Araştırma Makalesi
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Relationship Between Reputation Risk and Firm Value: An Empirical Application on BİST

Yıl 2020, Cilt: 23 Sayı: 43, 283 - 309, 30.06.2020
https://doi.org/10.31795/baunsobed.663510

Öz



In this study, it was investigated whether the operational
loss incidents that occurred in banks traded in Borsa Istanbul between 2007 and
2017 cause reputational risk. In this research, case study method and single
sample t test analysis were used. The effect of operational loss announcements
on reputation risk was investigated via event study method in terms of events
for 3 and 21 days and as a result, negative abnormal yields were determined
only on the day the announcement loss were made (event day). It was observed
that the announcements lost their effects as long as it was moved away from the
event day.



 

Kaynakça

  • Araújo, L. A. D. and Vinhado, F. (2016). Reputational Risk Measurement: Brazilian Banks. Available at SSRN 2799248.
  • Bartholdy, J., D. Olson and P. Peare. (2006). Conducting Event Studies on a Small Stock Exchange. http://papers.ssrn.com adresinden 16 Nisan 2019'da alınmıştır.
  • Bekçioğlu, S., Öztürk, M ve Kaderli, Y. (2004). Kurulan İşbirliklerinin İMKB’ye Kayıtlı İzo Cam, Çelebi ve Netaş Firmalarının Hisse Senetleri Üzerindeki Etkisinin Ölçülmesi: Bir Olay Etüdü Denemesi. Muhasebe ve Finansman Dergisi, (21), 43-48.
  • Bozkurt, İ. ve Kaya, M. V. (2018). Arap Baharı Coğrafyasından Gelen Haberlerin CDS Primlerine Etkisi: Türkiye Örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (20), 1-16.
  • Buriak, A. V. and Artemenko, O. S. (2018). Reputation Risk in Banking: Application for Ukraine. Financial Markets, Institutions and Risks, 2 (2), 100-110.
  • Chartered Institute for Management Accountants. (2007). Corporate Reputation: Perspectives of Measuring and Managing a Principle Risk.
  • http://www.cimaglobal.com/Documents/Thought_leadership_docs/cid_exrep_corporate_reputation_june07.pdf adresinden 16 Nisan 2019'da alınmıştır.
  • Cummins, J. D., Lewis, C. M. and Wei, R. (2006). The Market Value İmpact of Operational Loss Events for US Banks and İnsurers. Journal of Banking and Finance, 30(10), 2605-2634.
  • Farber, H. S and Hallock, K. F. (2009). The Changing Relationship Between Job Loss Announcements and Stock Prices: 1970–1999. Labour Economics, 16(1), 1-11.
  • Ferreira, S. (2015). Measuring Reputational Risk in The South African Banking Sector (Doctoral dissertation).North-West University Yunibesiti Ya Bokone-Bophirima.
  • Ferreira, S. J., Redda, E. and Dunga, S. H. (2019). A Structural Equation Model of Reputational Risk in South Africa. Cogent Economics & Finance, (7), 1-15.
  • Fiordelisi, F., Soana, M. G and Schwizer, P. (2013). The Determinants of Reputational Risk in The Banking Sector. Journal of Banking & Finance, 37(5), 1359-1371.
  • Fiordelisi, F., Soana, M. G and Schwizer, P. (2014). Reputational Losses and Operational Risk in Banking. The European Journal of Finance, 20(2), 105-124.
  • Gillet, R., Hübner, G and Plunus, S. (2010). Operational Risk and Reputation in The Financial İndustry. Journal of Banking and Finance, 34(1), 224-235.
  • Gladysek, O. and Chipeta, C. (2012), The Impact of Socially Responsible Investment Index. Constitute Announcements on Firm Price: Evidence from the JSE. SAJEMS, 15(4), 429-439.
  • Gündogdu, A. (2016). Bankalarin Itibar Riski ve Türk Bankacilik Sisteminde Itibar Riskine Dair Vakalar. International Journal of Finance and Banking Studies, 5(2), 37.
  • Heidinger, D. and Gatzert, N. (2018). Awareness, Determinants and Value of Reputation Risk Management: Empirical Evidence From The Banking and İnsurance İndustry. Journal of Banking & Finance, (91), 106-118.
  • Hogarth, K., Hutchinson, M. and Scaife, W. (2018). Corporate Philanthropy, Reputation Risk Management and Shareholder Value: A Study of Australian Corporate Giving. Journal of Business Ethics, 151(2), 375-390.
  • Kaderli, Y. (2007). Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü ile İncelenmesi: İstanbul Menkul Kıymetler Borsası’ndaki Bazı Firmalar Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, (36), 144-154.
  • Karpoff, J. M. and Lott Jr, J. R. (1993). The Reputational Penalty Firms Bear From Committing Criminal Fraud. The Journal of Law and Economics, 36(2), 757-802.
  • Khortari, S.P. and Warner, J.B. (2006). The Econometrics of Event Studies. http://www.bu.edu/econ/files/2011/01/KothariWarner2.pdf adresinden 10 Şubat 2019'da alınmıştır.
  • Longerstaey, J. (1996). Risk Metrics-Technical Document. 4th ed. http://www.jpmorgan.com/RiskManagement/RiskMetrics/RiskMetrics.html adresinden 16 Nisan 2019'da alınmıştır.
  • Mackinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39.
  • Manjarin, R. (2012). Reputational risk Management. Paper Presented at the GARP Chapter Meeting, Geneva, Switzerland, 27 November. http://www.garp.org/media/1106495/reputationalriskmanagement_raulmanjarin_112712.pdf adresinden 25 Aralık 2018'de alınmıştır.
  • Micocci, M., Masala, G., Cannas, G. and Flore, G. (2009). Reputational Effects of Operational Risk Events for Financial İnstitutions. Cagliari, Italy: University of Cagliari.
  • Mitic, P. (2018). Reputation Risk: Measured. İnternational Journal of Safety and Security Engineering, 8(1), 171-180.
  • Moosa, I. and Silvapulle, P. (2012). An Empirical Analysis of The Operational Losses of Australian banks. Accounting and Finance, 52(1), 165-185.
  • Naveed, S. (2015). Measuring Reputational Risk: Market Reaction to Operational Loss Announcements in Pakistan. Market Forces, 10(1).
  • Otlu, F., Tursun, M. ve Durmuş, A. F. (2019). Kısmi Bölünmenin Şirketlerin Piyasa Değeri Üzerine Etkisi: Olay Çalışması Yöntemiyle Analiz. Muhasebe Bilim Dünyası Dergisi, 21(2), 467-481.
  • Palmrose, Z. V., Richardson, V. J. and Scholz, S. (2004). Determinants of Market Reactions to Restatement Announcements. Journal of Accounting and Economics, 37(1), 59-89.
  • Perry, J. and De Fontnouvelle, P. (2005). Measuring Reputational Risk: The Market Reaction to Operational Loss Announcements. Working Paper, Federal Reserve Bank of Boston, Boston, MA.
  • Plunus, S., Gillet, R. and Hübner, G. (2012). Reputational Damage Of Operational Loss On The Bond Market: Evidence from The Financial İndustry. İnternational Review of Financial Analysis, (24), 66-73.
  • Ruspantini, D. and Sordi, A. (2011). The Reputational Risk İmpact of İnternal Frauds on Bank Customers: A Case Study On Unicredit Group. Unicredit and Universities, Knight of Labor Ugo Foscolo Foundation: Milan, Italy.
  • Savram, M. ve Karakoç, A. (2012). Bankacılık Sektöründe İtibar Riskinin Önemi. In International Conference on Euroasian Economies, Almaata, Kazakistan, Bildiriler Kitabı 328-332.
  • Soana, G. (2016). Reputational Risk. Doing Banking in Italy: Governance, Risk, Accounting and Auditing issues, (128).
  • Sponholtz, C. (2005). Separating the Stock Market‘s Reaction to Simultaneous Dividend and Earnings Announcements, Centre for Analytical Finance. University of Aarhus. Working Paper Series No: 212.,http://papers.ssrn.com/sol3/papers.cfm?abst adresinden 16 Ocak 2019'da alınmıştır.
  • Sturm, P. (2013). Operational and Reputational Risk in The European Banking İndustry: The Market Reaction to Operational Events. Journal Of Economic Behaviour and Organization, (85), 191-206.
  • Şimsek, K. (2007). Bankacılıkta Risk ve Risk Ölçüm Yöntemleri, Yayınlanmamış Yüksek Lisans Tezi, Ankara Üniversitesi, Sosyal Bilimler Enstitüsü, Ankara.
  • Tong, L. (2010). Event Study Analysis of Share Price and Stock Market Index Data. Master’s Thesis, University of Stirling, Department of Computing Science and Mathematics, United Kingdom.
  • Tuncay, M., ve Eşgünoğlu, M. (2017). Menkul Kıymetlerle İlgili Vergi Düzenlemelerinin Sermaye Piyasaları Üzerindeki Etkisi. İnternational Journal of Economic and Administrative Studies, (19),149-169.
  • Tuomınen, T. (2005). Corporate Layoff Announcements and Shareholder Value: Empirical Evidence from Finland, Master‘s Thesis, Department of Business Administration, Lappeenranta University of Technology, Kuala Lumpur.
  • Walter, I. (2010). Reputational Risk. Finance Ethics: Critical İssues in Theory and Practice ,(10), 103-124.
  • Wei, R. (2006). An Empirical İnvestigation of Operational Risk in The US Financial Sectors. (Doctoral Dissertation).
  • Yılmaz, E., ve Koğar, H. (2015). Uç Değerle Baş Etmede Kullanılan Farklı Tekniklerin Bazı İstatistiksel Analiz Sonuçları Üzerindeki Etkisi. Başkent University Journal of Education, 2(1), 61-67.
  • https://www.investopedia.com/terms/r/reputational-risk.asp adresinden 10 Eylül 2019’da alınmıştır.
  • http://www.opriskdergisi.com/oprisk-anasayfa-0-anasayfa.html adresinden 10 Eylül 2019’da alınmıştır.

İTİBAR RİSKİ VE FİRMA DEĞERİ İLİŞKİSİ: BİST’TE AMPİRİK BİR UYGULAMA

Yıl 2020, Cilt: 23 Sayı: 43, 283 - 309, 30.06.2020
https://doi.org/10.31795/baunsobed.663510

Öz



Bu çalışmada, 2007-2017 dönemi arasında Borsa İstanbul'da
işlem gören bankalarda meydana gelen operasyonel kayıp olaylarının itibar
riskine neden olup olmadığı incelenmiştir. Bu araştırmada olay çalışması
yöntemi ve tek örneklem t testi analizi kullanılmıştır. Olay çalışması yöntemi
ile 3 günlük ve 21 günlük olay penceresinde operasyonel kayıp duyurularının
itibar riskine etkisi araştırılmış ve sonuç olarak sadece kayıp duyurularının
yapıldığı gün (olay günü) negatif anormal getiriler tespit edilmiştir. Olay
gününden uzaklaşıldıkça duyuruların etkisinin kaybolduğu gözlemlenmiştir.



 

Kaynakça

  • Araújo, L. A. D. and Vinhado, F. (2016). Reputational Risk Measurement: Brazilian Banks. Available at SSRN 2799248.
  • Bartholdy, J., D. Olson and P. Peare. (2006). Conducting Event Studies on a Small Stock Exchange. http://papers.ssrn.com adresinden 16 Nisan 2019'da alınmıştır.
  • Bekçioğlu, S., Öztürk, M ve Kaderli, Y. (2004). Kurulan İşbirliklerinin İMKB’ye Kayıtlı İzo Cam, Çelebi ve Netaş Firmalarının Hisse Senetleri Üzerindeki Etkisinin Ölçülmesi: Bir Olay Etüdü Denemesi. Muhasebe ve Finansman Dergisi, (21), 43-48.
  • Bozkurt, İ. ve Kaya, M. V. (2018). Arap Baharı Coğrafyasından Gelen Haberlerin CDS Primlerine Etkisi: Türkiye Örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (20), 1-16.
  • Buriak, A. V. and Artemenko, O. S. (2018). Reputation Risk in Banking: Application for Ukraine. Financial Markets, Institutions and Risks, 2 (2), 100-110.
  • Chartered Institute for Management Accountants. (2007). Corporate Reputation: Perspectives of Measuring and Managing a Principle Risk.
  • http://www.cimaglobal.com/Documents/Thought_leadership_docs/cid_exrep_corporate_reputation_june07.pdf adresinden 16 Nisan 2019'da alınmıştır.
  • Cummins, J. D., Lewis, C. M. and Wei, R. (2006). The Market Value İmpact of Operational Loss Events for US Banks and İnsurers. Journal of Banking and Finance, 30(10), 2605-2634.
  • Farber, H. S and Hallock, K. F. (2009). The Changing Relationship Between Job Loss Announcements and Stock Prices: 1970–1999. Labour Economics, 16(1), 1-11.
  • Ferreira, S. (2015). Measuring Reputational Risk in The South African Banking Sector (Doctoral dissertation).North-West University Yunibesiti Ya Bokone-Bophirima.
  • Ferreira, S. J., Redda, E. and Dunga, S. H. (2019). A Structural Equation Model of Reputational Risk in South Africa. Cogent Economics & Finance, (7), 1-15.
  • Fiordelisi, F., Soana, M. G and Schwizer, P. (2013). The Determinants of Reputational Risk in The Banking Sector. Journal of Banking & Finance, 37(5), 1359-1371.
  • Fiordelisi, F., Soana, M. G and Schwizer, P. (2014). Reputational Losses and Operational Risk in Banking. The European Journal of Finance, 20(2), 105-124.
  • Gillet, R., Hübner, G and Plunus, S. (2010). Operational Risk and Reputation in The Financial İndustry. Journal of Banking and Finance, 34(1), 224-235.
  • Gladysek, O. and Chipeta, C. (2012), The Impact of Socially Responsible Investment Index. Constitute Announcements on Firm Price: Evidence from the JSE. SAJEMS, 15(4), 429-439.
  • Gündogdu, A. (2016). Bankalarin Itibar Riski ve Türk Bankacilik Sisteminde Itibar Riskine Dair Vakalar. International Journal of Finance and Banking Studies, 5(2), 37.
  • Heidinger, D. and Gatzert, N. (2018). Awareness, Determinants and Value of Reputation Risk Management: Empirical Evidence From The Banking and İnsurance İndustry. Journal of Banking & Finance, (91), 106-118.
  • Hogarth, K., Hutchinson, M. and Scaife, W. (2018). Corporate Philanthropy, Reputation Risk Management and Shareholder Value: A Study of Australian Corporate Giving. Journal of Business Ethics, 151(2), 375-390.
  • Kaderli, Y. (2007). Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü ile İncelenmesi: İstanbul Menkul Kıymetler Borsası’ndaki Bazı Firmalar Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, (36), 144-154.
  • Karpoff, J. M. and Lott Jr, J. R. (1993). The Reputational Penalty Firms Bear From Committing Criminal Fraud. The Journal of Law and Economics, 36(2), 757-802.
  • Khortari, S.P. and Warner, J.B. (2006). The Econometrics of Event Studies. http://www.bu.edu/econ/files/2011/01/KothariWarner2.pdf adresinden 10 Şubat 2019'da alınmıştır.
  • Longerstaey, J. (1996). Risk Metrics-Technical Document. 4th ed. http://www.jpmorgan.com/RiskManagement/RiskMetrics/RiskMetrics.html adresinden 16 Nisan 2019'da alınmıştır.
  • Mackinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1), 13-39.
  • Manjarin, R. (2012). Reputational risk Management. Paper Presented at the GARP Chapter Meeting, Geneva, Switzerland, 27 November. http://www.garp.org/media/1106495/reputationalriskmanagement_raulmanjarin_112712.pdf adresinden 25 Aralık 2018'de alınmıştır.
  • Micocci, M., Masala, G., Cannas, G. and Flore, G. (2009). Reputational Effects of Operational Risk Events for Financial İnstitutions. Cagliari, Italy: University of Cagliari.
  • Mitic, P. (2018). Reputation Risk: Measured. İnternational Journal of Safety and Security Engineering, 8(1), 171-180.
  • Moosa, I. and Silvapulle, P. (2012). An Empirical Analysis of The Operational Losses of Australian banks. Accounting and Finance, 52(1), 165-185.
  • Naveed, S. (2015). Measuring Reputational Risk: Market Reaction to Operational Loss Announcements in Pakistan. Market Forces, 10(1).
  • Otlu, F., Tursun, M. ve Durmuş, A. F. (2019). Kısmi Bölünmenin Şirketlerin Piyasa Değeri Üzerine Etkisi: Olay Çalışması Yöntemiyle Analiz. Muhasebe Bilim Dünyası Dergisi, 21(2), 467-481.
  • Palmrose, Z. V., Richardson, V. J. and Scholz, S. (2004). Determinants of Market Reactions to Restatement Announcements. Journal of Accounting and Economics, 37(1), 59-89.
  • Perry, J. and De Fontnouvelle, P. (2005). Measuring Reputational Risk: The Market Reaction to Operational Loss Announcements. Working Paper, Federal Reserve Bank of Boston, Boston, MA.
  • Plunus, S., Gillet, R. and Hübner, G. (2012). Reputational Damage Of Operational Loss On The Bond Market: Evidence from The Financial İndustry. İnternational Review of Financial Analysis, (24), 66-73.
  • Ruspantini, D. and Sordi, A. (2011). The Reputational Risk İmpact of İnternal Frauds on Bank Customers: A Case Study On Unicredit Group. Unicredit and Universities, Knight of Labor Ugo Foscolo Foundation: Milan, Italy.
  • Savram, M. ve Karakoç, A. (2012). Bankacılık Sektöründe İtibar Riskinin Önemi. In International Conference on Euroasian Economies, Almaata, Kazakistan, Bildiriler Kitabı 328-332.
  • Soana, G. (2016). Reputational Risk. Doing Banking in Italy: Governance, Risk, Accounting and Auditing issues, (128).
  • Sponholtz, C. (2005). Separating the Stock Market‘s Reaction to Simultaneous Dividend and Earnings Announcements, Centre for Analytical Finance. University of Aarhus. Working Paper Series No: 212.,http://papers.ssrn.com/sol3/papers.cfm?abst adresinden 16 Ocak 2019'da alınmıştır.
  • Sturm, P. (2013). Operational and Reputational Risk in The European Banking İndustry: The Market Reaction to Operational Events. Journal Of Economic Behaviour and Organization, (85), 191-206.
  • Şimsek, K. (2007). Bankacılıkta Risk ve Risk Ölçüm Yöntemleri, Yayınlanmamış Yüksek Lisans Tezi, Ankara Üniversitesi, Sosyal Bilimler Enstitüsü, Ankara.
  • Tong, L. (2010). Event Study Analysis of Share Price and Stock Market Index Data. Master’s Thesis, University of Stirling, Department of Computing Science and Mathematics, United Kingdom.
  • Tuncay, M., ve Eşgünoğlu, M. (2017). Menkul Kıymetlerle İlgili Vergi Düzenlemelerinin Sermaye Piyasaları Üzerindeki Etkisi. İnternational Journal of Economic and Administrative Studies, (19),149-169.
  • Tuomınen, T. (2005). Corporate Layoff Announcements and Shareholder Value: Empirical Evidence from Finland, Master‘s Thesis, Department of Business Administration, Lappeenranta University of Technology, Kuala Lumpur.
  • Walter, I. (2010). Reputational Risk. Finance Ethics: Critical İssues in Theory and Practice ,(10), 103-124.
  • Wei, R. (2006). An Empirical İnvestigation of Operational Risk in The US Financial Sectors. (Doctoral Dissertation).
  • Yılmaz, E., ve Koğar, H. (2015). Uç Değerle Baş Etmede Kullanılan Farklı Tekniklerin Bazı İstatistiksel Analiz Sonuçları Üzerindeki Etkisi. Başkent University Journal of Education, 2(1), 61-67.
  • https://www.investopedia.com/terms/r/reputational-risk.asp adresinden 10 Eylül 2019’da alınmıştır.
  • http://www.opriskdergisi.com/oprisk-anasayfa-0-anasayfa.html adresinden 10 Eylül 2019’da alınmıştır.
Toplam 46 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm İşletme
Yazarlar

Şakir Sakarya 0000-0003-2510-7384

Nevzat Çalış 0000-0002-5604-0728

Yayımlanma Tarihi 30 Haziran 2020
Gönderilme Tarihi 23 Aralık 2019
Kabul Tarihi 3 Haziran 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 23 Sayı: 43

Kaynak Göster

APA Sakarya, Ş., & Çalış, N. (2020). İTİBAR RİSKİ VE FİRMA DEĞERİ İLİŞKİSİ: BİST’TE AMPİRİK BİR UYGULAMA. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 23(43), 283-309. https://doi.org/10.31795/baunsobed.663510

BAUNSOBED