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FİNANSAL STRESİN MUHASEBE VERİLERİNİN DEĞER İLİŞKİSİNE ETKİSİ

Year 2021, , 22 - 47, 31.03.2021
https://doi.org/10.31460/mbdd.723794

Abstract

Çalışmamızda Ohlson’un O-Skoru Yöntemi ile hesaplanan finansal stresin, defter değerinin ve kazançların değer ilişkisine etkileri Borsa İstanbul’a 2009-2018 arasında kote olan firmalara ilişkin bir örneklem ile analiz edilmektedir. Fiyat Modelinin modifiye edilmiş versiyonu kullanılarak elde edilen sonuçlar, finansal stres arttıkça kazançların değerleme etkinliğinin azaldığını ve finansal stresin defter değerinin değerleme etkinliği üzerinde herhangi bir etkisinin bulunmadığını göstermektedir. Diğer bir deyişle finansal stres kazançların değer ilişkisini negatif yönde etkilemekte iken defter değerinin değer ilişkisini değiştirmemektedir. Kazançlara ilişkin sonuç, finansal stres arttıkça gelir tablosunun değerlemedeki etkinliğinin azalması beklentisini doğrular mahiyettedir. Defter değerine ilişkin sonuç ise defter değerinin tasfiye değeri olarak değerlemede kullanılmadığına işaret etmekte ve defter değerinin kaynakların net değerini ölçemediği şeklinde yorumlanmaktadır.

Supporting Institution

Bulunmamaktadır

Project Number

Bulunmamaktadır

References

  • Adams, J., Hayunga, D., Mansi, S., Reeb, D. ve Verardi, V. 2019. “Identifying and Treating Outliers in Finance”, Financial Management, 48(2), 345–384.
  • Altman, E.I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy”, The Journal of Finance, 23(4), 589–609.
  • Ates, S. 2020. “Membership of Sustainability Index in an Emerging Market: Implications for Sustainability”, Journal of Cleaner Production, 250, 119465.
  • Ball, R. ve Brown, P. 1968. “An Empirical evaluation of accounting income numbers”, Journal of Accounting Research, 6(2), 159–178.
  • Barth, M.E., Beaver, W.H. ve Landsman, W.R. 1996. “Valuation characteristics of equity book value and net income: Tests of the Abandonment Option Hypothesis”, Working Paper. Stanford University.
  • Barth, M.E., Beaver, W.H. ve Landsman, W.R. 1998. “Relative valuation roles of equity book value and net income as a function of financial health”, Journal of Accounting and Economics, 25(1), 1–34.
  • Beaver, W.H. 1968. “The information content of annual announcements earnings”, Journal of Accounting Research, 6(3), 67–92.
  • Beaver, W.H. 2002. “Perspectives on recent capital market research”, The Accounting Review, 77(2), 453–474.
  • Bilgic, F.A., Ho, S., Hodgson, A. ve Xiong, Z. 2018. “Do macro-economic crises determine accounting value relevance?”, Accounting in Europe, 15(3), 402–422.
  • Brown, S., Lo, K. ve Lys, T. 1999. “Use of R2 in accounting research: Measuring changes in value relevance over the last four decades”, Journal of Accounting and Economics, 28(2), 83–115.
  • Burgstahler, D.C. ve Dichev, I.D. 1997. “Earnings, adaptation and equity value”, The Accounting Review, 72(2), 187–215.
  • Callao, S., Cimini, R. ve Jarne, J.I. 2016. “Value relevance of accounting figures in presence of earnings management. Are enforcement and ownership diffusion really enough?”, Journal of Business Economics and Management, 17(6), 1286–1299.
  • Chang, C., Herbohn, K. ve Tutticci, I. 2009. “Market’s perception of deferred tax accruals”, Accounting and Finance, 49(4), 645–673.
  • Charitou, A., Neophytou, E. ve Charalambous, C. 2004. “Predicting corporate failure: Empirical evidence for the UK”, European Accounting Review, 13(3), 465–497.
  • Chieng, J.R. 2013. “Verifying the validity of Altman’s Z-Score as a predictor of bank failures in the case of the Eurozone (Unpublished Masters Thesis)”, National College of Ireland, Dublin, Ireland.
  • Christensen, H.B. ve Nikolaev, V.V. 2012. “Capital versus performance covenants in debt contracts”, Journal of Accounting Research, 50(1), 75–116.
  • DeFond, M.L. ve Jiambalvo, J. 1994. “Debt covenant violation and manipulation of accruals”, Journal of Accounting and Economics, 17(1–2), 145–176.
  • Demir, V., Ertuğrul, M. ve Gür, E. 2016. “Değer ilişkisi üzerine uluslararası yayınlar”, Mali Çözüm, 136, 13–31.
  • Dhaliwal, D.S., Li, O.Z. ve Xie, H. 2010. “Institutional investors, financial health, and equity valuation”, Asia-Pacific Journal of Accounting and Economics, 17(2), 151–173.
  • Easton, P.D. 1998. “Discussion of revalued financial, tangible, and intangible assets: Association with share prices and non-market-based value estimates”, Journal of Accounting Research, 36(3), 235–247.
  • Ertuğrul, M. 2019a. “A review of the literature on IFRS adoption from the perspective of the value relevance”, In H. Dincer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making, (pp. 367–394), IGI Global.
  • Ertuğrul, M. 2019b. “Kapsamlı gelirin değer ilişkisine yönelik uluslararası literatür taraması”, Mali Çözüm, 155, 55–80.
  • Ertuğrul, M. ve Demir, V. 2018. “How does unobserved heterogeneity affect value relevance?”, Australian Accounting Review, 28(2), 288–301.
  • Glova, J. ve Mrazkova, S. 2018. “Impact of intangibles on firm value: An empirical evidence from European public companies”, Ekonomický C̆asopis, 66(7), 665–680.
  • Goncharov, I. ve Veenman, D. 2014. “Stale and scale effects in markets-based accounting research: Evidence from the valuation of dividends”, European Accounting Review, 23(1), 25–55.
  • Gow, I.D., Ormazabal, G. ve Taylor, D.J. 2010. “Correcting for cross‐sectional and time‐series dependence in accounting research”, The Accounting Review, 85(2), 483–512.
  • Graham, J.R., Harvey, C.R. ve Rajgopal, S. 2005. “The economic implications of corporate financial reporting”, Journal of Accounting and Economics, 40(1–3), 3–73.
  • Grice, S.J. ve Ingram, R.W. 2001. “Test of the generalizability of Altman’s bankruptcy predication model”, Journal of Business Research, 54, 53–61.
  • Gujarati, D. 1970a. “Use of dummy variables in testing for equality between sets of coefficients in linear regressions: A generalization”, American Statistician, 24(5), 18–22.
  • Gujarati, D. 1970b. “Use of dummy variables in testing for equality between sets of coefficients in two linear regressions: A note”, American Statistician, 24(1), 50–52.
  • Güleç, Ö.F. 2017. “Nakit akışları ve kazançların değer ilişkisi: Borsa İstanbul uygulaması”, Muhasebe Bilim Dünyası Dergisi, 19(2), 524–546.
  • Habib, A. ve Azim, I. 2008. “Corporate governance and the value-relevance of accounting information: Evidence from Australia”, Accounting Research Journal, 21(2), 167–194.
  • Hayn, C. 1995. “The information content of losses”, Journal of Accounting and Economics, 20, 125–153.
  • Hellström, K. 2006. “The value relevance of financial accounting information in a transition economy: The case of the Czech Republic”, European Accounting Review, 15(3), 325–349.
  • Hensher, D.A., Jones, S. ve Greene, W.H. 2007. “An error component logit analysis of corporate bankruptcy and insolvency risk in Australia”, Economic Record, 83(260), 86–103.
  • Isaboke, C. ve Chen, Y. 2019. “IFRS adoption, value relevance and conditional conservatism: evidence from China”, International Journal of Accounting and Information Management, 27(4), 529–546.
  • Kothari, S.P. 2001. “Capital markets research in accounting”, Journal of Accounting and Economics 31, 105–231.
  • Lev, B. ve Zarowin, P. 1999. “The boundaries of financial reporting and how to extend them”, Journal of Accounting Research, 37(2), 353–385.
  • Marquardt, C.A. ve Wiedman, C.I. 2004. “The effect of earnings management on the value relevance of accounting information”, Journal of Business Finance & Accounting, 31(3–4), 297–332.
  • Miller, M.H. ve Modigliani, F. 1966. “Some estimates of the cost of capital to the electric utility industry, 1954-1957”, The American Economic Review, 56(3), 333–391.
  • Ohlson, J.A. 1980. “Financial ratios and the probabilistic prediction of bankruptcy”, Journal of Accounting Research, 18(1), 109–131.
  • Ohlson, J.A. 1995. “Earnings, book values, and dividends in equity valuation”, Contemporary Accounting Research, 11(2), 661–687.
  • Onali, E., Ginesti, G. ve Vasilakis, C. 2017. “How should we estimate value-relevance models? Insights from European data”, British Accounting Review, 49(5), 460–473.
  • Öz, I.O. ve Şımga-Muğan, C. 2018. “Bankruptcy prediction models’ generalizability: Evidence from emerging market economies”, Advances in Accounting, 41(C), 114–125.
  • Petersen, M.A. 2009. “Estimating standard errors in finance panel data sets: Comparing approaches”, Review of Financial Studies, 22(1), 435–480.
  • Shumway, T. 2001. “Forecasting bankruptcy more accurately: A simple hazard model”, Journal of Business, 74(1), 101–124.
  • Wang, M. ve Hussainey, K. 2013. “Voluntary forward-looking statements driven by corporate governance and their value relevance”, Journal of Accounting and Public Policy, 32(3), 26–49.
  • Wilcox, R. 2017. Modern Statistics for the Social and Behavioral Sciences: A Practical Introduction (2nd ed.). Boca Raton, FL: Taylor & Francis.
  • Wu, Y., Gaunt, C. ve Gray, S. 2010. “A comparison of alternative bankruptcy prediction models”, Journal of Contemporary Accounting and Economics, 6(1), 34–45.
  • Wysocki, P.D. 2009. “Assessing earnings and accruals quality: US and international evidence”, Working Paper. MIT Sloan School of Management.
  • Veltri, S. 2020. “Mandatory non-financial risk-related disclosure”, Springer International Publishing.
  • Zmijewski, M.E. 1984. “Methodological issues related to the estimation of financial distress prediction models”, Journal of Accounting Research, 22, 59–82.

THE IMPACT OF FINANCIAL STRESS ON THE VALUE RELEVANCE OF ACCOUNTING INFORMATION

Year 2021, , 22 - 47, 31.03.2021
https://doi.org/10.31460/mbdd.723794

Abstract

Our study analyses the impact of financial stress measured by Ohlson’s O-Score on the value relevance of earnings and book value of equity by employing a sample of listed firms on Borsa Istanbul between 2009 and 2018. Outcomes obtained by using a modified Price Model reveal that the valuation effectiveness of earnings decreases while that of book value of equity remains unchanged as financial stress decreases. In other words, the value relevance of earnings is moderated or negatively influenced as financial stress decreases and the value relevance of book value of equity is independent of financial stress. The former confirms the expectation of the decreased role of the income statement in valuation as financial stress decreases. The latter indicates that book value of equity does not serve a proxy for liquidation and it is interpreted as the inability of book value of equity to measure the net value of resources.

Project Number

Bulunmamaktadır

References

  • Adams, J., Hayunga, D., Mansi, S., Reeb, D. ve Verardi, V. 2019. “Identifying and Treating Outliers in Finance”, Financial Management, 48(2), 345–384.
  • Altman, E.I. 1968. “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy”, The Journal of Finance, 23(4), 589–609.
  • Ates, S. 2020. “Membership of Sustainability Index in an Emerging Market: Implications for Sustainability”, Journal of Cleaner Production, 250, 119465.
  • Ball, R. ve Brown, P. 1968. “An Empirical evaluation of accounting income numbers”, Journal of Accounting Research, 6(2), 159–178.
  • Barth, M.E., Beaver, W.H. ve Landsman, W.R. 1996. “Valuation characteristics of equity book value and net income: Tests of the Abandonment Option Hypothesis”, Working Paper. Stanford University.
  • Barth, M.E., Beaver, W.H. ve Landsman, W.R. 1998. “Relative valuation roles of equity book value and net income as a function of financial health”, Journal of Accounting and Economics, 25(1), 1–34.
  • Beaver, W.H. 1968. “The information content of annual announcements earnings”, Journal of Accounting Research, 6(3), 67–92.
  • Beaver, W.H. 2002. “Perspectives on recent capital market research”, The Accounting Review, 77(2), 453–474.
  • Bilgic, F.A., Ho, S., Hodgson, A. ve Xiong, Z. 2018. “Do macro-economic crises determine accounting value relevance?”, Accounting in Europe, 15(3), 402–422.
  • Brown, S., Lo, K. ve Lys, T. 1999. “Use of R2 in accounting research: Measuring changes in value relevance over the last four decades”, Journal of Accounting and Economics, 28(2), 83–115.
  • Burgstahler, D.C. ve Dichev, I.D. 1997. “Earnings, adaptation and equity value”, The Accounting Review, 72(2), 187–215.
  • Callao, S., Cimini, R. ve Jarne, J.I. 2016. “Value relevance of accounting figures in presence of earnings management. Are enforcement and ownership diffusion really enough?”, Journal of Business Economics and Management, 17(6), 1286–1299.
  • Chang, C., Herbohn, K. ve Tutticci, I. 2009. “Market’s perception of deferred tax accruals”, Accounting and Finance, 49(4), 645–673.
  • Charitou, A., Neophytou, E. ve Charalambous, C. 2004. “Predicting corporate failure: Empirical evidence for the UK”, European Accounting Review, 13(3), 465–497.
  • Chieng, J.R. 2013. “Verifying the validity of Altman’s Z-Score as a predictor of bank failures in the case of the Eurozone (Unpublished Masters Thesis)”, National College of Ireland, Dublin, Ireland.
  • Christensen, H.B. ve Nikolaev, V.V. 2012. “Capital versus performance covenants in debt contracts”, Journal of Accounting Research, 50(1), 75–116.
  • DeFond, M.L. ve Jiambalvo, J. 1994. “Debt covenant violation and manipulation of accruals”, Journal of Accounting and Economics, 17(1–2), 145–176.
  • Demir, V., Ertuğrul, M. ve Gür, E. 2016. “Değer ilişkisi üzerine uluslararası yayınlar”, Mali Çözüm, 136, 13–31.
  • Dhaliwal, D.S., Li, O.Z. ve Xie, H. 2010. “Institutional investors, financial health, and equity valuation”, Asia-Pacific Journal of Accounting and Economics, 17(2), 151–173.
  • Easton, P.D. 1998. “Discussion of revalued financial, tangible, and intangible assets: Association with share prices and non-market-based value estimates”, Journal of Accounting Research, 36(3), 235–247.
  • Ertuğrul, M. 2019a. “A review of the literature on IFRS adoption from the perspective of the value relevance”, In H. Dincer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making, (pp. 367–394), IGI Global.
  • Ertuğrul, M. 2019b. “Kapsamlı gelirin değer ilişkisine yönelik uluslararası literatür taraması”, Mali Çözüm, 155, 55–80.
  • Ertuğrul, M. ve Demir, V. 2018. “How does unobserved heterogeneity affect value relevance?”, Australian Accounting Review, 28(2), 288–301.
  • Glova, J. ve Mrazkova, S. 2018. “Impact of intangibles on firm value: An empirical evidence from European public companies”, Ekonomický C̆asopis, 66(7), 665–680.
  • Goncharov, I. ve Veenman, D. 2014. “Stale and scale effects in markets-based accounting research: Evidence from the valuation of dividends”, European Accounting Review, 23(1), 25–55.
  • Gow, I.D., Ormazabal, G. ve Taylor, D.J. 2010. “Correcting for cross‐sectional and time‐series dependence in accounting research”, The Accounting Review, 85(2), 483–512.
  • Graham, J.R., Harvey, C.R. ve Rajgopal, S. 2005. “The economic implications of corporate financial reporting”, Journal of Accounting and Economics, 40(1–3), 3–73.
  • Grice, S.J. ve Ingram, R.W. 2001. “Test of the generalizability of Altman’s bankruptcy predication model”, Journal of Business Research, 54, 53–61.
  • Gujarati, D. 1970a. “Use of dummy variables in testing for equality between sets of coefficients in linear regressions: A generalization”, American Statistician, 24(5), 18–22.
  • Gujarati, D. 1970b. “Use of dummy variables in testing for equality between sets of coefficients in two linear regressions: A note”, American Statistician, 24(1), 50–52.
  • Güleç, Ö.F. 2017. “Nakit akışları ve kazançların değer ilişkisi: Borsa İstanbul uygulaması”, Muhasebe Bilim Dünyası Dergisi, 19(2), 524–546.
  • Habib, A. ve Azim, I. 2008. “Corporate governance and the value-relevance of accounting information: Evidence from Australia”, Accounting Research Journal, 21(2), 167–194.
  • Hayn, C. 1995. “The information content of losses”, Journal of Accounting and Economics, 20, 125–153.
  • Hellström, K. 2006. “The value relevance of financial accounting information in a transition economy: The case of the Czech Republic”, European Accounting Review, 15(3), 325–349.
  • Hensher, D.A., Jones, S. ve Greene, W.H. 2007. “An error component logit analysis of corporate bankruptcy and insolvency risk in Australia”, Economic Record, 83(260), 86–103.
  • Isaboke, C. ve Chen, Y. 2019. “IFRS adoption, value relevance and conditional conservatism: evidence from China”, International Journal of Accounting and Information Management, 27(4), 529–546.
  • Kothari, S.P. 2001. “Capital markets research in accounting”, Journal of Accounting and Economics 31, 105–231.
  • Lev, B. ve Zarowin, P. 1999. “The boundaries of financial reporting and how to extend them”, Journal of Accounting Research, 37(2), 353–385.
  • Marquardt, C.A. ve Wiedman, C.I. 2004. “The effect of earnings management on the value relevance of accounting information”, Journal of Business Finance & Accounting, 31(3–4), 297–332.
  • Miller, M.H. ve Modigliani, F. 1966. “Some estimates of the cost of capital to the electric utility industry, 1954-1957”, The American Economic Review, 56(3), 333–391.
  • Ohlson, J.A. 1980. “Financial ratios and the probabilistic prediction of bankruptcy”, Journal of Accounting Research, 18(1), 109–131.
  • Ohlson, J.A. 1995. “Earnings, book values, and dividends in equity valuation”, Contemporary Accounting Research, 11(2), 661–687.
  • Onali, E., Ginesti, G. ve Vasilakis, C. 2017. “How should we estimate value-relevance models? Insights from European data”, British Accounting Review, 49(5), 460–473.
  • Öz, I.O. ve Şımga-Muğan, C. 2018. “Bankruptcy prediction models’ generalizability: Evidence from emerging market economies”, Advances in Accounting, 41(C), 114–125.
  • Petersen, M.A. 2009. “Estimating standard errors in finance panel data sets: Comparing approaches”, Review of Financial Studies, 22(1), 435–480.
  • Shumway, T. 2001. “Forecasting bankruptcy more accurately: A simple hazard model”, Journal of Business, 74(1), 101–124.
  • Wang, M. ve Hussainey, K. 2013. “Voluntary forward-looking statements driven by corporate governance and their value relevance”, Journal of Accounting and Public Policy, 32(3), 26–49.
  • Wilcox, R. 2017. Modern Statistics for the Social and Behavioral Sciences: A Practical Introduction (2nd ed.). Boca Raton, FL: Taylor & Francis.
  • Wu, Y., Gaunt, C. ve Gray, S. 2010. “A comparison of alternative bankruptcy prediction models”, Journal of Contemporary Accounting and Economics, 6(1), 34–45.
  • Wysocki, P.D. 2009. “Assessing earnings and accruals quality: US and international evidence”, Working Paper. MIT Sloan School of Management.
  • Veltri, S. 2020. “Mandatory non-financial risk-related disclosure”, Springer International Publishing.
  • Zmijewski, M.E. 1984. “Methodological issues related to the estimation of financial distress prediction models”, Journal of Accounting Research, 22, 59–82.
There are 52 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Melik Ertugrul 0000-0003-2068-2080

Project Number Bulunmamaktadır
Publication Date March 31, 2021
Submission Date April 20, 2020
Published in Issue Year 2021

Cite

APA Ertugrul, M. (2021). FİNANSAL STRESİN MUHASEBE VERİLERİNİN DEĞER İLİŞKİSİNE ETKİSİ. Muhasebe Bilim Dünyası Dergisi, 23(1), 22-47. https://doi.org/10.31460/mbdd.723794