Yunanistan Menkul Kıymetler Borsası’nın UFRS 16'ya Tepkisi

Öz

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.

Anahtar Kelimeler

• Muhasebe Standartları
• UFRS 16
• Operasyonel Kiralama
• Finansal Kiralama
• Hisse Senedi Getirisi

The Reaction of the Greek Stock Market to IFRS 16

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.

Keywords

• Accounting Standards
• IFRS 16
• Operating Leasing
• Financial Leasing
• Stock Returns

Kaynakça

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