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The Determinants of Foreign Portfolio Investments Based on Firm Levels: The Example of Borsa Istanbul (Yabancı Portföy Yatırımlarının Firma Düzeyinde Belirleyicileri: Borsa İstanbul Örneği)

Author

Listed:
  • Senol, Zekai

    (Sivas Cumhuriyet University)

  • Gulcemal, Tuba

    (Sivas Cumhuriyet University)

Abstract

Foreign portfolio investments are critical for developing countries such as Turkey in terms of financing the current account deficit, deepening financial markets, increasing firm values, and making investment decisions. For many years, the percentage of foreign investors in Borsa Istanbul (BIST) has been greater than 60%. As a result, it is interesting to see which firms foreign investors invest in and how they make decisions in firms based on internal factors. The determinants of foreign portfolio investments are investigated at the firm level in this study. For the period 2009-2019, data from 41 firms in the BIST manufacturing sub-industries of Metal Goods, Machinery, Electrical Devices, and Transportation Vehicles, as well as Chemical, Pharmaceutical, Petroleum, Tire and Plastic Products, were used. According to the results of the study, it has been determined that Tobin's Q firm value affects the foreign investor ratio positively, while the stock return and volume per share variables affect the foreign investor ratio negatively.

Suggested Citation

  • Senol, Zekai & Gulcemal, Tuba, 2022. "The Determinants of Foreign Portfolio Investments Based on Firm Levels: The Example of Borsa Istanbul (Yabancı Portföy Yatırımlarının Firma Düzeyinde Belirleyicileri: Borsa İstanbul Örneği)," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 13(3), pages 435-448, July.
    • Handle: RePEc:ris:buecrj:0604
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    More about this item

    Keywords

    Foreign Portfolio Investment; Domestic Investors; Borsa Istanbul;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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