BORSA İSTANBUL BİLGİ TEKNOLOJİLERİ ENDEKSİNİN MAKROEKONOMİK GÖSTERGELERE TEPKİSİNİN DEĞERLENDİRİLMESİ: TÜRKİYE VE POLONYA ÜZERİNE KARŞILAŞTIRMALI BİR ANALİZ

Abstract

This study aims to determine the semi-strong form market efficiency of information technologies, which have gained importance in recent years and are seen as one of the significant factors of sustainable growth, against the macroeconomic indicators announced for their respective economies comparatively for Turkey and Poland, based on the companies listed on the stock exchange, along with the efficient market hypothesis. As a basis for the case study, Borsa Istanbul Information Technology Index data and Warsaw Information Technology Index data for the period 2014-2023, as well as the announcement dates of economic growth and national income, balance of payments and foreign trade and unemployment data of Turkey and Poland were examined. The results of the research indicate that at the 1% significance level, Turkish and Polish IT indices showed similar reactions to the events regarding the announcement of economic growth and national income figures, foreign trade and balance of payments data and unemployment figures, effectively in the semi-strong form. In addition, it has been revealed that Turkish and Polish IT indices exhibit semi-strong form efficiency at all significance levels in terms of explaining unemployment figures. According to these results, the fact that Turkey and Poland have semi-strong form efficient markets and IT indices enables both countries to attract new domestic and foreign investors to both their stock markets and IT sectors, and existing investors can similarly increase their investment amounts in the stock markets and IT sectors of both countries may allow.