Fundamental and Macroeconomic Information for Common Stock Valuation: The Turkish Case

Çanbaş S., DÜZAKIN H., KILIÇ S.

Yapı Kredi Economic Review, vol.13, no.1, pp.55-64, 2002 (Peer-Reviewed Journal)

  • Publication Type: Article / Article
  • Volume: 13 Issue: 1
  • Publication Date: 2002
  • Journal Name: Yapı Kredi Economic Review
  • Journal Indexes: International Bibliography of Social Sciences, EconLit
  • Page Numbers: pp.55-64
  • Çukurova University Affiliated: Yes

Abstract

The purpose of this research is to assess to what extent published financial data by Turkish firms are useful in common stock valuation. The aim of the disclosing of the financial data is to help the investors to make a decision. This study takes into consideration especially the common stock investors. The study has identified the key financial characteristics or properties of manufacturing firms by a multivariate statistical technique (Principal Components Analysis). Multiple regression analysis was used to identify relation of stock returns to these characteristics. Results of the study showed that the financial data published by the Turkish industrial firms were useful in the context of the return-fundamental analysis of stock valuation.