Sendi̇kasyon Kredi̇leri̇ İle Hi̇sse Senedi̇ Pi̇yasasi Hareketleri̇ Arasindaki̇ İli̇şki̇ni̇n Anali̇zi̇: Türki̇ye Örneği̇

Abstract

Syndicated loans are a special kind of credit agreement where a large number of banks from different countries can participate. Syndicated loans are an essential source of external funding, especially for developing countries. Syndicated loan reflects the trust of international financial institutions (sources of funds) and markets in banks and the banking sector. The banks that participate in the loan and amount of loan are also taken into consideration by the investors. According to the efficient market hypothesis, it is assumed that the new information about the companies will affect the stock value. In this context, syndicated loans are likely to lead to changes in stocks. In this study, the possible relationship between the total syndicated loans provided by the banking sector and the equity markets was investigated in Turkey. In this context, the data obtained from the Banking Regulation and Supervision Agency and Borsa İstanbul and the Granger Causality, Johansen Cointegration, and VECM analyzes were performed. Results show that there are short and long-run relations between variables. This relationship, which is bi-directional between the banking index and syndicated loans, is negative in the long-run. The relationship between BIST100 and the use of the syndicated loan is positive but double-sided.