Firma Özelliklerinin Finansal Raporların Yayınlanma Zamanlamasına Etkisi: Borsa İstanbul'da İşlem Gören Şirketler Üzerine Ampirik Bir Analiz

Year 2024, Volume: 23 Issue: 3, 1115 - 1129, 30.07.2024

Abdullah Kürşat Merter Sedat Çerez Yavuz Selim Balcıoğlu Gökhan Özer

https://doi.org/10.21547/jss.1346487

Abstract

Günümüzün globalleşen ekonomisinde zamanında ve doğru finansal raporlamanın önemi her zamankinden daha fazla artmıştır. Bu raporlar, bir şirketin finansal sağlığı ve performansını detaylı olarak ortaya koymakta ve yatırımcılara, kredi sağlayıcılara ve diğer ilgili taraflara bilinçli kararlar almak için kritik bilgiler sunmaktadır. Finansal raporların yayınlanma zamanlamasını belirlerken iyi ve kötü haberlerin ağırlıklarına göre bazı stratejiler belirlemektedir. Şirketler, genellikle kurumsal itibarlarını desteklemek ve hissedar ile potansiyel yatırımcıların güvenini artırmak için olumlu haberlerini hızlı ve piyasanın açık olduğu dönemlerde açıklama eğilimindedir. Öte yandan şirketler, olumsuz piyasa tepkilerini en aza indirmek ya da geciktirmek için kötü haberleri saklama ya da piyasanın kapalı olduğu dönemlerde açıklama eğiliminde olabilmektedir. Bu stratejiler sayesinde firmalar, hissedarların ve yatırımcıların üzerinde olumlu veya olumsuz bir etki yaratmayı ve haberlerin etkisini en iyi şekilde kontrol etmeyi amaçlamaktadır. Bu çalışmanın amacı, finansal raporlama zamanlılıklarının firma özelliklerine bağlı olarak değişip değişmediğini incelemektedir. Bu amaçla 2009-2019 yılları arasında Borsa İstanbul'da işlem gören şirketlerden elde edilen 2345 firma/yılı verisi kullanılarak lojistik regresyon analizi gerçekleştirilmiştir. Araştırmanın sonuçları, firma büyüklüğü ve finansal kaldıraç gibi firma özelliklerinin finansal raporların hafta içi veya hafta sonu açıklanma zamanlaması üzerinde anlamlı bir etkisi olduğunu göstermektedir. Bu bulgular, finansal raporlamada zamanlama stratejilerinin, firmanın bazı özelliklerine bağlı olarak değişiklik gösterebileceğini ortaya koymaktadır. Özellikle, firmaların olumlu veya olumsuz haberleri nasıl ve ne zaman açıklayacaklarına karar verirken kullandıkları stratejilerin hem kendi özelliklerini hem de piyasa koşullarını göz önünde bulundurduklarını göstermektedir.

Keywords

Firma Özellikleri, Finansal Raporlar, Zamanlılık, İyi Haber, Kötü Haber

The Effect of Firm Characteristics on the Release Time of Financial Reports: An Empirical Analysis on the Companies Traded in Borsa Istanbul

Abstract

In today's globalizing economy, the importance of timely and accurate financial reporting has become more crucial than ever. These reports provide a detailed insight into a company's financial health and performance, offering critical information to investors, creditors, and other relevant parties to make informed decisions. While determining the publication timing of financial reports, strategies are set based on the weight of good and bad news. Companies tend to announce positive news quickly, especially during open market periods, to support their corporate reputation and boost the confidence of shareholders and potential investors. On the other hand, companies might be inclined to withhold or announce bad news during closed market periods to minimize or delay negative market reactions. Through these strategies, firms aim to create either a positive or negative impact on shareholders and investors and control the effect of news most efficiently. The purpose of this study is to examine whether the timing of financial reporting varies depending on firm characteristics. Logistic regression analysis was conducted using data from 2345 observation obtained from companies traded on Borsa Istanbul between 2009 and 2019. The results of the study indicate that firm characteristics such as firm size and financial leverage have a significant effect on whether financial reports are announced on weekdays or weekends. These findings reveal that the timing strategies in financial reporting can vary depending on certain characteristics of the firm. Notably, they highlight that when deciding how and when to announce positive or negative news, companies consider both their own characteristics and market conditions.

Keywords

Firm Characteristics, Financial Reports, Timeliness, Good News, Bad News

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