Value Relevance of Cash Flow Information: A Study on BIST

Year 2023, Volume: 16 Issue: 1, 57 - 75, 18.02.2023

İbrahim Kaya , Hakan Özçelik

https://doi.org/10.29067/muvu.1199789

Abstract

The value relationship, which is one of the basic characteristics of accounting information, is the power of accounting information to explain stock prices. Value relationship can be explained as the long-run relationship between accounting information and firm value. Cash flow information is one of the basic accounting information which users need while determining the firm's value. The cash flow statement, in which cash flow information is reported, is as important the financial statement as the balance sheet and income statement. The aim of the study is to determine the value relationship of cash flow information. Within the scope of the purpose, the relationship between the cash flow information of the BIST 100 companies whose data can be accessed between 2014-2019, and the stock price was analyzed by panel data analysis. As a result of the study, it has been determined that cash flow statement data has a valued relationship in manufacturing and non-manufacturing sectors and the value relationship of end-of-period cash information is high.

Keywords

Value Relevance, Cash Flow Information, Panel Data Analysis

Nakit Akış Bilgilerinin Değer İlişkisi: BİST Üzerine Bir Araştırma

Abstract

Muhasebe bilgilerinin temel niteliklerinden olan değer ilişkisi, muhasebe bilgilerinin hisse senedi fiyatlarını açıklayabilme gücüdür. Değer ilişkisi, muhasebe bilgileri ile firma değeri arasındaki uzun dönemli ilişki olarak açıklanabilir. Firma değerinin tespitinde, muhasebe bilgi kullanıcılarının ihtiyaç duyduğu temel muhasebe bilgilerinden birisi nakit akış bilgisidir. Nakit akış bilgilerinin raporlandığı nakit akış tablosu, bilanço ve gelir tablosu kadar önemli bir finansal tablodur. Çalışmanın amacı, nakit akış bilgilerinin değer ilişkisini tespit etmektir. Amaç kapsamında, BİST 100 şirketlerinden 2014-2019 yılları arasında verilerine ulaşılabilen şirketlerin nakit akış bilgileri ile hisse senedi fiyatı arasındaki ilişki, panel veri analizi ile analiz edilmiştir. Çalışma sonucunda; nakit akış tablosu verilerinin imalat ve imalat dışı sektörlerde değer ilişkisine sahip olduğu, dönem sonu nakit bilgisinin değer ilişkisinin yüksek olduğu tespit edilmiştir.

Keywords

Değer ilişkisi, Nakit Akış Bilgisi, Panel Veri Analizi

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