VALUE RELEVANCE OF CASH FLOWS AND EARNINGS: BORSA ISTANBUL APPLICATION

Year 2017, Volume: 19 Issue: 2, 524 - 546, 01.06.2017

Ömer Faruk Güleç

Abstract

Value relevance concept is a widely studied theory to explain market values of firms through accounting indications in recent years. Determining the factors affecting stock prices and stock returns of companies is the subject of many studies. The purpose of this study is to examine the relative value relevance of earnings and cash flow based information in different firm life cycle stages to assess the stock information from a different perspective. 153 non-financial firms operating on Borsa Istanbul for the years of 2006 – 2014 are investigated through using Myers (1977) ve Black (1998a,b) models. Hypotheses are tested through comparing the R2 values and signs of coefficients in the regression models. According to the study results, while earnings are more value relevant in all firm life cycle stages, the most explanatory cash flow measure is the cash flow from operations in cash flow information.

Keywords

Value Relevance, Cash Flows, Firm Life Cycle

NAKİT AKIŞLARI VE KAZANÇLARIN DEĞER İLİŞKİSİ: BORSA İSTANBUL UYGULAMASI

Abstract

Değer ilişkisi kavramı işletmelerin piyasa değerlerini muhasebe göstergeleriyle açıklamaya çalışan ve son yıllarda sıklıkla kullanılan bir teoridir. İşletmelerin hisse senedi fiyatlarını ve hisse senedi getirilerini etkileyen faktörlerin tespit edilmesi birçok çalışmanın konusunu oluşturmaktadır. Bu çalışmanın amacı, hisse senedi bilgilerini farklı bir perspektiften değerlendirmek için farklı firma yaşam eğrisi evrelerinde kazançların ve nakit akış temelli bilgilerin göreceli değer ilişkisini incelemektir. Çalışmada 2006 – 2014 yılları için Borsa İstanbul’da faaliyet gösteren 153 finansal olmayan işletme, Myers (1977) ve Black (1998a,b) modelleri kullanılarak incelenmiştir. Kurulan regresyon modellerinde R2 değerleri ve katsayıların işaretleri karşılaştırılarak hipotezler test edilmiştir. Çalışma sonuçlarına göre, kazançlar tüm firma yaşam eğrisi evrelerinde daha yüksek değer ilişkisine sahipken nakit akış bilgileri içerisinde ise en açıklayıcı bileşen yatırım faaliyetlerinden nakit akışlarıdır.

Keywords

Değer İlişkisi, Nakit Akışları, Firma Yaşam Eğrisi

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