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EFFECTS OF UNDISCLOSED ASSETS ON VALUE RELEVANCE OF ACCOUNTING INFORMATION: TURKEY SPECIFIC EVIDENCES

Year 2019, Volume: 12 Issue: 2, 271 - 288, 01.07.2019
https://doi.org/10.29067/muvu.489694

Abstract

This paper investigates the value relevance of
accounting information in Turkey by using the data of 53 active firms listed
and traded on Borsa Istanbul between 2009 and 2016. Four different models are
tested by panel data analysis. Ohlson (1995) price model shows that book value
and net income are value relevant. Results of the second model which consists
the effect of reported intangibles separately indicates that book value
creation based on tangibles is value irrelevant while reported intangibles has
limited impact on market values. The third model where unreported intangibles
are added provides evidence on the high level value relevance of undisclosed
assets. The fourth model constituted by using net income, reported intangibles
and unreported intangibles proves that intangibles are more value relevant than
reported accounting numbers in Turkey. 

References

  • Abubakar, S., & Abubakar, M. (2015). Intangible assets and value relevance of accounting information of listed High-Tech firms in Nigeria. Research Journal of Finance and Accounting, 6(11), 60-79.
  • Aksu, M., Cetin, A. T., & Mugan, C. S. (2017). Value Relevance of Accounting Data in an Emerging Market: Did Accounting Reforms Make a Difference?. In Accounting and Corporate Reporting-Today and Tomorrow. InTech.
  • Amir, E., Harris, T.S., & Venuti, E.K. (1993). A Comparison of the Value Relevance of US versus Non-US GAAP Accounting Measures Using Form 20-F Reconciliations. Journal of Accounting Research, 230 - 264.
  • Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6, 159 - 178.
  • Barth, W.E., Beaver, W.H., & Landsman, W.R. (2001). The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another View. Journal of Accounting and Economics, 31, 77 - 104.
  • Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of accounting research, 46(3), 467-498.
  • Baum, C. F., & Christopher, F. (2006). An introduction to modern econometrics using Stata. Stata press.
  • Beisland, L. A. (2009). A Review of the Value Relevance Literature. The Open Business Journal, 2(1): 7-27.
  • BD, (2015). Brand Finance 2015 Raporu. http://brandfinance.com/knowledge-centre/reports/global-intangible-finance-tracker-gift-2015 (Erişim Tarihi: 18.06.2018).
  • BD, (2017). Brand Finance 2017 Raporu. http://brandfinance.com/images/upload/gift_report_2017_bf_version_high_res_version.pdf , (Erişim Tarihi: 18.06.2018).
  • Beaver, W.H. (1968). Alternative Accounting Measures as Predictors of Failure. The Accounting Review, 43, 113 - 122.
  • Beaver, W., Lambert, R., & Morse, D. (1980). The Information Content of Security Prices. Journal of Accounting and Economics, 2, 3 - 28.
  • Beaver, W. H. (1998). Financial reporting: an accounting revolution. Third Edition, Prentice-Hall, Engelwood Cliffs, New Jersey.
  • Dahmash, F. N., Durand, R. B., & Watson, J. (2009). The value relevance and reliability of reported goodwill and identifiable intangible assets. The British Accounting Review, 41(2), 120-137.
  • Easton, P., & Harris, T. (1991). Earnings as an Explanatory Variable for Returns. Journal of Accounting Research, 29, 19 - 36.
  • Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37, 319 - 352.
  • Garanina, T. & Pavlova, Y. (2011). Intangible assets and value creation of a company: Russian and UK evidence. In Proceedings of the European conference on intellectual capital, April, 165-175.
  • Godfrey, J., & Koh, P. S. (2001). The relevance to firm valuation of capitalising intangible assets in total and by category. Australian Accounting Review, 11(24), 39-48.
  • Gokten, S., & Okan Gokten, P. (2017). Value creation reporting: answering the question `value to whom’ according to the international integrated reporting framework”, Theoretical Journal of Accounting-ZTR, 91(147), 145-170.
  • Gökten, P.O., & Marşap, B. (2017). Paradigm shift in corporate reporting. In Accounting and corporate reporting-today and tomorrow. Crotia, InTech.
  • Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1-3), 3-75.
  • Hung, M. (2000). Accounting standards and value relevance of financial statements: an international analysis. Journal of accounting and economics. 30(3): 401-420.
  • Iatridis, G., & Rouvolis, S. (2010). The post-adoption effects of the implementation of International Financial Reporting Standards in Greece. Journal of international accounting, auditing and taxation, 19(1), 55-65.
  • Kothari, S.P., & Zimmerman, J.L. (1995). Price and return models. Journal of Accounting and Economics, 20, 155 - 192.
  • Lev, B. (2001). Intangibles: management, measurement, and reporting. Brookings Institution Press.
  • Morais, A. I., & Curto, J. D. (2008). Accounting quality and the adoption of IASB standards: portuguese evidence. Revista Contabilidade & Finanças, 19(48), 103-111.
  • Ohlson, J.A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11, 661 – 687.
  • Ohlson, J.A. (1999). On transitory earning. Review of Accounting Studies, 4, 145 - 162.
  • Okan Gökten, P. (2017). Muhasebe teorileri: normatif-pozitif ayrımı, Gazi Kitabevi: Ankara, Kasım 2017, 1. Baskı, ISBN: 978-605-344-601-9.
  • Oliveira, L., Rodrigues, L. L., & Craig, R. (2010). Intangible assets and value relevance: evidence from the portuguese stock exchange. The British Accounting Review. 42(4): 241-252.
  • Özcan, A. (2017). Uluslararası finansal raporlama standartlarına göre maddi olmayan duran varlıkların değer ilgililiğinin incelenmesi: Borsa İstanbul’dan bulgular. Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14(40), 364-377.
  • Shahwan, Y. (2004). The Australian market perception of goodwill and identifiable intangibles. Journal of Applied Business Research, 20(4), 45-64.
  • Smalt, W.S., & McComb, J.M. (2016). Accounting for internally generated intangible assets, International Journal of Accounting and Taxation, 4 (1), p.1-15.
  • Teknosa. (2018). TTK'nun 376. Maddesi Kapsamında Yapılan İşlemler. Kamuyu Aydınlatma Platformu uhdesinde 30.10.2018 tarihli bildirim. https://www.kap.org.tr/tr/sirket-bilgileri/ozet/1607-teknosa-ic-ve-dis-ticaret-a-s (Erişim tarihi: 4.11.2018).
  • Vishnani, S., & Shah, B.K. (2008). Value relevance of published financial Statements - with Special Emphasis on Impact of Cash Flow Reporting. International Research Journal of Finance and Economics, 17, 84 - 90.
  • Yan, X., & Su, X.G. (2009). Linear regression analysis: theory and computing, World Scientific Publishing, Singapore.
  • Yerdelen Tatoğlu, F. (2016). Panel veri ekonometrisi: stata uygulamalı. 3. Baskı, İstanbul, Beta Yayınları.

BİLANÇO DIŞI VARLIKLARIN MUHASEBE BİLGİSİNİN DEĞER İLGİLİLİĞİ ÜZERİNDEKİ ETKİSİ: TÜRKİYE’YE ÖZGÜ BULGULAR

Year 2019, Volume: 12 Issue: 2, 271 - 288, 01.07.2019
https://doi.org/10.29067/muvu.489694

Abstract

Bu
çalışmada, 2009-2016 yılları arasında Borsa İstanbul’da düzenli olarak işlem
gören 53 adet işletmenin verileri kullanılarak Türkiye özelinde muhasebe
bilgisinin değer ilgililiği analiz edilmiştir. Dört farklı model panel veri
analizi yöntemiyle test edilmiştir. Ohlson (1995) fiyat modeli neticesinde
defter değerinin ve net kazançların değer ilgili olduğu sonucuna varılmıştır.
Raporlanan maddi olmayan duran varlıkların etkisinin ayrıca dikkate alındığı
ikinci modelin analiz sonuçları maddi duran varlıklara dayalı olarak oluşan
defter değerinin değer ilgili olmadığını ve raporlanan maddi olmayan duran varlıkların
ise piyasa değerleri üzerinde sınırlı etkiye sahip olduğunu ortaya koymaktadır.
Raporlanmayan maddi olmayan duran varlıkların dahil edildiği üçüncü model
bilanço dışı varlıkların yüksek düzeyde değer ilgili olduğuna ilişkin bulgu
sağlamaktadır. Net kazançlar, raporlanan maddi olmayan duran varlıklar ve
bilanço dışı varlıklar ile oluşturulan dördüncü model ise; Türkiye’de maddi
olmayan duran varlıkların raporlanan muhasebe rakamlarından daha fazla değer
ilgili olduğunu kanıtlamaktadır.

References

  • Abubakar, S., & Abubakar, M. (2015). Intangible assets and value relevance of accounting information of listed High-Tech firms in Nigeria. Research Journal of Finance and Accounting, 6(11), 60-79.
  • Aksu, M., Cetin, A. T., & Mugan, C. S. (2017). Value Relevance of Accounting Data in an Emerging Market: Did Accounting Reforms Make a Difference?. In Accounting and Corporate Reporting-Today and Tomorrow. InTech.
  • Amir, E., Harris, T.S., & Venuti, E.K. (1993). A Comparison of the Value Relevance of US versus Non-US GAAP Accounting Measures Using Form 20-F Reconciliations. Journal of Accounting Research, 230 - 264.
  • Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6, 159 - 178.
  • Barth, W.E., Beaver, W.H., & Landsman, W.R. (2001). The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another View. Journal of Accounting and Economics, 31, 77 - 104.
  • Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of accounting research, 46(3), 467-498.
  • Baum, C. F., & Christopher, F. (2006). An introduction to modern econometrics using Stata. Stata press.
  • Beisland, L. A. (2009). A Review of the Value Relevance Literature. The Open Business Journal, 2(1): 7-27.
  • BD, (2015). Brand Finance 2015 Raporu. http://brandfinance.com/knowledge-centre/reports/global-intangible-finance-tracker-gift-2015 (Erişim Tarihi: 18.06.2018).
  • BD, (2017). Brand Finance 2017 Raporu. http://brandfinance.com/images/upload/gift_report_2017_bf_version_high_res_version.pdf , (Erişim Tarihi: 18.06.2018).
  • Beaver, W.H. (1968). Alternative Accounting Measures as Predictors of Failure. The Accounting Review, 43, 113 - 122.
  • Beaver, W., Lambert, R., & Morse, D. (1980). The Information Content of Security Prices. Journal of Accounting and Economics, 2, 3 - 28.
  • Beaver, W. H. (1998). Financial reporting: an accounting revolution. Third Edition, Prentice-Hall, Engelwood Cliffs, New Jersey.
  • Dahmash, F. N., Durand, R. B., & Watson, J. (2009). The value relevance and reliability of reported goodwill and identifiable intangible assets. The British Accounting Review, 41(2), 120-137.
  • Easton, P., & Harris, T. (1991). Earnings as an Explanatory Variable for Returns. Journal of Accounting Research, 29, 19 - 36.
  • Francis, J., & Schipper, K. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, 37, 319 - 352.
  • Garanina, T. & Pavlova, Y. (2011). Intangible assets and value creation of a company: Russian and UK evidence. In Proceedings of the European conference on intellectual capital, April, 165-175.
  • Godfrey, J., & Koh, P. S. (2001). The relevance to firm valuation of capitalising intangible assets in total and by category. Australian Accounting Review, 11(24), 39-48.
  • Gokten, S., & Okan Gokten, P. (2017). Value creation reporting: answering the question `value to whom’ according to the international integrated reporting framework”, Theoretical Journal of Accounting-ZTR, 91(147), 145-170.
  • Gökten, P.O., & Marşap, B. (2017). Paradigm shift in corporate reporting. In Accounting and corporate reporting-today and tomorrow. Crotia, InTech.
  • Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1-3), 3-75.
  • Hung, M. (2000). Accounting standards and value relevance of financial statements: an international analysis. Journal of accounting and economics. 30(3): 401-420.
  • Iatridis, G., & Rouvolis, S. (2010). The post-adoption effects of the implementation of International Financial Reporting Standards in Greece. Journal of international accounting, auditing and taxation, 19(1), 55-65.
  • Kothari, S.P., & Zimmerman, J.L. (1995). Price and return models. Journal of Accounting and Economics, 20, 155 - 192.
  • Lev, B. (2001). Intangibles: management, measurement, and reporting. Brookings Institution Press.
  • Morais, A. I., & Curto, J. D. (2008). Accounting quality and the adoption of IASB standards: portuguese evidence. Revista Contabilidade & Finanças, 19(48), 103-111.
  • Ohlson, J.A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11, 661 – 687.
  • Ohlson, J.A. (1999). On transitory earning. Review of Accounting Studies, 4, 145 - 162.
  • Okan Gökten, P. (2017). Muhasebe teorileri: normatif-pozitif ayrımı, Gazi Kitabevi: Ankara, Kasım 2017, 1. Baskı, ISBN: 978-605-344-601-9.
  • Oliveira, L., Rodrigues, L. L., & Craig, R. (2010). Intangible assets and value relevance: evidence from the portuguese stock exchange. The British Accounting Review. 42(4): 241-252.
  • Özcan, A. (2017). Uluslararası finansal raporlama standartlarına göre maddi olmayan duran varlıkların değer ilgililiğinin incelenmesi: Borsa İstanbul’dan bulgular. Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14(40), 364-377.
  • Shahwan, Y. (2004). The Australian market perception of goodwill and identifiable intangibles. Journal of Applied Business Research, 20(4), 45-64.
  • Smalt, W.S., & McComb, J.M. (2016). Accounting for internally generated intangible assets, International Journal of Accounting and Taxation, 4 (1), p.1-15.
  • Teknosa. (2018). TTK'nun 376. Maddesi Kapsamında Yapılan İşlemler. Kamuyu Aydınlatma Platformu uhdesinde 30.10.2018 tarihli bildirim. https://www.kap.org.tr/tr/sirket-bilgileri/ozet/1607-teknosa-ic-ve-dis-ticaret-a-s (Erişim tarihi: 4.11.2018).
  • Vishnani, S., & Shah, B.K. (2008). Value relevance of published financial Statements - with Special Emphasis on Impact of Cash Flow Reporting. International Research Journal of Finance and Economics, 17, 84 - 90.
  • Yan, X., & Su, X.G. (2009). Linear regression analysis: theory and computing, World Scientific Publishing, Singapore.
  • Yerdelen Tatoğlu, F. (2016). Panel veri ekonometrisi: stata uygulamalı. 3. Baskı, İstanbul, Beta Yayınları.
There are 37 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Issue
Authors

Soner Gökten 0000-0003-4213-1976

Buket Atalay This is me 0000-0002-2455-1398

Publication Date July 1, 2019
Submission Date November 29, 2018
Acceptance Date December 11, 2018
Published in Issue Year 2019 Volume: 12 Issue: 2

Cite

APA Gökten, S., & Atalay, B. (2019). BİLANÇO DIŞI VARLIKLARIN MUHASEBE BİLGİSİNİN DEĞER İLGİLİLİĞİ ÜZERİNDEKİ ETKİSİ: TÜRKİYE’YE ÖZGÜ BULGULAR. Journal of Accounting and Taxation Studies, 12(2), 271-288. https://doi.org/10.29067/muvu.489694

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