Değer Hisse Senetleri ve Büyüme Hisse Senetlerinin Tahakkuk Uygulamaları Açısından Farklılıkları

Bu çalışmanın amacı, Değer ve Büyüme hisse senetleri olarak adlandırılan iki büyük yatırım kategorisinin kâr yönetimi pratiklerinin ortaya konulmasıdır. Bu amaç doğrultusunda gerçekleştirilen analizler için, 1999-2007 döneminde İstanbul Menkul Kıymetler Borsası (İMKB)’na kayıtlı firmalara ait 807 firma yılı gözlem kullanılmıştır. Analizler sonucunda, Değer firmalarının Büyüme firmalarına kıyasla kârlarını daha fazla yönettikleri görülmüştür. Bulunan sonuçlar doğrultusunda İMKB’ye kayıtlı De�- ğer ve Büyüme firmalarıyla ilgili kararlar alırken kâr yönetimi uygulamalarının dikkate alınması gerektiği ortaya çıkmıştır. Bu doğrultuda analiz sonuçlarının, yatırımcılara, finansal tablo kullanıcılarına, düzenleyici kurumlara ve ilgililere, Değer ve Büyüme firmalarının performansları, risklilik durumları ve kâr yönetimi yapıp yapmadıkları hakkında bazı önemli ipuçları sağlayarak, karar süreçlerinde ve çalışmalarında katkı sağlayacağı ifade edilebilir.

Anahtar Kelimeler:

Değer Hisse Senetleri, Büyüme Hisse Senetleri, Kâr Yönetimi, Tahakkuklar.

The Differences Between Value Stocks and Growth Stocks’ Accruals Applications

The aim of this study is to determine earnings management practices of two big investment categories which named value and growth stocks. For this purpose, 807 firm-years data of firms which listed in Borsa Istanbul (İMKB) during 1999-2007 were analyzed. The analysis showed that value firms manage earnings more than growth firms. According to the results of the study, investors should consider earning management practices when making decisions about growth and value stocks which are listed in İMKB. Therefore it can be stated that the analy�- sis results can support the investors, users of financial tables, regulatory authorities, and other related parties in their decision processes and studies by providing important pointers and clues about the performances, risk levels and use of earning management of value and growth firms.

Keywords:

Value Stocks, Growth Stocks, Earnings Managements, Accruals.,

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