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QUARTERLY EARNINGS ANNOUNCEMENT AND ITS IMPACT ON CORPORATE FINANCIAL PERFORMANCE

Yıl 2021, Cilt 23, Sayı 4, 797 - 815, 31.12.2021
https://doi.org/10.31460/mbdd.878008

Öz

Using event study methodology and regression analysis method, this study had examined quarterly earning announcement and its impact on the stock returns. The earning announcements were divided in to three groups: (1) Good news (quarterly positive earnings announcement), (2) No news (quarterly neutral earnings announcement) and (3) Bad news (quarterly negative earnings announcement). The study result confirmed that both the good news and the bad news had a strong impact which is significant statistically on the share returns. While no news did not show any impact which is significant statistically. The study is in line with the information content hypothesis, as the good news (bad news) event announcement had impacted to the abnormal returns positively (negatively) and significant statistically. The study also found a positive and statistically significant relationship between quarterly earnings and stock price.

Kaynakça

  • Alford, A., Jones, J., Leftwich, R. and Zmijewski, M. 1993. “The Relative Informativeness of Accounting Disclosures Countries”, Journal of Accountings Research, 31, Studies on International Accounting, 183-223. http://www.jstor.com/stable/2491170
  • Alzahrani, A. and Skerratt, L. 2009. “How Markets React to Earnings Announcements in the Absence of Analysts and Institutions: Evidence From the Saudi Markets”, Economics and Finance Working Paper Series.
  • Ball, R. and Brown, P. 1968. “An Empirical Evaluation of Accounting Income Numbers”, Journal of Accounting Research, 6(2), 159-178. http://www.jstor.com/stable/2490232
  • Bamber, S. 1986, “The Information Content of Annual Earnings Releases: A Trading Volume Approach”, Journal of Accountings Research, 24(1). http://www.jstor.com/stable/2490803
  • Bernard, L. and Thomas, K. 1990. “Evidence that Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings”, Journal of Accounting and Economics, 13(1990), 305-340.
  • Brown, J. and Warner, B. 1985. “Using Daily Stock returns: The Case of Events Studies”, Journal of Financial Economics, 14(1985), 3-31. http://leeds-faculty.colorado.edu/bhagat/brown warner1985.pdf
  • Brown, L. 1978. “Earnings Changes, Stock Prices, and Market Efficiency”, The Journal of Finance, 33(1), http://www.jstor.com/stable/2326347
  • Chan, C. and Seow, S. 1996. “The Association Between Stock Returns and Foreign GAAP Earnings Versus Earnings Adjusted to U.S GAAP”, Journal of Accounting and Economics, 21(1996), 139-158. https://www.sciencedirect.com/science/article/abs/pii/016541019500405X?via%3Dihub
  • Chari, V. and Ofer, A. 1988. “Seasonalities in Security Returns: The Case of Earnings Announcements”, Journal of Financial Economics, 21(1988) 101-121. North-Holland. https://www.researchgate.net/publication/256557337
  • Dsouza, J. and Mallikarjunappa, T. 2016. “Quarterly Earnings and Stock Prices Reactions – A study of BSE-500 Companies”, Amity Journal of Finance 1(1), 9-35.
  • Fama, F., Fisher, L., Jensen, C. and Richard, R. 1969. “The Adjustment of Stock Prices to New Information”, International Economics Review, 10(Feb. 1969), 1-21. https://www.jstor.org/stable/2525569
  • Firth, M. 1976. “The Impact of Earnings Announcements on the Share Price Behaviour of Similar Type Firms”, The Economic Journal, 86(342), 296-306. http://www.jstor.com/stable/2230748
  • Givoly, D. and Lakonishok, J. 1978. “The Information Content of Financial Analyst’s Forcasts of Earnings: Some Evidence on Semi-Strong Inefficiency”, Journal of Accounting and Economics, 1(3), 165-185. http://www.sciencedirect.com/science/article/pii/0165-4101(79)90006-5
  • Kross, W. 1982. “Profitability Earnings Announcement Time Lags, and Stock Prices”, Journal of Business Finance and Accounting, 9(3), 313-328. https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1468-5957.1982.tb00997.x
  • Landsman, R., Maydew, L. and Thornock, R. 2012. “The Information Content of Annual Earnings Announcements and Mandatory Adoption of International Financial Reporting Standards (IFRS)”, Journal of Accountings and Economics, 53(1-2), 34-54. www.elsevier.com/locate/jae
  • Mahmoudi, V., Shirkavand, S. and Salari, M. 2016. “How Do Investors React To the Earnings Announcements?”, International Research Journal of Finance and Economics, 70, 145-152. https://www.researchgate.net/publication/328063816
  • Sare, A., Akuoko, S. and Esumanba, V. 2013. “Effects of Earnings Announcement on Share Price: The case of Ghana Stock Exchange”, International of Research in Social Sciences, 2(4), 71-81. www.ijsk.org/ijrss

ÇEYREK KAZANÇ DUYURUSUNUN KURUMSAL FİNANSAL PERFORMANS ÜZERİNDEKİ ETKİSİ

Yıl 2021, Cilt 23, Sayı 4, 797 - 815, 31.12.2021
https://doi.org/10.31460/mbdd.878008

Öz

Çalışmanın amacı, olay çalışma metodolojisi ve regresyon analiz yöntemini kullanarak çeyrek kazanç duyurusunu ve hisse senedi getirileri üzerindeki etkisini incelemektir. Kazanç duyuruları üç gruba ayrılmıştır: (1) İyi haber (olumlu kazanç duyurusu), (2) Haber yok (nötr kazanç duyurusu) ve (3) Kötü haber (olumsuz kazanç duyurusu). Çalışma sonuçları hem iyi haberin hem de kötü haberin hisse getirileri üzerinde istatistiksel olarak önemli bir etkiye sahip olduğunu doğrulamıştır. Haber yok (nötr kazanç), istatistiksel olarak önemli olan herhangi bir etki göstermemiştir. Bu çalışma, bilgi içeriği hipotezi doğrultusunda iyi haber (kötü haber) olay duyurusu anormal getirileri olumlu (olumsuz) ve istatistiksel olarak anlamlı şekilde etkilemiştir. Çalışma aynı zamanda çeyrek kazanç ile hisse senedi fiyatı arasında pozitif ve istatistiksel olarak anlamlı bir ilişki olduğunu tespit edilmiştir.

Kaynakça

  • Alford, A., Jones, J., Leftwich, R. and Zmijewski, M. 1993. “The Relative Informativeness of Accounting Disclosures Countries”, Journal of Accountings Research, 31, Studies on International Accounting, 183-223. http://www.jstor.com/stable/2491170
  • Alzahrani, A. and Skerratt, L. 2009. “How Markets React to Earnings Announcements in the Absence of Analysts and Institutions: Evidence From the Saudi Markets”, Economics and Finance Working Paper Series.
  • Ball, R. and Brown, P. 1968. “An Empirical Evaluation of Accounting Income Numbers”, Journal of Accounting Research, 6(2), 159-178. http://www.jstor.com/stable/2490232
  • Bamber, S. 1986, “The Information Content of Annual Earnings Releases: A Trading Volume Approach”, Journal of Accountings Research, 24(1). http://www.jstor.com/stable/2490803
  • Bernard, L. and Thomas, K. 1990. “Evidence that Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings”, Journal of Accounting and Economics, 13(1990), 305-340.
  • Brown, J. and Warner, B. 1985. “Using Daily Stock returns: The Case of Events Studies”, Journal of Financial Economics, 14(1985), 3-31. http://leeds-faculty.colorado.edu/bhagat/brown warner1985.pdf
  • Brown, L. 1978. “Earnings Changes, Stock Prices, and Market Efficiency”, The Journal of Finance, 33(1), http://www.jstor.com/stable/2326347
  • Chan, C. and Seow, S. 1996. “The Association Between Stock Returns and Foreign GAAP Earnings Versus Earnings Adjusted to U.S GAAP”, Journal of Accounting and Economics, 21(1996), 139-158. https://www.sciencedirect.com/science/article/abs/pii/016541019500405X?via%3Dihub
  • Chari, V. and Ofer, A. 1988. “Seasonalities in Security Returns: The Case of Earnings Announcements”, Journal of Financial Economics, 21(1988) 101-121. North-Holland. https://www.researchgate.net/publication/256557337
  • Dsouza, J. and Mallikarjunappa, T. 2016. “Quarterly Earnings and Stock Prices Reactions – A study of BSE-500 Companies”, Amity Journal of Finance 1(1), 9-35.
  • Fama, F., Fisher, L., Jensen, C. and Richard, R. 1969. “The Adjustment of Stock Prices to New Information”, International Economics Review, 10(Feb. 1969), 1-21. https://www.jstor.org/stable/2525569
  • Firth, M. 1976. “The Impact of Earnings Announcements on the Share Price Behaviour of Similar Type Firms”, The Economic Journal, 86(342), 296-306. http://www.jstor.com/stable/2230748
  • Givoly, D. and Lakonishok, J. 1978. “The Information Content of Financial Analyst’s Forcasts of Earnings: Some Evidence on Semi-Strong Inefficiency”, Journal of Accounting and Economics, 1(3), 165-185. http://www.sciencedirect.com/science/article/pii/0165-4101(79)90006-5
  • Kross, W. 1982. “Profitability Earnings Announcement Time Lags, and Stock Prices”, Journal of Business Finance and Accounting, 9(3), 313-328. https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1468-5957.1982.tb00997.x
  • Landsman, R., Maydew, L. and Thornock, R. 2012. “The Information Content of Annual Earnings Announcements and Mandatory Adoption of International Financial Reporting Standards (IFRS)”, Journal of Accountings and Economics, 53(1-2), 34-54. www.elsevier.com/locate/jae
  • Mahmoudi, V., Shirkavand, S. and Salari, M. 2016. “How Do Investors React To the Earnings Announcements?”, International Research Journal of Finance and Economics, 70, 145-152. https://www.researchgate.net/publication/328063816
  • Sare, A., Akuoko, S. and Esumanba, V. 2013. “Effects of Earnings Announcement on Share Price: The case of Ghana Stock Exchange”, International of Research in Social Sciences, 2(4), 71-81. www.ijsk.org/ijrss

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm ANABÖLÜM
Yazarlar

Abdullahi Mohamed NUR (Sorumlu Yazar)
AKDENIZ UNIVERSITY
0000-0000-2670-9187
Türkiye

Yayımlanma Tarihi 31 Aralık 2021
Başvuru Tarihi 10 Şubat 2021
Kabul Tarihi 9 Haziran 2021
Yayınlandığı Sayı Yıl 2021, Cilt 23, Sayı 4

Kaynak Göster

APA Nur, A. M. (2021). QUARTERLY EARNINGS ANNOUNCEMENT AND ITS IMPACT ON CORPORATE FINANCIAL PERFORMANCE . Muhasebe Bilim Dünyası Dergisi , 23 (4) , 797-815 . DOI: 10.31460/mbdd.878008