Effect of brand value announcements on stock returns: empirical evidence from Turkey

    Pinar Basgoze Affiliation
    ; Yilmaz Yildiz Affiliation
    ; Selin Metin Camgoz Affiliation


This study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within the years of 2010–2014 by using BrandFinance Turkey’s 100 ranking list as a data source. The findings indicate that the companies listed in the Turkey Top 100 Brands list earn positive abnormal returns 7 months after the announcement. Similarly, the companies which had greater brand values relative to the previous year, experienced significant positive abnormal returns in the 7-months period. Additional findings suggest that investors are able to beat the market in the long run regarding risk-adjusted returns by consistently investing in the Top Brands. Overall, the study demonstrates new evidence to the marketing-finance interface by focusing on the Turkish case as an important emerging market.

Keyword : brand value, brand value announcement, stock returns, event study analysis, emerging markets, Turkey

How to Cite
Basgoze, P., Yildiz, Y., & Metin Camgoz, S. (2016). Effect of brand value announcements on stock returns: empirical evidence from Turkey. Journal of Business Economics and Management, 17(6), 1252-1269.
Published in Issue
Dec 21, 2016
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