Petrol Fiyatlarının Hisse Senedi Getirisi ve Özsermaye Karlılığı Üzerine Etkisi: XKMYA Örneği(The Effect of Oil Prices on Return of Shares and Revenue on Equity: The Example of XKMYA)

Abstract

Oil which is used as a production input, plays an important role in the economy of the country, as well as taking place in the financial markets in the economy. In economies where oil is used as an input, costs and cash flows of companies change as a result of oil price changes and thus the profitability of companies can be affected. In this context, oil has the power to affect financial markets. In this study, the causality relationship between the equity profitability (revenue on equity – ROE), stock returns and crude oil prices (Western Texas Intermediate-WTI) of companies operating in the petrochemical industry (XKMYA) in Borsa Istanbul (BIST) is examined. In the study, quarterly stock returns and ROE data of 16 companies traded in XKMYA index between 2010 and 2019 are used as dependent variables and crude oil barrel price is used as independent variable. According to the research findings, oil prices have a 5% significance level effect on the stock returns of companies in the XKMYA index. In addition, a significant and positive relationship was found between oil prices and companies' ROE values. In addition; while the effect of oil prices on stock returns was positive after the first lag according to the research findings, a significant and positive relationship was found between oil prices and ROE values of companies in the 3rd and 4th lag periods.

Keywords

• borsa istanbul (bist)
• petrochemical industry
• crude oil price
• return on equity (roe)