholar
  • Chen, Z., Han, B., & Zeng, Y. (2017). Financial hedging and frm performance: evidence from cross-border mergers and acquisitions. European Financial Management, 23(3), 415-458. google scholar
  • Cohen, B.D., & Dean, T.J. (2005). Information asymmetry and investor valuation of IPOs: top management team legitimacy as a capital market signal. Strategic Management Journal, 26(7), 683-690. google scholar
  • Dadalt, P., Gay, G. D., & Nam, J. (2002). Asymmetric information and corporate derivatives use. Journal of Futures Markets, 22(3), 241-267. google scholar
  • Danisman, G. O., & Demirel, P. (2019). Corporate risk management practices and firm value in an emerging market: a mixed methods approach. Risk Management, 21(1), 19-47. google scholar
  • DeMarzo, P. M., & Duffie, D. (1995). Corporate incentives for hedging and hedge accounting. The Review of Financial Studies, 8(3), 743-771. google scholar
  • Demirci, N. S. (2023). The impact of derivatives use on firm value: do smaller firms benefit more? (Evidence from Borsa İstanbul). Ege Academic Review, 23(4), 605-616. google scholar
  • Durukan, M. B. (2002). The relationship between IPO returns and factors influencing IPO performance: case of Istanbul stock exchange. Managerial Finance, 28(2), 18-38. google scholar
  • Ece, O., & Sari, S. S. (2020). Relationship between corporate sustainability reporting and firm efficiency, productivity, and profitability and firm value: Evidence from Turkey. Academic Studies, 8(11), 83-114. google scholar
  • Ernst and Young (2024). Global IPO trends report, Retrieved May 15, 2024, from https://www.ey.com/en_gl/ insights/ipo/trends google scholar
  • Geczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. The Journal of Finance, 52(4), 1323-1354. google scholar
  • Gökkaya, V., & Açıkgöz, Ş. (2017). The variability of IPO initial returns in Turkey. Ege Academic Review, 17(1), 33-58. google scholar
  • Grinblatt, M., & Hwang, C. Y. (1989). Signaling and the pricing of new issues. The Journal ofFinance, 44(2), 393-420. google scholar
  • Haushalter, G. D. (2000). Financing policy, basis risk, and corporate hedging: Evidence from oil and gas producers. The Journal ofFinance, 55(1), 107-152. google scholar
  • Ibbotson, R. G. (1975). Price performance of common stock new issues. Journal ofFinancial Economics, 2(3), 235-272. google scholar
  • Ibbotson, R. G., & Ritter, J. R. (1995). Initial public offerings. In R. J. al., Handbooks in Operations Research and Management Science (Vol. 9, pp. 993-1016). London: Elsevier Sciences B.V. google scholar
  • İlbasmış, M. (2023). Underpricing and aftermarket performance of IPOs during the covid-19 period: Evidence from Istanbul stock exchange. Borsa İstanbul Review, 23(3), 662-673. google scholar
  • Kamuyu Aydınlatma Platformu. (2021). Search tool. Retrieved from https://www.kap.org.tr/en/bildirim-sorgu on March 1, 2024. google scholar
  • Khediri, K. B. (2010). Do investors really value derivative use? Empirical evidence from France. The Journal ofRisk Finance, 11(1), 62-74. google scholar
  • Kiymaz, H. (2000). The initial and aftermarket performance of IPOs in an emerging market: evidence from İstanbul stock exchange. Journal ofMultinational Financial Management, 10(2), 213-227. google scholar
  • Kim, Y. S., Mathur, I., & Nam, J. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of Corporate Finance, 12(4), 834-853. google scholar
  • Kim, M., & Ritter, J. R. (1999). Valuing IPOs. Journal ofFinancial Economics, 53(3). 409-437 google scholar
  • Klova, V. (2017). IPO underpricing: what about the shipping sector?. Journal of Multinational Financial Management, 42, 95-115. google scholar
  • Küçükkocaoğlu, G. (2008). Underpricing in Turkey: a comparison of the IPO methods. International Research Journal ofFinance and Economics, 13(1), 162-182. google scholar
  • Leland, H. E. (1998). Agency costs, risk management, and capital structure. The Journal of Finance, 53(4), 1213-1243. google scholar
  • Ljungqvist, A. (2007). IPO underpricing. In B. E. Eckbo, Handbooks in Finance, Handbook of Empirical Corporate Finance (Vol. 1, pp. 375-422). North Holland: Elsevier. google scholar
  • Ljungqvist, A. P., & Wilhelm, W. J. (2002). IPO allocations: discriminatory or discretionary? Journal of Financial Economics, 65(2), 167-201. google scholar
  • Logue, D. E. (1973). On the pricing of unseasoned equity issues: 1965-1969. The Journal of Financial and Quantitative Analysis, 8(1), 91-103. google scholar
  • Loughran, T., & Ritter, J. (2004). Why has IPO underpricing changed over time? Financial Management, 33(3), 5-37. google scholar
  • Mazumder, S., & Saha, P. (2021). Covid-19: fear of pandemic and short-term IPO performance. Finance Research Letters, 43, 1-10. google scholar
  • Modigliani, F., & Miller, M. H. (1958). The Cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297. google scholar
  • Nguyen, H., & Liu, M.-H. (2014). Effective derivative hedging and initial public offering long-run performance. Accounting and Finance, 54(4), 1263-1294. google scholar
  • Oran, J. S., Aytürk, Y., & Akbaba, C. (2013). İlk halka arz bilmecesi: Türk sermaye piyasasından güncel bulgular. Bankacılar Dergisi, 24(87), 79-97. google scholar
  • Özcan, A. (2021). Audit committee and firm value: an empirical investigation. Muhasebe Bilim Dünyası Dergisi, 23(2), 204-221. google scholar
  • Panaretou, A. (2014). Corporate risk management and firm value: evidence from the UK market. The European Journal of Finance, 20(12), 1161-1186. google scholar
  • Qiao, Z., Xia, C., & Zhang, L. (2020). Does corporate hedging affect firm valuation? Evidence from the IPO market. Journal of Futures Markets, 40(6), 895-927. google scholar
  • Ritter, J. R. (1984). The “hot issue” market of 1980. The Journal of Business, 57(2), 215-240. google scholar
  • Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. The Journal of Finance, 57(4), 1795-1828. google scholar
  • Rock, K. (1986). Why new issues are underpriced. Journal of Financial Economics, 15(1-2), 187-212. google scholar
  • Roosenboom, P. (2007). How do underwriters value initial public offerings? An empirical analysis of the French ipo market. Contemporary Accounting Research, 24, 1217-1243. google scholar
  • Roosenboom, P. (2012). Valuing and pricing IPOs. Journal of Banking & Finance, 36(6), 1653-1664. google scholar
  • Ruud, J. S. (1993). Underwriter price support and the IPO underpricing puzzle. Journal of Financial Economics, 34(2), 135-151. google scholar
  • Senol, Z., Karaca, S. S., & Erdogan, S. (2017). The effects of financial risk management on firm’s value: an empirical evidence from Borsa Istanbul stock exchange. Financial Studies, 21(4), 27-81. google scholar
  • Smith, C. W., & Stulz, R. M. (1985). The determinants of firms’ hedging policies. Journal of Financial and Quantitative Analysis, 20(4), 391-405. google scholar
  • Tütüncü, L., & Acar, E. (2019). Deliberate discounts and underpricing of Turkish IPOs. Maliye ve Finans Yazıları (112), 225-240. google scholar
  • Tanyeri, B., Öztürkkal, B., & Tırtıroğlu, D. (2022). Turkish IPOs in a changing regulatory and economic environment. Borsa Istanbul Review, 22(2), 332-340. google scholar
  • TSPB, Türkiye Sermaye Piyasaları Birliği. (2024, February). Retrieved June 1, 2024, from https://tspb.org.tr/ wp-content/uploads/2024/02/Turkish_Capital_Markets-202402-TR.pdf google scholar
  • Welch, I. (1989). Seasoned offerings, imitation costs, and the underpricing of initial public offerings. The Journal of Finance, 44(2), 421-449. google scholar
  • Yüksel, A., & Yüksel, A. (2006). The link between IPO underpricing and trading volume: evidence from the Istanbul Stock Exchange. Journal of Entrepreneurial Finance, JEF, 11(3), 57-78. google scholar
  • Zhou, L., & Sadeghi, M. (2019). The impact of innovation on IPO short-term performance-evidence from the Chinese markets. Pacific-Basin Finance Journal, 53, 208-23 google scholar

Atıflar

Biçimlendirilmiş bir atıfı kopyalayıp yapıştırın veya seçtiğiniz biçimde dışa aktarmak için seçeneklerden birini kullanın


DIŞA AKTAR



APA

Aytürk, Y., & Akbaba, C. (2024). Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma. Siyasal: Journal of Political Sciences, 33(2), 353-373. https://doi.org/10.26650/siyasal.2024.33.1514089


AMA

Aytürk Y, Akbaba C. Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma. Siyasal: Journal of Political Sciences. 2024;33(2):353-373. https://doi.org/10.26650/siyasal.2024.33.1514089


ABNT

Aytürk, Y.; Akbaba, C. Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma. Siyasal: Journal of Political Sciences, [Publisher Location], v. 33, n. 2, p. 353-373, 2024.


Chicago: Author-Date Style

Aytürk, Yusuf, and Caner Akbaba. 2024. “Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma.” Siyasal: Journal of Political Sciences 33, no. 2: 353-373. https://doi.org/10.26650/siyasal.2024.33.1514089


Chicago: Humanities Style

Aytürk, Yusuf, and Caner Akbaba. “Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma.” Siyasal: Journal of Political Sciences 33, no. 2 (Mar. 2025): 353-373. https://doi.org/10.26650/siyasal.2024.33.1514089


Harvard: Australian Style

Aytürk, Y & Akbaba, C 2024, 'Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma', Siyasal: Journal of Political Sciences, vol. 33, no. 2, pp. 353-373, viewed 10 Mar. 2025, https://doi.org/10.26650/siyasal.2024.33.1514089


Harvard: Author-Date Style

Aytürk, Y. and Akbaba, C. (2024) ‘Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma’, Siyasal: Journal of Political Sciences, 33(2), pp. 353-373. https://doi.org/10.26650/siyasal.2024.33.1514089 (10 Mar. 2025).


MLA

Aytürk, Yusuf, and Caner Akbaba. “Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma.” Siyasal: Journal of Political Sciences, vol. 33, no. 2, 2024, pp. 353-373. [Database Container], https://doi.org/10.26650/siyasal.2024.33.1514089


Vancouver

Aytürk Y, Akbaba C. Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma. Siyasal: Journal of Political Sciences [Internet]. 10 Mar. 2025 [cited 10 Mar. 2025];33(2):353-373. Available from: https://doi.org/10.26650/siyasal.2024.33.1514089 doi: 10.26650/siyasal.2024.33.1514089


ISNAD

Aytürk, Yusuf - Akbaba, Caner. “Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma”. Siyasal: Journal of Political Sciences 33/2 (Mar. 2025): 353-373. https://doi.org/10.26650/siyasal.2024.33.1514089



ZAMAN ÇİZELGESİ


Gönderim10.07.2024
Kabul20.08.2024
Çevrimiçi Yayınlanma24.10.2024

LİSANS


Attribution-NonCommercial (CC BY-NC)

This license lets others remix, tweak, and build upon your work non-commercially, and although their new works must also acknowledge you and be non-commercial, they don’t have to license their derivative works on the same terms.


PAYLAŞ




İstanbul Üniversitesi Yayınları, uluslararası yayıncılık standartları ve etiğine uygun olarak, yüksek kalitede bilimsel dergi ve kitapların yayınlanmasıyla giderek artan bilimsel bilginin yayılmasına katkıda bulunmayı amaçlamaktadır. İstanbul Üniversitesi Yayınları açık erişimli, ticari olmayan, bilimsel yayıncılığı takip etmektedir.