The Effect of Income Smoothing Behavior on Firm Market Value: An Empirical Research on Borsa Istanbul

Abstract

This study empirically examines the income smoothing behaviors of firms listed on Borsa Istanbul (BIST) between 2005 and 2019 and their impact on firm market value. The income smoothing tendencies of BIST firms were estimated by using the Eckel (1981) coefficient of variation method for the five-year periods. The estimation results indicate that approximately 29%, 26%, and 19% of 205 firms in the sample smoothed their income in the 2005-2009, 2010-2014, and 2015-2019 periods, respectively. Panel regression analysis results revealed a statistically significant and positive relationship between the market value of firm and income smoothing behavior across all three analyzed periods. Furthermore, descriptive statistics showed significant differences between income-smoothing and non-smoothing firms in terms of market value, return on assets, leverage ratio, and operating cash flows, while no significant difference was found in firm size during these periods. The findings of the study suggest that income smoothing is evaluated by investors as a “stability signal” in the BIST context.

Keywords

• Income Smoothing
• Eckel Index
• Firm Market Value
• Borsa Istanbul

Gelir Yumuşatma Davranışının Firma Piyasa Değerine Etkisi: Borsa İstanbul'da Ampirik Bir Araştırma

Abstract

Bu çalışmada, Borsa İstanbul (BİST)’da işlem gören firmaların 2005-2019 yılları arasındaki gelir yumuşatma davranışları ile bu davranışların firma piyasa değeri üzerindeki etkisi ampirik olarak incelenmiştir. BİST firmalarının gelir yumuşatma eğilimleri, beşer yıllık dönemler itibariyle Eckel (1981) değişim katsayısı yöntemi kullanılarak tahmin edilmiştir. Tahmin sonuçlarına göre, araştırma kapsamındaki toplam 205 firmanın yaklaşık %29'unun 2005-2009, %26'sının 2010-2014 ve %19'unun 2015-2019 döneminde gelir yumuşattığı tespit edilmiştir. Panel regresyon analizi, incelenen her üç dönemde de firmaların piyasa değeri ile gelir yumuşatma davranışı arasında istatistiksel olarak anlamlı ve pozitif bir ilişki olduğunu ortaya koymuştur. Tanımlayıcı istatistikler ise bu dönemlerde, gelir yumuşatan ve yumuşatmayan firmalar arasında firma büyüklüğü dışında kalan firma piyasa değeri, aktif karlılığı, borçlanma oranı ve işletme faaliyetlerinden nakit akışları bakımından önemli farklılıklar bulunduğunu göstermiştir. Çalışma bulguları, BİST'te gelir yumuşatmanın yatırımcılar tarafından bir “istikrar sinyali” olarak değerlendirildiğine işaret etmektedir.

Keywords

• Gelir Yumuşatma
• Eckel Endeksi
• Firma Piyasa Değeri
• Borsa İstanbul

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