Türkiye’de Yolsuzluk Endeksinin Borsa ?stanbul-100 Endeksi Üzerine Etkisi

Özet

Yolsuzluk genel anlamda ekonomide öngörülebilirli?i azaltarak büyümeyi olumsuzla?t?rmas?n?n yan? s?ra mikro bazda-firma düzeyinde bürokratik ortamdaki kat?l?klar? a?may? kolayla?t?rarak yat?r?mlar? ve böylece büyümeyi olumlula?t?rabilir. Bu çerçevede ekonominin barometresi olan borsalar?n da yolsuzluktan olumsuz etkilenebilece?i gibi, firma baz?nda olumlu performans?n da borsay? iyile?tirece?i dü?ünülmektedir. Çal??mada Türkiye ekonomisinde borsa endeksi ile yolsuzluk ili?kileri, faiz ve gelir de?i?kenleri de kontrol de?i?ken al?narak, yap?sal vektör oto regressif model çerçevesinde 1995-2019 aras? dönem için analiz edilmi?tir. Bulgular, Türkiye’de yolsuzlu?un borsay? art?r?c? etkiler yaratt???n? göstermi?tir. Bunda da borsan?n despotik Leviathan yap?s?n? derinle?tirici fonksiyon gördü?ü söylenebilir. Bu yönüyle borsa yar? güçlü piyasa etkinli?i motifiyle hareket eden ortam?nda, bir yat?r?mc? için adeta belirsizlik anlam? ta??yarak ortalama yat?r?mc? aç?s?ndan borsaya yönelimi riskli k?lmaktad?r. K?saca, borsan?n yolsuzluk alg?s?yla yükseli? yapt???na dair bir imaj?n varl??? uzun dönemde sermaye yetersizli?i çeken Türkiye için sorun olaca?? söylenebilir.

Anahtar kelimeler: Yolsuzluk endeksi, Borsa ?stanbul, SVAR analizleri

The Effect of Corruption Index on the Istanbul100 Stock Exchange Index in Turkey

Abstract

While corruption generally negatively affects growth by reducing predictability in the economy, it can have a positive effect on investments and thus growth by making easier to overcome rigidities in the bureaucratic environment at the micro-firm level. In this context, stock markets, which are the barometer of the economy, may be negatively affected by corruption and it is thought that the positive performance on the basis of the company will improve the stock market. In the study, it has been studied the relationships between stock market and corruption, using interest rate and per capita income as control variables, in the framework of the structural vector auto regressive model for the period from 1995 to 2019, The findings show that corruption enhances the stock market in Turkey. It can be said that the despotic Leviathan structure plays a deepening role in this situation. From this respect, the stock market, in an environment in which it acts with a semi-strong market efficiency motive, has almost the meaning of uncertainty for an investor and so makes it risky for the average investor to go towards the stock market. In sum, it can be said that the presence of such an image that the stock market rallies by virtue of corruption becomes a problem for Turkey which needs capital accumulation over long periods of time.

Keywords: Corruption index, Istanbul Stock Exchange, SVAR analysis

Dr. Hat?ra Sadeghzadeh Emsen (Atatürk University, Erzurum, Türkiye)
0000-0001-8824-0401  sadeghzadeh@gmail.com

Asst. Prof. Dr. Ziya Ça?lar Yurttanç?kmaz (Atatürk University, Erzurum, Türkiye)
0000-0001-7474-1096  ziya@atauni.edu.tr

Prof. Dr. Mine Gerni (Marmara University, Istanbul, Türkiye)
0000-0002-3431-0977  minegerni@yahoo.com

Prof. Dr. Ömer Selçuk Emsen (Atatürk University, Erzurum, Türkiye)
0000-0002-1809-0513  osemsen@hotmail.com

Submitted on: 2021-10-15 Accepted on: 2022-07-21

Year:2022 - Volume:1 Issue:2 Pages: 20-29

DOI: https://doi.org/10.36880/J01.2.0108

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APA style citation: Emsen, H. S. , Yurttanç?kmaz, Z. ?. , Gerni, M. , & Emsen, ?. S. (2022). Türkiye’de Yolsuzluk Endeksinin Borsa ?stanbul-100 Endeksi Üzerine Etkisi. Avrasya Ekonomileri Dergisi, 1(2), 20-29.

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