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Investigation of the Impact of Tax Penalty Announcements on Banks’ Stock Returns

Author

Listed:
  • Soner Yakar

    (Çukurova University)

  • Gözde Elbir

    (Cag University)

  • Serkan Kandır

    (Cukurova University)

Abstract

Penalties are imposed for unlawful acts under Tax Procedure Law numbered 213. Administrative fine is imposed for misdemeanor in the form of loss of tax revenue and tax-related irregularity. Public banks announce tax penalty information via Public Disclosure Platform. In this study, impact of 13 tax penalty announcements of 5 Borsa Istanbul banks during 2012-2018 period on banks’ stock returns is examined by event study methodology. Empirical findings suggest that tax penalty announcements do not have a significant impact on stock returns of the banks. This finding implies that stock market appears to be efficient in semi-strong form.

Suggested Citation

  • Soner Yakar & Gözde Elbir & Serkan Kandır, 2021. "Investigation of the Impact of Tax Penalty Announcements on Banks’ Stock Returns," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 36(Special2), pages 219-232, January.
    • Handle: RePEc:acc:malfin:v:36:y:2021:i:special2:p:219-232
    DOI: https://doi.org/10.33203/mfy.846073
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    More about this item

    Keywords

    Stock returns; tax penalty announcements; event study;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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