KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME

Year 2009, Volume: 27 Issue: 2, 105 - 126, 31.12.2009

Süleymen İç Mehmet Aygün

Abstract

Bu çalışmanın temel amacı, karın ve
nakit akımının bilgisel içeriğini ve bilgisel içeriğe etki eden firmaya özgü
faktörlerin rolünü ortaya koymaktır. 1997–2007 yıllarını kapsayan çalışmada
toplam 1382 gözlemden yararlanılmıştır. Ampirik analizlerde regresyon ve
korelasyon analizleri kullanılmıştır. Ampirik analiz sonucunda, hisse senedi getirisi
ile kar ve nakit akımı arasında pozitif bir ilişki bulunmuştur. Bu pozitif
ilişki özellikle kardaki değişim ve nakit akımdaki değişimde istatistiksel
olarak anlamlıdır. Çalışmada literatürden farklı olarak elde edilen önemli bir
bulgu da, kardaki değişimin yüksek olduğu durumda bile, yatırımcıların firma
değerlemede göz önünde bulundurdukları en önemli kriterin kar olduğunu
sonucudur.

 

Keywords

Bilgisel içerik, kar, nakit akımı, hisse senedi getirisi

The Information Content of Earnings and Cash Flows and Contextual Factors Affecting This Content: An Empirical Investigation on the Turkish Capital Market

Abstract

 

The purpose
of this study is to empirically examine the relative and incremental
information content of earnings and cash flows and the role of firm-specific
contextual factors in moderating information content. The study covering 1997-
2007 periods used 1382 observations. Regression and correlation analysis were
used in the empirical analysis. The result of the empirical analysis demonstrates
that there is a positive relation between stock returns and earnings, cash flows.
This positive relation is especially statistically significant in changes in
the earnings and changes in the cash flows. Another important finding from the
study is also that, apart from the literature, it demonstrates that investors
consider earnings per se as the decisive criterion to evaluate firms even in
the case of high changes occurring in the earnings.

 

Keywords

Infomation content, earnings, cash flows, stock returns

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