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Ertelenmiş gelirlerdeki değişimlerin gelecekteki finansal performansa etkileri: Borsa İstanbul'dan kanıtlar

Yıl 2022, Cilt: 15 Sayı: 3, 709 - 724, 31.07.2022
https://doi.org/10.25287/ohuiibf.1087265

Öz

Raporlanan gelirler, bir firmanın geçmiş performansının değerlendirilmesine ve gelecekteki performansının tahmin edilmesine olanak sağlayarak yatırımcıların doğru kararlar almasına yardımcı olmaktadır. Bu sebeple gelirin ne zaman muhasebeleştirilmesi gerektiği konusu muhasebe teorisinin temel sorularından biridir ve finansal performansın ölçülmesinde önemli bir yere sahiptir.
Bu çalışmanın amacı, ertelenmiş gelirlerdeki değişimlerin Borsa İstanbul'da faaliyetlerini sürdüren firmaların gelecekteki finansal performansının bir göstergesi olup olmadığını tespit etmektir. Bu doğrultuda, Borsa İstanbul’da işlem gören 195 finansal olmayan firmanın 2012-2020 yıllarına ait verilerden yararlanılmış ve ertelenmiş gelirdeki değişimlerin gelecekteki finansal performans üzerindeki etkisi panel regresyon analizi ile tahmin edilmiştir. Gelecekteki finansal performans; gelecekteki satış büyümeleri, gelecekteki kâr marjı ve gelecekteki varlık getirisi ile ölçülerek ertelenmiş gelirdeki değişimler ile ilişkilendirilmiştir. Analiz sonuçlarına göre, ertelenmiş gelirdeki değişimlerin gelecekteki satış büyümeleri ve gelecekteki varlık getirisini artırdığı tespit edilirken; net kâr marjı üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı sonucuna varılmıştır. Ayrıca çalışmada kontrol değişkeni olarak kullanılan kaldıraç oranı ve nakit akış oranı değişkenlerinin gelecekteki finansal performans üzerinde anlamlı etkilerinin olduğu belirlenmiştir.

Destekleyen Kurum

Yok

Proje Numarası

Yok

Teşekkür

Yok

Kaynakça

  • Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438–445.
  • Altamuro, J., Beatty, A. L. & Weber, J. (2005). The effects of accelerated revenue recognition on earnings management and earnings informativeness: Evidence from SEC staff Accounting Bulletin No. 101. The Accounting Review, 80(2), 373–401.
  • Baker, H. K., Satt, H., Atmounia, F. & El Fadel, B. (2020). How deferred revenue changes impact future financial performance. Corporate Ownership & Control, 17(4), 72-85.
  • Baltagi, B. H. (2005). Econometric analysis of panel data. 3th edition, John Wiley & Sons Ltd.
  • Baltagi, B. H. (2013). Econometric analysis of panel data. 5th Edition, Chichester, West Sussex: John Wiley & Sons Press.
  • Baltagi, B. H. & Song, S. H. (2006). Unbalanced panel data: A survey. Statistical Papers, 47, 493-523.
  • Barth, M. E., Cram, D. P. & Nelson, K. K. (2001). Accruals and the prediction of future cash flows. The Accounting Review, 76(1), 27–58. Brush, T., Bromiley, P. & Hendrickx, M. (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal, 21(4), 455-472.
  • Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135-172.
  • Combs, J. G., Crook, T. R. & Shook, C. L. (2005). The dimensionality of organizational performance and its implications for strategic management research. Research Methodology in Strategy and Management, 2, 259-286.
  • Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
  • Greene, W. H. (2003). Econometric analysis. 6th Edition, New Jersey: Pearson Education, Inc.
  • Gujarati, N. D. (1995). Basic econometrics. 3rd Edition, New York: McGraw-Hill.
  • Hsiao, C. (2007). Panel data analysis—advantages and challenges. Test, 16(1), 1-22.
  • Hult, G. T. M, Ketchen, D. J., Griffith, D. A., Chabowski, B. R., Hamman, M. K., Dykes, B. J., Pollitte, W. A. & Cavusgil, S. T. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39(6), 1064-1080.
  • Ibhagui, O. W. & Olokoyo, F. O. (2018). Leverage and firm performance: New evidence on the role of firm size. The North American Journal of Economics and Finance, 45, 57–82.
  • Kennedy, P. (2008). A guide to econometrics. John Wiley & Sons.
  • Porter, M. (1985). Technology and Competitive Advantage. Journal of Business Strategy, 5(3), 60-78.
  • Prakash, R. & Sinha, N. (2013). Deferred revenues and the matching of revenues and expenses. Contemporary Accounting Research, 30(2), 517-548.
  • Rajgopal S., Shevlin T. & Venkatachalam, M. (2003). Does the stock market fully appreciate the implications of leading indicators for future earnings? Evidence from order backlog. Review of Accounting Studies, 8(4), 461-492.
  • Sanju, P. S., Ramachandran, M. & Nirmala, P. S. (2011). Determinants of share prices in India. Journal of Emerging Trends in Economics and Management Sciences, 2(2), 124-130.
  • Sloan, R.G. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71(3), 289-315. Tatoğlu, F. (2020). Panel veri ekonometrisi. 5.Baskı, Beta, İstanbul.
  • Wasan, P., Mulchandani, K. & Mulchandani K. (2022). Do changes in deferred revenue indicate future financial performance? Evidence from India. Journal of International Accounting, Auditing and Taxation, 46, 1-14.
  • Yenisu, E. (2019). BRICS-T ülkelerinde işgücü verimliliği ve ekonomik büyüme ilişkisi: Panel veri analizi. Kırıkkale Üniversitesi Sosyal Bilimler Dergisi, 9(1), 35-60.
  • Zhong, K., Wang, F. & Ning, Y. (2016). Implications of deferred revenue changes for future financial performance and market underreaction. Quarterly Journal of Finance and Accounting, 54(3-4), 65-100.
  • Zhong, K., Wang, F. & Zhou, L. (2017). Deferred revenue changes as a leading indicator for future financial performance: Evidence from China. Asian Review of Accounting, 25(4), 549-568.

The effects of changes in deferred revenues on future financial performance: Evidence from Borsa Istanbul

Yıl 2022, Cilt: 15 Sayı: 3, 709 - 724, 31.07.2022
https://doi.org/10.25287/ohuiibf.1087265

Öz

Reported revenues help investors make the right decision by providing a firm's past performance to be evaluated and its future performance to be predicted. That’s why, the issue of when revenue should be recorded is one of the fundamental questions of accounting theory and has an important place in determining financial performance.
The purpose of this study is to determine whether changes in deferred revenue are an indicator of the financial performance of companies operating in Borsa Istanbul. Accordingly, the data of 195 non-financial companies traded in Borsa Istanbul for the years from 2012 to 2020 were used and the effect of changes in deferred revenue on future financial performance was estimated by panel regression analysis. Future financial performance is associated with changes in deferred revenue measured by future sales growth, future profit margins and future return on assets. According to the results of the analysis, as it was determined that the changes in deferred revenue increased the future sales growth and the future return on assets, it was concluded that there was no statistically significant effect on the net profit margin. Morever, it was determined that the leverage ratio and cash flow rate variables used as control variables in the study, have significant effect on future financial performance.

Proje Numarası

Yok

Kaynakça

  • Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438–445.
  • Altamuro, J., Beatty, A. L. & Weber, J. (2005). The effects of accelerated revenue recognition on earnings management and earnings informativeness: Evidence from SEC staff Accounting Bulletin No. 101. The Accounting Review, 80(2), 373–401.
  • Baker, H. K., Satt, H., Atmounia, F. & El Fadel, B. (2020). How deferred revenue changes impact future financial performance. Corporate Ownership & Control, 17(4), 72-85.
  • Baltagi, B. H. (2005). Econometric analysis of panel data. 3th edition, John Wiley & Sons Ltd.
  • Baltagi, B. H. (2013). Econometric analysis of panel data. 5th Edition, Chichester, West Sussex: John Wiley & Sons Press.
  • Baltagi, B. H. & Song, S. H. (2006). Unbalanced panel data: A survey. Statistical Papers, 47, 493-523.
  • Barth, M. E., Cram, D. P. & Nelson, K. K. (2001). Accruals and the prediction of future cash flows. The Accounting Review, 76(1), 27–58. Brush, T., Bromiley, P. & Hendrickx, M. (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal, 21(4), 455-472.
  • Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135-172.
  • Combs, J. G., Crook, T. R. & Shook, C. L. (2005). The dimensionality of organizational performance and its implications for strategic management research. Research Methodology in Strategy and Management, 2, 259-286.
  • Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097–1122.
  • Greene, W. H. (2003). Econometric analysis. 6th Edition, New Jersey: Pearson Education, Inc.
  • Gujarati, N. D. (1995). Basic econometrics. 3rd Edition, New York: McGraw-Hill.
  • Hsiao, C. (2007). Panel data analysis—advantages and challenges. Test, 16(1), 1-22.
  • Hult, G. T. M, Ketchen, D. J., Griffith, D. A., Chabowski, B. R., Hamman, M. K., Dykes, B. J., Pollitte, W. A. & Cavusgil, S. T. (2008). An assessment of the measurement of performance in international business research. Journal of International Business Studies, 39(6), 1064-1080.
  • Ibhagui, O. W. & Olokoyo, F. O. (2018). Leverage and firm performance: New evidence on the role of firm size. The North American Journal of Economics and Finance, 45, 57–82.
  • Kennedy, P. (2008). A guide to econometrics. John Wiley & Sons.
  • Porter, M. (1985). Technology and Competitive Advantage. Journal of Business Strategy, 5(3), 60-78.
  • Prakash, R. & Sinha, N. (2013). Deferred revenues and the matching of revenues and expenses. Contemporary Accounting Research, 30(2), 517-548.
  • Rajgopal S., Shevlin T. & Venkatachalam, M. (2003). Does the stock market fully appreciate the implications of leading indicators for future earnings? Evidence from order backlog. Review of Accounting Studies, 8(4), 461-492.
  • Sanju, P. S., Ramachandran, M. & Nirmala, P. S. (2011). Determinants of share prices in India. Journal of Emerging Trends in Economics and Management Sciences, 2(2), 124-130.
  • Sloan, R.G. (1996). Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71(3), 289-315. Tatoğlu, F. (2020). Panel veri ekonometrisi. 5.Baskı, Beta, İstanbul.
  • Wasan, P., Mulchandani, K. & Mulchandani K. (2022). Do changes in deferred revenue indicate future financial performance? Evidence from India. Journal of International Accounting, Auditing and Taxation, 46, 1-14.
  • Yenisu, E. (2019). BRICS-T ülkelerinde işgücü verimliliği ve ekonomik büyüme ilişkisi: Panel veri analizi. Kırıkkale Üniversitesi Sosyal Bilimler Dergisi, 9(1), 35-60.
  • Zhong, K., Wang, F. & Ning, Y. (2016). Implications of deferred revenue changes for future financial performance and market underreaction. Quarterly Journal of Finance and Accounting, 54(3-4), 65-100.
  • Zhong, K., Wang, F. & Zhou, L. (2017). Deferred revenue changes as a leading indicator for future financial performance: Evidence from China. Asian Review of Accounting, 25(4), 549-568.
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm Makaleler
Yazarlar

Halil Cem Sayın 0000-0003-3487-805X

Aysel Öztürkçü Akçay 0000-0001-9655-5673

Gamze Sevimli Örgün 0000-0002-4233-8363

Proje Numarası Yok
Yayımlanma Tarihi 31 Temmuz 2022
Gönderilme Tarihi 15 Mart 2022
Kabul Tarihi 30 Mayıs 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 15 Sayı: 3

Kaynak Göster

APA Sayın, H. C., Öztürkçü Akçay, A., & Sevimli Örgün, G. (2022). Ertelenmiş gelirlerdeki değişimlerin gelecekteki finansal performansa etkileri: Borsa İstanbul’dan kanıtlar. Ömer Halisdemir Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 15(3), 709-724. https://doi.org/10.25287/ohuiibf.1087265
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Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Creative Commons Atıf-GayriTicari-AynıLisanslaPaylaş 4.0 Uluslararası Lisansı ile lisanslanmıştır.