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

Year 2019, Volume: 12 Issue: 2, 271 - 288, 01.07.2019

Soner Gökten , Buket Atalay

https://doi.org/10.29067/muvu.489694

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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