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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.
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 the relationship between accounting profit and stock prices. For this aim the 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 determined cointegration between accounting profit and stock prices and single direction causality from variables of asset profit and net profit margin that that represents accounting profits to stock price variable and bidirectional causality between operating profit variable and stock price variable.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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