Şirketlerin Gönüllü Açıklamalarının Hisse Senedi Getirileri Üzerine Etkileri

Öz

This paper examines the stock returns’ reaction to the voluntary disclosures made by non financial firms listed on the Istanbul Stock Exchange Market 100 Index. An event study methodology was conducted to examine the effect of voluntary disclosures on stock returns. The results show that voluntary disclosures effect the stock returns. We also found that stock returns reaction is stronger espacially for the firms those 1) have less distributed capital 2) supply products with the low level technology changing.

Anahtar Kelimeler

• Voluntary Disclosures, Stock Returns, Event Study

Şirketlerin Gönüllü Açıklamalarının Hisse Senedi Getirileri Üzerine Etkileri

Öz

Bu çalışmada hisse senetleri İMKB 100 endeksinde işlem gören banka ve diğer finansal kurum dışındaki firmaların gönüllü açıklamalarının, hisse senedi getirileri üzerindeki etkisi araştırılmıştır. Gönüllü açıklamaların hisse senedi getirileri üzerindeki etkisini incelemeye yönelik olarak olay etüdü yöntemi kullanılmıştır. Çalışma sonuçları gönüllü açıklamaların hisse senedi getirilerini etkilediğini, bu etkinin özellikle sunduğu mal ve hizmetin teknolojik değişim hızı ve dolaşımdaki sermayesi düşük olan firmalarda ortaya çıktığını göstermektedir.

Anahtar Kelimeler

• Gönüllü Açıklamalar, Hisse Senedi Getirileri, Olay Etüdü.

Kaynakça

1. AJINKYA, Bipin B. ve GIFT, Michael J. (1984). “Corporate Managers’ Earnings Forecasts and Symmetrical Adjustments of Market Expectations”, Journal of Accounting Research, 22(2), 425-444.
2. ATIASE, Rowland K. (1985), “Predisclosure Information, Firm Capitalization, and Security Price Behaviour Around Earnings Announcements”, Journal of Accounting Research, 23(1), 21BEAVER, William, CLARKE, Roger ve WRIGHT, William F. (1979),”The Association Between Unsytematic Security Returns and The Magnitude of Earnings Forecast Errors”, Journal of Accounting Research, 17(2), 316-340.
3. BINDER, John J. (1998). “The Event Study Methodology Since 1969”, Review of Quantitative Finance and Accounting, 11, 111-137.
4. BOEHMER, Ekkehart, MUSUMECI, Jim., POULSON, Annette (1991), “Event Study Methodology under Conditions of Event-Induced Variance”, Journal of Financial Economics, 30(2), 253-27
5. CHEN, Shuping, DEFOND, Mark L. ve PARK, Chul W. (2002), “Voluntary Disclosure of Balance Sheet Information in Quarterly Earnings Announcements”, Journal of Accounting and Economics, 33, 229-251.
6. CORRADO, Charles J. (1989), “A Non Parametric Test for Abnormal Security Price Performance in Event Studies”, Journal of Financial Economics, 23(2), 385-395.
7. CORRADO, Charles J.(2011), “Event Studies: a Methodology Review”, Accounting and Finance, 51, 207-234.
8. DEDMAN, Elisabeth, LIN, Stephen W-J., PRAKASH, Arun J., CHANG, Chun-Hao.H. (2008), “Voluntary Disclosure and Its Impact on Share Prices: Evidence From The UK Biotechnology Sector”, Journal of Accounting and Public Policy, 27, 195-216. DIAMOND, Douglas W. ve VERRECCHIA, Robert (1991), “Disclosure, Liquidity and The Cost of Capital”, The Journal of Finance, 66 (4), 1325-1355.

9. ECCLES, Robert G. ve FLETCHER John. K. (1999), Value and Reporting in the Banking Industry, PricewaterhouseCoopers, London, U.K.
10. HEALY, Paul M. ve PALEPU, Krishna G. (1993), “The Effects Of Firms’ Financial Disclosure Strategies on Stock Prices”, American Accounting Association Accounting Horizons, 7 (1), 1HEALY, Paul M., HUTTON, Amy P. Ve PALEPU, Krishna G. (1999), “Stock Performance and Intermediation Changes Surrounding Sustained Increases In Disclosure”, Contemporary Accounting Research, 16 (3), 485-520.
11. KOLARI, James W. ve Pynnonen Seppo (2011), “Nonparatmetric Rank Tests For Event Studies”, Journal of Empirical Finance, 18, 953-971.
12. LANG, Mark ve LUNDHOLM, Russel (1993), “Cross Sectional Determinants of Analyst Ratings of Corporate Disclosures”, Journal of Accounting Research,Vol:31, 246-271 MACKINLAY, Craig A. (1997), “Event Studies in Economics and Finance”, Journal of Economic Literature, 35, 13-39.
13. ÖZER, G. (1996), Muhasebe Karları ile Hisse Senedi Verimleri Arasındaki İlişkiler: İMKB’de Deneysel Bir Analiz, Ankara: Sermaye Piyasası Kurulu Yayınları.
14. PATELL, James, (1976) “Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Tests”, Journal of Accounting Research, 14(2), 246-276.
15. POWNALL, Grace ve WAYMIRE, Gregory (1989), “Voluntary Disclosure Of Credibility and Securities Prices: Evidence From Management Earnings Forecasts, 1969-73”, Journal of Accounting Research, 27(2), 227-245.
16. STRONG, Norman (1992), “Modelling Abnormal Returns: A Review Article”, Journal of Business Finance & Accounting, 19 (4), 533-553.
17. SCHUSTER, Peter ve O’CONNEL, Vingent. (2006), “The Trend Toward Voluntary Corporate Disclosure”, Management Accounting Quarterly, 7(2), 1-9.
18. WAYMIRE, Gregory (1984), “Additional Evidence On The Information Content of Management Earnings Forecasts”, Journal of Accounting Research, 22(2), 703-245.