MADDİ OLMAYAN DURAN VARLIKLAR VE KAZANÇLAR: BORSA İSTANBUL ÖRNEĞİ

Abstract

Bu çalışma, 1998'den 2017'ye uzanan yirmi yıllık bir dönemde Borsa İstanbul'da işlem gören şirketlerin kazançları ile maddi olmayan duran varlıkları arasındaki ampirik ilişkiyi test etmektedir. Bu dönem, Türkiye'nin UFRS'ye geçişi ve küresel finansal krizler de dahil olmak üzere bir dizi önemli olayla ilgilidir. Dinamik panel veri sonuçları, maddi olmayan duran varlıkların kazançlar üzerindeki etkisinin 2008 mali krizi ve sonrasındaki iki dönemde istatistiksel olarak anlamlı ve pozitif olduğunu ortaya koymaktadır. Buna ek olarak, araştırma bulguları 2005 yılında UFRS'nin benimsenmesi sırasında maddi olmayan duran varlıkların kazançlar üzerinde önemli olumsuz etkileri olduğunu göstermektedir. Çalışma, gelişmekte olan bir pazar içerisinde maddi olmayan duran varlıkların kazançlar üzerindeki rolünü araştırarak literatüre katkı sağlamayı amaçlamaktadır.

Keywords

• Maddi olmayan duran varlıklar
• kazançlar
• dinamik panel veri
• gelişmekte olan piyasalar
• Türkiye
• muhasebe standartları.

INTANGIBLE ASSETS AND EARNINGS: EVIDENCE FROM BORSA İSTANBUL

Abstract

The purpose of this paper is primarily to explore the nature of intangible assets by testing their empirical relationship with the earnings of large Turkish listed companies over a twenty-year period spanning from 1998 to 2017. This period relates to a number of substantial occurrences including Turkey’s convergence to IFRS and global financial crises. Dynamic panel data results reveal that the effect of intangible assets on earnings is statistically significant and positive during the 2008 financial crisis and the following two periods. In addition, authors find that during the adoption of IFRS in 2005, intangible assets have significant negative impact on earnings. The research findings provide empirical input for broader perspectives of intangible assets and demonstrates a rare account to understand the role of intangible assets on earnings in an emerging market.

Keywords

• Intangible assets
• earnings
• dynamic panel data
• emerging markets
• Turkey
• accounting standards.

References

1. Andonova, V. and Ruiz-Pava, G. 2016. “The Role of Industry Factors and Intangible Assets in Company Performance in Colombia”. Journal of Business Research, 69(10), 4377-4384.
2. Arslan. M. L. and Kızıl. C. 2019. “Measuring Intellectual Capital of Turkish Banks Listed on Borsa Istanbul Banking Index (BIST XBANK) with the Market Value/Book Value Method and Value Added Intellectual Coefficient (VAIC) Model”, Emerging Markets Journal, 9(1), 101-116.
3. Baltagi, B. 2005. Econometric Analysis of Panel Data. West Sussex: John Wiley and Sons.
4. Baltagi, B. H. 2008. “Forecasting with panel data”, Journal of Forecasting, 27(2), 153-173.
5. Blundell, R. and Bond, S. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Model”, Journal of Econometrics, 87(1), 115-143.
6. Blundell, R. and Bond, S. 2000. “GMM estimation with persistent panel data: an application to production functions”, Econometric Reviews, 19(3), 321-340.
7. Bouallegui, I. 2006. “Capital structure determinants and the new High-Tech firms: The critical distinction between fixed and random effects through a static panel data investigation”, Available at: http://dx.doi.org/10.2139/ssrn.733243 (Date of Access: 15.03.2020).
8. Bozbura, F. T. 2004. “Measurement and application of intellectual capital in Turkey”, The Learning Organization, 11(4/5), 357-367.

9. Chen, M.C., Cheng, S.J. and Hwang, Y. 2005. “An empirical investigation of the relationship between intellectual capital and firms market value and financial performance”, Journal of Intellectual Capital, 6(2), 159–76.
10. Clarke, M., Seng, D. and Whiting, R.H. 2011. “Intellectual capital and firm performance in Australia”, Journal of Intellectual Capital, 12(1), 505–530.
11. Chalmers, K., Clinch, G., Godfrey, J. M. and Wei, Z. 2012. “Intangible assets. IFRS and analysts’ earnings forecasts”, Accounting and Finance, 52(3), 691-721.
12. Communiqué on Accounting Standards in the Capital Markets, XI/25. (Date of Access: 15.11.2003)
13. Communiqué on Principles and Rules Regarding Financial Statements and Reports in the Capital Markets. XI/1. (Date of Access: 29.01.1989)
14. Cheung, E., Evans, E., and Wright, S. 2008. “The adoption of IFRS in Australia: The case of AASB 138 (IAS 38) Intangible Assets”, Australian Accounting Review, 18(3), 248-256.
15. Daum, J. H. 2003. Intangible Assets and Value Creation. Chichester: John Wiley and Sons.
16. Dahmash, F. N., Durand, R. B. and Watson, J. 2009. “The value relevance and reliability of reported goodwill and identifiable intangible assets”, The British Accounting Review, 41(2), 120-137.
17. Elliott, J. A. and Philbrick, D. R. 1990. “Accounting changes and earnings predictability”, Accounting Review, 65(1), 157-174.
18. Fındık, D. and Ocak, M. 2016. “Türkiye'de Maddi Olmayan Varlik Yatırımlarının Isletmelerin Finansal Performansı Üzerine Etkisi”, Ege Akademik Bakış, 16(3), 397-414.
19. Ghapar, F., Brooks, R. and Smyth, R. 2014. “The impact of patenting activity on the financial performance of Malaysian firms”, Journal of the Asia Pacific Economy, 19(3), 445-463.
20. Giuliani, M. 2013. “Not all sunshine and roses: discovering intellectual liabilities “in action””, Journal of Intellectual Capital, 14(1), 127–44.
21. Goncharov, I. and Zimmermann, J. 2006. “Do Accounting Standards Influence the Level of Earnings Management? Evidence from Germany”, Die Unternehmung, 61(5), 371-388.
22. Gamayuni, R. R. 2015. “The effect of intangible asset. financial performance and financial policies on the firm value”, International Journal of scientific and technology research, 4(1), 202-212.
23. Hayakawa, K. 2007. “Small sample bias properties of the system GMM estimator in dynamic panel data models”, Economics Letters, 95(1), 32-38.
24. Harrison, T. O. M. 1977. “Different market reactions to discretionary and nondiscretionary accounting changes”, Journal of Accounting Research, 15(1), 84-107.
25. Haji, A. A. and Ghazali, N. A. M. 2018. “The role of intangible assets and liabilities in firm performance: empirical evidence”, Journal of Applied Accounting Research, 19(1), 42-59.
26. IASB (2004), Intangible Assets IAS 38, International Accounting Standards Board, London.
27. Ipate, D. M., and Parvu, I. 2016. “The impact of intangible assets on companies in emerging markets”, Economics, Management, and Financial Markets, 11(1), 94-100.
28. Joos, P. and Lang, M. 1994. “The effects of accounting diversity: Evidence from the European Union”, Journal of Accounting Research, 32, 141-168.
29. Kweh, Q. L., Chan. Y. C. and Ting, I. W. K. 2013. “Measuring intellectual capital efficiency in the Malaysian software sector”, Journal of Intellectual Capital, 14(2), 310-324.
30. Khadraoui, N. and Smida, M. 2012. “Financial development and economic growth: static and dynamic panel data analysis”, International Journal of Economics and Finance, 4(5), 94-104.
31. Maditinos. D., Chatzoudes. D., Tsairidis. C. and Theriou, G. 2011. “The impact of intellectual capital on firms' market value and financial performance”, Journal of Intellectual Capital, 12(1), 132-151.
32. Morricone, S., Oriani. R. and Sobrero, M. 2009. “The value relevance of intangible assets and the mandatory adoption of IFRS”. Available at SSRN: 1600725 (Date of Access: 22.02.2020).
33. Mısırlıoğlu, İ. U., Tucker, J. and Yükseltürk, O. 2013. “Does mandatory adoption of IFRS guarantee compliance?”, The International Journal of Accounting, 48(3), 327-363.
34. Nimtrakoon, S. (2015). The relationship between intellectual capital firms’ market value and financial performance: Empirical evidence from the ASEAN. Journal of Intellectual Capital, 16(3), 587-618.
35. Oliveira, L., Rodrigues, L. L. and Craig, R. 2010. “Intangible assets and value relevance: Evidence from the Portuguese stock exchange”, The British Accounting Review, 42(4), 241-252.
36. Özcan, A. 2017. “Analysis of value relevance of intangible assets under international financial reporting standards: evidence from Borsa Istanbul”, Journal of Social Sciences Institute, 14(40), 364-377.
37. Pesaran, M. H. 2004. “General diagnostic tests for cross section dependence in panels”, Available at: http://hdl.handle.net/10419/18868 (Date of Access: 08.02.2020).
38. Riahi Belkaoui, A. 2003. “Intellectual capital and firm performance of US multinational firms: a study of the resource-based and stakeholder views”, Journal of Intellectual Capital, 4(2), 215-226.
39. Sahut, J. M., Boulerne, S. and Teulon, F. 2011. “Do IFRS provide better information about intangibles in Europe?”, Review of Accounting and Finance, 10(3), 267-290.
40. Sullivan, P.H. 2000. Value-Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value. New York: Wiley.
41. Tatoğlu, F. Y. 2013. Panel Veri Ekonometrisi: Stata Uygulamalı. Beta Publications, İstanbul.
42. Tahat, Y. A., Ahmed H. and Alhadab, M. 2018. “The Impact of Intangibles on Firms’ Financial and Market Performance: UK Evidence”, Review of Quantitative Finance and Accounting, 50(4), 1147-1168.
43. Teece, D. J. 1998. “Capturing value from knowledge assets: The new economy markets for know-how and intangible assets”, California Management Review, 40(3), 55-79.
44. US Federal Reserve Board's Semiannual Monetary Policy Report to the US Congress. February 27/March 7 2002.
45. Villalonga, B. 2004. “Intangible resources, Tobin’s q and sustainability of performance differences”, Journal of Economic Behavior and Organization, 54(2), 205-230.
46. Wernerfelt, B. 1984. “A resource-based view of the firm”, Strategic Management Journal, 5(2), 171-180.