MEASUREMENT OF THE CONSERVATISM PRINCIPLE AND AN APPLICATION ON PUBLICLY-TRADED COMPANIES

Abstract

The aim of this study is to determine which of the two most commonly used methods in the literature, “Profit/Stock Return” and Accruals/Cash Flows” models better measure the conservatism level of companies. In addition, three different observation periods were used for each model in order to determine which period best represents the level of conservatism. In this context, the conservatism levels of 263 listed companies in BIST between 2004 and 2017 were tested using panel data regression analysis. The research findings show that companies have conservatism practices in three periods according to the Profit/Stock Return model and that the periodic conservatism levels are close to each other, while the Accruals/Cash Flows model shows that they have conservatism practices in only one observation period.

Keywords

• Conservatism,Panel Data Analysis,Income/Stock Return,Accruals/Cash Flows

İHTİYATLILIK KAVRAMININ ÖLÇÜLMESİ VE BİST’TE İŞLEM GÖREN ŞİRKETLER ÜZERİNE BİR UYGULAMA

Abstract

Bu çalışmanın amacı, literatürde en çok tercih edilen iki yöntem olan “Kar/Hisse Senedi Getirisi” ve “Tahakkuklar/Nakit Akışları” modellerinden hangisinin şirketlerin ihtiyatlılık düzeylerini daha iyi ölçtüğünün tespit edilmesidir. Ayrıca çalışmamızda her bir model için üç farklı gözlem dönemi baz alınarak ihtiyatlılık düzeyini hangi dönemin daha iyi temsil ettiği araştırılmıştır. Bu bağlamda 2004-2017 yılları arasında BİST’te işlem gören 263 şirketin ihtiyatlılık düzeyleri panel veri regresyon analizi kullanılarak test edilmiştir. Araştırma bulguları, şirketlerin Kar/Hisse Senedi Getirisi modeline göre üç dönemde de ihtiyatlı uygulamaları olduğunu ve dönemsel olarak ihtiyatlılık düzeylerinin birbirine yakın olduğunu gösterirken, Tahakkuklar/Nakit Akışları modeline göre sadece tek bir gözlem döneminde ihtiyatlı uygulamalarının olduğunu göstermektedir. 

Keywords

• İhtiyatlılık,Panel Veri Analizi,Kar/Hisse Senedi Getirisi,Tahakkuklar/Nakit Akışları

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