Investigation of the Impact of Changes in Value Added Tax and Special Consumption Tax Rates on Stock Returns

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dc.contributor.authorKandir, Serkan Yilmaz
dc.contributor.authorYakar, Soner
dc.contributor.authorElbir, Gozde
dc.date.accessioned2025-03-07T20:14:30Z
dc.date.available2025-03-07T20:14:30Z
dc.date.issued2019
dc.departmentÇağ Üniversitesi
dc.description.abstractValue Added Tax (VAT) and Special Consumption Tax (SCT) are taxes that can be reflected to consumers through price mechanism. Therefore, reduction in tax rates may lead to decrease in prices and consequently increase in sales. This situation may in turn enhance profitability of the companies. In this study, impact of reduction in VAT and SCT rates on the stock returns is examined by event study methodology. Event study is conducted for a tax rate reduction announcement and two consecutive tax rate reduction extension announcements in the years of 2018 and 2019. The reduction announcement appears to have a significant impact on stock returns, while extension announcements do not seem to effect stock returns significantly. Therefore, stock market appears to be efficient in semi-strong form.
dc.identifier.endpage401
dc.identifier.issn1300-3623
dc.identifier.issue177
dc.identifier.startpage387
dc.identifier.urihttps://hdl.handle.net/20.500.12507/2932
dc.identifier.wosWOS:000623911900018
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.language.isotr
dc.publisherMaliye Bakanligi
dc.relation.ispartofMaliye Dergisi
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WoS_20241226
dc.subjectValue Added Tax
dc.subjectSpecial Consumption Tax
dc.subjectTax Rate
dc.subjectEvent Study
dc.titleInvestigation of the Impact of Changes in Value Added Tax and Special Consumption Tax Rates on Stock Returns
dc.typeArticle

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