Bankaların kazanç kalitesinin piyasa temelli yöntemlerle ölçülmesi: BİST’ten kanıtlar

Bu çalışmanın amacı, Türk bankacılık sektörünün kazanç kalitesini, piyasa temelli yöntemler çerçevesinde ölçmektir. Bu amaç doğrultusunda BİST Bankacılık Endeksinde (XBANKA) yer alan ve verilerine eksiksiz ulaşılabilen 9 banka incelenmiştir. Çalışmada ilgili bankaların, 2010Q1 - 2020Q2 çeyrek dönemlerine ait finansal tabloları ve tarihi pay senedi fiyat verilerden yararlanılmıştır. Kazanç kalitesinin ölçümünde piyasa temelli yöntemlerden muhafazakârlık, değer ilişkisi ve zamanlılık ölçüm modelleri incelenmiştir. Çalışmanın analiz sonuçlarına göre; incelenen bankaların kazanç kalitesi çerçevesinde muhafazakâr bir tutuma sahip olduğu; bankaların kazançlarının piyasa fiyatlarını açıklama kabiliyeti olarak tanımlanan değer ilişkisi düzeyinin düşük olduğu ve zamanlılık açısından bankacılık sektörünün pozitif bir tutum izlediği sonuçları elde edilmiştir.

Measuring banks' earnings quality by market based methods: evidence from BIST

The aim of this study is to measure the earnings quality of the Turkish banking sector within the framework of market-based models. For this purpose, 9 banks that are included in the BIST Banking Index (XBANKA) and whose data can be accessed completely were examined. In the study, financial statements of the relevant banks for the quarter periods of 2010Q1 - 2020Q2 and historical share price data were used. In the measurement of earnings quality, conservatism, value relationship and timeliness measurement models, which are among the market-based models, were examined. According to the analysis results of the study; surveyed banks have a conservative attitude in terms of earnings quality; The results show that the level of value relationship, which is defined as the ability of banks to explain the market prices of their earnings, is low and the banking sector has a positive attitude in terms of timeliness.

___

Anandarajan, A., Francis, B., Hasan, I., ve John, K. (2011). Value relevance of banks: global evidence. Review Of Quantitative Finance And Accounting, 36(1), 33-55.

Anwer, A. S., Kilic, E., ve Lobo, G. J. (2006). Does recognition versus disclosure matter? evidence from value‐relevance of banks' recognized and disclosed derivative financial instruments. The Accounting Review, 81(3), 567-588.

Ball, R., ve Shivakumar, L. (2005). Earnings quality in UK private firms: comparative loss recognition timeliness. Journal Of Accounting And Economics. 39(1), 83-128.

Barth, M. E., Beaver, W. H., ve Landsman, W. R. (1996). Value-relevance of banks' fair value disclosures under SFAS No. 107. Accounting Review, 513-537.

Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal Of Accounting And Economics. 24, Pp. 3 37.

Beatty, A., ve Liao, S. (2011). Do delays in expected loss recognition affect banks' willingness to lend?. Journal of Accounting and Economics, 52(1), 1-20.

Beaver, W. ve Ryan, S., (2005). Conditional and unconditional conservatism: consept and modelling, Review of Accounting Studies, No:10

Bilici, F. M. (2019). Muhafazakar muhasebe uygulamalarının ve kurumsal yönetim uygulamalarının bankacılık sektöründe karlılık ile ilişkisi üzerine bir uygulama. Bankacılık Ve Finansal Araştırmalar Dergisi, 6(2), 1-9.

Brown, P., Dobbie, G. W., ve Jackson, A. B. (2011). Measures of the timeliness of earnings. Australian Accounting Review, 21(3), 222-234.

Cengiz, S., ve Tosunoğlu, B. (2017). Uluslararası fínansal raporlama standartlarının fínansal raporlama kalitesi üzerindeki etkisine yönelik bir araştırma. Ataturk University Journal Of Economics ve Administrative Sciences, 31(5).

Dechow, P. M., ve Schrand, C. M. (2004). Earnings quality. Research Foundation Of Cfa Institute. ABD.

Dechow, P., Ge, W., ve Schrand, C. (2010). Understanding earnings quality: a review of the proxies, their determinants and their consequences. Journal Of Accounting And Economics, 50(2-3), 344-401

Durak, G., ve Gürel, E. (2014). Finansal raporların kalitesine etki eden ülkeye özgü faktörler. Muhasebe Ve Finansman Dergisi, (64), 95-110.

Dyer, J. C., ve McHugh, A. J. (1975). The timeliness of the australian annual report. Journal Of Accounting Research, 204-219.

Eccher, E. A., Ramesh, K., ve Thiagarajan, S. R. (1996). Fair value disclosures by bank holding companies. Journal Of Accounting And Economics, 22(1-3), 79-117.

Ertugrul, M. (2021). Finansal stresin muhasebe verilerinin değer ilişkisine etkisi. Muhasebe Bilim Dünyası Dergisi, 23(1), 22-47.

Feltham, G. ve Ohlson, J., (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research

Givoly, D., ve Hayn, C. (2000). The changing time-series properties of earnings, cash flows and accruals: has financial reporting become more conservative?. Journal Of Accounting And Economics, 29(3), 287-320.

Gör, Y., Terzi, S., ve Şen, İ. K. (2016). Şeffaflık açısından kurumsal yönetim uygulamalarının finansal raporlamanın süresi üzerine etkisi: borsa istanbul örneği. Muhasebe Bilim Dünyası Dergisi 2016; 18; 673-705.

Gör, Y., ve Tekin, B. (2018). Muhafazakar muhasebe uygulamalarının kurumsallaşmış şirketlerdeki etkisi üzerine bir araştırma. İşletme Araştırmaları Dergisi, 13-26.

Graham, B., ve Dodd, D. L. (1934). Security analysis, (Whittlesey House, McGraw-Hill, New York).

Gülhan, O., ve Karaarslan, S. (2020). Türkiye’de kurumsal yönetim uyum derecelendirmesi ve ihtiyatlı muhasebe ilişkisi. Muhasebe ve Vergi Uygulamaları Dergisi, 13(1), 93-113.

Hossein, G., Hossein, M. ve Myysam, H. (2010). “Accounting conservatism, earning persistence and pricing multiples on earnings”, Journal of Accounting Knowledge, Vol. 1, No. 2, pp. 55-73.

Ismail, W. A. B. (2011). Earnings quality, family influence and corporate governance: empirical evidence from malaysia. Doctoral Dissertation. Victoria University of Wellington.

Kamarudin, K. A., ve Ismail, W. A. W. (2014). The risk of earnings quality impairment. Procedia-Social And Behavioral Sciences, 145, 226-236.

Khan, M., ve Watts, R.L. (2009). “Estimation and empirical properties of a firm-year measure of accounting conservatism”, Journal of Accounting and Economics, 48 (2/3), 132–150.

Kılıç, M. (2020). Portföy yatırımları ve doğrudan yabancı yatırımların ekonomik büyüme üzerindeki etkisi: yeni sanayileşen ülkeler örneği. Avrasya Sosyal Ve Ekonomi Araştırmaları Dergisi, 7(8), 45-55.

Kowerski, M. (2013). Dividneds and earnings quality in poland. E-Finanse: Financial Internet Quarterly, 9(3), 42-51.

Krismiaji, K., ve Sururi, S. (2021). Conservatism, earnings quality, and stock prices-ındonesian evidence. Journal of Accounting and Investment, 22(1), 37-50.

Lawal, T. O. (2012). Earnings quality and bank equity. Doctoral Dissertation. Imperial College. London

Michalak, J., Waniak-Michalak, H., ve Czajor, P. (2012). Impact of mandatory IFRS implementation on earnings quality. Evidence from the Warsaw Stock Exchange. Zeszyty Teoretyczne Rachunkowości, 68(124), 63-82.

Mousa, G. A. (2014). The association between accounting conservatism and cash dividends: evidence from emerging markets. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(4), 210-220.

Nelson, K., (1996). Fair value accounting for commercial banks:an empirical analysis of SFAS No. 107. The Accounting Review 71, 161–182.

Nichols, D. C., Wahlen, J. M., ve Wieland, M. M. (2009). Publicly traded versus privately held: implications for conditional conservatism in bank accounting. Review Of Accounting Studies, 14(1), 88-122.

Norrman, O., ve Vaigur, D. (2013). Individual characteristics and earnings quality: executive reputation and board director gender. Master’s Thesis.

Ohlson, J., A. (1995) “Earnings, book values, and dividends in equity valuation”. Contemporary Accounting Research, 11(2), ss. 661–687.

Özkan, S., Zengin Karaibrahimoğlu, Y., Erdener Acar, E., ve Öz, İ. O. (2013). Finansal tabloların sunum tarihini etkileyen faktörler: İMKB firmaları üzerine bir uygulama. World Of Accounting Science, 15(3).

Penman, S. ve Zhang, X., (2002). Accounting conservatism, the quality of earnings, and stock returns. The Accounting Review, 77, 237-264.

Sakarya, Ş., ve Aytekin, S. (2013). İMKB’de işlem gören mevduat bankalarının performansları ile hisse senedi getirileri arasındaki ilişkinin ölçülmesi: Promethee Çok Kriterli Karar Verme Yöntemiyle Bir Uygulama. Uluslararası Alanya İşletme Fakültesi Dergisi, 5(2), 99-109.

Schipper, K., ve Vincent, L. (2003). Earnings quality. Accounting Horizons, 17, 97-110.

Soyemi, K. A., Akingunola, R. O. O. ve J. Olaniyan. 2018. “Accounting conservatism: a review of literature.”, KIU Journal of Social Sciences, 4(3), 109-129.

Sugözü, İ. H., ve Yaşar, S. (2020). Portföy yatırımları ile ekonomik büyüme ilişkisi: 23 OECD ülkesi için panel veri analizi. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 23(1), 198-207.

Velury, U., ve Jenkins, D. S. (2006). Institutional ownership and the quality of earnings. Journal Of Business Research, 59(9), 1043-1051.

Venkatachalam, M. (1996). Value-relevance of banks' derivatives disclosures. Journal Of Accounting And Economics, 22(1-3), 327-355.

Warianto, P. (2014). Influence of company size, capital structure, liquidity and ınvestment opportunity set (IOS) on the quality of earnings in manufacturing company yan g listed on the stock exchange . Mode, 26 (1), 19–32.

Watts, R. (2003) ‘Conservatism in accounting part I: explanations and implications’, Accounting Horizons, Vol. 17, No. 1, Pp.207–221.

Whittred, G. P. (1980). Audit qualification and the timeliness of corporate annual reports. Accounting Review, 563-577.

Wu, Q. (2010), “The benefits of accounting conservatism to shareholders: evidence from the financial crisis”, American Accounting Association Annual Meeting and Conference on Teaching and Learning in Accounting, July 31-August 4, San Francisco, CA.

Yahaya, O. A., Tanko, M., ve Muhammad, L. M. (2017). Effects of corporate characteristics on earnings quality of listed deposit money banks in nigeria. Kasu Journal Of Management Sciences, 8(1), 47-64.

___

APA Bezirgan, E. & Sakarya, Ş. (2022). Bankaların kazanç kalitesinin piyasa temelli yöntemlerle ölçülmesi: BİST’ten kanıtlar . Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi , 25 (47) , 93-107 . DOI: 10.31795/baunsobed.1001801