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

Author

Listed:
  • Raif Parlakkaya
  • Ümran Münire Kahraman
  • Yasin Cihan

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.

Suggested Citation

  • Raif Parlakkaya & Ümran Münire Kahraman & Yasin Cihan, 2019. "The Effects of Inclusion in The BIST Sustainability Index: An Application on Borsa Istanbul," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 34(111), pages 33-50, April.
    • Handle: RePEc:acc:malfin:v:34:y:2019:i:111:p:33-50
    DOI: https://doi.org/10.33203/mfy.455322
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    More about this item

    Keywords

    Sustainability Index; Event Study; Abnormal Return;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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