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Yunanistan Menkul Kıymetler Borsası’nın UFRS 16'ya Tepkisi

Year 2023, , 118 - 140, 30.06.2023
https://doi.org/10.54821/uiecd.1311584

Abstract

Bu çalışmada, kiralamalarla ilgili UFRS 16 uygulamasının Atina Menkul Kıymetler Borsası'nda işlem gören hisse senetleri üzerinde bir etkisi olup olmadığını incelenmiştir. Hisse senetlerinin fiyatlarının ve riskinin yeni muhasebe standardından etkilenip etkilenmediğini incelemek için borsaya kote 79 şirketten oluşan bir örneklem kullanılmıştır. Bunu yaparken, örneklemin 2019 yılı mali tablolarının yayınlanma tarihleri civarında hisse senetlerinin anormal getirisini ve oynaklığını tahmin etmek için bir olay çalışması yürütülmüştür. Kontrol yılı olarak kullanılan 2018 yılı için de benzer tahminler hazırlanmıştır. Daha sonra, şirketlerin karlılığı, kaldıracı ve likiditesi ile ilgili üç temsili finansal oran hesaplanmıştır. Son olarak, UFRS 16'nın hisse senedi performansı ve volatilite üzerindeki etkisine ilişkin üç varsayımın geçerliliğini kontrol edilmiştir; 1) daha yüksek karlılık, daha yüksek hisse senedi getirileri ve daha düşük volatilite ile sonuçlanır, 2) daha yüksek kaldıraç oranları, daha düşük hisse senedi getirileri ve artan riskle sonuçlanır ve 3) azalan likidite, daha düşük hisse senedi getirileri ve artan riskle sonuçlanır. Ampirik bulgular bu varsayımları doğrulamamaktadır.

References

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  • Arata, E. (2010). The market reaction to the finance lease capitalization from the view point of risk assessment. Available at SSRN 1594748.
  • Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of accounting research, 159-178.
  • Beaver, W. H. (1968). Market prices, financial ratios, and the prediction of failure. Journal of accounting research, 179-192.
  • Bowman, R. G. (1980). The debt equivalence of leases: An empirical investigation. Accounting Review, 237-253.
  • Cai, J., & Zhang, Z. (2011). Leverage change, debt overhang, and stock prices. Journal of Corporate Finance, 17(3), 391-402.
  • Dimitropoulos, P. E., & Asteriou, D. (2009). The value relevance of financial statements and their impact on stock prices: Evidence from Greece. Managerial Auditing Journal. 24(3), 248-265.
  • Dimitrov, V., & Jain, P. C. (2008). The value-relevance of changes in financial leverage beyond growth in assets and GAAP earnings. Journal of Accounting, Auditing & Finance, 23(2), 191-222.
  • Ely, K. M. (1995). Operating lease accounting and the market's assessment of equity risk. Journal of accounting research, 33(2), 397-415.
  • Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. the Journal of Finance, 47(2), 427-465.
  • Giner, B., & Pardo, F. (2018). The value relevance of operating lease liabilities: Economic effects of IFRS 16. Australian accounting review, 28(4), 496-511.
  • Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1-3), 3-75.
  • Imhoff Jr, E. A., Lipe Jr, R., & Wright Jr, D. W. (1993). The effects of recognition versus disclosure on shareholder risk and executive compensation. Journal of Accounting, Auditing & Finance, 8(4), 335-368.
  • Imhoff Jr, E. A., Lipe, R. C., & Wright, D. W. (1991). Operating leases: Impact of constructive capitalization. Accounting Horizons, 5(1), 51.
  • Johnson, R., & Soenen, L. (2003). Indicators of successful companies. European management journal, 21(3), 364-369.
  • Karolyi, G. A., & Martell, R. (2010). Terrorism and the Stock Market. International Review of Applied Financial Issues & Economics, 2(2), 285-314.
  • Katchova, A. L., & Enlow, S. J. (2013). Financial performance of publicly‐traded agribusinesses. Agricultural Finance Review, 73(1), 58-73.
  • Kedmi, I. (2021). Does a Change in an Accounting Standard Affect the Risk-Pricing of a Firm? (No. 2021.13). Bank of Israel.
  • Ligocká, M., & Stavárek, D. (2019). The relationship between financial ratios and the stock prices of selected European food companies listed on stock exchanges. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(1), 299-307.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • Ro, B. T. (1978). The disclosure of capitalized lease information and stock prices. Journal of Accounting Research, 16(2), 315-340.
  • Sengupta, P., & Wang, Z. (2011). Pricing of off‐balance sheet debt: how do bond market participants use the footnote disclosures on operating leases and postretirement benefit plans?. Accounting & Finance, 51(3), 787-808.
  • Sivaprasad, S., & Muradoglu, Y. G. (2009). Leverage, stock returns, taxes and industry concentration. Available at SSRN 1031987.
  • Şărămăt, O. T. I. L. I. A., Dima, B., Angyal, C., & Ştefana Maria, D. (2013). Financial ratios and stock prices on developed capital markets. Studia Universitatis Vasile Goldiş, Arad-Seria Ştiinţe Economice,(1), 1-12.
  • Woolridge, J. R., & Snow, C. C. (1990). Stock market reaction to strategic investment decisions. Strategic management journal, 11(5), 353-363.

The Reaction of the Greek Stock Market to IFRS 16

Year 2023, , 118 - 140, 30.06.2023
https://doi.org/10.54821/uiecd.1311584

Abstract

In this paper, we examine if the implementation of the IFRS 16 about leases had an impact on the stocks traded on Athens Exchange. We use a sample of 79 listed companies to examine whether the prices and the risk of their stocks were affected by the new accounting standard. In doing so, we conduct an event study to estimate abnormal return and volatility of stocks around the publication dates of the sample’s financial statements for year 2019. Similar estimates are prepared for year 2018, which is used as the control year. Afterwards, we compute three representative financial ratios concerning the companies’ profitability, leverage and liquidity. Finally, we check the validity of three assumptions about the impact of IFRS 16 on stock performance and volatility; 1) higher profitability results in higher stock returns and lower volatility, 2) higher leverage ratios, leads to lower stock returns and increased risk, and 3) decreased liquidity results in lower stock returns and increased risk. The empirical findings do not verify these assumptions.

References

  • Aliu, F., Nadirov, O., & Nuhiu, A. (2021). Elements indicating stock price movements: the case of the companies listed on the V4 stock exchanges. Journal of Business Economics and Management, 22(2), 503-517.
  • Arata, E. (2010). The market reaction to the finance lease capitalization from the view point of risk assessment. Available at SSRN 1594748.
  • Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of accounting research, 159-178.
  • Beaver, W. H. (1968). Market prices, financial ratios, and the prediction of failure. Journal of accounting research, 179-192.
  • Bowman, R. G. (1980). The debt equivalence of leases: An empirical investigation. Accounting Review, 237-253.
  • Cai, J., & Zhang, Z. (2011). Leverage change, debt overhang, and stock prices. Journal of Corporate Finance, 17(3), 391-402.
  • Dimitropoulos, P. E., & Asteriou, D. (2009). The value relevance of financial statements and their impact on stock prices: Evidence from Greece. Managerial Auditing Journal. 24(3), 248-265.
  • Dimitrov, V., & Jain, P. C. (2008). The value-relevance of changes in financial leverage beyond growth in assets and GAAP earnings. Journal of Accounting, Auditing & Finance, 23(2), 191-222.
  • Ely, K. M. (1995). Operating lease accounting and the market's assessment of equity risk. Journal of accounting research, 33(2), 397-415.
  • Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. the Journal of Finance, 47(2), 427-465.
  • Giner, B., & Pardo, F. (2018). The value relevance of operating lease liabilities: Economic effects of IFRS 16. Australian accounting review, 28(4), 496-511.
  • Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1-3), 3-75.
  • Imhoff Jr, E. A., Lipe Jr, R., & Wright Jr, D. W. (1993). The effects of recognition versus disclosure on shareholder risk and executive compensation. Journal of Accounting, Auditing & Finance, 8(4), 335-368.
  • Imhoff Jr, E. A., Lipe, R. C., & Wright, D. W. (1991). Operating leases: Impact of constructive capitalization. Accounting Horizons, 5(1), 51.
  • Johnson, R., & Soenen, L. (2003). Indicators of successful companies. European management journal, 21(3), 364-369.
  • Karolyi, G. A., & Martell, R. (2010). Terrorism and the Stock Market. International Review of Applied Financial Issues & Economics, 2(2), 285-314.
  • Katchova, A. L., & Enlow, S. J. (2013). Financial performance of publicly‐traded agribusinesses. Agricultural Finance Review, 73(1), 58-73.
  • Kedmi, I. (2021). Does a Change in an Accounting Standard Affect the Risk-Pricing of a Firm? (No. 2021.13). Bank of Israel.
  • Ligocká, M., & Stavárek, D. (2019). The relationship between financial ratios and the stock prices of selected European food companies listed on stock exchanges. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(1), 299-307.
  • MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of economic literature, 35(1), 13-39.
  • Ro, B. T. (1978). The disclosure of capitalized lease information and stock prices. Journal of Accounting Research, 16(2), 315-340.
  • Sengupta, P., & Wang, Z. (2011). Pricing of off‐balance sheet debt: how do bond market participants use the footnote disclosures on operating leases and postretirement benefit plans?. Accounting & Finance, 51(3), 787-808.
  • Sivaprasad, S., & Muradoglu, Y. G. (2009). Leverage, stock returns, taxes and industry concentration. Available at SSRN 1031987.
  • Şărămăt, O. T. I. L. I. A., Dima, B., Angyal, C., & Ştefana Maria, D. (2013). Financial ratios and stock prices on developed capital markets. Studia Universitatis Vasile Goldiş, Arad-Seria Ştiinţe Economice,(1), 1-12.
  • Woolridge, J. R., & Snow, C. C. (1990). Stock market reaction to strategic investment decisions. Strategic management journal, 11(5), 353-363.
There are 25 citations in total.

Details

Primary Language English
Subjects International Finance, Financial Forecast and Modelling
Journal Section Research Articles
Authors

Gerasımos Rompotıs

Publication Date June 30, 2023
Published in Issue Year 2023

Cite

APA Rompotıs, G. (2023). The Reaction of the Greek Stock Market to IFRS 16. International Journal of Business and Economic Studies, 5(2), 118-140. https://doi.org/10.54821/uiecd.1311584

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