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VALUE RELEVANCE OF CASH FLOWS AND EARNINGS: BORSA ISTANBUL APPLICATION

Yıl 2017, Cilt: 19 Sayı: 2, 524 - 546, 01.06.2017

Öz

Value relevance concept is a widely studied theory to explain market values of firms through accounting indications in recent years. Determining the factors affecting stock prices and stock returns of companies is the subject of many studies. The purpose of this study is to examine the relative value relevance of earnings and cash flow based information in different firm life cycle stages to assess the stock information from a different perspective. 153 non-financial firms operating on Borsa Istanbul for the years of 2006 – 2014 are investigated through using Myers (1977) ve Black (1998a,b) models. Hypotheses are tested through comparing the R2 values and signs of coefficients in the regression models. According to the study results, while earnings are more value relevant in all firm life cycle stages, the most explanatory cash flow measure is the cash flow from operations in cash flow information.

Kaynakça

  • Adizes, I. 1979. “Organizational Passages-Diagnosing and Treating Lifecycle Problems of Organizations”, Organizational Dynamics, 8(1).
  • Adizes, I. 1990. “Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do About It”, Prentice Hall.
  • Aharony, J., H. Falk ve N. Yehuda. 2006. “Corporate Life Cycle and the Relative Value-Relevance of Cash Flow Versus Accrual Financial Information”, Working Paper.
  • Anthony, J. H. ve K Ramesh. 1992. “Association Between Accounting Performance Measuresand Stock Prices: A Test of the Life-Cycle Hypothesis”, Journal of Accounting andEconomics, 15(2).
  • Berger, A. N. ve G. F. Udell. 1998. “The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle”, Journal of Banking and Finance, 22(6).
  • Biddle, G. C., G. S. Seow ve A. F. Siegel. 1995. “Relative Versus Incremental Information Content”, Contemporary Accounting Research, 12(1).
  • Black, E. L. 1998a. “Life-Cycle Impacts on the Incremental Value-Relevance of Earnings and Cash Flow Measures”, Journal of Financial Statement Analysis, 4.
  • Black, E. L. 1998b. “Which is More Value-Relevant: Earnings or Cash Flows?”, Working Paper, Available at SSRN 118089.
  • Bowen, R.M., D. Burgstahler, ve L.A. Daley. 1987. “The Incremental Information Content of Accrual Versus Cash Flows”, The Accounting Review 62.
  • DeAngelo, H., L. DeAngelo, ve R. M Stulz. 2006. “Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory”, Journal of Financial Economics, 81(2).
  • Dechow, P. M. 1994. “Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals”, Journal of Accounting and Economics, 18(1).
  • Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life Cycle”, The Accounting Review, 86(6).
  • Feltham, G. A. ve J. A. Ohlson. 1995. “Valuation and Clean Surplus Accounting for Operating and Financial Activities”, Contemporary Accounting Research, 11(2).
  • Francis, J., D. Philbrick, ve K. Schipper. 1994. “Shareholder Litigation and Corporate Disclosures”, Journal of Accounting Research.
  • Gort, M. ve S. Klepper. 1982. “Time Paths in the Diffusion of Product Innovations”, The Economic Journal, 92(367).
  • Grabowski, H. G., ve D. C. Mueller. 1975. “Life-Cycle Effects on Corporate Returns on Retentions”, The Review of Economics and Statistics.
  • Hayn, C. 1995. “The Information Content of Losses”, Journal of Accounting and Economics, 20(2).
  • James, B. G. 1973. “The Theory of the Corporate Life Cycle”, Long Range Planning, 6(2).
  • Kallunki, J.-P. ve H. Silvola. 2008. “The Effect of Organizational Life Cycle Stage on the Use of Activity-Based Costing”, Management Accounting Research, 19(1).
  • Kousenidis, D. V., A.C. Ladas ve C. I. Negakis. 2010. “Value Relevance of Accounting Information in the Pre- and Post-IFRS Accounting Periods”, European Research Studies:13(1).
  • Liu, M. M. 2006. “Accruals and Managerial Operating Decisions over the Firm Life Cycle”, Massachusetts Institute of Technology, Yayınlanmamış Doktora Tezi.
  • Livnat, J., ve P. Zarowin. 1990. “The Incremental Information Content of Cash-Flow Components”, Journal of Accounting and Economics, 13(1).
  • Miller, D., ve P. H. Friesen. 1983. “Successful and Unsuccessful Phases of the Corporate Life Cycle”, Organization Studies, 4(4).
  • Miller, D., ve P. H. Friesen. 1984. “A Longitudinal Study of the Corporate Life Cycle”, Management Science, 30(10).
  • Mueller, D. C. 1972. “A Life Cycle Theory of the Firm”, The Journal of Industrial Economics.
  • Myers, S. C. 1977. “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2).
  • Selling, T. I. ve Stickney, C. P. 1989. “The Effects of Business Environment and Strategy on a Firm's Rate of Return on Assets”, Financial Analysts Journal, 45(1).
  • Spence, A. M. 1979. “Investment Strategy and Growth in a New Market”, The Bell Journal of Economics.
  • Rink, D.R. ve J.E. Swan. 1979. “Product Life-Cycle Research: A Literature Review”, Journal of Business Research.
  • Veith, S. ve J.R. Werner. 2014. “Comparative Value Relevance Studies: Country Differences Versus Specification Effects”, The International Journal of Accounting 49.
  • Yonpae, P., ve K. Chen. 2006. “The Effect of Accounting Conservatism and Life-Cycle Stages on Firm Valuation.” Journal of Applied Business Research, 22(3).

NAKİT AKIŞLARI VE KAZANÇLARIN DEĞER İLİŞKİSİ: BORSA İSTANBUL UYGULAMASI

Yıl 2017, Cilt: 19 Sayı: 2, 524 - 546, 01.06.2017

Öz

Değer ilişkisi kavramı işletmelerin piyasa değerlerini muhasebe göstergeleriyle açıklamaya çalışan ve son yıllarda sıklıkla kullanılan bir teoridir. İşletmelerin hisse senedi fiyatlarını ve hisse senedi getirilerini etkileyen faktörlerin tespit edilmesi birçok çalışmanın konusunu oluşturmaktadır. Bu çalışmanın amacı, hisse senedi bilgilerini farklı bir perspektiften değerlendirmek için farklı firma yaşam eğrisi evrelerinde kazançların ve nakit akış temelli bilgilerin göreceli değer ilişkisini incelemektir. Çalışmada 2006 – 2014 yılları için Borsa İstanbul’da faaliyet gösteren 153 finansal olmayan işletme, Myers (1977) ve Black (1998a,b) modelleri kullanılarak incelenmiştir. Kurulan regresyon modellerinde R2 değerleri ve katsayıların işaretleri karşılaştırılarak hipotezler test edilmiştir. Çalışma sonuçlarına göre, kazançlar tüm firma yaşam eğrisi evrelerinde daha yüksek değer ilişkisine sahipken nakit akış bilgileri içerisinde ise en açıklayıcı bileşen yatırım faaliyetlerinden nakit akışlarıdır.

Kaynakça

  • Adizes, I. 1979. “Organizational Passages-Diagnosing and Treating Lifecycle Problems of Organizations”, Organizational Dynamics, 8(1).
  • Adizes, I. 1990. “Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do About It”, Prentice Hall.
  • Aharony, J., H. Falk ve N. Yehuda. 2006. “Corporate Life Cycle and the Relative Value-Relevance of Cash Flow Versus Accrual Financial Information”, Working Paper.
  • Anthony, J. H. ve K Ramesh. 1992. “Association Between Accounting Performance Measuresand Stock Prices: A Test of the Life-Cycle Hypothesis”, Journal of Accounting andEconomics, 15(2).
  • Berger, A. N. ve G. F. Udell. 1998. “The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle”, Journal of Banking and Finance, 22(6).
  • Biddle, G. C., G. S. Seow ve A. F. Siegel. 1995. “Relative Versus Incremental Information Content”, Contemporary Accounting Research, 12(1).
  • Black, E. L. 1998a. “Life-Cycle Impacts on the Incremental Value-Relevance of Earnings and Cash Flow Measures”, Journal of Financial Statement Analysis, 4.
  • Black, E. L. 1998b. “Which is More Value-Relevant: Earnings or Cash Flows?”, Working Paper, Available at SSRN 118089.
  • Bowen, R.M., D. Burgstahler, ve L.A. Daley. 1987. “The Incremental Information Content of Accrual Versus Cash Flows”, The Accounting Review 62.
  • DeAngelo, H., L. DeAngelo, ve R. M Stulz. 2006. “Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory”, Journal of Financial Economics, 81(2).
  • Dechow, P. M. 1994. “Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals”, Journal of Accounting and Economics, 18(1).
  • Dickinson, V. 2011. “Cash Flow Patterns as a Proxy for Firm Life Cycle”, The Accounting Review, 86(6).
  • Feltham, G. A. ve J. A. Ohlson. 1995. “Valuation and Clean Surplus Accounting for Operating and Financial Activities”, Contemporary Accounting Research, 11(2).
  • Francis, J., D. Philbrick, ve K. Schipper. 1994. “Shareholder Litigation and Corporate Disclosures”, Journal of Accounting Research.
  • Gort, M. ve S. Klepper. 1982. “Time Paths in the Diffusion of Product Innovations”, The Economic Journal, 92(367).
  • Grabowski, H. G., ve D. C. Mueller. 1975. “Life-Cycle Effects on Corporate Returns on Retentions”, The Review of Economics and Statistics.
  • Hayn, C. 1995. “The Information Content of Losses”, Journal of Accounting and Economics, 20(2).
  • James, B. G. 1973. “The Theory of the Corporate Life Cycle”, Long Range Planning, 6(2).
  • Kallunki, J.-P. ve H. Silvola. 2008. “The Effect of Organizational Life Cycle Stage on the Use of Activity-Based Costing”, Management Accounting Research, 19(1).
  • Kousenidis, D. V., A.C. Ladas ve C. I. Negakis. 2010. “Value Relevance of Accounting Information in the Pre- and Post-IFRS Accounting Periods”, European Research Studies:13(1).
  • Liu, M. M. 2006. “Accruals and Managerial Operating Decisions over the Firm Life Cycle”, Massachusetts Institute of Technology, Yayınlanmamış Doktora Tezi.
  • Livnat, J., ve P. Zarowin. 1990. “The Incremental Information Content of Cash-Flow Components”, Journal of Accounting and Economics, 13(1).
  • Miller, D., ve P. H. Friesen. 1983. “Successful and Unsuccessful Phases of the Corporate Life Cycle”, Organization Studies, 4(4).
  • Miller, D., ve P. H. Friesen. 1984. “A Longitudinal Study of the Corporate Life Cycle”, Management Science, 30(10).
  • Mueller, D. C. 1972. “A Life Cycle Theory of the Firm”, The Journal of Industrial Economics.
  • Myers, S. C. 1977. “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2).
  • Selling, T. I. ve Stickney, C. P. 1989. “The Effects of Business Environment and Strategy on a Firm's Rate of Return on Assets”, Financial Analysts Journal, 45(1).
  • Spence, A. M. 1979. “Investment Strategy and Growth in a New Market”, The Bell Journal of Economics.
  • Rink, D.R. ve J.E. Swan. 1979. “Product Life-Cycle Research: A Literature Review”, Journal of Business Research.
  • Veith, S. ve J.R. Werner. 2014. “Comparative Value Relevance Studies: Country Differences Versus Specification Effects”, The International Journal of Accounting 49.
  • Yonpae, P., ve K. Chen. 2006. “The Effect of Accounting Conservatism and Life-Cycle Stages on Firm Valuation.” Journal of Applied Business Research, 22(3).
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Ömer Faruk Güleç

Yayımlanma Tarihi 1 Haziran 2017
Gönderilme Tarihi 17 Mart 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 19 Sayı: 2

Kaynak Göster

APA Güleç, Ö. F. (2017). NAKİT AKIŞLARI VE KAZANÇLARIN DEĞER İLİŞKİSİ: BORSA İSTANBUL UYGULAMASI. Muhasebe Bilim Dünyası Dergisi, 19(2), 524-546.