The Relationship Between Accounting Profits And Stock Prices: An Application On BIST Firms
Journal Title: Muhasebe ve Finansman Dergisi - Year 2015, Vol 17, Issue 67
Abstract
Stocks provide to investors capital gain and dividend income. Therefore the company profit is an important factor that affects investment decisions of stock investors and stock price. The aim of this study is to investigate relationship between accounting profit and stock prices. For this aim relationship between stock prices and accounting profits of companies operating in BIST Food, Beverage and Tobacco Sector over the period of 2000-2013 is investigated by using panel cointegration analysis and Granger causality test. As a result of analysis, it was determinated cointegration between accounting profit and stock pricies and single direction causality from variables of asset profit and net profit marjin that that represents accounting profits to stock price variable and bidirectional causality between operating profit variable and stock price variable.
Authors and Affiliations
Abdulkadir KAYA, Meryem Öztürk
Keywords
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