THE IMPACT OF FINANCIAL STRESS ON THE VALUE RELEVANCE OF ACCOUNTING INFORMATION

Öz

Our study analyses the impact of financial stress measured by Ohlson’s O-Score on the value relevance of earnings and book value of equity by employing a sample of listed firms on Borsa Istanbul between 2009 and 2018. Outcomes obtained by using a modified Price Model reveal that the valuation effectiveness of earnings decreases while that of book value of equity remains unchanged as financial stress decreases. In other words, the value relevance of earnings is moderated or negatively influenced as financial stress decreases and the value relevance of book value of equity is independent of financial stress. The former confirms the expectation of the decreased role of the income statement in valuation as financial stress decreases. The latter indicates that book value of equity does not serve a proxy for liquidation and it is interpreted as the inability of book value of equity to measure the net value of resources.

Anahtar Kelimeler

• Financial Stress
• Ohlson
• O-Score
• Value Relevance

FİNANSAL STRESİN MUHASEBE VERİLERİNİN DEĞER İLİŞKİSİNE ETKİSİ

Öz

Çalışmamızda Ohlson’un O-Skoru Yöntemi ile hesaplanan finansal stresin, defter değerinin ve kazançların değer ilişkisine etkileri Borsa İstanbul’a 2009-2018 arasında kote olan firmalara ilişkin bir örneklem ile analiz edilmektedir. Fiyat Modelinin modifiye edilmiş versiyonu kullanılarak elde edilen sonuçlar, finansal stres arttıkça kazançların değerleme etkinliğinin azaldığını ve finansal stresin defter değerinin değerleme etkinliği üzerinde herhangi bir etkisinin bulunmadığını göstermektedir. Diğer bir deyişle finansal stres kazançların değer ilişkisini negatif yönde etkilemekte iken defter değerinin değer ilişkisini değiştirmemektedir. Kazançlara ilişkin sonuç, finansal stres arttıkça gelir tablosunun değerlemedeki etkinliğinin azalması beklentisini doğrular mahiyettedir. Defter değerine ilişkin sonuç ise defter değerinin tasfiye değeri olarak değerlemede kullanılmadığına işaret etmekte ve defter değerinin kaynakların net değerini ölçemediği şeklinde yorumlanmaktadır.

Anahtar Kelimeler

• Finansal Stres
• Ohlson
• O-Skoru
• Değer ilişkisi

Kaynakça

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