EFFECTS OF UNDISCLOSED ASSETS ON VALUE RELEVANCE OF ACCOUNTING INFORMATION: TURKEY SPECIFIC EVIDENCES

Abstract

This paper investigates the value relevance of accounting information in Turkey by using the data of 53 active firms listed and traded on Borsa Istanbul between 2009 and 2016. Four different models are tested by panel data analysis. Ohlson (1995) price model shows that book value and net income are value relevant. Results of the second model which consists the effect of reported intangibles separately indicates that book value creation based on tangibles is value irrelevant while reported intangibles has limited impact on market values. The third model where unreported intangibles are added provides evidence on the high level value relevance of undisclosed assets. The fourth model constituted by using net income, reported intangibles and unreported intangibles proves that intangibles are more value relevant than reported accounting numbers in Turkey. 

Keywords

• Financial Information,Intangibles,Value Relevance of Accounting Information

BİLANÇO DIŞI VARLIKLARIN MUHASEBE BİLGİSİNİN DEĞER İLGİLİLİĞİ ÜZERİNDEKİ ETKİSİ: TÜRKİYE’YE ÖZGÜ BULGULAR

Abstract

Bu çalışmada, 2009-2016 yılları arasında Borsa İstanbul’da düzenli olarak işlem gören 53 adet işletmenin verileri kullanılarak Türkiye özelinde muhasebe bilgisinin değer ilgililiği analiz edilmiştir. Dört farklı model panel veri analizi yöntemiyle test edilmiştir. Ohlson (1995) fiyat modeli neticesinde defter değerinin ve net kazançların değer ilgili olduğu sonucuna varılmıştır. Raporlanan maddi olmayan duran varlıkların etkisinin ayrıca dikkate alındığı ikinci modelin analiz sonuçları maddi duran varlıklara dayalı olarak oluşan defter değerinin değer ilgili olmadığını ve raporlanan maddi olmayan duran varlıkların ise piyasa değerleri üzerinde sınırlı etkiye sahip olduğunu ortaya koymaktadır. Raporlanmayan maddi olmayan duran varlıkların dahil edildiği üçüncü model bilanço dışı varlıkların yüksek düzeyde değer ilgili olduğuna ilişkin bulgu sağlamaktadır. Net kazançlar, raporlanan maddi olmayan duran varlıklar ve bilanço dışı varlıklar ile oluşturulan dördüncü model ise; Türkiye’de maddi olmayan duran varlıkların raporlanan muhasebe rakamlarından daha fazla değer ilgili olduğunu kanıtlamaktadır.

Keywords

• Finansal Bilgi,Maddi Olmayan Duran Varlıklar,Muhasebenin Değer İlgililiği

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