ANALYSIS OF THE STRUCTURE OF THE HOLDING AND THE RELATIONSHIP BETWEEN XUTUM (BORSA ISTANBUL NATIONAL ALL SHARES) INDEX AND XHOLD (HOLDING AND INVESTMENT) INDEX

In this study, the relationship between XHOLD (Borsa Istanbul Holding and Investment Index) and XUTUM (Borsa Istanbul National All Shares Index) in which holding companies are located in Borsa Istanbul are analyzed. Working on the concept and types of holdings are primarily examined are then referred to the development in the holdings of Turkey and the world. In the next section, after giving some general information about Borsa İstanbul, XHOLD and XUTUM indices are analyzed in a basic sense. Holding companies are defined in the literature as companies whose main purpose is to manage their affiliated companies. With the reopening of these structures in the same market with their affiliated companies, a repetitive value is formed in the markets in a sense. This creates a swelling effect in the markets due to the repeated value. In this study, this swelling effect created by holding companies in the markets is expressed as duplication effect. The main purpose of the study is to determine the duplication effect of the holdings in the markets and analyze the 2017 and 2018 year-end market data and firms and indices. Data were taken from the Public Disclosure Platform database. In the analysis, the market values of the companies in the XHOLD index and the market values of the companies in the XUTUM index were taken into consideration. According to this analysis, the monetary value of the duplication arising from the holding companies whose purpose is to manage their affiliated companies and which do not engage in production and trade is approximately 112 Billion TL for the 2017 and 2018 average. The proportional equivalent of this amount was determined as 16%.

Keywords

Holding Companies, Borsa İstanbul Holding and Investment Index, Duplication Effect.