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The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul

Author

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  • Soylu, Neilan

    (Karabuk University)

Abstract

Nowadays, due to economic fluctuations, increasing competition and technological development companies need to continuously and rapidly adapt to changing business environment. Furthermore, internal conditions like financial distress or strategy changing make the restructuring inevitable for companies. Within this frame, tangible assets sales might have an effect on firm value both by generating a source of financing and allowing companies to optimize their asset structure. In this study, the impact of tangible assets sales on stock returns of manufacturing companies listed on Borsa Istanbul was examined for the period of January, 2016-December, 2017 using event study method. The empirical results show significant positive average abnormal returns associated with the asset sales on announcement day.

Suggested Citation

  • Soylu, Neilan, 2020. "The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 11(1), pages 131-146, January.
    • Handle: RePEc:ris:buecrj:0461
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    More about this item

    Keywords

    Tangible Asset Sales; Event Study; Restructuring; Abnormal Return; BIST Manufacturing Industry;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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