FİRMA PİYASA DEĞERİ İÇİN MUHASEBE VE EKONOMİK VERİLERİN ANALİZİ: HOLDİNG FİRMA UYGULAMASI

Çalışmada firmaların piyasa değeri ile muhasebe ve makro ekonomik verilerarasındaki ilişki araştırılmaktadır. Bu ilişki tespiti için Borsa İstanbul’da işlem gören holdingfirmalar arasından Koç Holding A.Ş., Hacı Ömer Sabancı Holding A.Ş., TAVHavalimanları Holding, Tekfen Holding A.Ş. ve Petkim Petrokimya Holding A.Şseçilmektedir. Holding firmaların 2009Q1-2018Q4 dönem aralığı verileri toplanıpdurağanlıkları belirlenmekte ve sonrasında eş bütünleşme testi yapılmaktadır. Çalışmasonucunda, holding firmaların piyasa değeri ile holdinglerin defter değeri ve net kârı ve hattagayri safi yurtiçi hasıla (GSYİH), faiz oranı, üretim endeksi, döviz kuru ve BİST100 endeksiarasında uzun dönemli ilişki belirlenmektedir. DOLS yöntemi sonuçlarına göre de, holdingfirmaların piyasa değerini defter değeri ve net kâr arttırmaktadır. Ayrıca GSYİH, faiz oranıve BIST100 endeksinin genel olarak holding şirketlerinin piyasa değerini artırdığı, üretimendeksi ve döviz kurlarının düşürdüğü tespit edilmiştir.

___

Abuzayed, B., Molyneux, P. & Al-Fayoumi, N. (2009). Market value, book value and earnings: Is bank efficiency a missing link?. Managerial Finance, 35(2), 156-179.

Ahmed, S. (2008). Aggregate economic variables and stock markets in India. International Research Journal of Finance and Economics, 14, 141-164.

Ahmadi, A. & Bouri, A. (2018). The accounting value relevance of earnings and book value: Tunisian banks and financial institutions. International Journal of Law and Management, 60(2), 342-354.

Akkaya, B. & Aktaş, H. (2017). Muhasebe bilgilerinin değer ilişkisinde firmalara özgü faktörlerin etkisi. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 17(3), 313-326.

Aladwan, M.& Shatnawi, Y. (2019). The association between accounting disclosures and stock market price: an empirical study on Jordanian commercial banks. International Journal of Managerial and Financial Accounting, 11(1), 73-92.

Alexander, D.R., Falta, M. & Willett, R.J. (2012). Using forecasting criteria to identify value relevance in the relationship between accounting numbers and market value. Abacus, 48(3), 316 347.

Al-Farah, A.R., Almeri, M.O. & Shanikat, M.M. (2014). The Accounting variables' ability in explaining the volatility of stock's price: The case of Amman stock Exchange. European Journal of Business and Management, 6(5), 216-223.

Bartholdy, J., Peare, P. & Willett, R. (2000). A Theoretical and empirical analysis of the relationship between market and book values. Available at SSRN.

Bhargava, A. (2014). Firms' fundamentals, macroeconomic variables and quarterly stock prices in the U.S. Journal of Econometrics, 183, 241–250, http://dx.doi.org/10.1016/j.jeconom.2014.05.014.

Boonlert-U-Thail, K., Saudagaran, S.M. & Sen, P.K. (2020). Fundamental valuation in seven asian countries: role of earnings, book value, and dividends. Journal of Accounting, Auditing & Finance, 1- 26.

Camilleria, S.J., Sciclunaa, N. & Bai, Y. (2019). Do stock markets lead or lag macroeconomic variables? Evidence from select European countries. North American Journal of Economics and Finance, 48, 170-186, https://doi.org/10.1016/j.najef.2019.01.019.

Chandrapala, P. (2013). The value relevance of earnings and book value: The importance of ownership concentration and firm size. Journal of Competitiveness. 5(2), 98-107, doi:10.7441/joc.2013.02.07.

Chen, C.J.P., Chen, S. & Su, X. (2001). Is accounting information value-relevant in the emerging Chinese stock market?. Journal of International Accounting, Auditing & Taxation, 10(1), 1-22.

Clout, V., Falta, M. & Willet, R.J. (2015). Fundamental relations between market and accounting values. UNSW Business School Research Paper No. 2015ACCT01, 1-38.

Cooke, T., Omura, T. & Willett, R. (2009). Consistency, value relevance and sufficiency of book for market values in five Japanese conglomerates over the period 1950 2004. Abacus, 45(1), 88-123.

Elbakry, A.E., Nwachukwu, J.C., Abdou, H.A. & Elshandidy, T. (2017). Comparative evidence on the value relevance of IFRS-based accounting information in Germany and the U.K. Journal of International Accounting, Auditing and Taxation, 28, 10-30.

El-Diftar, D. & Elkalla, T. (2019). The value relevance of accounting information in the MENA region A comparison of GCC and non-GCC country firms. Journal of Financial Reporting and Accounting, 17(3), 519- 536.

Eriabie, S. & Egbide, B.C. (2016). Accounting information and share prices in the food and beverage, and conglomerate sub-sectors of the Nigerian stock exchange. Journal of Accounting, Finance and Auditing Studies, 2(3), 292-306.

Ercan, M.K. & Ban, Ü. (2014). Değere Dayalı İşletme Finansı: Finansal Yönetim Sekizinci Baskı, Ankara: Gazi Kitapevi.

Falta, M. & Willett, R.J. (2013). The impact of exponential growth variables on regression models of the market–accounting relation. Journal of Accounting, Auditing & Finance, 28(3), 243–272.

Georgescu, I., Păvăloaia, L. & Robu, I.B. (2014). Fair value accounting and market reaction: evidence from Romanian listed companies. Procedia - Social and Behavioral Sciences, 143, 827-831.

Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica, 59 (6), 1551-1580.

Katircioğlu, S.T. (2009). Revisiting the tourism-led-growth hypothesis for Turkey using the boundstest and Johansen approach for cointegration. Tourism Management, 30, 17–20.

Kaya, A. & Öztürk, M. (2015). Muhasebe kârları ile hisse senedi fiyatları arasındaki ilişki: BİST firmaları üzerine bir uygulama. Muhasebe ve Finansman Dergisi, 67, 37-54.

Kayalıdere, K. (2013). Hisse senedi piyasasında muhasebe bilgilerinin rolü: İMKB-Mali sektör üzerine bir uygulama. İşletme Araştırmaları Dergisi, 5(1), 130- 151.

Klobučník, M., Plešivčák, M. & Vrábe, M. (2019). Football clubs' sports performance in the context of their market value and GDP in the European Union regions. Bulletin of Geography. Socio-economic Series, 45, 59–74.

Kothari, S.P. & Shanken, J. (2003). Time-series coefficient variation in value-relevance regressions: a discussion of Core, Guay, and Van Buskirk and new evidence. Journal of Accounting and Economics, 34, 69–87.

Ohlson, J., (1995). Earnings, book values and dividends in equity valuation. Contemporary Accounting Research, 11, 661-687.

Obeidat, M.I. & Darkal, N. (2018). Accounting versus economic based measures of performance and the share market value: the evidence of the industrial listed firms at Abu Dhabi stock Exchange. WSEAS Transactions on Business and Economics, 15, 363-374.

Olugbenga, A.A. & Atanda, O.A. (2014). The relationship between financial accounting information and market values of quoted firms in Nigeria. Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA) An Online International Research Journal, 1(1), 22 39.

Phillips, P. C. B. & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75 (2), 335-346.

Pirie, S. & Smith, M. (2008). Stock prices and accounting information: evidence from Malaysia. Asian Review of Accounting, 16(2), 109-133.

Riaz, S., Liu, Y. & Khan, S.H. (2015). Exploring the relationship between market value and accounting numbers of firms in Pakistan. Asian Journal of Finance & Accounting, 7(1), 230-238.

Sixpence, A. & Adeyeye, O.P. (2019). Value relevance of book values and earnings of listed non financial firms in South Africa: a dynamic panel analysis. International Journal of Monetary Economics and Finance, 12(4), 290-308.

Stark, A.W. & Thomas, H. M. (1998). On the empirical relationship between market value and residual income in the U.K.. Management Accounting Research, 9, 445-460.

Stock, J.H. & Watson, M.W. (1993). A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems. Econometrica: Journal of the Econometric Society, 61(4), 783-820.

Willett, R. J. (2003). Searching for co-ıntegration (or perhaps value relevance?) between market and book values: the case of Abbott Laboratories. Available at SSRN.
Business and Management Studies: An International Journal-Cover
  • ISSN: 2148-2586
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2013
  • Yayıncı: ACC Publishing